Report Overview - The report is dated December 11, 2025, focusing on the lithium carbonate market, with insights from analysts Shao Wanyi and contact person Liu Hongru [1]. Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The lithium carbonate market is experiencing high - level fluctuations due to repeated news of major manufacturers resuming production [1]. - The trend strength of lithium carbonate is 0, indicating a neutral stance [3]. Summary by Relevant Catalogs Fundamental Tracking - **Futures Contracts**: For the 2601 contract, the closing price was 94,080, with a change of 3,080 compared to T - 1; the trading volume was 58,030, and the open interest was 130,924. For the 2605 contract, the closing price was 95,980, trading volume 620,935, and open interest 605,453 [1]. - **Warehouse Receipts**: The warehouse receipt volume was 13,680, an increase of 760 compared to T - 1 [1]. - **Basis**: The basis between spot and 2601 contract was - 1,380, and between spot and 2605 contract was - 3,280. The basis between 2601 and 2605 contracts was - 1,900 [1]. - **Raw Materials**: The price of spodumene concentrate (6%, CIF China) was 1,178, and lithium mica (2.0% - 2.5%) was 2,565 [1]. - **Lithium Salts**: The price of battery - grade lithium carbonate was 92,700, and industrial - grade lithium carbonate was 90,250 [1]. Macro and Industry News - SMM's battery - grade lithium carbonate index price was 92,627 yuan/ton, down 22 yuan/ton from the previous workday. The average price of battery - grade lithium carbonate was 92,700 yuan/ton, down 50 yuan/ton, and industrial - grade lithium carbonate was 90,250 yuan/ton, down 100 yuan/ton [2]. - On December 10, the Communist Party of China Qinghai Provincial Committee released suggestions for formulating the 15th Five - Year Plan, aiming to build high - quality industrial clusters, including promoting the high - quality development of the lithium salt industry [3].

| 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 | | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | 11330 | | 50 | | | | 四川现货 | 元/吨 | 11850 | | 200 | | | | 广东现货 | 元/吨 | 12410 | | 0 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11535 | | -40 | | | | 生猪2603 | 元/吨 | 11310 | | -140 | | | 期 货 | 生猪2605 | 元/吨 | 11840 | | -140 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 ...

究 棕榈油：利空出尽，短期反弹 2025 年 12 月 11 日 豆油：美豆驱动不足，豆油震荡为主 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,542 | -1.23% | 8,662 | 1.40% | | | 豆油主力 | 元/吨 | 8,222 | 0.39% | 8,026 | -2.38% | | | 菜油主力 | 元/吨 | 9,443 | 0.53% | 9,554 | 1.18% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,161 | -1.05% | 4,094 | 0.76% | | | CBOT豆油主力 | 美分/磅 | 51.61 | 0.16% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 401,671 | 97760 | 165,371 | -30,173 | | | 豆油主力 ...

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - On December 10, the current - month contracts of the four major stock index futures showed mixed trends. IF fell 0.15%, IH fell 0.35%, IC rose 0.39%, and IM rose 0.26% [1] - On the trading day, the total trading volume of stock index futures declined, and the trading enthusiasm of investors cooled down. The total trading volume of IF, IH, IC, and IM decreased by 99,497 lots, 39,137 lots, 95,795 lots, and 140,871 lots respectively. The total positions of IF, IH, IC, and IM remained unchanged [2] - The trend strength of IF and IH is 1, and that of IC and IM is also 1. The取值 range of trend strength is an integer in the interval [- 2,2] [6] - The Fed cut interest rates by 25 basis points as expected, but three voting members opposed it. The Fed still expects to cut interest rates once next year and will buy $40 billion in short - term bonds. The Fed's interest - rate decision faced the most significant internal disagreement in 37 years [7] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Data Tracking - **IF Contracts**: The closing prices of IF2512, IF2601, IF2603, and IF2606 were 4,574.2, 4,557.6, 4,534.2, and 4,487.8 respectively, with declines of 0.15%, 0.17%, 0.19%, and 0.21%. The trading volumes increased by 12,113 lots, 783 lots, 8,936 lots, and 1,355 lots respectively. The positions of IF2512 remained unchanged, and those of IF2601, IF2603, and IF2606 increased by 1,972 lots, 8,355 lots, and 1,403 lots respectively [1] - **IH Contracts**: The closing prices of IH2512, IH2601, IH2603, and IH2606 were 2,980.8, 2,974.6, 2,970.6, and 2,956 respectively, with declines of 0.35%, 0.35%, 0.37%, and 0.37%. The trading volumes increased by 7,588 lots, 312 lots, 3,397 lots, and 777 lots respectively. The positions of IH2512 remained unchanged, and those of IH2601, IH2603, and IH2606 increased by 407 lots, 2,817 lots, and 553 lots respectively [1] - **IC Contracts**: The closing prices of IC2512, IC2601, IC2603, and IC2606 were 7,122.2, 7,065.8, 6,944, and 6,733 respectively, with increases of 0.39%, 0.40%, 0.36%, and 0.31%. The trading volumes increased by 12,597 lots, 1,882 lots, 3,712 lots, and 2,548 lots respectively. The positions of IC2512 remained unchanged, and those of IC2601, IC2603, and IC2606 increased by 2,737 lots, 3,232 lots, and 1,194 lots respectively [1] - **IM Contracts**: The closing prices of IM2512, IM2601, IM2603, and IM2606 were 7,371.4, 7,290, 7,123, and 6,878 respectively, with increases of 0.26%, 0.22%, 0.12%, and 0.11%. The trading volumes increased by 21,103 lots, 2,332 lots, 10,681 lots, and 2,460 lots respectively. The position of IM2512 decreased by 1,039 lots, and those of IM2601, IM2603, and IM2606 increased by 10,982 lots, 4,193 lots, and 2,210 lots respectively [1] 3.2 Positions of the Top 20 Members in Stock Index Futures - **IF Contracts**: The long - position changes of IF2512, IF2601, IF2603, and IF2606 were - 4,975, 1,612, 1,264, and 658 respectively; the short - position changes were - 5,447, 1,509, 746, and 1,077 respectively [5] - **IH Contracts**: The long - position changes of IH2512, IH2601, IH2603 were - 2,344, not announced, - 68 respectively; the short - position changes were - 2,618, not announced, 196 respectively [5] - **IC Contracts**: The long - position changes of IC2512, IC2601, IC2603, and IC2606 were - 707, 1,228, 2,459, and 351 respectively; the short - position changes were - 695, 1,013, 1,664, and 310 respectively [5] - **IM Contracts**: The long - position changes of IM2512, IM2601, IM2603 were - 1,259, 980, 3,755 respectively; the short - position changes were - 3,476, 1,115, 4,329 respectively [5] 3.3 Important Driving Factors - China's CPI in November increased by 0.7% year - on - year (expected 0.7%, previous value 0.2%), and the PPI decreased by 2.2% year - on - year (expected - 2%, previous value - 2.1%). The year - on - year increase in CPI was mainly driven by the change of food prices from decline to increase, and the core CPI excluding food and energy prices increased by 1.2% year - on - year. The PPI increased by 0.1% month - on - month [6] - The IMF expects China's economy to grow by 5.0% and 4.5% in 2025 and 2026 respectively, which are 0.2 and 0.3 percentage points higher than the October forecast, mainly due to China's macro - economic stimulus measures and lower - than - expected US tariffs on China [6] 3.4 Market Reactions - After the Fed cut interest rates, the Dow Jones Industrial Average widened its gains, gold fluctuated widely, and crude oil had a V - shaped reversal. After the Fed's statement, the S&P 500 index rose 0.45%, the Dow rose 0.82%, and the Nasdaq fluctuated around the previous day's closing price [7] - In the A - share market, the Shanghai Composite Index fell 0.23% to 3,900.5 points, the Shenzhen Component Index rose 0.29%, the ChiNext Index fell 0.02%, the North Star 50 Index fell 0.85%, the Science and Technology Innovation 50 Index fell 0.03%, the Wind All - A Index rose 0.12%, the Wind A500 Index rose 0.03%, and the CSI A500 Index rose 0.05%. The total trading volume of A - shares was 1.79 trillion yuan, down from 1.92 trillion yuan the previous day. Real - estate stocks, education stocks, retail stocks, and Hainan Free Trade Zone concept stocks performed strongly, while the computing power hardware industry chain declined [7]

1. Report Industry Investment Rating - No information provided in the report. 2. Core Views of the Report - Yesterday, the Container Shipping Index (European Line) showed a strong performance. The main 2602 contract reached a high of 1,694.6 points during the session and finally closed at 1,665.2 points, a 3.41% increase. The second - main 2640 contract closed at 1,080.7 points, a 0.57% increase [10]. - In the medium - term, there is still a probability that shipping companies' price increases in January for the 2602 contract will be implemented. However, the overall capacity is not low in both late December and January, high prices are hard to sustain, and there is a drive to stock up at lower prices in late January. In the short - term, market sentiment is optimistic, while in the medium - term, it will be a volatile market. For the 2604 contract, short - selling on rallies has a relatively higher probability of success, and whether the bottom space can be opened depends more on shipping companies' resumption schedules [12]. - The trend strength of the Container Shipping Index (European Line) is 0, indicating a neutral outlook [13]. 3. Summary by Relevant Directory 3.1 Fundamentals Tracking - **Futures Data**: - EC2512 closed at 1,655.1, down 0.36% with a trading volume of 3,169 and an open interest change of - 114. The trading volume to open interest ratio was 0.10, compared to 0.14 the previous day [1]. - EC2602 closed at 1,665.2, up 3.41% with a trading volume of 35,894 and an open interest change of + 669. The trading volume to open interest ratio was 1.14, compared to 0.62 the previous day [1]. - EC2604 closed at 1,080.7, up 0.57% with a trading volume of 3,703 and an open interest change of - 159. The trading volume to open interest ratio was 0.19, compared to 0.14 the previous day [1]. - **Freight Rate Index**: - The SCFIS European route index was 1,509.10, up 1.7% week - on - week. The SCFIS US West route index was 960.51, up 1.2% week - on - week [1]. - The SCFI European route index was $1,400/TEU, down 0.3% bi - weekly. The SCFI US West route index was $1,550/FEU, down 5.0% bi - weekly [1]. - **Spot Freight Rates**: - Gemini Alliance's 52 - week FAK average was about $2,275/FEU. Maersk's Shanghai - Rotterdam opening price was lowered by $100 to $2,300/FEU, and the Hamburg port price remained at $2,300/FEU. HPLSPOT's late - December price was $2,200 - 2,300/FEU [11]. - OA Alliance's late - December quotes were between $2,500 - 2,620/FEU, with an average of about $2,530/FEU. Evergreen's late - December offline price was $2,550/FEU, and its slow - boat CES route price was $2,500/FEU. OOCL's online late - December quote was $2,500 - 2,600/FEU. COSCO's late - December price was around $2,500/FEU, up $200/FEU from the previous period. CMA's late - December price was $2,620/FEU, up $100/FEU from the previous period [11]. - MSC's late - December FAK was $2,640/FEU, up $200/FEU from the early - December [11]. - PA Alliance: Yang Ming quoted $2,800/FEU in week 51 and $2,600/FEU in week 52. It is expected that the PA freight rate center will have a slight decline on the basis of $2,600 - 2,800/FEU, but the late - December freight rate center will be higher than the early - December [11]. - **Exchange Rates**: The US dollar index was 99.24, and the US dollar against the offshore RMB was 7.06 [1]. 3.2 Macro News - On December 10, local time, Ukraine's State Security Service sank an oil tanker of Russia's "shadow fleet" in the Black Sea using naval drones. Russia has not responded yet [8]. - US President Trump said on December 11 that the announcement of the members of the "Gaza Peace Committee" will be made early next year, and many world leaders want to join [8].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report Core View The report focuses on the asphalt market, indicating that due to geopolitical uncertainties, there will be a small - scale and phased rebound. Key statistics show production, inventory changes, and price trends in the asphalt market [1][11]. 3. Summary by Related Catalogs **Fundamental Tracking** - **Futures Data**: BU2602 closed at 2,940 yuan/ton yesterday with a - 0.10% change, and 2,946 yuan/ton in the night session with a 0.20% change. BU2603 closed at 2,958 yuan/ton yesterday with a - 0.17% change, and 2,960 yuan/ton in the night session with a 0.07% change. Trading volume and open interest had different changes [1]. - **Spot Market Data**: The wholesale price in Shandong was 2,930 yuan/ton with no change, and in the Yangtze River Delta was 3,150 yuan/ton with no change. The refinery operating rate was 33.12% (down 1.28% from the previous period), and the refinery inventory rate was 27.21% (up 0.21% from the previous period) [1]. - **Price Difference Data**: The basis (Shandong - 02) was - 10 yuan/ton with a 3 - yuan change; the 02 - 03 inter - period spread was - 18 yuan/ton with a 2 - yuan change; the Shandong - South China spread was - 80 yuan/ton with no change; the East China - South China spread was 140 yuan/ton with no change [1]. **Market Information** - **Production**: From December 2 - 8, 2025, the weekly asphalt production was 51.4 tons, a 1.8% increase from the previous week and a 1.2% decrease year - on - year. The cumulative production from January to December was 2,953.1 tons, a 7.9% increase year - on - year [11]. - **Inventory**: As of December 8, 2025, the inventory of 54 asphalt sample refineries was 63.4 tons, a 1.3% increase from December 4. The inventory of 104 social warehouses was 103.6 tons, a 1.8% decrease from December 4 [11]. **Trend Intensity** The asphalt trend intensity is 0, indicating a neutral outlook, with the value ranging from - 2 (most bearish) to 2 (most bullish) [8].

商 品 研 究 2025 年 12 月 11 日 LPG：成本端扰动下宽幅震荡 丙烯：供应存增量预期，上行驱动有限 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 | | --- | --- | --- | --- | --- | --- | | | PG2601 | 4,242 | 0.02% | 4,290 | 1.13% | | 期货价格 | PG2602 | 4,155 | -0.48% | 4,199 | 1.06% | | | PL2601 | 5,959 | -0.10% | 5,980 | 0.35% | | | PL2602 | 5,769 | 0.02% | 5,806 | 0.64% | | | PL2603 | 5,738 | -0.85% | 5,778 | 0.70% | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | | PG2601 | 99,660 | 32866 | 45,188 | -8065 | | 持 ...

商 品 研 究 2025 年 12 月 11 日 LLDPE：单边下跌，基差再度转弱 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 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2601 | 6561 | 0.06% | 601624 | -72250 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 01合约基差 | -61 | | 1 3 | | | | 01-05合约价差 | -38 | | -53 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 北 华 | 6500 | | 6570 | | | | 华 东 | 6700 | | 6750 | | | | 华 南 | 6600 | | 6670 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货盘面承压下行，华北 LL 基差昨日暂时升水后，今天 LL 现货加速下跌；仓单近 ...

1. Report's Industry Investment Ratings - Not provided in the content 2. Report's Core Views - The Federal Reserve cut interest rates by 25 basis points as expected, and there were differences within the committee. The US faces challenges of rising prices and a cooling labor market. The market shows different trends for various commodities, with some in a state of shock, some with potential for short - term rebound, and others facing supply - demand imbalances [7][8]. 3. Summary by Related Catalogs 3.1 Metals Gold and Silver - Gold prices were affected by the Fed's interest rate cut. Silver reached a new high, breaking through 60. The market showed certain price fluctuations and trading volume changes [14][18]. Copper - The decline of the US dollar supported copper prices. There were some impacts on supply from mining companies, and China's copper imports increased year - on - year [22][24]. Zinc - Zinc prices fell from a high level, with changes in trading volume, open interest, and inventory [25]. Lead - The reduction in inventory limited the decline of lead prices [28]. Tin - There were disturbances in tin supply [31]. Aluminum, Alumina and Casting Aluminum Alloy - Aluminum prices continued to fluctuate, alumina had a slight rebound, and casting aluminum alloy followed the trend of electrolytic aluminum [34]. Platinum and Palladium - Platinum faced obvious pressure at the upper level, while palladium fluctuated upward [39][41]. Nickel and Stainless Steel - The structural surplus of nickel changed, but the game contradictions remained unchanged. The supply and demand of stainless steel continued to be weak, and the cost - support logic was strengthened [43]. Lithium Carbonate - The news of large - scale production resumption was repeated, and the price was in a high - level shock [48]. 3.2 Industrial Minerals Industrial Silicon and Polysilicon - For industrial silicon, the price was affected by factors such as inventory and cost. The details of the equity of the polysilicon platform company were announced, and the market suggested buying on dips [51][53]. Iron Ore - The downstream demand space of iron ore was limited, and the valuation was high [54]. Steel Products (Rebar and Hot - Rolled Coil) - Affected by the sentiment of the real estate sector, rebar and hot - rolled coil prices were in a low - level shock [57][60]. Ferrosilicon and Manganese Silicon - Both ferrosilicon and manganese silicon were in a wide - range shock [62]. Coke and Coking Coal - Coke and coking coal prices were in a wide - range shock [65]. Logs - Log prices were in a low - level shock [69]. 3.3 Chemicals Paraxylene (PX), Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG) - PX was in a high - level shock market with cost support. PTA had cost support and was suitable for positive spread trading. MEG's device production cut scale expanded, and the downward space was limited [73][81]. Rubber and Synthetic Rubber - Natural rubber was in a shock operation, and synthetic rubber was in a range operation [84][87]. Asphalt - Due to geopolitical factors, asphalt had a phased slight rebound [91]. Linear Low - Density Polyethylene (LLDPE) and Polypropylene (PP) - LLDPE prices fell unilaterally, and the basis weakened again. PP faced upstream selling pressure, and the price difference between powder and granular materials was inverted [103][105]. Caustic Soda - It was not advisable to chase short positions in caustic soda, as it faced high - production and high - inventory situations [108][109]. Pulp - Pulp prices were in a shock - upward trend. Although there was no significant change in the supply - demand fundamentals, the market was affected by factors such as low - valuation capital speculation [9][114]. Glass - The price of glass raw sheets was stable, but the market faced problems of weak demand and high inventory [117][118]. Methanol - Methanol prices were under pressure. In the short term, it was in a weak operation, and in the medium - term, the high - supply pressure was the main contradiction [120][123]. Urea - Urea prices were in a shock operation. The demand side improved stage by stage, and the price was supported by the reduction of inventory, but there was also policy pressure [125][128]. Styrene - Styrene was in a short - term shock. The pure benzene market was in a bottom - shock state, and the supply pressure of styrene was not large [129][130]. Soda Ash - The spot market of soda ash changed little, with stable prices and weak downstream demand [132]. Liquefied Petroleum Gas (LPG) and Propylene - LPG prices had wide - range fluctuations affected by cost factors. Propylene supply had an incremental expectation, and the upward driving force was limited [135][136]. Polyvinyl Chloride (PVC) - PVC prices were in a low - level shock. The high - production and high - inventory structure was difficult to change in the short term [144][145]. Fuel Oil and Low - Sulfur Fuel Oil - Fuel oil prices continued to decline, and the center of the low - sulfur fuel oil market shifted downward at night [147]. 3.4 Shipping - The PA alliance's performance exceeded expectations, driving the sentiment of the container freight index (European line) to improve. The 2602 contract was in a shock market in the medium - term, and it was advisable to short the 2604 contract on rallies [149][161]. 3.5 Agricultural Products Short Fiber and Bottle Chip - Both short fiber and bottle chip faced medium - term pressure, and it was advisable to short the processing margin on rallies [163][164]. Offset Printing Paper - It was advisable to wait and see for offset printing paper, with stable prices and weak market demand [166][167]. Pure Benzene - Pure benzene was in a short - term shock, with inventory accumulation and weak downstream demand in the short term, but the supply was expected to shrink in the future [171][172]. Palm Oil and Soybean Oil - Palm oil was expected to have a short - term rebound after the release of negative factors. Soybean oil fluctuated mainly due to insufficient driving force from US soybeans [174][179]. Soybean Meal and Soybean - Soybean meal might follow the rebound of US soybeans. Soybean prices were in a shock [180][183]. Corn - Corn prices were in a shock operation, with price changes in different regions [184][185]. Sugar - Sugar prices were in a low - level shock, with different production and consumption situations in domestic and international markets [190][193]. Cotton - Cotton prices were in a shock - upward trend, and attention should be paid to downstream demand [195][197]. Eggs - Egg spot prices were in a shock [199]. Hogs - The market had already priced in the Winter Solstice expectation in advance, and the number of warehouse receipts increased [201][202]. Peanuts - Attention should be paid to the peanut spot market, with stable prices in most regions and small - scale price fluctuations in some areas [205][206].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Views - Gold has seen an expected interest rate cut, while silver has reached a new high, breaking through 60 [1]. - The trend strength for both gold and silver is 1, indicating a neutral stance according to the defined range [-2,2] where -2 is most bearish and 2 is most bullish [3]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: - Gold: Shanghai Gold 2512 closed at 956.40 with a daily increase of 0.51%, Gold T+D at 951.13 (0.47% increase), Comex Gold 2512 at 4258.30 (0.51% increase), and London Gold Spot at 4232.22 (0.51% increase). - Silver: Shanghai Silver 2512 closed at 14373 with a 5.59% daily increase, Silver T+D at 14377 (5.72% increase), Comex Silver 2512 at 62.200 (1.70% increase), and London Silver Spot at 61.907 (1.74% increase) [1]. - **Trading Volume and Open Interest**: - Gold: Shanghai Gold 25122510 trading volume was 222,609 (down 6,955 from the previous day), open interest was 192,659 (down 1,834). Comex Gold 2512 trading volume was 180,543 (up 6,122), open interest was 321,283 (up 1,832). - Silver: Shanghai Silver 2512 trading volume was 1,814,842 (up 505,812), open interest was 450,557 (up 33,231). Comex Silver 2512 trading volume was 118,368 (up 2,658), open interest remained unchanged at 119,397 [1]. - **ETF and Inventory**: - ETF: SPDR Gold ETF held 1,046.82 (down 1), SLV Silver ETF held 16,083.16 (up 110 from the day before yesterday). - Inventory: Shanghai Gold inventory was 91,299 kg (unchanged), Comex Gold inventory was 36,099,219 troy ounces (down 113,819 from the previous day). Shanghai Silver inventory was 741,845 kg (up 24057), Comex Silver inventory was 455,821,771 troy ounces (down 321,251 from the previous day) [1]. - **Spreads**: - Gold: Gold T+D to AU2512 spread was -5.27 (unchanged), Shanghai Gold 2512 to 2606 spread was N/A, buy December sell June cross - period arbitrage cost was 4.77 (down 0.87), Gold T+D to London Gold spread was 573.60 (up 584.08 from -10.49). - Silver: Silver T+D to AG2510 spread was 11 (down 46), Shanghai Silver 2512 to 2606 spread was -12,651 (up 85), buy December sell June cross - period arbitrage cost was 73.41 (down 11.3), Silver T+D to London Silver spread was -1,507 (up 528) [1]. - **Exchange Rates**: The US Dollar Index closed at 98.64 (down 0.61%), US Dollar to CNY spot was 7.06 (down 0.12%), Euro to US Dollar was 1.16 (unchanged), US Dollar to Japanese Yen was 156.86 (up 0.05), and British Pound to US Dollar was 1.21 (unchanged) [1]. Macro and Industry News - The US Federal Reserve removed the total limit on standing repurchase operations and announced monthly purchases of $40 billion in Treasury bills starting December 12 [1]. - Trump criticized the Fed for a too - small interest rate cut and plans to interview former Fed governor Kevin Warsh for the chairmanship [4]. - China's November CPI rose 0.7% year - on - year, the highest since March 2024, while PPI's year - on - year decline slightly widened [4]. - The AH - share real estate sector rose sharply on Wednesday afternoon, driven by Vanke's bond extension discussions and market expectations for a "mortgage interest subsidy" policy [4]. - Goldman Sachs' model shows the RMB is undervalued by 25% [4].