客服产品系列•日评 国新国证期货早报 2025 年 12 月 10 日 星期三 品种观点： 【股指期货】 周二（12 月 9 日） A 股三大指数涨跌不一，截止收盘，沪指跌 0.37%，收报 3909.52 点；深 证成指跌 0.39%，收报 13277.36 点；创业板指涨 0.61%，收报 3209.60 点。沪深两市成交额达到 19040 亿，较昨 日缩量 1327 亿。 沪深 300 指数 12 月 9 日回调整理。收盘 4598.22，环比下跌 23.53。（数据来源：东方财富网） 【焦炭 焦煤】12 月 9 日焦炭加权指数弱势依旧，收盘价 1583.1，环比下跌 35.2。 12 月 9 日，焦煤加权指数弱势，收盘价 1052.8 元，环比下跌 25.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：市场对焦炭第二轮提降仍有预期，焦化利润一般，日产略微提升。焦炭库存小幅下降，目前下游少量 按需采购，库存变动不大，贸易商采购意愿一般。 【郑糖】美糖周一波动不大窄幅震荡小幅收高。郑糖 2605 月合约周二窄幅震荡小幅收高。因空头打压郑糖 2605 月合约夜盘震荡小幅走低。巴西对外贸易秘书处（Sece ...

客服产品系列•日评 国新国证期货早报 2025 年 12 月 9 日 星期二 品种观点： 【股指期货】周一（12 月 8 日）A 股三大指数集体收涨，沪指涨 0.54%，收报 3924.08 点；深证成指涨 1.39%， 收报 13329.99 点；创业板指涨 2.60%，收报 3190.27 点。沪深两市成交额达到 20366 亿，较上一交易日大幅放 量 3109 亿。 沪深 300 指数 12 月 8 日强势依旧。收盘 4621.76，环比上涨 37.22。（数据来源：东方财富网） 【焦炭 焦煤】12 月 8 日焦炭加权指数弱势，收盘价 1600.7，环比下跌 85.3。 12 月 8 日，焦煤加权指数弱势运行，收盘价 1062.9 元，环比下跌 70.2。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：首轮提降落地。本期铁水产量 232.30，-2.38 万吨，焦炭库存中性偏弱。利润方面，本期全国 30 家 独立焦化厂平均吨焦盈利 30 元/吨。 【胶】周一，沪胶波动不大震荡整理品种涨跌互现。夜盘，因空头打压沪胶震荡小幅走低。美国轮胎制造商 协会（USTMA）于 2025 年 11 月对当年美国轮胎出货 ...

客服产品系列•日评 国新国证期货早报 2025 年 12 月 8 日 星期一 品种观点： 【股指期货】 周五（12 月 5 日） A 股三大指数集体走强，截止收盘，沪指涨 0.70%，收报 3902.81 点； 深证成指涨 1.08%，收报 13147.68 点；创业板指涨 1.36%，收报 3109.30 点。沪深两市成交额达到 17258 亿，较 昨日放量 1768 亿。 沪深 300 指数 12 月 5 日强势。收盘 4584.54，环比上涨 37.97。（数据来源：东方财富网） 【焦炭 焦煤】12 月 5 日焦炭加权指数宽幅震荡，收盘价 1646.9，环比下跌 40.4。 12 月 5 日，焦煤加权指数区间整理，收盘价 1108.9 元，环比下跌 18.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：原料煤价格回调，焦企盈利能力改善、环保扰动弱化，生产积极性较高。需求，铁水小幅下降，原料 刚需仍有支撑，但因钢厂焦炭到货好转，部分钢厂基于检修有一定控量现象。 焦煤：山西吕梁地区部分煤矿因事故停产，区域内供应有所收窄；国内煤矿减产，但煤矿库存保持增加，累 库放缓。进口煤中，蒙煤平均通车 1300-14 ...

客服产品系列•日评 国新国证期货早报 2025 年 12 月 5 日 星期五 品种观点： 【股指期货】 周四（12 月 4 日） A 股三大指数涨跌不一，截止收盘，沪指跌 0.06%，收报 3875.79 点；深 证成指涨 0.40%，收报 13006.72 点；创业板指涨 1.01%，收报 3067.48 点。沪深两市成交额仅有 15490 亿，较昨 日缩量 1210 亿。 沪深 300 指数 12 月 4 日震荡整理。收盘 4546.57，环比上涨 15.52。（数据来源：东方财富网） 【焦炭 焦煤】12 月 4 日焦炭加权指数强势，收盘价 1704.6，环比上涨 33.6。 12 月 4 日，焦煤加权指数震荡趋强，收盘价 1143.8 元，环比上涨 21.0。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭:吨焦平均利润受上下游让利好转，开工略有回升，供给环比增加。上周铁水日均产量 234.68 万吨，环 比-1.6 万吨，铁水季节性下滑的后，刚需走弱，投机性需求随着煤价近期的补跌回落，上游焦化厂累库，港口 去库，下游累库，总库存基本持平。 客服产品系列•日评 焦煤：山西中硫主焦 1378，环比-3，蒙 ...

客服产品系列•日评 国新国证期货早报 2025 年 12 月 4 日 星期四 品种观点： 【股指期货】 周三（12 月 3 日） A 股三大指数集体回调，截止收盘，沪指跌 0.51%，收报 3878.00 点；深 证成指跌 0.78%，收报 12955.25 点；创业板指跌 1.12%，收报 3036.79 点。沪深两市成交额达到 16700 亿，较昨 日放量 765 亿。 沪深 300 指数 12 月 3 日持续回调。收盘 4531.05，环比下跌 23.29。（数据来源：东方财富网） 【焦炭 焦煤】12 月 3 日焦炭加权指数窄幅震荡，收盘价 1672.0，环比上涨 2.9。 12 月 3 日，焦煤加权指数区间整理，收盘价 1119.9 元，环比下跌 18.1。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：近期原料价格回调，焦化行业利润好转，部分企业出现小幅盈利，焦企开工积极性增加，开工率周环 比出现回升，焦炭供应有增长空间。上周钢厂高炉开工率周环比继续下降，淡季铁水难回高位。各环节焦炭库存 低位，产业链供需矛盾出现累积，但下游存在补库空间。 焦煤：主产区多数煤矿维持正常生产，但安全检查影响仍存，上周矿 ...

Group 1: General Market Conditions - On December 2, 2025, A-share's three major indexes collectively declined, with the Shanghai Composite Index down 0.42% to 3897.71 points, the Shenzhen Component Index down 0.68% to 13056.70 points, and the ChiNext Index down 0.69% to 3071.15 points. The trading volume of the two markets was 1593.4 billion yuan, a decrease of 280.5 billion yuan from the previous day [1] - The CSI 300 index adjusted on December 2, closing at 4554.34, down 22.15 [2] Group 2: Coke and Coking Coal - On December 2, the coke weighted index continued to rebound, closing at 1677.7, up 35.6; the coking coal weighted index fluctuated and closed at 1139.3 yuan, up 19.6 [2][3] - Coke supply is increasing, with significant inventory accumulation. Mine clean coal inventory increased by 20.44% in a single week, and coke plant inventory increased by 9.91% [4] - As of the end of October 2025, China's imported coking coal reached 98.869 million tons, a year-on-year decrease of 4.8%. In October, the total import volume was 10.5932 million tons, a month-on-month decrease of 3.02% and a year-on-year increase of 6.39%. From January to October, China's coke export volume was 6.2189 million tons, a year-on-year decrease of 14.05%. In October, coke exports were 727,400 tons, a month-on-month increase of 34% and a year-on-year increase of 49.92% [4] Group 3: Zhengzhou Sugar - Affected by the supply outlook and weak technical indicators, US sugar tumbled on Monday. Under the influence of the decline in US sugar, the short sellers pressured the Zhengzhou Sugar 2605 contract to decline on Tuesday and in the night session [4] - Brazil's central-southern region produced 983,000 tons of sugar in the first half of November, a year-on-year increase of 8.7%. The sugarcane crushing volume reached 18.8 million tons, a year-on-year increase of 14.3%. The proportion of sugarcane used for sugar production dropped to 38.6% [4] Group 4: Rubber - Due to the large decline in the previous trading day, the rubber futures prices rebounded due to bargain hunting. The short sellers pressured the Shanghai Rubber futures to decline slightly in the night session [5] - ANRPC predicted that global natural rubber production in October would increase by 2.7% to 1.496 million tons, and consumption would decrease by 4.2% to 1.26 million tons. In the first 10 months, cumulative production was expected to increase by 2.6% to 11.9 million tons, and cumulative consumption was expected to decrease by 1.8% to 12.684 million tons. In 2025, global natural rubber production was expected to increase by 1.3% to 14.892 million tons, and consumption was expected to increase by 0.8% to 15.565 million tons [5] Group 5: Soybean Meal - On December 2, CBOT soybean futures prices slightly declined. The large expected production of South American soybeans suppressed the speculation of US soybean demand [5] - As of last Thursday, the sown area of Brazilian soybeans reached 89% of the expected area, compared with 91% in the same period last year. StoneX estimated that Brazil's soybean production would be 177.2 million tons. Argentina's soybean sowing was progressing smoothly, with a planting rate of over 20% [5] - On December 1, the M2601 contract closed at 3039 yuan/ton, a decrease of 0.16%. Currently, soybean supply is sufficient, crushing volume has increased, and soybean meal inventory is at a high level. The domestic soybean meal futures market is in a situation of cost support and supply pressure, and the price is expected to fluctuate [5] Group 6: Live Pigs - On December 2, the LH2601 contract closed at 11455 yuan/ton, a decrease of 0.35%. In the short term, as the end of the year approaches, most large-scale pig enterprises are more willing to sell pigs to meet their annual targets, and the number of pigs for sale has increased, putting pressure on prices [5] - The demand for pork has increased marginally due to the drop in temperature, and the traditional bacon-making season has started in the southwest region, but the overall progress is slow, and the demand recovery is gentle. The live pig market is still in a situation of strong supply and weak demand [5] Group 7: Palm Oil - On December 2, the main palm oil contract continued to move positions and rebound. The price briefly opened lower and then quickly rose, closing at 8720, up 0.79%. The expected export volume of Malaysian palm oil from November 1 - 30 was 779,392 tons, a decrease of 39.21% compared with the same period last month [5] Group 8: Shanghai Copper - The main Shanghai Copper 2601 contract showed a weak pattern of opening high and closing low. The linkage between futures and spot and between domestic and foreign markets weakened, and the trading activity decreased. The contract opened at 89410 yuan/ton, reached a high of 89920 yuan/ton, and finally closed at 88920 yuan/ton [6] - The hawkish stance of the Federal Reserve supported the US dollar, suppressing global copper demand and causing funds to flow out of the non-ferrous metal sector. Traditional demand is weak, and the copper consumption in the real estate sector is under pressure. The supply-side positive factors cannot offset these two pressures [6] Group 9: Cotton - On Tuesday night, the main Zhengzhou Cotton contract closed at 13720 yuan/ton. Cotton inventory increased by 96 lots compared with the previous trading day. Xinjiang's cotton purchase is basically over, and it is in the peak processing period. The commercial inventory is growing rapidly and is significantly higher than the same period last year [6] Group 10: Iron Ore - On December 2, the main iron ore 2601 contract fluctuated and closed up 0.5% at 800.5 yuan. The shipping volume increased month-on-month, the arrival volume decreased, and the port inventory increased again. In the off-season, as the steel mill profitability rate continued to decline, the molten iron output continued to decline, and the iron ore price is expected to fluctuate [6] Group 11: Asphalt - On December 2, the main asphalt 2601 contract fluctuated and declined 2.41% to close at 2916 yuan. In December, the domestic refinery asphalt production plan decreased month-on-month, the inventory decreased, the demand entered the off-season, and the downstream procurement was cautious. The asphalt price is expected to fluctuate [6] Group 12: Logs - On December 2, the log 2601 contract opened at 767.5, with a minimum of 767.5, a maximum of 774.5, and closed at 769.5, with a decrease of 1151 lots in positions. The spot price of 3.9-meter medium A radiata pine logs in Shandong was 740 yuan/cubic meter, down 10 yuan/cubic meter from the previous day, and the price in Jiangsu was 750 yuan/cubic meter, unchanged from the previous day [6][7] Group 13: Steel - On December 2, the rb2601 contract closed at 3169 yuan/ton, and the hc2601 contract closed at 3325 yuan/ton. The total new house sales area in ten major cities was 2.1112 million square meters, a month-on-month increase of 10% and a year-on-year decrease of 38%. The real estate market is still at a low level. Due to the rush to complete infrastructure projects in some areas, demand has remained resilient, and steel inventory is expected to continue to decline. Steel prices are expected to fluctuate strongly [7] Group 14: Alumina - On December 2, the ao2601 contract closed at 2670 yuan/ton. The trading logic of alumina supply exceeding demand continues, and the upward pressure remains. Domestic alumina production capacity is high, the import window is open, and the arrival of imported alumina will further exacerbate the imbalance between supply and demand. Demand is weak, and the spot market trading is cold [7][8] Group 15: Shanghai Aluminum - On December 2, the al2601 contract closed at 21910 yuan/ton. The inhibitory effect of high aluminum prices on consumption has gradually eased, and some postponed demand has begun to be released. The operating rates of aluminum profiles, aluminum cables, and primary and secondary aluminum alloy sectors have all improved to varying degrees. Aluminum prices are expected to fluctuate at a high level in the short term [8]

Industry Investment Rating - Not mentioned in the provided content Core Views - On December 1, 2025, the A-share market performed well with the Shanghai Composite Index rising 0.65% to 3914.01, the Shenzhen Component Index rising 1.25% to 13146.72, and the ChiNext Index rising 1.31% to 3092.50. The trading volume of the two markets reached 1873.9 billion yuan, an increase of 288.1 billion yuan from the previous trading day [1] - Different futures varieties showed different trends and characteristics. For example, the CSI 300 index was strong, while some commodities like coke and coking coal had price fluctuations affected by supply - demand factors. Sugar, rubber, palm oil, etc. also had their own market situations influenced by various factors such as international prices, production, and consumption [2][4][5] Summary by Variety Stock Index Futures - On December 1, the A - share market rose across the board. The Shanghai Composite Index recovered the 3900 - point mark, and the trading volume increased significantly [1] - The CSI 300 index closed at 4576.49 on December 1, a rise of 49.82 from the previous day [2] Coke and Coking Coal - Coke: The average profit per ton of coke improved due to upstream and downstream concessions. Supply increased slightly, while demand weakened. Total inventory remained basically unchanged [4] - Coking coal: The price of Shanxi medium - sulfur coking coal and Mongolian 5 raw coal decreased. Supply had seasonal reduction expectations, and the customs clearance of Mongolian coal was affected, while the arrival of seaborne coal remained high [4] Zhengzhou Sugar - Affected by the rise of US sugar on Friday and a slight decline in spot prices, the Zhengzhou sugar 2605 contract fluctuated narrowly and closed slightly higher on December 1. Thailand's new sugar - crushing season started on December 1, and the sugarcane output is expected to recover significantly [4] Rubber - Affected by the comments of the Japanese central bank governor and the subsidence of floods in Southeast Asia, Japanese rubber fell sharply on December 1, and Shanghai rubber fluctuated lower during the day and closed slightly higher at night. Vietnam's natural rubber and mixed rubber exports decreased by 3.5% year - on - year in the first 10 months [4][5] Palm Oil - On December 1, the palm oil futures price entered a volatile trend after encountering resistance. The main contract P2601 closed with a small positive line. In November 2025, Malaysia's palm oil production decreased slightly compared with the previous month [5] Soybean Meal - Internationally, the CBOT soybean futures price fell on December 1. The US soybean export inspection volume was at the lower end of the market forecast range, and Brazilian soybean planting progress was slower than last year. Domestically, the supply of soybean meal was abundant, but South American weather and soybean arrivals provided support [5] Live Pigs - On December 1, the live pig futures price rose slightly. The supply of live pigs was strong due to concentrated slaughter and sufficient production capacity, while the demand recovery was slow. The market was in a situation of strong supply and weak demand [5] Shanghai Copper - The Shanghai copper main contract 2601 rose significantly on December 1, with a sharp increase in trading volume and open interest. Supported by macro - factors and supply shortages, the price center continued to move up, but there were risks of high - price suppressing demand [5][6] Cotton - The Zhengzhou cotton main contract closed at 13785 yuan/ton at night on December 1. The cotton inventory decreased, and Xinjiang's cotton output in 2025 increased year - on - year [6] Logs - The log 2601 contract had a narrow range on December 1. The spot price remained stable, and the supply - demand relationship was not in great contradiction. Future price trends depend on factors such as spot prices, import data, and inventory changes [6] Iron Ore - On December 1, the iron ore 2601 main contract rose slightly. The shipping volume decreased, the arrival volume increased, and the port inventory increased. The iron ore price was in a volatile trend in the short term [6] Asphalt - The asphalt 2601 main contract closed slightly higher on December 1. The refinery's production plan decreased in December, the inventory decreased, and the demand was in the off - season. The price was in a volatile state [6] Steel - On December 1, the steel futures prices showed certain trends. The demand for steel in the off - season was resilient, and with the expected increase in steel mill maintenance and production reduction, the steel price may fluctuate strongly in the short term [6] Alumina - The alumina 2601 contract price was at a certain level on December 1. The market continued the logic of supply - demand surplus, with high domestic production capacity, increasing imports, and weak demand [6] Shanghai Aluminum - The Shanghai aluminum 2601 contract price was at a certain level on December 1. The inventory decreased slightly, and the industry's operating rate increased in some fields. The price was in a high - level volatile state, and future trends depend on inventory performance [6][7]

客服产品系列•日评 国新国证期货早报 2025 年 12 月 1 日 星期一 品种观点： 【股指期货】 周五（11 月 28 日）A 股三大指数集体上涨，截止收盘，沪指涨 0.34%，收报 3888.60 点；深 证成指涨 0.85%，收报 12984.08 点；创业板指涨 0.70%，收报 3052.59 点。沪深两市成交额仅有 15858 亿，较昨 日缩量 1240 亿。 沪深 300 指数 11 月 28 日震荡趋强。收盘 4526.66，环比上涨 11.26。（数据来源：东方财富网） 【焦炭 焦煤】11 月 28 日焦炭加权指数弱势，收盘价 1623.1，环比下跌 30.5。 11 月 28 日，焦煤加权指数弱势依旧，收盘价 1107.4 元，环比下跌 11.4。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：国内基础建设基本完成，房地产和基建需求弱，未来经济转向高质量发展，对基础钢材需求将持续走 弱，钢材整体供需过剩。现货暂稳，原料煤回调，随着焦企盈利能力改善以及河南、河北环保结束，供应略有回 升。需求，铁水仍保持高位，原料刚需尚有支撑。 焦煤：中央安全生产巡查工作正在进行，煤炭产量持续受到影响。近 ...

Report Summary 1. Market Performance on November 27, 2025 - A-shares: The Shanghai Composite Index rose 0.29% to 3875.26, the Shenzhen Component Index fell 0.25% to 12875.19, and the ChiNext Index fell 0.44% to 3031.30. The trading volume of the two markets was 1709.8 billion yuan, a decrease of 73.6 billion yuan from the previous day [1]. - CSI 300: It closed at 4515.40, a decrease of 2.22 [2]. 2. Futures Market 2.1. Energy Futures - Coke: The weighted index closed at 1652.3, a rise of 0.3. Port spot prices fell, with Rizhao Port's quasi - first - class metallurgical coke at 1460 yuan/ton, down 10 yuan. Supply increased as coking enterprises' costs improved, and demand was weak as steel mills' profitability was poor and maintenance expanded [2][4]. - Coking Coal: The weighted index closed at 1114.0 yuan, a decrease of 0.6. Prices in some regions changed, with Shanxi's main coking coal down 90 yuan to 1580 yuan/ton. Supply recovered as coal mines resumed production, and there was pressure on coal mine shipments [3][4]. 2.2. Agricultural Futures - Zhengzhou Sugar: The 2601 contract rose slightly due to factors such as the rebound of US sugar and short - covering. The 2025/26 global sugar supply is expected to have a surplus of 3.7 million tons, the largest since 2017/18. Brazil's sugarcane production is expected to be 659 million tons, and the Philippines' raw sugar production is expected to be 2.09 million tons [4]. - Rubber: Affected by Thailand's weather warning and potential output loss of up to 90,000 tons, the Shanghai rubber futures rose slightly. Global light - vehicle sales showed growth in October [6]. - Live Hogs: The LH2601 contract rose 0.39% to 11585 yuan/ton. The supply was strong due to high - level sow inventory and concentrated slaughter, while demand was weak, and the market was in a supply - stronger - than - demand pattern [6]. - Soybean Meal: The M2601 contract rose 1.33% to 3055 yuan/ton. The US soybean market was closed on November 27. China's soybean purchases from the US were close to 2 million tons. Brazil's soybean planting rate was 81%, lower than last year. Domestic supply improved, and the futures price had limited upward drive [6]. - Palm Oil: The P2601 contract rose 1.04% to 8528. Malaysia's palm oil exports from November 1 - 25 were estimated to be 583,574 tons, a 40.77% decrease from the previous month [6]. 2.3. Metal Futures - Shanghai Copper: The 2601 contract rose 0.35% to 86990 yuan/ton. Supply was tight due to factors such as smelter maintenance and mine accidents, and demand was strong in new - energy and other fields. However, high prices and potential factors might limit the increase [6][7]. - Cotton: The Zhengzhou cotton 2601 contract closed at 13710 yuan/ton at night. Cotton inventory increased by 65 lots, and the purchase price of Xinjiang machine - picked cotton was 6.18 yuan/kg [7]. - Logs: The 2601 contract closed at 765, with an increase of 106 lots. Spot prices in Shandong and Jiangsu remained unchanged, and attention should be paid to factors such as spot prices and imports [7]. - Iron Ore: The 2601 contract rose 0.44% to 799.5 yuan. Shipping volume decreased, and port and steel mill inventories declined. The price was in a volatile trend [7]. - Asphalt: The 2601 contract fell 1.41% to 3007 yuan. December's production plan decreased, inventory was being reduced, and demand was in the off - season, with prices in a volatile state [7]. - Steel: The rb2601 closed at 3093 yuan/ton, and hc2601 at 3293 yuan/ton. Production and consumption decreased, and inventory continued to decline. The market was in a supply - and - demand double - weak pattern [7]. - Alumina: The ao2601 closed at 2720 yuan/ton. Environmental inspections affected the north, inventory increased slightly, and the market was sluggish [7]. - Shanghai Aluminum: The al2601 closed at 21500 yuan/ton. The macro - market sentiment improved, but demand was cautious. Supply was stable, and social inventory continued to decrease [7][8].

Report Summary Core View - On November 26, 2025, A-share major indexes showed mixed performance, with the Shanghai Composite Index down 0.15%, the Shenzhen Component Index up 1.02%, and the ChiNext Index up 2.14%. The trading volume of the two markets slightly decreased by 28.8 billion yuan to 1.7833 trillion yuan [1]. - Various futures varieties also had different trends. For example, the CSI 300 Index trended stronger, while the coke and coking coal weighted indexes trended weaker [1][2]. Summary by Variety Stock Index Futures - On November 26, the CSI 300 Index closed at 4,517.63, up 27.22 from the previous day [2]. Coke and Coking Coal - On November 26, the coke weighted index closed at 1,662.8, down 22.4; the coking coal weighted index closed at 1,124.9 yuan, down 10.4 [2][3]. - For coke, the fourth round of price increases has been implemented. The iron - water output decreased by 0.60 million tons to 2.3628 million tons, and the total coke inventory is higher than the same period. The average profit per ton of coke for 30 independent coking plants is 19 yuan/ton [4]. - For coking coal, the price of Tangshan Mongolian 5 clean coal is 1,550, equivalent to 1,330 on the futures market. The National Development and Reform Commission issued a notice on ensuring the supply of thermal coal in 2026, weakening the futures market expectation. The mine capacity utilization rate has rebounded for two consecutive weeks, and the clean coal inventory of coal - washing plants has increased for three consecutive weeks [4]. Zhengzhou Sugar - Affected by the increase in new sugar supply and the decline in spot prices, the Zhengzhou Sugar 2601 contract trended slightly lower on November 26. The sugar production in the central - southern region of Brazil in the first half of November is expected to increase by 18.9% year - on - year to 1.075 million tons. The US sugar production in the 2025/26 season is expected to be 9.319 million short tons [4]. Rubber - Due to a large short - term decline, the Shanghai rubber futures trended slightly lower on November 26. Heavy rainfall in southern Thailand affected at least 13 million rai of rubber plantations, resulting in a loss of over 20,000 tons of rubber production. Thailand's total exports of natural rubber and mixed rubber in the first 10 months increased by 5.8% year - on - year to 3.64 million tons [4][5]. Palm Oil - On November 26, the decline of palm oil futures prices slowed down, and the main contract P2601 closed up 0.96% at 8,440. From November 1 - 25, 2025, Malaysia's palm oil yield per unit area increased by 3.34% month - on - month, the oil extraction rate increased by 0.41% month - on - month, and the production increased by 5.49% month - on - month [5]. Live Pigs - On November 26, the LH2601 main contract closed at 11,540 yuan/ton, up 1.1%. The inventory of breeding sows exceeds the normal level, the production efficiency has improved, and the number of newborn piglets remains high. The large - scale farms have a strong willingness to sell pigs at the end of the year, suppressing the upward movement of futures prices. The traditional bacon - making season has started, but the overall demand has not yet formed a scale [5]. Soybean Meal - Internationally, the CBOT soybeans closed slightly higher on November 26. Brazil's soybean exports in November are expected to reach 4.4 million tons. Domestically, the M2601 main contract closed at 3,015 yuan/ton, up 0.07%. The oil - mill crushing volume remains high, and the soybean meal inventory is sufficient. Chinese importers have made large - scale purchases of US soybeans, and the downstream is cautious about stockpiling [5]. Shanghai Copper - The main contract of Shanghai copper trended slightly stronger, opening at 86,750 yuan/ton and closing at 86,590 yuan/ton, up 0.20%. The trading volume was 107,213 lots, and the open interest was 204,728 lots [5]. Cotton - On the night of November 26, the main contract of Zhengzhou cotton closed at 13,645 yuan/ton. The cotton inventory decreased by 2 lots compared with the previous day. The purchase price of machine - picked cotton in Xinjiang on November 26 was 6.07 - 6.1 yuan/kg [6]. Logs - On November 26, the Log 2601 contract opened at 764, with a minimum of 762, a maximum of 768.5, and closed at 765, with an increase of 336 lots in open interest. The spot prices in Shandong and Jiangsu remained unchanged at 750 yuan/cubic meter. The log inventory has reached a three - month high [6][7][8]. Iron Ore - On November 26, the Iron Ore 2601 main contract closed up 0.19% at 797 yuan. The iron ore shipment volume has declined, the arrival volume has increased, and the port and steel - mill inventories have decreased. The iron - water output has declined again, and the short - term price is in a volatile trend [8]. Asphalt - On November 26, the Asphalt 2601 main contract closed down 0.56% at 3,043 yuan. The asphalt production plan of local refineries in December has decreased, the inventory is being depleted, and the shipment volume has increased slightly. However, due to weather conditions, the downstream demand is limited, and the short - term price is in a volatile trend [8]. Steel - On November 26, rb2601 closed at 3,099 yuan/ton, and hc2601 closed at 3,304 yuan/ton. The demand is facing seasonal decline and structural weakness. The real - estate industry continues to drag down the consumption of rebar, and the market trading may show a trend of "both volume and price decline" [8]. Alumina - On November 26, ao2601 closed at 2,720 yuan/ton. Recently, there has been some price - pressure in electrolytic aluminum tenders. The spot market trading was light, and the supply in the market may increase if futures warehouse receipts flow into the market, which may drive down the spot price [8]. Shanghai Aluminum - On November 26, al2601 closed at 21,455 yuan/ton. The supply is stable, and the aluminum ingot supply is good. The social inventory may continue to decline slightly. The demand is average, and the aluminum price remains in a volatile range. The performance in the plate, strip, foil, and industrial materials sectors is relatively stable, while the demand for aluminum rods and poles is average [8].