行业 贵金属日评 日期 2025 年 12 月 9 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 美联储降息预期打压美元指数并推高贵金属的流动性溢价，与此同时市场继 续关注新任美联储主席提名人选对美联储货币政策倾向的潜在影响，短期内金价 易涨难跌，关注本周三美联储议息会议对 2026 年货币政策的指引；全球经济增长 前景改善，使得工业属性较强的银铂钯在广期所上市铂钯品种的情况下持续偏强 运行，但上周银铂钯价格初现松动迹象，建议投资者留意银铂钯价格短期飙升后 调整风险的释放。中短期内多空因素交织，我们判断伦敦黄金需要在 3880-4380 美 ...

Group 1: Report Overview - Report Name: Copper Futures Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Group 2: Investment Rating - Not provided Group 3: Core View - The Shanghai copper price hit a new record high. The spot price rose by 715 to 92,300. High copper prices have weakened downstream orders and pressured the premium. The spot premium fell by 40 to 130. The import loss in the two markets narrowed to around 1,000 yuan. The short - term high copper price suppresses demand, which may cause fluctuations in the upward trend of copper prices. However, due to the tight supply of mines and ingots in 2026 and green demand, the medium - term fundamentals of copper are strongly supported. Coupled with the loose policies of China and the US providing a bullish macro - environment, the medium - term outlook for copper prices is bullish [10] Group 4: Market Review and Operation Suggestions - Shanghai copper reached a new historical high. The spot price increased by 715 to 92,300. High copper prices led to a decrease in downstream orders, and the spot premium dropped by 40 to 130. The import loss in the two markets narrowed to around 1,000 yuan. The LME0 - 3 back structure narrowed to 23, and the Shanghai - London ratio remained at a low level. The Politburo meeting on China's economy set the tone for economic policies in 2026, with more active fiscal policies and moderately loose monetary policies, which is beneficial to the copper market. This drove the copper price up again in the afternoon. This week, important Chinese data will be released, and the Fed's interest - rate meeting will be held on Thursday, with few expected surprises. In the short term, high copper prices will suppress demand, causing fluctuations in the upward trend of copper prices. But in the medium term, due to tight supply and green demand, and favorable macro - policies, copper prices are expected to rise [10] Group 5: Industry News - In November 2025, China's imports of copper ore and concentrates were 2.526 million tons, up from 2.45 million tons in October. From January to November, the cumulative imports were 27.614 million tons, a year - on - year increase of 8.0% [11] - In November 2025, China's imports of unwrought copper and copper products were 427,000 tons, down from 440,000 tons in October. From January to November, the cumulative imports were 4.883 million tons, a year - on - year decrease of 4.7% [11] - Peru's Congress voted to extend a controversial permit for one year. Informal gold and copper miners with this permit can enjoy more relaxed operating requirements until the end of next year. The bill needs to be signed by the president to take effect and is opposed by the formal mining industry. The territorial conflict between small - scale and large - scale miners has affected several copper mines and projects [11]

行业 集运指数日报 日期 2025 年 12 月 9 日 每日报告 | | | 表1：集运欧线期货12月8日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,658.4 | 1,647.9 | 1,669.8 | 1,660.5 | 11.4 | 0.69 | 330 | 3394 | -106 | | EC2602 | 1,614.1 | 1,600.0 | 1,615.3 | 1,601.0 | 1.2 | 0.07 | 19294 | 31466 | -749 | | EC2604 | 1,098.8 | 1,080.0 | 1,077.7 | 1,077.8 | -21.1 | -1.92 | 3125 | 19613 | 263 | | EC2606 | 1,260.8 | 1,252.5 | 1,217.3 | 1,227.3 ...

行业 纯碱、玻璃日报 日期 2025 年 12 月 9 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃、纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 ...

行业 生猪日报 日期 2025 年 12 月 09 日 每日报告 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 021-60635740 期货从业资格号：F3055047 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，8日生猪主力2603合约小幅高开后震荡走高，尾盘收阳，最高11440 元/吨，最低 11105 元/吨，收盘报 11385 元/吨，较 ...

期货从业资格号：F03134307 行业 工业硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 日期 2025 年 12 月 09 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 请阅读正文后的声明 每日报告 一、行情回顾与展望 ...

Report Information - Report Name: PTA Daily Report [1] - Date: December 09, 2025 [2] Investment Rating - Not provided Core View - On the 8th, the closing price of the PTA main futures contract TA2601 was 4,694 yuan/ton, down 6 yuan/ton or 0.13%. The settlement price was 4,678 yuan, and the daily position decreased by 31,308 lots. With the crude oil market showing a strong and volatile trend, providing cost support for PTA, but the operating rate of downstream polyester decreasing and the PTA de - stocking speed slowing down, after the game between long and short news, the short - term PTA market is expected to be stable [6]. Summary by Directory 1. Market Review and Operation Suggestions - Futures market: TA2601 closed at 4,694 yuan/ton, down 6 yuan/ton, with a trading volume of 494,289 lots and a decrease of 31,308 lots; TA2605 closed at 4,770 yuan/ton, up 2 yuan/ton, with a trading volume of 213,678 lots and an increase of 19,592 lots [6]. 2. Industry News - International oil prices rose for the third consecutive day to a half - month high. The settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $60.08 per barrel, up $0.41 or 0.69%. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.75 per barrel, up $0.49 or 0.77% [7]. - The price of PX in the Chinese market was estimated at $840 - 842 per ton, up $3 per ton; the price in the South Korean market was estimated at $820 - 822 per ton, up $3 per ton. There was one deal heard on the day, with any February cargo sold at $842 per ton [7]. - The price of PTA in the East China market was 4,650 yuan/ton, down 20 yuan/ton. The average daily negotiation basis was at a discount of 30 yuan/ton compared to the futures contract 2601, remaining stable [7]. 3. Data Overview - Multiple data charts are provided, including international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis differences, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, all with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Information - Report Title: Sugar Daily Report [1] - Date: December 9, 2025 [2] - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] Industry Investment Rating - Not provided Core Viewpoints - The New York raw sugar futures fluctuated downward on Friday, with the main March contract closing down 0.40% to 14.82 cents per pound. The London ICE white sugar futures' main March contract closed down 0.05% to $425.60 per ton. The market is stimulated by the decline in Brazil's sugar - making ratio and early harvest, and the dry weather in central - southern Brazil supports sugar prices, while the increasing supply in the Northern Hemisphere suppresses sugar prices [7]. - The main contract of Zhengzhou sugar rebounded yesterday. The 01 contract closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a reduction of 27,587 positions. The domestic new sugar price has been lowered. In the fundamental aspect, the number of sugar mills in the south starting production is increasing, the market lacks confidence, and the new sugar price is falling. The short - sellers of the main SR601 contract have completed position transfer or hedging. The large discount of the 01 contract and only 1,671 warehouse receipts are unfavorable to short - sellers, and there may be a market to repair the basis with a space of about 100 yuan [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: SR601 closed at 5,337 yuan per ton, up 18 yuan or 0.34%, with a position reduction of 27,587. SR605 closed at 5,244 yuan per ton, down 2 yuan or 0.04%, with a position increase of 14,181. The US sugar 03 contract closed at 14.82 cents per pound, down 0.06 cents or 0.40%, with a position reduction of 2,516. The US sugar 05 contract closed at 14.41 cents per pound, down 0.01 cents or 0.07%, with a position reduction of 342 [7]. 2. Industry News - **Brazil**: In November, Brazil exported about 3.3023 million tons of sugar, a year - on - year decrease of 2.48%. From April 2025 to November 2025 in the 2025/26 sugar - crushing season, Brazil had cumulatively exported 25.2591 million tons of sugar, a year - on - year decrease of 4.91% [9]. - **India**: The average production cost of sugar in India has risen to 41.72 rupees per kilogram. The industry calls for an increase in the minimum selling price of sugar. From the start of the 2025 - 26 sugar - crushing season to November 30, 2025, the sugar production reached 4.108 million tons, compared with 2.876 million tons in the same period last year. The number of sugar mills in operation increased to 428, compared with 376 in the same period last year [9]. - **Yunnan**: As of December 8, 2025, 16 sugar mills in Yunnan had started production in the 2025/26 sugar - crushing season, 6 more than the same period last year. The planned design capacity of the operating sugar mills was 59,900 tons per day, an increase of 23,500 tons per day compared with the same period last year [9]. - **Guangxi**: As of December 6 - 7, 2025, 56 sugar mills in Guangxi had started production in the 2025/26 sugar - crushing season, 11 fewer than the same period last year. The daily sugar - cane crushing capacity was 425,000 tons, a decrease of 112,500 tons compared with the same period last year [9]. 3. Data Overview - **Futures Trading Data**: The table shows the trading volume, position changes of the top 20 members in the main contract of Zhengzhou sugar futures, including details such as the trading volume, long - position volume, and short - position volume of each member and their changes [22].

Report Information - Report Name: MEG Daily Report [1] - Date: December 09, 2025 [2] Investment Rating - Not provided Core View - The current fundamentals of ethylene glycol lack overall drivers, but the continuous decline of spot prices to low levels has weakened the market selling pressure. It is expected to maintain a low-level volatile trend in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3,701 yuan/ton, down 74 yuan; the closing price of EG2605 was 3,809 yuan/ton, down 64 yuan. The trading volume was 178,188 lots and the open interest was 310,473 lots. The main contract opened at 3,722 yuan, with the highest at 3,732 yuan, the lowest at 3,687 yuan, and settled at 3,706 yuan [7] 2. Industry News - International oil prices: Expected Fed rate cut next week may boost economic growth and energy demand, and geopolitical uncertainties support the market. WTI crude oil futures for January 2026 settled at $60.08 per barrel, up $0.41 or 0.69%; Brent crude oil futures for February 2026 settled at $63.75 per barrel, up $0.49 or 0.77% [8] - Zhangjiagang ethylene glycol market: The spot negotiation price was 3,681 - 3,683 yuan/ton this week, down 65.5 yuan/ton from the previous trading day. The negotiation prices before December 19th, late December were in different ranges. The spot basis was at a discount to EG2601, and the basis situation varied in different periods. The futures market continued to be weak, and the spot price continued to decline [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, basis between futures and spot, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price and inventory, etc., with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]

多晶硅日报 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） 研究员：彭浩洲（工业硅/多晶 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 期货从业资格号：F03134307 请阅读正文后的声明 每日报告 一、行情回顾与展望 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 行业 日期 2025 年 12 月 09 日 ...