行业 国债日报 日期 2025 年 11 月 19 日 研究员：何卓乔(宏观贵金属) 18665641296 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 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：国债期货11月18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 | | TL2512 | 116.460 | 116.560 | 116.530 | 116.570 | 0.070 | 0.06 ...

多晶硅日报 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 请阅读正文后的声明 每日报告 一、行情回顾与展望 市场表现：多晶硅主力合约价格低开后震荡运行，PS2601 合约收盘价 52210 元/ 吨，跌幅 1.67%，成交量 173704 手，持仓量 137091 手，净增 848 手。 行业 日期 2025 年 11 月 19 日 能源化工研究团队 ...

021-60635727 行业 纸浆日报 日期 2025 年 11 月 19 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 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 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 021-60635727 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：刘悠然（纸浆） 研究员:李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅多晶硅） 研究员：彭婧霖（聚烯烃） 研究员：冯泽仁（玻璃纯碱） 期货从业资格号：F03134307 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回 ...

行业 沥青日报 日期 2025 年 11 月 19 日 请阅读正文后的声明 每日报告 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌幅% | 成交量（万手） | | --- | --- | --- | --- | --- | --- | --- | | BU2601 | 3054 | 3032 | 3072 | 3029 | -0.36 | 15.71 | | BU2602 | 3068 | 3052 | 3071 | 3049 | -0.36 | 3.01 | 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 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. ...

Report Information - Report Title: Copper Futures Daily Report [1] - Date: November 18, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The copper price is expected to stop falling and rebound in the short term. Although the copper price has fallen from its high due to the hawkish signals from Fed officials, the pressure from the macro - side on the copper price is not expected to last. The tight spot market and frequent copper mine accidents provide support for the copper price [9]. Summary by Directory 1. Market Review and Operation Suggestions - On Monday, the Shanghai copper price dropped 0.91% to 86,450, and the total positions decreased by 11,326 lots. The copper price fell from its high due to the hawkish signals from Fed officials. The spot price dropped 585 to 86,510, and the spot premium increased 50 to 105. The month - to - month spread of the last trading day fluctuated significantly, and the premium of Shanghai copper against the current month strengthened significantly [9]. - The social inventory decreased by 0.73 tons over the weekend because of less imported and domestic arrivals. The LME0 - 3 swap fee turned to back at 3.88, and the Shanghai - London ratio fell below 8, leading to an expansion of the spot import loss to over 900. The short - term import window remained closed, and the supply of imported goods was expected to decline [9]. - The increase in spot premiums at home and abroad highlighted the tightness of the spot market. The probability of a 25BP interest rate cut by the Fed in December dropped to 40% due to the Fed officials' remarks. A large number of important US data will be released starting this Thursday, but the inflation and employment data in October still face challenges, which may lead to significant differences in the December Fed meeting. A rate cut in December is still ruled out in the short term [9]. - A bridge collapse at a copper mine in the Democratic Republic of Congo over the weekend caused 32 deaths. Frequent copper mine accidents maintained the support from the mine end [9]. 2. Industry News - On Saturday, a bridge at a copper mine in the southeast of the Democratic Republic of Congo collapsed, causing 49 deaths and sending 20 seriously injured people to the hospital [12]. - On November 15, Huixin Copper Industry in Siziwangqi Bainaimiao area cooperated with Amaowusu Mining Company for copper mining and beneficiation. The project with an annual output of 10,000 tons of copper concentrate powder and an annual processing capacity of 800,000 tons of ore officially started production. It is expected to process 6,000 tons of raw ore and produce 3,200 tons of copper concentrate powder by the end of the year, with an output value of 64 million yuan. After the deep exploration and mine operation are completed next year, the industrial output value will reach 1.1 billion yuan [12]. - The second - phase expansion project of Sichuan Southwest Copper Industry Co., Ltd. has completed the main construction and entered the final stage. The project focuses on the efficient and circular use of resources and will build a production line for the deep - processing of waste high - voltage cable copper with an annual processing capacity of 53,200 tons. After the full operation of the second - phase project, the company's total production capacity will reach 170,000 tons. It is expected to achieve an output value of 1.5 billion yuan in the fourth quarter of this year and a total annual output value of 4.5 billion yuan [13].

行业 铝日报 日期 2025 年 11 月 18 日 有色金属研究团队 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 铝观点： 17 日沪铝延续回落走势，主力 2601 收盘报 21725，下跌 1.14%，总持仓较上 一交易日减少 41911 至 741668 手，处于历史高位水平。现货上，铝价虽有所下行 但绝对价仍处于较高位置，下游维持按需采购，日内华东报平水，中原贴水-140， 华南贴水-150。进口窗口关闭，现货进口亏损收窄至-2000 元/吨左右。国产矿相 对坚挺，几内亚矿价低位徘徊，氧化铝运行产能保持高位，过剩压力显著，但随 着月均价下行北方的高成本企业已经有亏损减产风险，氧化铝成本支撑逻辑逐渐 凸显，关注低位企稳的可能性。电解铝海外供应收紧逻辑仍存，冰岛铝厂因电气 设备故 ...

行业 集运指数日报 日期 2025 年 11 月 18 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：集运欧线期货11月17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 | 1,783.5 | 1,800.0 | 1,792.3 | 1,802.5 | 8.8 | 0.49 | 7097 | 12086 | -2434 | | EC2602 | 1,617.2 | 1,720.0 | 1,726.0 | 1,727.9 | 108.8 | 6.73 | 44502 | 38880 | 837 | | EC2604 | 1,163.1 | 1,170.2 | ...

研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员:张平 021-60635734 zhangpin@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 行业 镍日报 日期 2025 年 11 月 18 日 有色金属研究团队 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：Wind，建信期货研究发展部 镍观点： 受宏观转弱以及基本面高库存压制，沪镍破位下行，主力合约刷新数年低点 至 11.63 万/吨附近。金川镍平均升水较上日持平报 3900，国产电积镍升贴水报 -50-400。8-12%高镍生铁均价下跌 3 至 902.5 元/镍点，电池级硫酸镍均价较上日 下跌 10 至 28390 元/吨。印尼矿端周度下跌，短期支撑转弱。而镍终端需求拖累 显著。不锈钢市场已进入年末的消费淡季，下游需求持续低迷，且上周不锈钢的 社会库存也结束了连 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 期货从业资格号：F03134307 报告类型 铁矿石日评 日期 2025 年 11 月 18 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 fengzeren@ccb.ccbfutures.com 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：11月17日钢材、铁矿期货主力合约价格、成交及持仓情况（单位：元/吨、%、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | RB2601 | ...

行业 锌期货日报 日期 2025 年 11 月 18 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2511 | 22435 | 22455 | 22475 | 22385 | -30 | -0.13 | 5520 | -65 | | 沪锌 | 2512 | 2 ...