Report Industry Investment Rating - The investment rating for the bond market is slightly bearish with a strong oscillatory nature [2][3] Core Viewpoints - The year - end capital market disturbances have emerged, with most money market interest rates rising. The marginal tightening of the capital market adds negative factors to the bond market [2] - The stock index may attempt to break through the trend line again, and the stock - bond seesaw effect may be negative for the bond market [2] - In November, China's economic prosperity level was generally stable, and the probability of large - scale stimulus policies at the end of the year is low. The economic fundamentals do not support the bond market to break through the oscillatory range [3] Summary by Relevant Catalogs 1. Market Review and Outlook - As of December 8, most money market interest rates rose, with the overnight silver - deposit pledged repurchase weighted average rate up 0.06BP to 1.3003%, the 7 - day rate up 0.04BP to 1.438%, the 14 - day rate up 2.68BP to 1.5116%, and the 1 - month rate up 2.4BP to 1.6158% [2] - The stock index may try to break through the trend line again, and the stock - bond seesaw effect may be negative for the bond market [2] 2. Macroeconomic Fundamentals - In November, China's manufacturing PMI was 49.2%, up 0.2 percentage points from the previous month; non - manufacturing PMI was 49.5%, down 0.6 percentage points; the composite PMI output index was 49.7%, down 0.3 percentage points. China's economic prosperity level was generally stable [3] - China's S&P composite PMI in November was 51.2 (previous value 51.8), and the S&P services PMI was 52.1 (previous value 52.6). The new order index continued to grow, and new export orders improved significantly [3] 3. Policy Aspect - The central bank achieved a net capital injection in November, with a net purchase of 500 million yuan of treasury bonds in the open market, a net injection of 254 million yuan through pledged supplementary loans, a net injection of 1.15 billion yuan through other structural monetary policy tools, and a net injection of 1 billion yuan through medium - term lending facilities [3] 4. Factors to Watch - The factors to watch include the stock - bond seesaw effect, economic data, and the tightness of the year - end capital market [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the prices of coking coal and coke in the domestic market were weakly stable. On the 1st, mainstream steel mills in Hebei and other places tendered to lower the coke price by 50 - 55 yuan/ton, and the first round of coke price reduction was implemented. Currently, the profits of coking plants have rebounded and are basically in a profitable state. Coke enterprises maintain normal production rhythms and operate with low inventories. The price of coking coal, the raw material, has been continuously falling recently, with many auction failures, causing coke to lose cost support. Overall, the pessimistic sentiment in the spot market remains unchanged, while the futures market is affected by capital games, showing a small rebound followed by a sharp decline. It is expected that the start of winter storage replenishment in mid - to late December will improve the fundamentals and sentiment. The current valuation of the futures market is too low, and the valuation will gradually recover after the sentiment reverses [2] 3. Summary by Relevant Catalogs Market Review and Outlook - **Price Changes**: The prices of coking coal and coke were weakly stable this week. The first - round coke price reduction of 50 - 55 yuan/ton by mainstream steel mills in Hebei and other places was implemented on the 1st [2] - **Coking Plant Situation**: Coking plant profits have rebounded and are basically profitable, with normal production rhythms and low - inventory operations [2] - **Raw Material Situation**: The price of coking coal has been falling, and there have been many auction failures, resulting in coke losing cost support [2] - **Market Sentiment**: The spot market is pessimistic, while the futures market is affected by capital games, showing a small rebound followed by a sharp decline [2] - **Outlook**: Winter storage replenishment in mid - to late December is expected to improve the fundamentals and sentiment, and the undervalued futures market will gradually recover [2] Fundamental Data Weekly Changes | Indicator | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Total coking coal inventory (10,000 tons) | 2103.97 | 2106.1 | -2.13 | -0.10% | | Total coke inventory (10,000 tons) | 882.99 | 884.68 | -1.69 | -0.19% | | Average daily pig iron output of steel mills (10,000 tons) | 232.3 | 234.68 | -2.38 | -1.01% | | Profit per ton of coke for independent coking enterprises (yuan/ton) | 30 | 46 | -16 | -34.78% | [4]

Report Industry Investment Rating - Not provided Core View of the Report - This week, steel prices fluctuated and rose. With inventory depletion and some steel mills' maintenance production, market enthusiasm was generally high, the fundamentals warmed up slightly, and raw material support remained strong, resulting in a relatively high bottom for steel prices. Looking ahead, the supply and demand of rebar are both weak, inventory depletion continues at a relatively fast pace, and currently, the fundamental contradictions are not prominent. With the upcoming Central Economic Work Conference in December and the overseas expectation of interest rate cuts, the macro - environment is favorable, and it is expected that the futures prices will fluctuate widely at low levels [1]. Summary by Relevant Catalogs Market Review and Outlook - As of December 5th, the average price of 20mm grade - III earthquake - resistant rebar in major cities across the country was 3326 yuan/ton, a weekly increase of 35 yuan/ton; the average price of 8.0mm HPB300 high - speed wire rod was 3511 yuan/ton, a weekly increase of 38 yuan/ton [1]. Fundamental Data Weekly Changes - Steel mill daily average hot metal output was 232.3 million tons, a decrease of 2.38 million tons (-1.01%) compared to the previous period [3]. - Rebar steel mill inventory was 142.68 million tons, a decrease of 4.05 million tons (-2.76%) compared to the previous period [3]. - Rebar social inventory was 361.13 million tons, a decrease of 23.62 million tons (-6.14%) compared to the previous period [3]. - Hot - rolled coil steel mill inventory was 79.92 million tons, an increase of 1.9 million tons (2.44%) compared to the previous period [3]. - Hot - rolled coil social inventory was 320.43 million tons, a decrease of 2.45 million tons (-0.76%) compared to the previous period [3].

蒯三可 投资咨询从业资格号：Z0015369 kuaisanke@nzfco.com 报告导读： 1、市场回顾与展望：国内纯碱市场走势淡稳，价格坚挺，整体波动收窄。隆众资讯数据监测，上周国 内纯碱产量70.39吨，环比增加0.58万吨，涨幅0.82%。纯碱综合产能利用率80.74%，上周80.08%，环比增加 0.66%。个别企业检修恢复，产量提升。国内纯碱厂家总库存153.86万吨，周下降4.88万吨，跌幅3.07%，订 单执行，高库存企业库存下降明显，其他产销基本上平衡。周内，纯碱待发订单12+天，窄幅增加1天左右。 展望：当前纯碱企业利润不佳，本周国内纯碱开工预期高位有所上升。纯碱下游需求预计稳中偏弱， 下游浮法玻璃预期产量平稳，光伏玻璃产量预期暂稳，终端陆续停工，组件采买减少，光伏玻璃消费减少。 纯碱供需宽松背景下，预期近期纯碱企业库存仍维持高位运行，后期重点关注纯碱开工变化。预计纯碱价 格近期偏弱运行，01合约上方压力1160一线。 2025年12月08日 周报 期货研究报告 纯碱：供需宽松，库存预期高位 关注因素：1.纯碱开工变化；2.新产能投放进度；3.纯碱企业库存变化。 | 纯碱 | 单位 | ...

1. Report Industry Investment Rating - The investment rating for the live hog futures industry is "Bottom shock, weakening" [1] 2. Core View of the Report - The overall supply - demand pattern in the live hog market remains with an oversupply situation, lacking continuous upward momentum. The overall price center has shifted downward, but since the price is already at a low level, the downward space is limited and there is no possibility of a sharp decline for the time being [1] 3. Summary by Related Catalogs Market Review and Outlook - Last week, the national live hog spot price first rose and then fell, showing a weak trend. On December 1st, the national average live hog price was 11.48 yuan/kg, with prices rising in 26 provinces. The price in South China increased significantly by 0.2 - 0.4 yuan/kg due to the sporadic start of curing demand. However, the price continued to weaken subsequently. On the 3rd, the national average live hog price dropped to 11.27 yuan/kg, with prices falling in 23 provinces. On the 5th, the average price of foreign - ternary live hogs dropped to 11.30 yuan/kg. On the 6th, prices in many places fell below the previous lows, with prices in South and Southwest China continuing to decline, and only partial areas in North and Northeast China rebounding slightly. The north - south price difference widened to 2 yuan/jin. The overall price dropped last week, with a year - on - year decline of over 29% [1] - On the supply side, the weekly slaughter volume of the breeding end may continue to increase. Under the downward price trend, small - scale farmers are more willing to sell, leading to an increase in concentrated slaughter. So, the supply - side pressure is relatively large this week. On the demand side, the recovery of terminal consumption is slow. Although the slaughter rate and volume of slaughtering enterprises have both increased, the improvement in demand is still moderate, and it is difficult to form strong support in the short term [1] Factors to Watch - Changes in the inventory of breeding sows, the progress of consumption recovery, and policy regulation dynamics [2] Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Frequency | | --- | --- | --- | --- | --- | --- | | Piglets | yuan/head | 216.9 | 215.95 | 0.95 | Weekly | | Weekly average slaughter weight | kg | 123.7 | 123.66 | 0.04 | Weekly | | Profit from purchasing piglets for breeding | yuan/head | - 243.07 | - 248.95 | 5.88 | Weekly | | Profit from self - breeding and self - raising | yuan/head | - 131.6 | - 141.09 | 9.49 | Weekly | | Slaughter start - up rate | % | 37.58 | 37.49 | - 0.09 | Weekly | [3]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report - As of the week ending November 28, 2025, international oil prices fluctuated and declined. The reported potential peace deal in Ukraine and increased US oil and refined product inventories were negative for the market, but a decrease in US oil rigs and doubts about the peace plan led to a late - week price increase. Overall, geopolitical factors caused the price decline. Brent and WTI oil prices were $62.38 and $58.55 per barrel respectively on November 28 [3]. - For the future, OPEC+ is maintaining slow production increases in December and pausing increases in Q1 2026, indicating weak demand. The global oversupply in both reality and expectation will pressure oil prices. However, low inventories will provide support, and geopolitical and sanction uncertainties will intermittently affect the oil market. An overall weak - side fluctuating approach is recommended for operations [3]. 3. Summary by Related Catalogs Market Review and Outlook - International oil prices fluctuated and declined in the week ending November 28, 2025. Market sentiment was affected by news of a potential Ukraine - US peace deal, inventory changes, and rig count. The prices of Brent and WTI were $62.38 and $58.55 per barrel respectively on November 28 [3]. - Future oil prices will be pressured by weak demand and oversupply, but supported by low inventories. Geopolitical and sanction uncertainties will also have an impact. An operation strategy of weak - side fluctuation is advised [3]. Key Factors to Watch - Geopolitical factors and weekly crude oil data are the key factors to watch [4]. Weekly Changes in Fundamental Data | Commodity/Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | SC Crude Oil Futures | Yuan/barrel | 453.40 | 447.40 | 6.00 | 1.34% | Daily | | Oman Crude Oil Spot | US dollars/barrel | 64.22 | 62.96 | 1.26 | 2.00% | Daily | | Brent Crude Oil Futures | US dollars/barrel | 63.86 | 61.89 | 1.97 | 3.18% | Daily | | WTI Crude Oil Futures | US dollars/barrel | 60.11 | 57.98 | 2.13 | 3.67% | Daily | | US Crude Oil Production | Thousand barrels per day | 13862 | 13834 | 28 | 0.20% | Weekly | | US Crude Oil Inventory | Thousand barrels | 424155 | 424155 | 3348 | 0.79% | Weekly | | Comprehensive Refinery Profit | Yuan/ton | 593 | 854 | - 261 | - 30.56% | Weekly | [5]

2025年12月08日 周报 期货研究报告 PTA期货：供需维持偏紧，需求预期转弱 师秀明 投资咨询从业资格号：F0255552 shixiuming@nzfco.com 报告导读： 1、市场回顾与展望：本周PTA盘面呈现4650-4800区间震荡偏强。周初日线破位冲高，之后回落调整。 上周PTA负荷持稳至73.7%。上周装置运行偏稳，独山能源、YS、川能等仍在停车；聚酯负荷有所提升至91.5， 环比增加0.2%，江浙织机周均开工率为71.3%，周环比下降0.4%。PTA供需维持偏紧格局。原料端：PX供应依 然偏紧走势偏强，PXN坚挺；原油走势震荡。原油不稳定和需求预期转弱导致PTA追涨动力不足。 2、PX方面：短期短流程开工支撑下对PX供应影响有限，但一季度随着部分亚洲装置检修预期下，PX供 应存收缩预期，中期供需好转预期下PX支撑偏强。PTA方面，近期PTA装置检修集中，当前聚酯工厂库存偏低， 短期聚酯负荷预计大幅下降风险不大，维持91%附近，但江浙织机负荷下降较多，聚酯需求预期走弱。故PTA 短期受现货支撑，逢低做多为佳，受聚酯需要预期影响，冲高后谨慎追单。 关注因素：1.聚酯开工率；2.PTA检修；3 ...

Key Points of the Research Report 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the given reports. 2. Core Views of the Report - **Overall Market Outlook**: The report provides short - term outlooks for various commodities, including metals, energy, agricultural products, and financial products. The market trends are influenced by factors such as supply - demand dynamics, macro - economic conditions, and policy expectations [1][3][4]. - **Commodity - Specific Views**: - **Metals**: Iron ore is expected to oscillate in the short term due to stable supply, weakening demand, and inventory accumulation. Copper is likely to maintain high - level oscillations driven by inventory flow and macro - economic expectations [1][8]. - **Energy**: Crude oil is expected to remain weakly oscillating in December due to oversupply and demand concerns, while coal may see an improvement in fundamentals after mid - December with the start of winter storage [9][5]. - **Agricultural Products**: Livestock prices are under pressure but have limited downside space. Bean pulp is expected to be weakly oscillating in the short term due to weak domestic demand. Palm oil may be strongly oscillating in the short term due to production decline and demand substitution [3][4][6]. - **Financial Products**: Long - term government bonds are expected to be weakly oscillating, and the outlook for gold is high - level oscillation with limited upward momentum [7]. 3. Summaries by Commodity Metals - **Iron Ore**: As of a certain period, steel mills' imported iron ore inventory increased, daily consumption decreased, and the inventory - consumption ratio rose. Supply is stable, demand is weakening seasonally, and ports are accumulating inventory. Short - term price is expected to oscillate [1]. - **Copper**: Traders plan to extract copper from LME warehouses, causing a regional shift in global copper inventory. Low inventory in non - US regions and expected Fed rate cuts drive up prices. Short - term price is expected to oscillate at a high level [8]. Energy - **Crude Oil**: Drilling rig numbers in the US increased, while refinery operating rates in China decreased. OPEC+ maintains slow production increase, indicating weak demand. Prices are expected to be weakly oscillating in December [9]. - **Coal**: Coke production and inventories of independent coking enterprises increased, while coking coal inventory decreased. Supply is tight, and demand from the middle and lower reaches is weak. After mid - December, winter storage may improve the situation [5]. Agricultural Products - **Livestock**: Pig slaughter weight increased, slaughter rate decreased, and breeding profits improved slightly. Supply is increasing, and demand recovery is slow. Prices are at a low level with limited downside space [3]. - **Bean Pulp**: Feed enterprise bean pulp inventory increased. The domestic market is weak, and demand growth is limited by the poor performance of the breeding industry. Short - term price is expected to oscillate weakly [4]. - **Palm Oil**: Malaysian palm oil production decreased in November, and India's cancellation of soybean oil orders may boost palm oil demand. Domestic prices are expected to oscillate strongly in the short term [6]. Financial Products - **Long - term Government Bonds**: Money market interest rates are rising, and the year - end capital situation may tighten. Stock market expectations are suppressing bond prices. Long - term bonds are expected to be weakly oscillating [7]. - **Gold**: The Bank of Japan's possible interest rate hike may offset the impact of Fed rate cuts. Gold's upward momentum is limited, and it is expected to oscillate at a high level [7].

Report Industry Investment Ratings No relevant information provided. Core Views - The short - term steel price of rebar may fluctuate strongly, but the upside space is limited due to weak demand in the off - season [1]. - Silver may fluctuate with an upward bias as the US economy is under pressure and the market's expectation of future interest rate cuts increases [1]. - The main contract price of ferrosilicon is expected to remain low as the cost is firm but the market supply - demand is still loose [3]. - Coking coal should be viewed as short - term volatile, with a slight rebound in the futures market and waiting for downstream restocking [4]. - Hog prices will be under pressure in the short term, and it is recommended to short at appropriate times and farmers should hedge at appropriate times [5]. - Palm oil is expected to fluctuate in the short term, and there is a risk of correction [5]. - The short - term price of soybean meal is expected to fluctuate between 2820 - 2860, and follow - up policies and import news should be focused on [6][7]. - The bond market will be short - term volatile and bearish, but the downside space is limited [7]. - Gold may oscillate at a high level in the medium term, and whether gold and silver will diverge should be noted [7]. - Aluminum prices are expected to maintain a high - level oscillation pattern, and follow - up Fed interest rate cut decisions should be monitored [8]. - Methanol is expected to oscillate slightly weakly in the short term due to high port inventory [9]. - Soda ash is expected to oscillate weakly in the short term, and the medium - term downward trend has not ended [9][10]. - PVC market price is expected to oscillate weakly in the short term as supply is high and demand is weak [10]. - It is advisable to wait and see in the crude oil market as supply surplus restricts price increases [11]. - PTA should be considered with a bullish - biased oscillation idea, and be cautious when chasing high prices [11]. - The natural rubber market is expected to oscillate weakly as downstream demand is weak [12]. Summaries by Commodity 1. Rebar - As of the week of December 4, rebar production was 189.31 tons, a decrease of 16.77 tons (8.14%) from the previous week; factory inventory was 142.68 tons, a decrease of 4.05 tons (2.76%); social inventory was 361.13 tons, a decrease of 23.62 tons (6.14%); apparent demand was 216.98 tons, a decrease of 10.96 tons (4.81%). Production and apparent demand have declined for two consecutive weeks, and inventories have declined for eight consecutive weeks [1]. 2. Silver - The number of initial jobless claims in the US last week unexpectedly decreased by 27,000 to 191,000, the lowest level since September 2022. US private data showed that non - farm employment decreased by 9,000 in November, and the October data was revised downwards. The probability of the Fed cutting interest rates by 25 basis points in December is close to 90% [1]. 3. Ferrosilicon - The national inventory of 60 independent ferrosilicon enterprises was 73,050 tons, a decrease of 10.21% (8,310 tons) month - on - month. Inner Mongolia, Ningxia, and Gansu all saw inventory decreases. The cost of ferrosilicon remains high, but the market supply - demand is loose and prices have limited upside [3]. 4. Coking Coal - The capacity utilization rate of 523 coking coal mines was 85.6%, a decrease of 0.4% month - on - month. Raw coal daily output decreased by 0.9 tons, and raw coal and clean coal inventories increased. Some domestic coal mines were affected by safety inspections, while Mongolian coal imports remained high. The real demand for furnace materials is weak, but the market has a short - term rebound [4]. 5. Hog - On December 4, the average wholesale price of pork in the national agricultural products wholesale market was 17.65 yuan/kg, a decrease of 0.5% from the previous day. The supply of hogs exceeds demand, and prices are expected to continue to be under pressure [5]. 6. Palm Oil - Due to declining exports and record - high production in November, Malaysia's palm oil inventory may reach a six - and - a - half - year high. The market is waiting for the MPOB report on December 10 to provide guidance [5]. 7. Soybean Meal - Brazil's soybean export volume in December is expected to be 2.81 million tons, and the soybean meal export volume is expected to be 1.33 million tons. China's policy - based procurement of US soybeans is progressing slowly, and the domestic breeding industry is weak, limiting the growth of soybean meal demand [6][7]. 8. Long - term Treasury Bonds - Shibor short - end varieties mostly increased. The year - end capital market may tighten marginally, which is negative for the bond market, but the downside space is limited [7]. 9. Gold - The US White House official said that the Fed may cut interest rates by about 25 basis points in the next meeting. If a dovish chairman takes office, it will be negative for gold [7]. 10. Aluminum - The ADP employment data in the US in November was weak, increasing the market's expectation of a Fed interest rate cut in December. The supply of domestic electrolytic aluminum is limited, demand has resilience, and the prices of copper and silver in the non - ferrous metal sector also drive up aluminum prices [8]. 11. Methanol - The market price of methanol in Jiangsu Taicang decreased by 10 yuan/ton to 2,112 yuan/ton. The domestic methanol operating rate is high, downstream demand has increased slightly, and port inventory has decreased slightly. High port inventory restricts the upside of prices [9]. 12. Soda Ash - The mainstream price of heavy - quality soda ash is 1,260 yuan/ton, and the price is relatively stable. Production has decreased by 3.15% week - on - week, and inventory has decreased by 3.07%. The demand for soda ash is mainly for rigid replenishment, and the high - level inventory of manufacturers is difficult to resolve [9][10]. 13. PVC - The price of East China SG - 5 type PVC decreased by 40 yuan/ton to 4,460 yuan/ton. The operating rate is expected to increase, supply is high, social inventory continues to accumulate, and domestic demand is in the off - season [10]. 14. Crude Oil - The time for reaching a phased Russia - Ukraine peace negotiation plan is postponed, and the relationship between the US and Venezuela is tense, increasing geopolitical uncertainties. The Fed is likely to cut interest rates in December, but the supply surplus restricts price increases [11]. 15. PTA - The overall inventory of the polyester market is concentrated between 14 - 24 days. PTA supply reduction is more than expected, but the weakening terminal demand restricts the upside of prices [11]. 16. Rubber - The price of Thai rubber latex is 55.5 Thai baht/kg. The retail sales of passenger cars in November decreased by 7% year - on - year. Tire operating rates are low, and downstream demand is weak [12].

Report Summary 1. Report's Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The short - term steel price may fluctuate strongly, but the upside space is limited due to weak demand in the off - season [1] - The change of the Fed's top management is an important factor determining the future trend of precious metals. Gold may fluctuate more in the short term and oscillate at a high level in the medium term [1] - Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] - The market sentiment of coking coal has gradually turned weak, but there is some resistance to further decline in futures prices [3] - The bond market has re - entered the oscillation range, and attention should be paid to the stock - bond seesaw and the capital market [4] - The short - term hog price will be under pressure, and it is recommended to short at an appropriate time [4] - Palm oil is expected to fluctuate in the short term, and attention should be paid to the callback risk [5] - The short - term price of soybean meal will remain in an oscillating pattern, and attention should be paid to the import news of Brazilian soybeans and the cost support of US soybeans [7] - Silver fluctuates with a bullish bias [7] - Methanol is expected to fluctuate in the short term, and it is recommended to wait and see or do short - term long on dips [8] - Soda ash is expected to fluctuate weakly in the short term, and it is recommended to wait and see or do short - term short on rebounds [9] - Plastic is expected to fluctuate in the short term, and it is recommended to wait and see [10] - Copper prices are expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11] 3. Summary by Commodity Steel - Domestic steel market prices are mainly slightly rising. The average price of 20mm third - grade seismic rebar in 31 major cities is 3283 yuan/ton, up 15 yuan/ton from the previous trading day. The short - term steel price may fluctuate strongly, but the upside space is limited [1] Gold - The Fed's top management may change. If a dovish chairman takes office, it will greatly boost risk appetite. Gold fluctuates more in the short term and may oscillate at a high level in the medium term [1] Iron Ore - From November 24th to November 30th, the total arrival volume of iron ore at 47 ports in China was 2784.0 tons, a decrease of 155.5 tons compared with the previous period. Iron ore is in a situation of strong supply and weak demand, and the futures price is expected to fluctuate under pressure [3] Coking Coal - The capacity utilization rate of 314 independent coal - washing plants is 36.5%, a week - on - week increase of 0.2%. The market sentiment has gradually turned weak, but there is some resistance to further decline in futures prices [3] Long - term Treasury Bonds - China's S&P composite PMI in November was 51.2, and the service industry PMI was 52.1. The bond market has re - entered the oscillation range [4] Hogs - The national average price of pork in the agricultural product wholesale market on December 3rd was 17.74 yuan/kg, up 0.9% from the previous day. The short - term hog price will be under pressure [4] Palm Oil - As of December 3rd, the domestic spot basis of 24 - degree palm oil in some regions has changed. It is expected to fluctuate in the short term and attention should be paid to the callback risk [5] Soybean Meal - On December 3rd, the domestic soybean meal spot market prices were stable with an upward trend. The short - term price will remain in an oscillating pattern, and it is expected to oscillate between 2980 - 3100 yuan/ton [7] Silver - The ADP employment data in the US in November showed a significant decline, and the market's expectation of the Fed's interest - rate cut has increased. Silver fluctuates with a bullish bias [7] Methanol - The market price of methanol in Jiangsu Taicang is 2122 yuan/ton, a decrease of 10 yuan/ton. It is expected to fluctuate in the short term, and the support level is at 2090 yuan/ton [8] Soda Ash - The national mainstream price of heavy - quality soda ash is 1260 yuan/ton, with stable prices recently. It is expected to fluctuate weakly in the short term, and the pressure level is at 1170 yuan/ton [9] Plastic - The mainstream price of LLDPE in North China is 6867 yuan/ton, a decrease of 5 yuan/ton compared with the previous day. It is expected to fluctuate in the short term, and the support level is at 6750 yuan/ton [10] Copper - Vale and Glencore are considering establishing a joint venture to develop a copper mine project. The copper price is expected to maintain a high - level oscillating trend, and attention should be paid to the Fed's interest - rate cut decision [11]