| 数据指标 项目类别 | | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 沪铝主力合约收盘价(日,元/吨) | | 21,955.00 | +40.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,553.00 | -5.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) 主力合约持仓量:沪铝(日,手) | -105.00 294,165.00 | -10.00↓ 主力-连二合约价差:氧化铝(日,元/吨) +175.00↑ 主力合约持仓量:氧化铝(日,手) | -128.00 170,112.00 | -10.00↓ -10314.00↓ | | | LME铝注销仓单(日,吨) | 73,675.00 | 0.00 库存:氧化铝:合计(周,万吨) | 258,836.00 | -1119.00↓ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 2,905.50 -99.00 | +23.00↑ LME铝库存（日，吨） +467.00↑ 沪伦比值 | 519,60 ...

Report Industry Investment Rating - Not provided Core View of the Report - The Shanghai Copper main contract shows a volatile trend, with an increase in open interest, spot discount, and strengthening basis. It is recommended to conduct short - term long trades at low prices with a light position, paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Copper futures main contract is 92,600 yuan/ton, down 220 yuan; the LME 3 - month copper price is 11,735 dollars/ton, down 2 dollars. The main contract's inter - month spread is - 60 yuan/ton, up 10 yuan; the open interest of the Shanghai Copper main contract is 231,253 lots, up 7,279 lots. The top 20 futures positions of Shanghai Copper are - 33,302 lots, down 996 lots. The LME copper inventory is 166,925 tons, up 325 tons; the SHFE cathode copper inventory is 89,389 tons, up 484 tons; the SHFE cathode copper warehouse receipt is 44,650 tons, down 2,856 tons [2] Spot Market - The SMM 1 copper spot price is 92,240 yuan/ton, up 95 yuan; the Yangtze River non - ferrous market 1 copper spot price is 92,395 yuan/ton, up 110 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 50 dollars/ton, unchanged; the Yangshan copper average premium is 45.5 dollars/ton, unchanged. The CU main contract basis is - 360 yuan/ton, up 315 yuan; the LME copper cash - to - 3 - month spread is - 9.8 dollars/ton, down 0.28 dollars [2] Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The copper smelter's rough smelting fee (TC) is - 43.08 dollars/kiloton, down 0.22 dollars. The copper concentrate price in Jiangxi is 82,500 yuan/metal ton, up 300 yuan; in Yunnan, it is 83,200 yuan/metal ton, up 300 yuan. The southern processing fee for blister copper is 1,400 yuan/ton, up 100 yuan; the northern processing fee is 1,000 yuan/ton, up 100 yuan [2] Industry Situation - The refined copper output is 123.6 million tons, up 3.2 million tons. The import volume of unforged copper and copper products is 430,000 tons, down 10,000 tons. The social copper inventory is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 62,990 yuan/ton, up 200 yuan; the price of 2 copper (94 - 96%) in Shanghai is 76,850 yuan/ton, up 100 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 970 yuan/ton, unchanged [2] Downstream and Application - The copper product output is 222.6 million tons, up 22.2 million tons. The cumulative value of power grid infrastructure investment completed is 4,824.34 billion yuan, up 446.27 billion yuan. The cumulative value of real estate development investment completed is 78,590.9 billion yuan, up 5,028.2 billion yuan. The monthly output of integrated circuits is 4,392 million pieces, up 215,000 pieces [2] Option Situation - The 20 - day historical volatility of Shanghai Copper is 18.1%, up 0.1%; the 40 - day historical volatility is 17.18%, down 0.02%. The current month's at - the - money IV implied volatility is 19.27%, up 0.0112. The at - the - money option call - put ratio is 1.28, up 0.0181 [2] Industry News - The "15th Five - Year Plan" starts with a moderately loose monetary policy aiming for economic growth and price recovery, with expected reserve requirement ratio and interest rate cuts next year. The Fed official indicates a 50 - 100 basis - point interest rate cut space. In November, the production and sales of commercial vehicles increased both month - on - month and year - on - year [2]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In the domestic market, the prices of processed sugar and beet sugar are relatively stable. With the arrival of new - season sugar from Guangxi in sales areas, the competition among the three sugar sources under poor market transactions has a negative impact on prices [2]. - As of the current incomplete statistics, in the 25/26 sugar - making season, 66 sugar mills in Guangxi have started production, 5 less than the same period last year, with a daily sugar - cane crushing capacity of 537,500 tons, 29,000 tons less than the same period last year. 29 sugar mills in Yunnan have started production, 10 more than the same period last year, and more than half of the sugar mills have started production. Overall, as the new - season sugar - making reaches its peak, supply continues to increase, spot prices weaken, and there is a lack of positive drivers. It is expected that sugar prices will fluctuate at a low level in the future [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for sugar is 5,102 yuan/ton, a decrease of 37 yuan; the main contract's open interest is 518,010 lots, an increase of 30,075 lots [2]. - The number of sugar warehouse receipts is 611, unchanged; the net long position of the top 20 futures holders is - 78,980 lots, an increase of 2,578 lots [2]. - The total effective warehouse receipt forecast for sugar is 1,490, unchanged; the estimated import - processing price of Brazilian sugar within the quota is 4,082 yuan/ton, a decrease of 12 yuan [2]. 3.2 Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5,172 yuan/ton, a decrease of 16 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5,200 yuan/ton, a decrease of 17 yuan [2]. - The spot price of sugar in Kunming, Yunnan is 5,220 yuan/ton, a decrease of 25 yuan; the spot price of sugar in Nanning, Guangxi is 5,270 yuan/ton, a decrease of 50 yuan; the spot price of sugar in Liuzhou, Guangxi is 5,370 yuan/ton, a decrease of 20 yuan [2]. 3.3 Upstream Situation - The national sugar - crop planting area is 1.48 million hectares, an increase of 60,000 hectares; the planting area of sugar - cane in Guangxi is 840,330 hectares, an increase of 5,240 hectares [2]. 3.4 Industry Situation - The cumulative national sugar production is 11.1621 billion tons, an increase of 549,000 tons; the cumulative sales volume of cane sugar in Guangxi is 894,000 tons, a decrease of 21,000 tons [2]. - The cumulative production of cane sugar in Yunnan is 44,800 tons, a decrease of 237,400 tons; the total monthly sugar exports from Brazil are 3.302 billion tons, a decrease of 903,000 tons [2]. - The monthly sugar import volume is 750,000 tons, an increase of 200,000 tons; the cumulative sugar import volume is 3.9 billion tons, an increase of 740,000 tons [2]. 3.5 Downstream Situation - The monthly production of refined sugar is 883,000 tons, an increase of 343,900 tons; the monthly production of soft drinks is 1.0962 billion tons, a decrease of 495,500 tons [2]. 3.6 Option Market - The implied volatility of at - the - money call options for sugar is 8.68%, an increase of 0.58 percentage points; the implied volatility of at - the - money put options for sugar is 8.67%, an increase of 0.55 percentage points [2]. - The 20 - day historical volatility of sugar is 6.9%, an increase of 0.08 percentage points; the 60 - day historical volatility of sugar is 6.86%, an increase of 0.02 percentage points [2]. 3.7 Industry News - According to the U.S. Commodity Futures Trading Commission, as of November 25, 2025, the non - commercial net short position in raw sugar futures was 194,604 lots, an increase of 6,204 lots from the previous week. The long position was 148,893 lots, a decrease of 1,574 lots from the previous week, and the short position was 343,497 lots, an increase of 4,630 lots from the previous week [2]. - The most actively traded March raw sugar futures on the Intercontinental Exchange (ICE) fell for the third consecutive day on Wednesday. The decline of the Brazilian real encouraged Brazilian sugar producers to increase exports. The contract closed down 0.06 cents, or 0.40%, at 14.76 cents per pound [2].

研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 11325 | -110 主力合约持仓量:生猪(日,手) | 165734 | -1647 | | | 仓单数量:生猪(日,手) | 823 | 0 期货前20名持仓:净买单量:生猪(日,手) | -46138 | -91 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 12000 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有 悖原意的引用、删节和修改。 锰硅硅铁产业日报 2025/12/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,780.00 | +22.00↑ SF主力合约收盘价（日，元/吨） | 5,592.00 | +46.00↑ | | | SM期货合约持仓量（日，手） | 573,238.00 | - ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - On December 18, the JM2605 contract of coking coal closed at 1126.5, up 6.07%. Coking coal continued its technical rebound. The mine capacity utilization rate has been rising, and the mine - end clean coal inventory has increased for 7 consecutive weeks. The mid - and downstream inventories increased this period. The short - term trend is expected to be volatile. [2] - On December 18, the J2601 contract of coke closed at 1603.5, up 5.39%. There was a second - round price cut on the spot side. The central government plans to stabilize the real estate market from both supply and demand sides next year. The coke inventory is moderately weak, and the steel mill inventory increased this period. The short - term trend is expected to be volatile. [2] Group 3: Summary by Directory Futures Market - The closing price of the JM main contract was 1126.50 yuan/ton, up 64.50 yuan; the closing price of the J main contract was 1603.50 yuan/ton, up 73.00 yuan. - The JM futures contract position was 703005.00 lots, down 5489.00 lots; the J futures contract position was 38997.00 lots, down 2591.00 lots. - The net position of the top 20 coking coal contracts was - 39347.00 lots, up 10104.00 lots; the net position of the top 20 coke contracts was 48.00 lots, down 701.00 lots. - The JM5 - 1 month contract spread was 110.50 yuan/ton, up 19.00 yuan; the J5 - 1 month contract spread was 139.50 yuan/ton, up 6.50 yuan. - The coking coal warehouse receipts were 0.00, down 200.00; the coke warehouse receipts were 2070.00, unchanged. [2] Spot Market - The price of Ganqimao Meng 5 raw coal was 919.00 yuan/ton, down 51.00 yuan; the price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged. - The price of Russian prime coking coal forward spot was 160.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1570.00 yuan/ton, unchanged. - The price of Australian imported prime coking coal at Jingtang Port was 1500.00 yuan/ton, up 10.00 yuan; the price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged. - The price of medium - sulfur prime coking coal in Jiexiu, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged. - The JM main contract basis was 483.50 yuan/ton, down 64.50 yuan; the J main contract basis was 171.50 yuan/ton, down 73.00 yuan. [2] Upstream Situation - The clean coal output of 314 independent coal washing plants was 27.30 million tons per day, down 0.60 million tons; the clean coal inventory of 314 independent coal washing plants was 327.30 million tons per week, down 5.10 million tons. - The capacity utilization rate of 314 independent coal washing plants was 0.38%, down 0.01%; the raw coal output was 42679.30 million tons per month, up 2004.30 million tons. - The import volume of coal and lignite was 4405.00 million tons per month, up 231.00 million tons; the daily average output of raw coal from 523 coking coal mines was 192.70 million tons, up 2.90 million tons. - The inventory of imported coking coal at 16 ports was 481.60 million tons per week, up 11.00 million tons; the inventory of coke at 18 ports was 248.60 million tons per week, up 2.80 million tons. - The total inventory of coking coal in the full - sample of independent coking enterprises was 1037.30 million tons per week, up 28.10 million tons; the inventory of coking coal in 247 steel mills across the country was 794.65 million tons per week. - The inventory of coke in the full - sample of independent coking enterprises was 87.32 million tons per week, up 10.88 million tons; the inventory of coke in 247 sample steel mills across the country was 635.28 million tons per week, up 10.03 million tons. [2] Industry Situation - The available days of coking coal in the full - sample of independent coking enterprises were 12.82 days per week, down 0.06 days; the available days of coke in 247 sample steel mills were 11.66 days per week, up 0.37 days. - The import volume of coking coal was 1059.32 million tons per month, down 33.04 million tons; the export volume of coke and semi - coke was 72.00 million tons per month, down 1.00 million tons. - The output of coking coal was 4231.51 million tons per month, up 255.59 million tons; the capacity utilization rate of independent coking enterprises was 73.16%, down 0.68%. - The profit per ton of coke in independent coking plants was 44.00 yuan/ton per week, up 14.00 yuan. - The output of coke was 4170.30 million tons per month, down 19.30 million tons. [2] Downstream Situation - The blast furnace operating rate of 247 steel mills across the country was 78.61% per week, down 1.53%; the blast furnace iron - making capacity utilization rate of 247 steel mills was 85.90% per week, down 1.16%. - The crude steel output was 6987.10 million tons per month, down 212.60 million tons. [2] Industry News - In 2025, China's indirect steel exports are estimated to reach about 143 million tons, an increase of 9.5 million tons year - on - year, with a growth rate of about 7%. It is expected to continue to grow in 2026, reaching about 150 million tons, with a growth rate of about 4% - 5%. - From January to November, the national general public budget revenue was 200516 billion yuan, up 0.8% year - on - year; the national general public budget expenditure was 248538 billion yuan, up 1.4% year - on - year. - In 2025, the new silicon - iron production capacity was mainly concentrated in Gansu and Inner Mongolia, with 33000 tons put into production in Gansu and 81000 tons in Inner Mongolia, accounting for 1.16% of the total production capacity. In 2026, the silicon - iron production capacity is expected to reach 1041300 tons, with an annual output of 560000 - 570000 tons. - According to the International Energy Agency, global coal demand increased by 0.5% in 2025, reaching a record 8850 million tons, but demand has entered a plateau. [2]

碳酸锂产业日报 2025/12/18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） | 106,160.00 | -2460.00↓ 前20名净持仓（日，手） | -155,228.00 | +22622.00↑ | | | 主力合约持仓量（日，手） | 672,711.00 | +4122.00↑ 近远月合约价差（日，元/吨） | -1,680.00 | -280.00↓ | | | 广期所仓单（日，手/吨） | 15,636.00 | 0.00 | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 97,550.00 | +500.00↑ 工业级碳酸锂平均价（日，万元/吨） | 94,950.00 | +500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -8,610.00 | +2960.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,300.00 | +70.0 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2512） | 4578.2 | +83.6↑ IF次主力合约（2603） | 4532.0 | +84.2↑ | | | IH主力合约（2512） IC主力合约（2512） | 2987.2 7146.8 | +42.2↑ IH次主力合约（2603） +141.4↑ IC次主力合约（2603） | 2980.6 6996.0 | +43.2↑ +161.8↑ | | | IM主力合约（2512） | 7295.0 | +110.8↑ IM次主力合约（2603） | 7074.0 | +120.4↑ | | 期货盘面 | IF-IH当月合约价差 | 1591.0 | +43.0↑ IC-IF当月合约价差 | 2568.6 | +57.8↑ | | | IM-IC当月合约价差 | 148.2 | -30.6↓ IC-IH当月合约价差 | 4159.6 | +100.8↑ | | | IM-IF当月合约价差 | 2716.8 | +27 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Supply is abundant and production profits are high, but downstream price - pressing is firm, resulting in high pressure on spot market sales. It is expected that the inventories of both production enterprises and trading enterprises will increase slightly in the short term [2]. - The resumption of production by previously - shut - down enterprises drove the week - on - week increase in the capacity utilization rate of domestic tire enterprises last week. Entering the seasonal off - season, the overall shipment rhythm of enterprises is slow, and most enterprises are in a state of flexible production control, limiting the increase in the overall capacity utilization rate. As the finished product inventory continues to rise, some enterprises may conduct maintenance or reduce production in the later stage [2]. - The short - term forecast for the br2602 contract is to fluctuate in the range of 10,600 - 11,300 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,160 yuan/ton, with a week - on - week increase of 230 yuan/ton; the position of the main contract is 105,416, with a week - on - week increase of 4,360 [2]. - The synthetic rubber 2 - 3 spread is - 10 yuan/ton, with a week - on - week increase of 15 yuan/ton; the total warehouse receipt quantity of butadiene rubber is 4,560 tons, with no change [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 10,750 yuan/ton, unchanged; that from Daqing Petrochemical in Shandong is 10,700 yuan/ton, unchanged; that from Daqing Petrochemical in Shanghai is 10,750 yuan/ton, unchanged; and that from Maoming Petrochemical in Guangdong is 10,950 yuan/ton, unchanged [2]. - The basis of synthetic rubber is - 130 yuan/ton, with a week - on - week decrease of 35 yuan/ton [2]. 3.3 Upstream Situation - Brent crude oil is at 58.92 US dollars/barrel, down 1.64 US dollars; WTI crude oil is at 55.27 US dollars/barrel, down 1.55 US dollars [2]. - Naphtha CFR Japan is at 535.63 US dollars/ton, down 10.12 US dollars/ton; the Northeast Asian ethylene price is 745 US dollars/ton, unchanged; the CFR China butadiene price is 870 US dollars/ton, unchanged; the mainstream price of butadiene in the Shandong market is 7,850 yuan/ton, down 90 yuan/ton [2]. - The weekly capacity of butadiene is 15.93 tons, unchanged; the weekly capacity utilization rate is 71.17%, up 0.77 percentage points [2]. - The port inventory of butadiene is 35,900 tons, down 5,200 tons; the operating rate of Shandong local refinery atmospheric and vacuum distillation units is 55.9%, down 0.21 percentage points [2]. - The monthly output of cis - butadiene rubber is 13.01 tons, down 0.75 tons; the weekly capacity utilization rate is 70.69%, down 2.84 percentage points; the weekly production profit is 349 yuan/ton, down 135 yuan/ton [2]. - The weekly social inventory of cis - butadiene rubber is 3.2 tons, down 0.03 tons; the weekly manufacturer inventory is 26,500 tons, down 600 tons; the weekly trader inventory is 5,450 tons, up 220 tons [2]. - The weekly operating rate of domestic semi - steel tires is 71.57%, up 0.65 percentage points; the weekly operating rate of domestic all - steel tires is 64.07%, up 0.57 percentage points [2]. 3.4 Downstream Situation - The monthly output of all - steel tires is 1.301 million pieces, up 59,000 pieces; the monthly output of semi - steel tires is 5.831 million pieces, up 663,000 pieces [2]. - The inventory days of all - steel tires in Shandong are 40.58 days, up 1.07 days; the inventory days of semi - steel tires in Shandong are 45.51 days, up 0.56 days [2]. 3.5 Industry News - As of December 11, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 70.14%, up 1.81 percentage points week - on - week and down 8.49 percentage points year - on - year; the capacity utilization rate of Chinese all - steel tire sample enterprises was 64.55%, up 0.55 percentage points week - on - week and up 6.07 percentage points year - on - year. The resumption of production by previously - shut - down enterprises drove the capacity utilization rate [2]. - In November, the domestic cis - butadiene rubber output was 13.01 tons, a month - on - month decrease of 0.75 tons (- 5.44%) and a year - on - year increase of 8.43%. The capacity utilization rate was 68.13%, a month - on - month decrease of 3.27 percentage points and a year - on - year increase of 0.53 percentage points [2]. - As of December 11, the domestic cis - butadiene rubber inventory was 3.20 tons, a decrease of 0.03 tons (- 1.18%) from the previous period. The inventory of some previously - shut - down production enterprises decreased significantly last week, but most production enterprises still faced high shipment pressure, and the overall inventory of production enterprises decreased slightly. Due to the continued price - pressing by downstream terminals, the shipment of traders was slow, and the inventory of trading enterprises increased slightly [2].

Report Industry Investment Rating - Not provided Core Viewpoints - Some previously overhauled facilities have resumed operation, leading to a slight increase in domestic urea production. With 2 companies' facilities planned to shut down and 1 shut - down facility possibly resuming production this week, considering short - term malfunctions, the production change is expected to be limited [2] - Recent reserve demand has slowed down, but there is still short - term replenishment demand. The demand for urea from the compound fertilizer industry is relatively strong, and the capacity utilization rate of compound fertilizers is expected to rise steadily [2] - Urea is being shipped to ports in batches, and some enterprises are in the final stage of shipping. Main production and sales areas' mainstream urea factories have slightly accumulated inventory this week, but Xinjiang and Inner Mongolia are still showing obvious destocking due to reserve demand from the northwest and northeast. The domestic urea enterprise inventory continues to decline, and the short - term order intake of urea factories is good. There is a possibility of further destocking [2] - The UR2605 contract is expected to fluctuate in the range of 1650 - 1720 in the short term [2] Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1646 yuan/ton, with a 16 - yuan increase; the 1 - 5 spread is - 37 yuan/ton, with a 6 - yuan increase [2] - The position of the Zhengzhou urea main contract is 64839 lots, a decrease of 17154 lots; the net position of the top 20 is - 11394, an increase of 3340 [2] - The exchange warehouse receipts of Zhengzhou urea are 11202 sheets, a decrease of 12 sheets [2] Spot Market - The spot prices in Hebei, Henan, Jiangsu, and Shandong remain unchanged at 1710 yuan/ton, 1670 yuan/ton, 1680 yuan/ton, and 1700 yuan/ton respectively; the price in Anhui is 1660 yuan/ton, a decrease of 10 yuan/ton [2] - The FOB prices in the Baltic Sea and China's main ports are 347.5 US dollars/ton and 387.5 US dollars/ton respectively, remaining unchanged [2] - The basis of the Zhengzhou urea main contract is 70 yuan/ton, a decrease of 1 yuan [2] Industry Situation - The port inventory is 12.3 million tons, an increase of 1.8 million tons; the enterprise inventory is 123.42 million tons, a decrease of 5.63 million tons [2] - The urea enterprise operating rate is 81.85%, an increase of 0.02 percentage points; the daily urea output is 197900 tons, remaining unchanged [2] - The urea export volume is 120 million tons, a decrease of 17 million tons; the monthly urea output is 6000330 tons, an increase of 129060 tons [2] Downstream Situation - The operating rate of compound fertilizers is 40.62%, an increase of 0.09 percentage points; the operating rate of melamine is 61.86%, an increase of 0.2 percentage points [2] - The weekly profit of compound fertilizers in China is 137 yuan/ton, an increase of 81 yuan/ton; the weekly profit of melamine with externally purchased urea is - 13 yuan/ton, an increase of 16 yuan/ton [2] - The monthly output of compound fertilizers is 438.25 million tons, an increase of 75.38 million tons; the weekly output of melamine is 32200 tons, an increase of 100 tons [2] Industry News - As of December 17, the total inventory of Chinese urea enterprises is 117.97 million tons, a decrease of 5.45 million tons from last week, a 4.42% decrease. The inventory decline is mainly concentrated in North, Northeast, and Northwest China [2] - As of December 11, the sample inventory of Chinese urea ports is 12.3 million tons, an increase of 1.8 million tons from the previous period, a 17.14% increase. The current export land collection and port - calling process has slightly accelerated, and some ports have received goods successively [2] Suggested Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]