1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On December 11, the JM2605 contract of coking coal closed at 1035.0, down 4.39%. The short - term market sentiment of coking coal has weakened. The daily K - line is below the 20 and 60 - day moving averages, showing a weak short - term trend [2]. - On December 11, the J2601 contract of coke closed at 1491.5, down 2.96%. The spot market has seen a second - round price cut. The daily K - line is below the 20 and 60 - day moving averages, showing a weak short - term trend [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1035.00 yuan/ton, down 35.00 yuan; the closing price of the J main contract was 1491.50 yuan/ton, down 35.50 yuan [2]. - The JM futures contract open interest was 790767.00 lots, down 15390.00 lots; the J futures contract open interest was 47200.00 lots, up 170.00 lots [2]. - The net open interest of the top 20 JM contracts was - 74511.00 lots, down 71691.00 lots; the net open interest of the top 20 J contracts was - 51.00 lots, down 51.00 lots [2]. - The JM5 - 1 contract spread was 101.00 yuan/ton, down 6.00 yuan; the J5 - 1 contract spread was 165.50 yuan/ton, down 8.50 yuan [2]. - The coking coal warehouse receipts were 0.00, down 300.00; the coke warehouse receipts were 2070.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Du Meng 5 raw coal was 952.00 yuan/ton, down 8.00 yuan; the price of Tangshan Grade I metallurgical coke was 1830.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 161.50 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged [2]. - The price of Australian imported prime coking coal at Jingtang Port was 1430.00 yuan/ton, unchanged; the price of Tianjin Port Grade I metallurgical coke was 1720.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1630.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade I metallurgical coke was 1620.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1610.00 yuan/ton, unchanged; the J main contract basis was 338.50 yuan/ton, up 35.50 yuan [2]. - The ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1350.00 yuan/ton, unchanged; the JM main contract basis was 575.00 yuan/ton, up 35.00 yuan [2]. 3.3 Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 27.90 million tons, up 0.80 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 332.40 million tons, up 11.00 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.38%, up 0.02 percentage points; the monthly raw coal output was 40675.00 million tons, down 475.50 million tons [2]. - The monthly import volume of coal and lignite was 4405.30 million tons, up 231.30 million tons; the daily average output of raw coal from 523 coking coal mines was 189.80 million tons, down 0.60 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 470.60 million tons, up 5.60 million tons; the weekly inventory of coke at 18 ports was 245.80 million tons, down 1.40 million tons [2]. - The weekly total inventory of coking coal in the full - sample of independent coking enterprises was 798.27 million tons, down 1.10 million tons; the weekly inventory of coking coal in 247 sample steel mills was 625.25 million tons, down 0.27 million tons [2]. - The weekly available days of coking coal in the full - sample of independent coking enterprises were 12.88 days, down 0.13 days; the weekly available days of coke in 247 sample steel mills were 11.29 days, unchanged [2]. 3.4 Industry Situation - The monthly import volume of coking coal was 1059.32 million tons, down 33.04 million tons; the monthly export volume of coke and semi - coke was 73.00 million tons, up 19.00 million tons [2]. - The monthly output of coking coal was 4231.51 million tons, up 255.59 million tons; the weekly capacity utilization rate of independent coking enterprises was 73.84%, up 0.89 percentage points [2]. - The weekly profit per ton of coke in independent coking plants was 30.00 yuan/ton, down 16.00 yuan/ton; the monthly output of coke was 4189.60 million tons, down 66.00 million tons [2]. 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 80.14%, down 0.93 percentage points; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 87.06%, down 0.90 percentage points [2]. - The monthly crude steel output was 7199.70 million tons, down 149.31 million tons [2]. 3.6 Industry News - In November, China's CPI rose 0.7% year - on - year, with the increase expanding by 0.5 percentage points from the previous month; the PPI rose 0.1% month - on - month, rising for two consecutive months [2]. - The Bank of Canada maintained its benchmark interest rate at 2.25%, in line with market expectations [2]. - The global steel production pattern is changing. The production in China, Japan, and South Korea is in a downward trend due to peak consumption, while the production in India, Southeast Asia, Africa, and the Middle East is growing rapidly. It is expected that the global total steel supply will increase slightly by 0.5% - 1% in 2026 [2]. - The Mexican Senate passed a new import and export tariff bill, which will impose tariffs of 5% - 50% on some products from multiple Asian countries including China starting next year [2]. 3.7 Viewpoint Summary - For coking coal, the macro - level sentiment is weak. The import volume of Mongolian coal is high, the capacity utilization rate of mines is declining, and the inventory of the mid - upstream is increasing. The short - term trend is weak [2]. - For coke, the spot price has been cut for the second time. Coking enterprises will implement production restrictions. The demand for coke is weak, and the inventory is neutral to weak. The short - term trend is weak [2].

鸡蛋产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3144 | -9 期货前20名持仓:净买单量:鸡蛋(日,手) | -37633 | 0 | | | 克) 鸡蛋期货月间价差(1-5):(日,元/500千克) | -415 | -17 期货持仓量(活跃合约):鸡蛋(日,手) | 100206 | -20492 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.14 | 0.02 基差(现货-期货)(日,元/500千克) | -6 | 29 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 114.24 | -1.02 淘汰产蛋鸡指数:全国(月,2015=100) | 114.44 | -10.19 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 2.85 | 0.15 新增雏鸡指数:全国(月,2015= ...

| | 美玉米收割步入出口旺季，阶段性供应压力较高。且全球及美玉米供需仍然相对宽松，压制国际玉米市场 | | | | | --- | --- | --- | --- | --- | | | 价格。不过，USDA将2025/26年度美玉米结转库存预测值从上月的21.54亿蒲式耳下调至20.29亿蒲式耳， | | | | | 观点总结（ | 低于分析师预期的21.24亿蒲式耳，对美玉米价格有所支撑。国内方面，东北产区进入12月储备库的收购力 | | | | | 玉米） | 度加大，收储库点持续增多，轮换玉米的采购量也在增加，部分粮库提高收购价，对市场底部构成支撑。 | | | | | | 不过，阶段性高价限制了用粮企业采购积极性，加之受小麦及储备玉米调节储备投放传闻影响，种植户与 | | | | | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，下游行业需求较好，木薯 | | | | | | 贸易主体恐高心理陆续显现，开始释放粮源，随市场供给增加价格出现高位回落调整。华北黄淮产区基层 | | | | | | 淀粉涨幅过大后，部分下游客户重新采购玉米淀粉 ...

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: 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。 花生产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 花生主力合约 收盘价(日,元/吨) | 8050 | -36 花生主力合约 成交量(日,手) | 124276 | -23592 0 | | | 花生主力合约 持仓量(日,手) | 184460 | -2376 花生交易所仓单(日,手) | 0 | ...

股指期货全景日报 2025/12/11 | 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） IH主力合约（2512） | 4539.6 2969.8 | -35.0↓ IF次主力合约（2603） -10.4↓ IH次主力合约（2603） | 4496.6 2961.8 | -38.0↓ -8.2↓ | | | IC主力合约（2512） | 7074.4 | -53.8↓ IC次主力合约（2603） | 6894.0 | -54.2↓ | | | IM主力合约（2512） | 7304.6 | -70.0↓ IM次主力合约（2603） | 7063.0 | -67.0↓ | | 期货盘面 | IF-IH当月合约价差 | 1569.8 | -23.6↓ IC-IF当月合约价差 | 2534.8 | -13.2↓ | | | IM-IC当月合约价差 | 230.2 | -19.0↓ IC-IH当月合约价差 | 4104.6 | -36.8↓ | | | IM-IF当月合约价差 ...

生猪产业日报 2025-12-11 | 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) | 11220 | -90 主力合约持仓量:生猪(日,手) | 154716 | 5288 | | 仓单数量:生猪(日,手) | | 523 | 150 期货前20名持仓:净买单量:生猪(日,手) | -42727 | 1324 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 11300 | 0 生猪价 吉林 四平(日,元/吨) | 11100 | 100 | | 生猪价 广东 云浮(日,元/吨) | | 12400 | 0 生猪主力基差(日,元/吨) | 80 | 90 | | 上游情况 | 生猪存栏(月,万头) | 43680 | 1233 生猪存栏:能繁母猪(月,万头) | 3990 | -45 | | 产业情况 | CPI:当月同比(月,%) | 0.2 | 0.5 现货价:豆粕:张家港(日,元/吨) | 3060 | 20 | | 玉米现 ...

Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core View of the Report - The stainless steel futures price is expected to fluctuate and adjust, with attention to the resistance at 12,600. The raw material cost has decreased due to the decline in ferronickel prices. The supply pressure has increased as the production profit of stainless steel plants has improved and the expected decline in production is limited. The downstream demand has entered the off - season, and the export volume has decreased, leading to a slight increase in the national stainless steel social inventory. Technically, the short - selling sentiment has decreased as the position is stable and the price has risen [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the stainless steel futures main contract is 12,500 yuan/ton, down 55 yuan; the spread between the 01 - 02 contracts is - 125 yuan/ton, down 5 yuan. The net long position of the top 20 futures holders is - 16,061 lots, down 3,269 lots; the position of the main contract is 64,258 lots, down 7,223 lots. The warehouse receipt quantity is 61,378 tons, down 120 tons [2]. 现货市场 - The price of 304/2B coil (trimmed edge) in Wuxi is 13,300 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 9,000 yuan/ton, up 50 yuan. The basis of the SS main contract is 415 yuan/ton, down 55 yuan [2]. Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly ferronickel production is 22,900 metal tons, up 1,200 metal tons. The monthly import of refined nickel and alloys is 9,939.65 tons, down 18,631.22 tons; the monthly import of ferronickel is 905,100 tons, down 180,200 tons. The SMM1 nickel spot price is 118,850 yuan/ton, down 300 yuan; the average price of ferronickel (7 - 10%) nationwide is 890 yuan/nickel point, unchanged. The monthly Chinese ferrochrome production is 757,800 tons, down 26,900 tons [2]. Industry Situation - The monthly production of 300 - series stainless steel is 1.8 million tons, up 37,300 tons; the weekly total inventory of 300 - series stainless steel is 585,300 tons, down 12,300 tons. The monthly stainless steel export volume is 458,500 tons, down 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 490,613,900 square meters, up 36,623,900 square meters. The monthly output of excavators is 30,900 units, down 700 units; the monthly output of large and medium - sized tractors is 21,900 units, down 4,300 units; the monthly output of small tractors is 9,000 units, down 1,000 units [2]. Industry News - The Fed cut interest rates by 25 basis points as expected, but three voting members opposed it. It still expects one interest rate cut next year and will buy $40 billion in short - term bonds. Powell said the bond - buying scale may remain at a high level in the next few months. The labor market is gradually cooling but slower than expected. At the current interest rate, it can wait patiently, and the impact of tariffs is expected to fade next year. China's CPI in November increased by 0.7% year - on - year, the highest since March 2024, and the year - on - year decline in PPI slightly widened. Hassett said Trump will make a final decision on the Fed chairman candidate in the next 1 - 2 weeks [2].

沪铜产业日报 2025/12/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 92,210.00 | +360.00↑ LME3个月铜(日,美元/吨) | 11,616.00 | +59.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | -100.00 | -30.00↓ 主力合约持仓量:沪铜(日,手) | 190,380.00 | -9993.00↓ | | | 期货前20名持仓:沪铜(日,手) | -39,249.00 | +2828.00↑ LME铜:库存(日,吨) | 164,975.00 | -700.00↓ | | | 上期所库存:阴极铜(周,吨) | 88,905.00 | -9025.00↓ LME铜:注销仓单(日,吨) | 65,400.00 | +2300.00↑ | | | 上期所仓单:阴极铜(日,吨) | 31,461.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | ...

碳酸锂产业日报 2025/12/11 | 项目类别 | | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | | 98,880.00 | +2900.00↑ 前20名净持仓（日，手） | -188,864.00 | -5282.00↓ | | 期货市场 | 主力合约持仓量（日，手） | | 634,283.00 | +28830.00↑ 近远月合约价差（日，元/吨） | -1,640.00 | -880.00↓ | | | 广期所仓单（日，手/吨） | | 14,750.00 | +1070.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | | 93,500.00 | +800.00↑ 工业级碳酸锂平均价（日，万元/吨） | 91,000.00 | +750.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | | -5,380.00 | -2100.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The main contract of Shanghai copper shows a volatile trend, with a decrease in open interest, a spot discount, and a weakening basis. The market is worried about the tight supply of copper ore due to Chile raising the premium on copper spot to China and CSPT members reducing the mine - copper production capacity load by 10% next year. The supply of refined copper in China is increasing as the smelters are operating well and the previously affected production capacity is gradually resuming. The high copper price in the short - term suppresses the downstream purchasing sentiment, and the downstream is more cautious, mainly replenishing goods based on rigid demand. The year - end sales rush of car companies and the rush work of the power system provide some demand resilience for Shanghai copper, and the social inventory is still slightly decreasing. The option market sentiment is bullish, and the implied volatility slightly decreases. Technically, the 60 - minute MACD shows that the two lines are above the 0 - axis and the green bars are converging. The report suggests light - position volatile trading and attention to controlling rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 91,850 yuan/ton, up 760 yuan; the price of LME 3 - month copper is 11,613 dollars/ton, up 126 dollars. The main contract's inter - month spread is - 70 yuan/ton, up 10 yuan; the open interest of the main contract of Shanghai copper is 200,373 lots, down 10,199 lots. The net position of the top 20 futures holders of Shanghai copper is - 44,609 lots, down 10,180 lots. The LME copper inventory is 165,675 tons, up 1,125 tons; the Shanghai Futures Exchange inventory of cathode copper is 88,905 tons, down 9,025 tons; the LME copper cancelled warrants are 63,100 tons, down 75 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 28,931 tons, down 2,856 tons [2]. 3.2现货市场 - The spot price of SMM 1 copper is 91,700 yuan/ton, down 515 yuan; the spot price of Yangtze River Non - ferrous Market 1 copper is 91,675 yuan/ton, down 595 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 46 dollars/ton, unchanged; the average premium of Yangshan copper is 42 dollars/ton, up 1 dollar. The basis of the CU main contract is - 150 yuan/ton, down 1,275 yuan; the LME copper cash - to - 3 - month spread is 0 dollars/ton, down 8.19 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 245.15 million tons, down 13.56 million tons. The rough smelting fee (TC) of domestic copper smelters is - 42.86 dollars/kiloton, down 0.11 dollars/kiloton. The price of copper concentrates in Jiangxi is 81,950 yuan/metal ton, down 600 yuan; the price of copper concentrates in Yunnan is 82,650 yuan/metal ton, down 600 yuan. The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2]. 3.4产业情况 - The output of refined copper is 120.40 million tons, down 6.20 million tons. The import volume of unwrought copper and copper products is 427,000 tons, down 13,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai is 62,990 yuan/ton, up 50 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai is 76,800 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 970 yuan/ton, up 100 yuan [2]. 3.5下游及应用 - The output of copper products is 200.40 million tons, down 22.80 million tons. The cumulative completed investment in power grid infrastructure construction is 4,824.34 billion yuan, up 446.27 billion yuan. The cumulative completed investment in real estate development is 73,562.70 billion yuan, up 5,856.99 billion yuan. The monthly output of integrated circuits is 4,177,000 million pieces, down 194,236.10 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 16.15%, up 0.13%; the 40 - day historical volatility of Shanghai copper is 16.17%, down 0.33%. The implied volatility of the current - month at - the - money option is 16.28%, down 0.0430%. The put - call ratio of at - the - money options is 1.24, up 0.0131 [2]. 3.7 Industry News - During the "15th Five - Year Plan" period, the retail industry should be the key focus for cultivating a complete domestic demand system and strengthening the domestic cycle, promoting the industry to shift towards quality - driven and service - driven development. The Fed is expected to cut interest rates for the third time with internal differences, and the market has highly priced in a 25 - basis - point rate cut. Chinese Premier Li Qiang emphasized that China's economy will maintain a steady and positive momentum, with the economic aggregate reaching a new level and industrial upgrading creating new development space. In November, the CPI decreased slightly by 0.1% month - on - month and increased by 0.7% year - on - year, and the core CPI increased by 1.2% year - on - year. The PPI increased by 0.1% month - on - month and decreased by 2.2% year - on - year [2].