1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The main contract of Shanghai copper fluctuated weakly, with an increase in open interest, a spot discount, and a weakening basis [2]. - On the fundamental raw material side, the spot processing fee index of copper concentrate remained at a low negative level, and the expectation of tight ore supply would have a long - term impact on the copper smelting end, providing cost support [2]. - In terms of supply, the price of sulfuric acid, a by - product of smelting, was still relatively good, making up for some of the profit losses of smelters. The operating rate of smelters rebounded due to the resumption of production after previous overhauls, but the increase was only slight due to the tight raw materials [2]. - In terms of demand, boosted by macro expectations, copper prices were strong in the short term, but high prices inhibited the purchasing sentiment of downstream buyers, who became more cautious, and social inventories increased slightly [2]. - In the options market, the call - put ratio of at - the - money option positions was 1.25, a month - on - month increase of 0.1264, indicating a bullish sentiment in the options market, and the implied volatility decreased slightly [2]. - Technically, on the 60 - minute MACD chart, the two lines were below the 0 axis, and the green bars slightly converged. The conclusion was to conduct light - position trading in a volatile market and pay attention to controlling the 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 was 91,920.00 yuan/ton, a decrease of 480.00 yuan; the price of LME 3 - month copper was 11,593.00 US dollars/ton, a decrease of 62.50 US dollars [2]. - The spread between adjacent months of the main contract was - 50.00 yuan/ton, an increase of 40.00 yuan; the open interest of the main contract of Shanghai copper was 217,374.00 lots, an increase of 51,565.00 lots [2]. - The net position of the top 20 futures holders of Shanghai copper was - 34,081.00 lots, a decrease of 1,852.00 lots; the LME copper inventory was 165,875.00 tons, a decrease of 25.00 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange was 89,389.00 tons, an increase of 484.00 tons; the cancelled LME copper warrants were 65,400.00 tons, a decrease of 600.00 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 45,784.00 tons, a decrease of 2,856.00 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot was 91,700.00 yuan/ton, a decrease of 565.00 yuan; the price of 1 copper spot in the Yangtze River Non - Ferrous Metals Market was 91,995.00 yuan/ton, a decrease of 400.00 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper was 48.00 US dollars/ton, unchanged; the average premium of Yangshan copper was 43.00 US dollars/ton, unchanged [2]. - The basis of the CU main contract was - 220.00 yuan/ton, a decrease of 85.00 yuan; the LME copper cash - 3 months spread was - 4.39 US dollars/ton, a decrease of 25.08 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates was 245.15 million tons, a decrease of 13.56 million tons; the rough smelting fee (TC) of domestic copper smelters was - 43.08 US dollars/kiloton, a decrease of 0.22 US dollars [2]. - The price of copper concentrate in Jiangxi was 82,200.00 yuan/metal ton, a decrease of 460.00 yuan; the price of copper concentrate in Yunnan was 82,900.00 yuan/metal ton, a decrease of 460.00 yuan [2]. - The processing fee of blister copper in the south was 1,400.00 yuan/ton, an increase of 100.00 yuan; the processing fee of blister copper in the north was 1,000.00 yuan/ton, an increase of 100.00 yuan [2] 3.4 Industry Situation - The output of refined copper was 120.40 million tons, a decrease of 6.20 million tons; the import volume of unwrought copper and copper products was 427,000.00 tons, a decrease of 13,000.00 tons [2]. - The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons; the price of 1 bright copper wire in Shanghai was 63,090.00 yuan/ton, a decrease of 1,100.00 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 970.00 yuan/ton, unchanged; the price of 2 copper (94 - 96%) in Shanghai was 0.00 yuan/ton, a decrease of 78,150.00 yuan [2] 3.5 Downstream and Application - The output of copper products was 200.40 million tons, a decrease of 22.80 million tons; the cumulative investment in power grid construction was 4,824.34 billion yuan, an increase of 446.27 billion yuan [2]. - The cumulative real estate development investment was 78,591.00 billion yuan, an increase of 5,028.30 billion yuan; the monthly output of integrated circuits was 4,390,000.00 million pieces, an increase of 213,000.00 million pieces [2] 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper was 17.87%, a decrease of 0.32%; the 40 - day historical volatility of Shanghai copper was 17.09%, an increase of 0.09% [2]. - The implied volatility of the at - the - money option in the current month was 16.98%, a decrease of 0.0164%; the call - put ratio of at - the - money options was 1.25, an increase of 0.1264 [2] 3.7 Industry News - China's economic "report card" for November was released. In November, the added value of industrial enterprises above the designated size increased by 4.8% year - on - year, the service industry production index increased by 4.2% year - on - year, and the total retail sales of consumer goods increased by 1.3% year - on - year. From January to November, national fixed - asset investment decreased by 2.6% year - on - year, among which manufacturing investment increased by 1.9% and real estate development investment decreased by 15.9%. The urban surveyed unemployment rate in November remained unchanged at 5.1% [2]. - Xi Jinping's important article "Expanding Domestic Demand is a Strategic Move" was published in Qiushi Journal. The article pointed out that expanding domestic demand is related to both economic stability and economic security, and it is a strategic move rather than a temporary measure. Implementing the strategy of expanding domestic demand is necessary for maintaining the long - term, sustainable and healthy development of China's economy and for meeting the people's growing needs for a better life [2]. - Federal Reserve's Williams said that monetary policy is well - prepared for 2026. It is expected that the US unemployment rate will drop to 4.5% by the end of 2025. The risks in the labor market have increased, while inflation risks have eased. The Fed's policy has shifted from mild tightening to neutral. It is expected that the inflation rate will rise to 2.5% in 2026 and fall to 2% in 2027. The Fed is expected to actively use the standing repurchase facility to manage liquidity [2]. - Federal Reserve Governor Milan reiterated that the Fed's policy stance poses unnecessary restrictions on the economy, and believes that after excluding "phantom inflation", the "underlying" inflation level is close to the Fed's target [2]

碳酸锂产业日报 2025/12/16 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。 | 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） | 100,600.00 | -460.00↓ 前20名净持仓（日，手） | -169,133.00 | -1008.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 666,027.00 | +3842.00↑ 近远月合约价差（日，元/吨） | -1,480.00 | +180.00↑ | | | 广期所仓单（日，手/吨） | 15,286.00 | ...

| 项目类别 | 数据指标 环比 项目 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.905 | 0.05% T主力成交量 | 77265 | -24631↓ | | | TF主力收盘价 | 105.795 | 0.03% TF主力成交量 | 67776 | -10826↓ | | | TS主力收盘价 | 102.426 | -0.02% TS主力成交量 | 34784 | -2027↓ | | | TL主力收盘价 | 111.390 | -0.19% TL主力成交量 | 148857 | -11561↓ | | 期货价差 | TL2603-2606价差 | -0.16 | +0.06↑ T03-TL03价差 | -3.49 | 0.17↑ | | | T2603-2606价差 | -0.02 | +0.02↑ TF03-T03价差 | -2.11 | -0.02↓ | | | TF2603-2606价差 | 0.00 | +0.00↑ TS03-T03价差 | -5.48 | -0.06↓ | | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 铂金主力合约收盘价（日，元/克） | 485.75 | 11.65↑ 钯金主力合约收盘价（日，元/克） | 423.85 | +19.15↑ | | | 主力合约持仓量:铂金(日,手) | 10387.00 | -277.00↓ 主力合约持仓量:钯金(日,手) | 3179.00 | +90.00↑ | | 现货市场 | 上金所铂金现货价（Pt9995） | 471.32 | 4.47↑ 长江钯金现货价 | 385.00 | 19.00↑ | | | 铂金主力合约基差(日,元/克) | -14.43 | -7.18↓ 钯金主力合约基差(日,元/克) | -38.85 | -0.15↓ | | | 铂金CFTC非商业多头持仓（周，张） | 9966.00 | -243.00↓ 钯金CFTC非商业多头持仓（周，张） | 3003.00 | -342.00↓ | | 供需情况 | 供应量:铂金:总计(年,吨):2025预计 | 220.40 ...

股指期货全景日报 2025/12/16 | 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） | 4499.4 | -52.8↓ IF次主力合约（2603） | 4451.4 | -57.0↓ | | | IH主力合约（2512） | 2951.4 | -36.8↓ IH次主力合约（2603） | 2943.8 | -37.6↓ | | | IC主力合约（2512） | 7010.2 | -113.2↓ IC次主力合约（2603） | 6843.4 | -108.0↓ | | | IM主力合约（2512） | 7189.0 | -127.0↓ IM次主力合约（2603） | 6960.2 | -118.0↓ | | | IF-IH当月合约价差 | 1548.0 | -13.8↓ IC-IF当月合约价差 | 2510.8 | -59.4↓ | | 期货盘面 | IM-IC当月合约价差 | 178.8 | -13.4↓ IC-IH当月合约价差 | 4058.8 | -73.2↓ ...

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 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 。 焦煤焦炭产业日报 2025/12/16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1067.50 | +6.50↑ J主力合约收盘价（日，元/吨） | 1514.50 | +11.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 736419.00 | -2212.00↓ J期货合约持仓量（日，手） | 42837.00 | -1615.00↓ | | | 焦煤前20名合约净持仓（日，手） | -35 ...

| | | 贵金属期货日报 | | | 2025/12/16 | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 | 数据指标 | 环比 | 最新 | 环比 | | 期货市场 | 沪金主力合约收盘价（日，元/克） 971.420 | -11.7↓ 沪银主力合约收盘价（日，元/千克） | | 14666 | -127.00↓ | | | 主力合约持仓量:沪金(日,手) 196,206.00 | -6832.00↓ 主力合约持仓量:沪银(日,手) | | 17,354.00 | +10148.00↑ | | | 主力合约成交量:沪金 293,904.00 | -145858.00↓ 主力合约成交量:沪银 | | 1,571,376.00 | -785850.00↓ | | | 仓单数量:沪金(日,千克) 91302 | 0↑ 仓单数量:沪银(日,千克) | | 890,715 | 32901↑ | | 现货市场 | 上金所黄金现货价 964.89 | -11.93↓ 华通一号白银现货价 | | 14,872.00 | 234.00↑ | | | 沪金主 ...

区走货相对冷清，低价货源出库尚可，果农好货成交略放缓。洛川产区主要以客商包装手中货源发自有渠 数据来源第三方(我的农产品网、中果网、郑商所)，观点仅供参考，市场有风险，入市需谨慎！ 道居多，少量调货以果农两级货源。销区市场到货量减少，因价格较高走货同比不快，砂糖橘及其他柑橘 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 类水果对苹果销售形成冲击。当前节日备货偏淡，短期价格继续回落可能。 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。 苹果产业日报 2025-12-16 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | ...

红枣产业日报 2025-12-16 ，深加工及终端市场难有明显增量，距离春节尚有2个月时间，关注旺季消费情况。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 8965 | -60 主力合约持仓量:红枣(日,手) | 119763 | 294 | | | 期货前20名持仓:净买单量:红枣(日,手) | -8556 | 347 仓单数量:红枣 ...

天然橡胶产业日报 2025-12-16 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶1-5价差(日,元/吨) | 15170 25 | -30 20号胶主力合约收盘价(日,元/吨) 0 20号胶2-3价差(日,元/吨) | 12385 -5 | 25 -10 | | 期货市场 | | | | | | | | 沪胶与20号胶价差(日,元/吨) | 2785 | -55 沪胶主力合约 持仓量(日,手) | 132080 | 328 | | | 20号胶主力合约持仓量(日,手) | 59234 | -1720 沪胶前20名净持仓 | -31306 | -291 | | | 20号胶前20名净持仓 | -11913 | -363 沪胶交易所仓单(日,吨) | 84260 | 11300 | | | 20号胶交易所仓单(日,吨) | 59573 | 0 | | | | | 上海市场国营全乳胶(日,元/吨) | 14900 | -50 上海市场越南3L(日,元/吨 ...