研究所 农产品研发报告 白糖日报 2025 年 12 月 17 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2025/12/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,154 | 1 | 0.02% | 12,165 | -1878 | 48,318 | 2317 | | SR01 | | 5,215 | 3 | 0.06% | 28,311 | -30920 | 73,219 | -15335 | | SR05 | | 5,139 | 6 | 0.12% | 253,403 | -59730 | 487,935 | 6509 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5410 | 5245 | 5 ...

研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 788.5 | 783.5 | 5.0 | I01-I05 | 20.5 | 22.5 | -2.0 | | DCE05 | 768.0 | 761.0 | 7.0 | I05-I09 | 22.5 | 21.5 | 1.0 | | DCE09 | 745.5 | 739.5 | 6.0 | I09-I01 | -43.0 | -44.0 | 1.0 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | PB粉(60.8%) | 779 | 773 | 6 | 846 | 54 | 77 | 98 | | 纽曼粉 | 781 | 776 | 5 | 854 | 63 | 85 | 107 | | 麦克粉 | 780 | 774 | 6 | 861 | 70 | 92 | 114 | | 金布巴粉(60.5%) | 736 | 731 ...

1. Report Information - Report title: Stock Index Futures Data Daily Report [1] - Date: December 17, 2025 [2] 2. IM Futures 2.1 Daily Quotes - The CSI 1000 index closed at 7,288.74, up 1.49%. The total trading volume of the four IM contracts was 290,120 lots, an increase of 35,895 lots from the previous day, and the total open interest was 392,878 lots, a decrease of 9,704 lots [4][5]. - The main contract IM2512 rose 1.65% to close at 7,295 points. The main contract was at a premium of 6.26 points, down 1.12 points from the previous day, with an annualized basis rate of 10.44% [4][5]. 2.2 Key Seats - In IM2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 35,090 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 20,801 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 31,567 lots [19]. 3. IF Futures 3.1 Daily Quotes - The CSI 300 index closed at 4,579.88, up 1.83%. The total trading volume of the four IF contracts was 189,590 lots, an increase of 39,510 lots from the previous day, and the total open interest was 289,623 lots, a decrease of 628 lots [24][25]. - The main contract IF2512 rose 1.78% to close at 4,578.2 points. The main contract was at a discount of 1.68 points, down 3.53 points from the previous day, with an annualized basis rate of -4.45% [24][25]. 3.2 Key Seats - In IF2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 30,016 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 10,030 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 12,841 lots [37]. 4. IC Futures 4.1 Daily Quotes - The CSI 500 index closed at 7,137.83, up 1.95%. The total trading volume of the four IC contracts was 184,831 lots, an increase of 21,520 lots from the previous day, and the total open interest was 271,976 lots, an increase of 2,748 lots [42][43]. - The main contract IC2512 rose 2.25% to close at 7,146.8 points. The main contract was at a premium of 8.97 points, up 0.09 points from the previous day, with an annualized basis rate of 15.26% [42][43]. 4.2 Key Seats - In IC2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 23,049 lots. The top five seats in terms of long positions were led by Guotai Junan (on behalf of clients) with 18,705 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 20,528 lots [55]. 5. IH Futures 5.1 Daily Quotes - The SSE 50 index closed at 2,991.68, up 1.25%. The total trading volume of the four IH contracts was 74,842 lots, an increase of 4,636 lots from the previous day, and the total open interest was 94,153 lots, a decrease of 1,896 lots [62]. - The main contract IH2512 rose 1.4% to close at 2,987.2 points. The main contract was at a discount of 4.48 points, down 1.09 points from the previous day, with an annualized basis rate of -18.24% [62][63]. 5.2 Key Seats - In IH2512, the top five seats in terms of trading volume were led by CITIC Futures (on behalf of clients) with 7,890 lots. The top five seats in terms of long positions were led by CITIC Futures (on behalf of clients) with 4,299 lots, and the top five seats in terms of short positions were led by CITIC Futures (on behalf of clients) with 6,628 lots [77].

研究所 能源化工研发报告 甲醇日报 2025 年 12 月 17 日 甲醇日报 【市场回顾】 1、期货市场：期货盘面震荡偏强，最终报收 2155（+39/+1.84%）。 2、现货市场：生产地，内蒙南线报价 1930 元/吨，北线报价 1940 元/吨。关中地区 报价 2020 元/吨，榆林地区报价 1910 元/吨，山西地区报价 2010 元/吨，河南地区报价 2110 元/吨。消费地，鲁南地区市场报价 2190 元/吨，鲁北报价 2220 元/吨，河北地区 报价 2130 元/吨。 西南地区，川渝地区市场报价 2100 元/吨，云贵报价 2040 元/吨。港 口，太仓市场报价 2120 元/吨，宁波报价 2140 元/吨，广州报价 2080 元/吨。 【重要资讯】 截至 2025 年 12 月 17 日，中国甲醇港口库存总量在 121.88 万吨，较上一期数据减 少 1.56 万吨。其中，华东地区去库，库存减少 3.10 万吨；华南增加 1.54 万吨。 【逻辑分析】 供应端，煤制甲醇利润在 450 元/吨附近，甲醇开工率高位稳定，国内供应持续宽 松。进口端，美金价格小幅上涨，伊朗大部分装置限气停车，暂未 ...

Group 1: Report Information - Report Name: Black Metal Daily Report [1] - Report Date: December 17, 2025 [1] - Researcher: Zhou Tao [1] - Futures Practitioner Certificate Number: F03134259 [1] - Investment Consulting Certificate Number: Z0021009 [1] - Contact Information: zhoutao_qh1@chinastock.com.cn [1] Group 2: Market Information Futures Market | Futures Contract | Closing Price | Daily Change | Weekly Change | Trading Volume | Daily Change | Open Interest | Daily Change | | --- | --- | --- | --- | --- | --- | --- | --- | | SF Main Contract | 5546 | 64 | 112 | 270107 | -12241 | 257884 | -6534 | | SM Main Contract | 5758 | 22 | 34 | 130766 | -29544 | 276107 | -2682 | [2] Spot Market | Product | Region | Spot Price | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | | 72% FeSi | Inner Mongolia | 5280 | 0 | 80 | | 72% FeSi | Ningxia | 5220 | -30 | 20 | | 72% FeSi | Qinghai | 5200 | 0 | -50 | | 72% FeSi | Jiangsu | 5600 | 100 | 100 | | 72% FeSi | Tianjin | 5600 | 50 | -50 | | Silicomanganese 6517 | Inner Mongolia | 5540 | 0 | 20 | | Silicomanganese 6517 | Ningxia | 5490 | 0 | 0 | | Silicomanganese 6517 | Guangxi | 5600 | 0 | 50 | | Silicomanganese 6517 | Jiangsu | 5680 | -20 | 0 | | Silicomanganese 6517 | Tianjin | 5700 | 0 | 0 | [2] Basis/Spread | Product | Region | Basis/Spread | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | | Ferrosilicon | Inner Mongolia - Main Contract | -266 | -64 | -32 | | Ferrosilicon | Ningxia - Main Contract | -326 | -94 | -92 | | Ferrosilicon | Qinghai - Main Contract | -346 | -64 | -162 | | Ferrosilicon | Jiangsu - Inner Mongolia | 320 | 100 | 20 | | Ferrosilicon - Silicomanganese Spread | - | -212 | 42 | 78 | | Silicomanganese | Inner Mongolia - Main Contract | -218 | -22 | -14 | | Silicomanganese | Ningxia - Main Contract | -268 | -22 | -34 | | Silicomanganese | Guangxi - Main Contract | -158 | -22 | 16 | | Silicomanganese | Guangxi - Inner Mongolia | 60 | 0 | 30 | [2] Raw Materials | Raw Material | Region | Price | Daily Change | Weekly Change | | --- | --- | --- | --- | --- | | Manganese Ore (Tianjin) - Australian Lumps | - | 41.5 | 0 | -0.2 | | Manganese Ore (Tianjin) - South African Semi - Carbonate | - | 34.3 | 0.1 | 0.1 | | Manganese Ore (Tianjin) - Gabon Lumps | - | 43 | 0 | -0.5 | | Lanthanum Coke Small Material - Shaanxi | - | 800 | 0 | -20 | | Lanthanum Coke Small Material - Ningxia | - | 900 | 0 | -20 | | Lanthanum Coke Small Material - Inner Mongolia | - | 790 | 0 | -20 | [2] Group 3: Market Analysis Trading Strategy - On December 17, ferroalloy futures prices rose overall. The SF main contract closed at 5546, up 1.17%, with open interest decreasing by 6534 lots; the SM main contract closed at 5758, up 0.38%, with open interest decreasing by 2682 lots [5] - Ferrosilicon: On the 17th, spot prices showed mixed trends, with spot prices in some regions rising by 50 - 100 yuan/ton. On the supply side, recent poor corporate profit conditions have led some manufacturers to add maintenance or switch to other products, and this week's supply is expected to decline slightly. On the demand side, the macro data in November continued to weaken, and both steel production and apparent consumption decreased microscopically, still putting pressure on raw material demand. Overall, the fundamentals continue the pattern of weak supply and demand and continue to fluctuate at the bottom [5] - Silicomanganese: On the 17th, manganese ore spot prices were stable with a slight upward trend, with the semi - carbonate in Tianjin Port rising by 0.1 yuan/ton degree, while silicomanganese spot prices were stable with a slight downward trend, and spot prices in some regions fell by 20 yuan/ton. On the supply side, manufacturers' profit levels are not good, and the supply side is expected to decline. On the demand side, the real estate data in November continued to deteriorate, and both the apparent consumption and production of rebar decreased microscopically, dragging down the demand for silicomanganese. On the cost side, manganese ore port inventories are at the same - period low, and the quotes of overseas mines in January have all increased slightly, with the cost side rising, providing strong short - term price support, but the upside is suppressed by demand expectations [5] Specific Strategies - Unilateral: The fundamentals show weak supply and demand, and the cost side still provides support, with prices fluctuating at the bottom [6] - Arbitrage: Wait and see [6] - Options: Sell out - of - the - money straddle option combinations [6] Important Information - On the 17th, the price of 37% Mn semi - carbonate in Tianjin Port was 34.5 yuan/ton degree, the price of 48.3% Mn Gabon lumps was 43 yuan/ton degree, and the price of 27.67% Mn, 22.37% Fe South African high - iron ore with a particle size of 10 - 100mm was 29.5 yuan/ton degree [7] - Two 72 ferrosilicon furnaces of a large factory in Gansu started to switch production, with one switching to low - aluminum ferrosilicon and one switching to 97 silicon [8] Group 4: Related Attachments - The report includes multiple charts, such as the trend of ferroalloy main contracts, the spread of main contracts sf - sm, the monthly spread of ferrosilicon and silicomanganese, the basis of ferrosilicon and silicomanganese (main contract - Inner Mongolia), the spot price of silicomanganese, the spot price of Inner Mongolia silicomanganese, ferroalloy electricity prices, the cost and profit of ferrosilicon and silicomanganese, and the production cost and profit of ferrosilicon and silicomanganese [16][17][19]

研究所 农产品研发报告 花生日报 2025 年 12 月 17 日 | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2025/12/17 | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | | 7958 | 44 | 0.55% | 66,883 | 15.22% | 31,305 | -0.59% | | PK510 | | 8200 | 16 | 0.20% | 148 | 27.59% | 966 | 7.21% | | PK601 | | 8078 | 30 | 0.37% | 4,016 | -68.56% | 24,046 | -8.00% | | 现货与基差 | | | | | | | | | | 现货 | | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - Today, steel prices generally maintained a moderately strong oscillating trend, with iron ore leading the increase. Spot steel transactions were generally weak, and the willingness to sell at low prices increased. This week, according to Buguwang data, the production of building materials and hot-rolled coils increased, with building materials increasing at a faster rate. Total steel inventories continued to decline, and social inventories decreased significantly, with the overall inventory reduction rate remaining the same as last week. The apparent demand for building materials decreased slightly, while that for hot-rolled coils increased slightly. Overall demand has some support. It is expected that the molten iron output will continue to decline this week, but the blast furnace profit has recovered, and there may be a special increase in production at the end of the month. In December, coal supply may shrink again due to environmental protection factors, and steel mills also have inventory replenishment expectations. There is a structural shortage of PB powder, and steel costs are supported. Although the demand for building materials declines seasonally, the demand from the manufacturing industry still provides support. Affected by the implementation of export license management for steel products, short-term exports will continue at a high level. Steel prices may show a moderately strong oscillating trend due to raw material inventory replenishment, but will perform weaker than in November due to seasonal factors [5]. - Unilateral trading: Steel prices will maintain an oscillating range and may rebound after reaching a short - term bottom [6]. - Arbitrage trading: It is recommended to short the hot - rolled coil to coking coal ratio at high prices and continue to hold the short position of the hot - rolled coil to rebar spread [7]. - Option trading: It is recommended to wait and see [8]. Group 3: Summary by Related Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar is 3250 yuan (-), Beijing Jingye rebar is 3120 yuan (-), Shanghai Angang hot - rolled coil is 3270 yuan (-), and Tianjin Hegang hot - rolled coil is 3180 yuan (-) [4]. Market Research and Judgment - **Related Prices**: See the above - mentioned spot prices [4]. - **Trading Strategies**: See the core views for unilateral, arbitrage, and option trading strategies [5][6][7][8]. - **Important Information**: From January to November, the national general public budget revenue was 20.0516 trillion yuan, a year - on - year increase of 0.8%. Among them, national tax revenue was 16.4814 trillion yuan, a year - on - year increase of 1.8%; non - tax revenue was 3.5702 trillion yuan, a year - on - year decrease of 3.7%. Central general public budget revenue was 8.8464 trillion yuan, a year - on - year decrease of 1%; local general public budget revenue at the provincial - level was 11.2052 trillion yuan, a year - on - year increase of 2.2%. Relevant departments issued the "Benchmark Levels and Baseline Levels for Clean and Efficient Coal Utilization in Key Areas (2025 Edition)" [9][10]. Related Attachments - Multiple charts are provided, including those showing rebar and hot - rolled coil prices, basis, spreads, and profit situations from 2021 to 2025, with data sources from Galaxy Futures, Mysteel, and Wind [11][13][14][16][18][21][24][25][28][29][31][35][38][43][45][48][51][53]

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 17 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2223 | 3 | 0.13% | 225,147 | -36.28% | 375,210 | -17.71% | | C2605 | | 2239 | 1 | 0.04% | 100,790 | 16.55% | 452,365 | 3.75% | | C2509 | | 2265 | 0 | 0.00% | 5,099 | -42.68% | 36,210 | -0.79% | | CS2601 | | 2512 | 10 | 0.40% | 72,404 | -21.31% | 129,585 | -6.55% | | CS2605 | ...

【重要资讯】 【尿素】12 月 17 日，尿素行业日产 19.50 万吨，较上一工日持平（修正：上一工作 日日产为 19.50 万吨）；较去年同期增加 1.59 万吨；今日开工率 80.62%，较去年同期 79.24% 下降 1.38%。 大宗商品研究 能源化工研发报告 尿素日报 2025 年 12 月 17 日 尿素日报 【市场回顾】 1、期货市场：尿素期货主力完成切换，最终报收 1683（+11/+0.66%）。 2、现货市场：出厂价平稳，成交改善，河南出厂报 1600-1620 元/吨，山东小颗粒 出厂报 1660-1670 元/吨，河北小颗粒出厂 1670-1680 元/吨，山西中小颗粒出厂报 1570-1590 元/吨，安徽小颗粒出厂报 1610-1620 元/吨，内蒙出厂报 1520-1570 元/吨。 【逻辑分析】 主流地区出厂价平稳，受印标刺激，市场情绪升温，成交改善，大部分厂家全面停 售。山东地区主流出厂报价弱稳，市场情绪表现尚可，工业复合肥开工率提升，原料库 存充裕，成品库存偏高，基层订单稀少，刚需补货为主，农业刚需采购，贸易商低价采 购，新单成交火爆，省内尿素厂全面停售，预计出厂报价稳中 ...

Report Industry Investment Rating The document does not provide information on the industry investment rating. Core Viewpoints of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market situation, influencing factors, and provides corresponding trading strategies for each sector. [17][24][56] Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: After a significant decline, there may be a technical rebound, but the rebound without news support may have limited height. The trading strategy is to adopt a high - selling and low - buying approach in a volatile market, wait for the spread of the discount to widen for the IM/IC long 2603 + short ETF cash - and - carry arbitrage, and use the double - buying option strategy. [20][21] - **Treasury Bond Futures**: Different maturities show differentiated performance. In the short term, it is difficult to determine whether the bond market will turn bearish. The trading strategy is to stop the short positions of TS and TF contracts at low prices and wait and see for arbitrage. [22][23] Agricultural Products - **Protein Meal**: With large supply pressure from new crops, the price of US soybeans continues to decline. The international soybean market is in a pattern of abundant supply. The trading strategy is to wait and see, narrow the MRM spread, and sell the wide - straddle option strategy. [25][26] - **Sugar**: International sugar prices are oscillating at a low level, and domestic sugar prices are weak. The Brazilian sugar supply pressure will gradually ease, and the international sugar price may bottom - out and oscillate. The domestic sugar market may still maintain a weak trend in the short term. The trading strategy is to go long on the January contract and short on the May contract, and wait and see for options. [28][32] - **Oilseeds and Oils**: The overall trend is weakly oscillating. The trading strategy is to buy on dips after the price stops falling and stabilizes, and conduct high - selling and low - buying band operations, and wait and see for arbitrage and options. [34][35] - **Corn/Corn Starch**: The spot price has declined, and the futures price is oscillating at a high level. The trading strategy is to go long on the 03 contract on dips and establish long positions on the 07 contract at low prices, and wait and see for arbitrage and options. [37][38] - **Hogs**: The spot price is under pressure, and the futures price is oscillating. The trading strategy is to adopt a short - selling strategy, and wait and see for arbitrage and sell the wide - straddle option strategy. [39][40] - **Peanuts**: The spot price has declined, and the futures price is oscillating downward. The trading strategy is to short the 03 contract lightly at high prices, wait and see for arbitrage, and sell the pk603 - C - 8200 option. [41][43] - **Eggs**: The demand is average, and the price is stable with a slight decline. The trading strategy is to go long on the far - month contracts at low prices, wait and see for arbitrage and options. [44][46] - **Apples**: The demand is average, and the price is mainly stable. The trading strategy is to wait and see, go long on the January contract and short on the October contract, and wait and see for options. [48][50] - **Cotton - Cotton Yarn**: The sales of new cotton are good, and the price is oscillating strongly. The trading strategy is to go long on dips, wait and see for arbitrage and options. [52][54] Black Metals - **Steel**: The raw materials have stopped falling and stabilized, and the steel price is oscillating. The trading strategy is to expect the price to oscillate in a range and may rebound from the bottom in the short term, short the coil - coal ratio and the coil - rebar spread at high prices, and wait and see for options. [57][58] - **Coking Coal and Coke**: They are oscillating at the bottom. The trading strategy is to wait and see, as the current situation has priced in most of the negative factors, and pay attention to the change of trading logic. [60][61] - **Iron Ore**: Adopt a bearish approach. The current supply of iron ore is abundant, and the demand is weak, so the price is expected to run weakly at a high level. [62][65] - **Ferroalloys**: The cost is supported, but the demand is suppressed. The trading strategy is to expect the price to oscillate at the bottom, wait and see for arbitrage, and sell the out - of - the - money straddle option combination. [66][67] Non - Ferrous Metals - **Gold and Silver**: The US employment market is cooling down, but under the situation of multiple factors, they are oscillating at a high level. The trading strategy is to hold long positions for Shanghai gold and Shanghai silver, wait and see for arbitrage, and buy the out - of - the - money call option. [69][72] - **Platinum and Palladium**: The non - farm payroll data is lower than expected, and they are oscillating strongly. The trading strategy is to go long on platinum and palladium at low prices, and consider the long - platinum and short - palladium arbitrage. [74][76] - **Copper**: Buy after a full correction. The US employment data shows that the labor market is cooling down, and the copper price is expected to rise in the long term. [77][80] - **Alumina**: Be vigilant against the resurgence of the "anti - involution" sentiment. The fundamental situation is still under pressure. The trading strategy is to expect the price to oscillate at a low level, wait and see for arbitrage and options. [80][83] - **Electrolytic Aluminum**: There is uncertainty in the macro - economic outlook, and the price is oscillating with a reduction in positions. The trading strategy is to expect the price to oscillate after a correction, wait and see for arbitrage and options. [84][85] - **Cast Aluminum Alloy**: There is uncertainty in the macro - economic outlook this week. The trading strategy is to oscillate with the decline of the aluminum price, conduct the AD - AL spread convergence arbitrage during the decline of the aluminum price, and wait and see for options. [87][88] - **Zinc**: Pay attention to the magnitude of overseas warehouse delivery. The trading strategy is to wait and see, as the overseas delivery has put pressure on the price, and consider the long - domestic and short - overseas strategy when the export window may open intermittently. [89][92] - **Lead**: Pay attention to the change of inventory. The trading strategy is to partially stop the profit of the short positions and hold the rest, wait and see for arbitrage and options. [93][96] - **Nickel**: As a short - position variety, it continues to decline. The trading strategy is to expect the price to decline oscillatingly, wait and see for arbitrage, and sell the out - of - the - money call option. [97][98] - **Stainless Steel**: It follows the decline of the nickel price and oscillates weakly. The trading strategy is to expect the price to decline oscillatingly, and wait and see for arbitrage. [100][101] - **Industrial Silicon**: Sell on rallies. The trading strategy is to sell on rallies, go long on polysilicon and short on industrial silicon for arbitrage, and sell the out - of - the - money call option. [102][103] - **Polysilicon**: Buy on dips. The trading strategy is to hold long positions and buy on dips, go long on polysilicon and short on industrial silicon for arbitrage, and sell the put option. [104][104] - **Lithium Carbonate**: The impact of the mining license is limited, and pay attention to the inventory data. The trading strategy is to operate cautiously at a high level, wait and see for arbitrage, and sell the out - of - the - money call option of the 2605 contract when the price rises. [105][107] - **Tin**: Pay attention to the export data of Myanmar in November. The trading strategy is to pay attention to the export data of Myanmar in November and be vigilant against the change of macro - economic sentiment, and wait and see for options. [108][111] Shipping - **Container Shipping**: MSK tested the price of 2800 in the first week. The trading strategy is to partially stop the profit of the long positions of the EC2602 contract and hold the rest, and wait and see for arbitrage. [112][114] Energy and Chemicals - **Crude Oil**: The price is close to the annual low, and the geopolitical factor is still the focus. The trading strategy is to expect the price to oscillate, the domestic gasoline is neutral, the diesel is weak, and the oil price spread is weak, and wait and see for options. [116][117] - **Bitumen**: The oil price has dropped significantly, and there are still concerns about the raw materials. The trading strategy is to expect the price to oscillate and stabilize, and sell the out - of - the - money call option of the BU2602 contract. [119][121] - **Fuel Oil**: The high - sulfur fuel oil remains weak, and the supply of low - sulfur fuel oil is frequently disturbed by the change of devices. The trading strategy is to be bearish, the low - sulfur cracking spread is weak, the high - sulfur cracking spread is weak, and wait and see for options. [121][122] - **Natural Gas**: The downward trend of LNG remains unchanged, and HH continues to correct. The trading strategy is to buy the HH2602 contract, wait and see for arbitrage, and sell the TTF call option. [124][126] - **LPG**: It is slightly stronger than oil. The trading strategy is to short the 03 contract at high prices, wait and see for arbitrage and options. [127][128] - **PX and PTA**: The PX operating rate remains high, and there is still an expectation of PTA inventory accumulation. The trading strategy is to expect the price to oscillate weakly, conduct the reverse arbitrage for the PX3, 5 & PTA1, 5 contracts, and wait and see for options. [130][131] - **Benzene and Styrene**: The supply and demand of pure benzene are loose, and the basis of styrene is loosening. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [133][134] - **Ethylene Glycol**: Some enterprises have reduced the operating load, and the price has rebounded slightly. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [136][137] - **Short - Fiber**: The supply and demand are weak, and the price has declined. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and sell the out - of - the - money call option. [138][140] - **Bottle Chips**: The supply and demand are relatively loose. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [141][142] - **Propylene**: The operating rate is rising, and the inventory is at a high level. The trading strategy is to short at high prices, wait and see for arbitrage, and sell the call option. [143][144] - **Plastic PP**: The electricity consumption of the rubber and plastic industry has decreased slightly month - on - month. The trading strategy is to hold long positions for the L main 2605 contract and try to go long on the PP main 2605 contract, wait and see for arbitrage, and wait and see for options. [146][148] - **Caustic Soda**: It shows an oscillating trend. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [149][151] - **PVC**: It rebounds from the bottom. The trading strategy is to expect the price to rebound from the bottom, wait and see for arbitrage, and wait and see for options. [152][153] - **Soda Ash**: The price oscillates after the contract roll - over. The trading strategy is to wait and see, as the short - term price is expected to be stable. [155][159] - **Glass**: The price oscillates. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [157][160] - **Methanol**: It oscillates widely. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [162][163] - **Urea**: India has tendered again. The trading strategy is to expect the price to oscillate in the short term and run weakly in the medium term, and wait and see for options. [165][166] - **Pulp**: The reality is weak, but the expectation is strong. Pay attention to the registration of warehouse receipts and the change of port inventory. The trading strategy is to hold the previous short positions, wait and see for arbitrage, and wait and see for options. [169][170] - **Logs**: The fundamental situation is weakening, the futures price is inverted, and pay attention to the registration of warehouse receipts. The trading strategy is to pay attention to the opportunity of going long on the 03 contract, gradually stop the profit of the 1 - 3 reverse arbitrage, and wait and see for options. [171][175] - **Offset Printing Paper**: The supply pressure remains high, and the transmission of high pulp price is less than expected. The trading strategy is to be bearish, wait and see for arbitrage, and sell the OP2602 - C - 4100 option. [176][178] - **Natural Rubber**: The accumulation of the main visible inventory has slowed down. The trading strategy is to try to short the RU main 05 contract lightly and hold long positions for the NR main 02 contract, wait and see for arbitrage, and wait and see for options. [179][182] - **Butadiene Rubber**: The fixed - asset investment in the domestic rubber and plastic industry continues to slow down. The trading strategy is to hold long positions for the BR main 02 contract, hold the BR2602 - NR2602 spread, and wait and see for options. [183][185]