Group 1: Market Information - Shanghai Zhongtian rebar price is 3230 yuan (-20), Beijing Jingye rebar price is 3140 yuan (-20), Shanghai Angang hot-rolled coil price is 3270 yuan (-10), and Tianjin Hegang hot-rolled coil price is 3200 yuan (-20) [4] Group 2: Market Analysis - The black metal sector continued its weak and volatile trend today, with coking coal and coke leading the decline. The overall spot trading volume of steel products was weak, and the speculative sentiment was poor, with low-price terminal purchases being the main activity [5] - According to last week's data from Steelhome, the production of the five major steel products decreased, with rebar production decreasing at a faster rate. The molten iron output continued to decline, and the total steel inventory accelerated its decline, with the decline rate of social inventory faster than that of factory inventory [5] - Affected by seasonality, the apparent demand for steel products accelerated its decline, with the decline in rebar demand greater than that of hot-rolled coils, while the demand for cold-rolled coils continued to rise supported by the manufacturing industry [5] - Due to the recent tightening of environmental inspections, it is expected that the molten iron output will continue to decline, but the blast furnace profit has recovered, and the driving force for active production cuts is limited [5] - Recently, affected by the significant increase in foreign coal supply and the change of the main contract, coking coal and coke fell sharply, driving steel prices down. However, in December, coal mine supply may shrink again due to environmental factors, and steel mills also have restocking expectations. The structural shortage of iron ore PB powder provides support for steel costs [5] - Recently, infrastructure demand has increased, and enterprise payment collections have improved, resulting in the apparent demand for steel products not being weaker than the seasonal average. Therefore, in the short term, steel prices will still maintain a range-bound trend following the fundamentals, but affected by seasonality, the performance may be weaker than in November [5] - The Politburo Standing Committee meeting will be held in December. Pay attention to the impact of macro news on the market. Continue to monitor coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5] Group 3: Trading Strategies - Unilateral: Maintain a weak and volatile trend [6] - Arbitrage: It is recommended to short the hot-rolled coil to coking coal ratio and short the hot-rolled coil to rebar spread at high levels [6] - Options: It is recommended to wait and see [6] Group 4: Important Information - Starting from 00:00 on December 10, Taiyuan will launch a level II (orange alert) emergency response to heavy pollution weather [7][8] - In November 2025, China exported 818,000 vehicles. From January to November, the cumulative exports reached 7.331 million vehicles, a year-on-year increase of 25.7% [8] Group 5: Related Attachments - There are 29 figures in the report, including steel price trends, basis, spreads, and profit charts, with data sources from Galaxy Futures, Mysteel, and Wind [9][10][11]

研究所 农产品研发报告 花生日报 2025 年 12 月 9 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2025/12/9 | | 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 | 8012 | 40 | 0.50% | 67,311 | 3.27% | 28,052 | 4.02% | | PK510 | 8222 | 36 | 0.44% | 66 | -10.81% | 765 | 4.37% | | PK601 | 8070 | 14 | 0.17% | 22,817 | -29.90% | 57,469 | -10.80% | | 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 | | 今日报价 | 7800 | 8200 | 8 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view is presented. The report mainly provides the daily data of iron ore on December 9, 2025, including futures prices, spot prices, price differences, and import profits [2]. 3. Summary According to Related Catalog Futures Price Information - DCE01 was at 780.0, up 1.5 from 778.5 yesterday; DCE05 was at 757.5, down 3.0 from 760.5 yesterday; DCE09 was at 733.5, down 3.5 from 737.0 yesterday [2]. - The spread I01 - I05 was 22.5, up 4.5; I05 - I09 was 24.0, up 0.5; I09 - I01 was -46.5, down 5.0 [2]. Spot Price Information - The prices of various iron ore spot products showed different changes. For example, PB powder (60.8%) remained unchanged at 780, while Newman powder decreased by 3 to 782 [2]. - The optimal delivery product was Carajás fines, with a price of 810, and its 01 - factory - warehouse basis was 24, 05 - factory - warehouse basis was 42, and 09 - factory - warehouse basis was 65 [2]. Spot Product Spread and Import Profit Information - The spreads between different spot products also had changes. For example, the spread of Carajás fines - PB powder decreased by 2 to 81 [2]. - Import profits of different products changed. For example, the import profit of Carajás fines increased by 4 to - 23, and that of Newman powder increased by 8 to 25 [2]. Index Information - The Platts 62% iron ore price was 105.8, down 1.3 from 107.1 yesterday; the Platts 65% iron ore price was 117.8, down 1.3 from 119.1 yesterday; the Platts 58% iron ore price was 94.4, down 0.9 from 95.4 yesterday [2]. - The spreads between SGX main contract and DCE contracts decreased. For example, SGX main - DCE01 decreased by 1.2 to 1.4 [2].

Group 1: Market Information - SF main contract closed at 5462, up 18 for the day and 14 for the week, with a trading volume of 245,113 (down 169,367) and an open interest of 267,182 (up 3413) [3] - SM main contract closed at 5732, down 4 for the day and up 4 for the week, with a trading volume of 259,055 (down 6012) and an open interest of 282,351 (up 11,069) [3] - 72% FeSi spot prices were stable to weak, with some regions down 30 yuan/ton; 6517 silicon manganese spot prices were also stable to weak, with some regions down 20 yuan/ton [3] - Manganese ore prices in Tianjin were mostly stable, while semi - carbonated South African ore was down 0.1 for the week; Lanthanum semi - coke prices were stable [3] Group 2: Market Analysis and Trading Strategy - On December 9th, ferroalloy futures prices showed mixed trends. The SF main contract rose 0.33% and open interest increased by 3413 lots; the SM main contract fell 0.07% and open interest increased by 11,069 lots [5] - For ferrosilicon, after the November electricity price settlement, manufacturers' losses intensified, and future production is expected to decline. Steel demand is weak, and although the cost has some support, it will continue to oscillate at the bottom [5] - For silicomanganese, production has been declining. Steel demand is weak, but the cost has increased due to low port inventory and rising overseas mine quotes. It will also oscillate at the bottom [5] - Unilateral strategy: Oscillate at the bottom with cost support but future demand pressure; Arbitrage: Wait and see; Option: Sell out - of - the - money straddle option combinations [5][6] Group 3: Important Information - Hebei Iron and Steel Group's first - round inquiry price for silicomanganese in December was 5700 yuan/ton, compared with 5820 yuan/ton in November [7] - CML's January 2026 quotation for Australian ore blocks (Mn＞46%, Fe＜6%, SiO2<18%) to China was 5.0 US dollars per ton - degree, up 0.2 US dollars per ton - degree from last month [7] Group 4: Related Attachments - Figures include ferroalloy main contract trends, sf - sm spreads, monthly spreads of ferrosilicon and silicomanganese, basis differences, spot prices, electricity prices, production costs, and production profits [9][13][15]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The report presents the daily data of stock index futures, including the closing price, trading volume, turnover, open interest, basis, and the positions of major seats for different contracts of IM, IF, IC, and IH. It also shows the intraday trends and historical basis data for each type of futures. 3. Summary by Relevant Catalogs IM Futures - **Daily Market Quotes**: The closing prices of IM contracts decreased, with the main contract IM2512 closing at 7347.80, down 0.53%. The total trading volume of the four contracts was 140,871 hands, down 29,557 hands from the previous day, and the total open interest was 360,007 hands, up 3,359 hands. The main contract was at a discount of 32.78 points, up 9.87 points from the previous day, with an annualized basis rate of -14.8% [3][5]. - **Intraday Trends**: Charts show the intraday trends of IM and the relationship between trading volume and open interest [6]. - **Daily Basis**: Data on the basis, annualized transfer cost, and dividend impact of each contract are provided, with negative values indicating profitable transfer [10][12]. - **Daily Positions**: The positions of major seats in different contracts are presented, including the trading volume, long positions, and short positions of top - ranking members [17][19][21]. IF Futures - **Daily Market Quotes**: The closing prices of IF contracts decreased, with the main contract IF2512 closing at 4583.20, down 0.75%. The total trading volume of the four contracts was 99,497 hands, down 21,031 hands from the previous day, and the total open interest was 269,295 hands, down 3,493 hands. The main contract was at a discount of 15.02 points, down 6.47 points from the previous day, with an annualized basis rate of -10.88% [22][23]. - **Intraday Trends**: Charts show the intraday trends of IF and the relationship between trading volume and open interest [24]. - **Daily Basis**: Data on the basis, annualized transfer cost, and dividend impact of each contract are provided [27][30][33]. - **Daily Positions**: The positions of major seats in different contracts are presented, including the trading volume, long positions, and short positions of top - ranking members [37][39][41]. IC Futures - **Daily Market Quotes**: The closing prices of IC contracts decreased, with the main contract IC2512 closing at 7094.40, down 0.79%. The total trading volume of the four contracts was 95,795 hands, down 11,252 hands from the previous day, and the total open interest was 249,613 hands, up 902 hands. The main contract was at a discount of 26.93 points, up 1.44 points from the previous day, with an annualized basis rate of -12.59% [43][44]. - **Intraday Trends**: Charts show the intraday trends of IC and the relationship between trading volume and open interest [45]. - **Daily Basis**: Data on the basis, annualized transfer cost, and dividend impact of each contract are provided [48][50][52]. - **Daily Positions**: The positions of major seats in different contracts are presented, including the trading volume, long positions, and short positions of top - ranking members [57][59][61]. IH Futures - **Daily Market Quotes**: The closing prices of IH contracts decreased, with the main contract IH2512 closing at 2991.60, down 0.88%. The total trading volume of the four contracts was 39,137 hands, down 10,757 hands from the previous day, and the total open interest was 92,368 hands, down 3,696 hands. The main contract was at a discount of 6.36 points, down 2 points from the previous day, with an annualized basis rate of -7.05% [63][64]. - **Intraday Trends**: Charts show the intraday trends of IH and the relationship between trading volume and open interest [66]. - **Daily Basis**: Data on the basis, annualized transfer cost, and dividend impact of each contract are provided [68][71][74]. - **Daily Positions**: The positions of major seats in different contracts are presented, including the trading volume, long positions, and short positions of top - ranking members [78][80].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints - The US corn market is in a narrow - range oscillation, with potential future yield cuts but still high production. Import profit for foreign corn is falling. The spot price of corn is relatively strong in the short - term, but the 01 corn contract may continue to decline. The market is concerned about the seasonal selling pressure of Northeast corn in mid - to late December and downstream inventory - building [4][6][8]. - The starch market is affected by corn prices and downstream inventory. The inventory of corn starch has decreased this week. Due to the relatively strong corn prices, the starch spot price is strong, but corporate profitability is declining. The 01 starch contract is expected to oscillate in the short - term [7]. 3. Summary by Directory 3.1 Data - **Futures Market**: For corn futures, C2601 closed at 2236, down 25 (-1.12%), with a trading volume of 824,523 (-9.80%) and an open interest of 745,751 (-12.16%); C2605 closed at 2266, up 1 (0.04%), with a trading volume of 135,803 (-17.09%) and an open interest of 427,740 (-0.36%); C2509 closed at 2278, up 4 (0.18%), with a trading volume of 10,247 (-9.47%) and an open interest of 34,428 (3.96%). For starch futures, CS2601 closed at 2522, down 27 (-1.07%), with a trading volume of 162,075 (5.71%) and an open interest of 191,690 (-11.73%); CS2605 closed at 2577, down 10 (-0.39%), with a trading volume of 13,037 (59.32%) and an open interest of 22,351 (25.59%); CS2509 closed at 2615, down 9 (-0.34%), with a trading volume of 194 (-38.22%) and an open interest of 1,214 (-0.49%) [2]. - **Spot and Basis**: Corn spot prices vary by region. For example, the price in Qinggang is 2075, up 10, with a basis of -203; in Songyuan Jiajie, it's 2190, unchanged, with a basis of -88. Starch spot prices also differ. For instance, Longfeng's price is 2750, up 70, with a basis of 173 [2]. - **Spread**: Corn inter - delivery spreads and starch inter - delivery spreads as well as cross - variety spreads have different values and changes. For example, C01 - C05 is -30, down 26; CS01 - CS05 is -55, down 17; CS09 - C09 is 337, down 13 [2]. 3.2 Market Analysis - **Corn**: The US corn is in a narrow - range oscillation. Import profit is falling. In China, the northern port's flat - price has declined, while the Northeast corn spot price is stable. The supply in North China is increasing, and the price is relatively strong. The price difference between Northeast and North China corn is narrowing. The wheat price in North China is strong, and corn has a cost - performance advantage. The domestic breeding demand is stable, but the downstream feed enterprise inventory is low. The 01 corn contract continues to decline, and the spot basis is strengthening. The market is concerned about the selling pressure in mid - to late December and downstream inventory - building [4][6]. - **Starch**: The number of trucks arriving at Shandong's deep - processing plants has increased, and the local corn spot price is strong. The starch inventory has decreased this week. The starch price depends on corn prices and downstream inventory. By - product prices are strong, and the spot price difference between corn and starch is low. Due to the strong corn price, the starch spot price is strong, but corporate profitability is declining. The 01 starch contract follows the decline of corn, and the North China corn price may decline in December, leading to a potential decline in the starch spot price [7]. 3.3 Trading Strategies - **Unilateral Trading**: The US corn has support at 400 cents per bushel. Short - sell 03 corn on rallies with a light position, and wait for opportunities for 05 and 07 corn [8]. - **Arbitrage**: Conduct reverse arbitrage on 3 - 7 corn when the price is high [9]. 3.4 Corn Options - The option strategy is a short - term cumulative put option strategy with rolling operations. Two option contracts, C2605 - P - 2240.DCE and C2603 - P - 2200.DCE, are listed with their respective underlying asset prices, closing prices, and other information [11]. 3.5 Related Figures - The report provides six figures, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Market overview: Supply side - Main refineries' operation rate increased by 0.3 percentage points, and independent refineries' by 0.4 percentage points. Main refineries' gasoline and diesel production rose this week, and local refineries' slightly increased. The diesel - gasoline ratio remained stable at 1.32. Demand side - Market procurement sentiment was cautious, gasoline vehicle single - deal demand was average, ship - deal improved slightly but still did not reach production - sales balance; diesel production - sales declined. Inventory - Commercial gasoline and diesel inventories decreased this week. Gasoline was 10.8 million tons, down 220,000 tons (-2.0%) week - on - week; diesel was 14.02 million tons, down 130,000 tons (-0.9%) week - on - week. Local refineries' gasoline and diesel inventories increased, while social inventories decreased [6]. - Future outlook: Supply side - Planned operating units are mainly for diesel, combined with some refineries' temporary production cuts, so gasoline output is expected to decline and diesel to increase. Demand side - Gasoline is supported by summer travel but traders expect demand to weaken, with middle and lower reaches purchasing on - demand; diesel demand is expected to improve marginally due to the start of fishing in the East China Sea and less rainfall, but high crack spreads limit real - demand improvement. Price - The cost is affected by the expectation of eased US - Russia relations, reducing geopolitical risk premium. Gasoline wholesale price may decline due to high - price - suppressed transactions, while diesel may stop falling and stabilize. Retail profit is expected to widen slightly as the decline in wholesale price is deeper. Inventory - Gasoline inventory may continue to accumulate due to low ship - deals and weak vehicle - deals, and diesel still has the risk of inventory accumulation despite the start of "Golden September and Silver October" stocking [7]. 3. Summary According to Relevant Catalogs 3.1 Price - Gasoline market price: On August 14, 2025, the national average was 7,892 yuan/ton, down 18 yuan from the previous day, 51 yuan week - on - week, 77 yuan month - on - month, and 823 yuan year - on - year. Different regions showed varying degrees of decline [13]. - Diesel market price: On August 14, 2025, the national average was 6,749 yuan/ton, down 5 yuan from the previous day, 38 yuan week - on - week, 120 yuan month - on - month, and 544 yuan year - on - year [13]. 3.2 Profit - Main refineries' refining profit was 833 yuan/ton on August 15, 2025, down 106 yuan week - on - week, up 124 yuan month - on - month, and up 560 yuan year - on - year [17]. - Independent refineries' refining profit was 309 yuan/ton on August 15, 2025, up 85 yuan week - on - week, up 131 yuan month - on - month, and up 102 yuan year - on - year [17]. - Shandong local refineries' refining profit was 367 yuan/ton on August 15, 2025, up 136 yuan week - on - week, up 37 yuan month - on - month, and down 37 yuan year - on - year [17]. 3.3 Supply -开工 - China's refinery operation rate was 72.2% on August 15, 2025, up 0.3 percentage points week - on - week, 0.1 percentage points month - on - month, and up 3.1 percentage points year - on - year. Main refineries' operation rate was 82.7%, up 0.3 percentage points week - on - week; independent refineries' was 56.6%, up 0.4 percentage points week - on - week; Shandong local refineries' was 47.5%, up 0.7 percentage points week - on - week [31]. - China's crude oil processing volume was 14.49 million tons on August 15, 2025, up 60,000 tons week - on - week, 10,000 tons month - on - month, and up 510,000 tons year - on - year [31]. 3.4 Supply - Maintenance Plan - As of August 15, 2025, the total maintenance capacity was 59.2 million tons/year, down 11 million tons/year month - on - month, with Yanshan Petrochemical's maintenance completed [39]. 3.5 Supply - Output - Gasoline output in China was 3.02 million tons on August 15, 2025, up 10,000 tons week - on - week, 20,000 tons month - on - month, and down 180,000 tons year - on - year. Diesel output was 3.98 million tons, up 20,000 tons week - on - week, 40,000 tons month - on - month, and up 110,000 tons year - on - year [41]. - The diesel - gasoline ratio remained stable at 1.32 [41]. 3.6 Sales Volume - Shandong refineries' average weekly production - sales ratio: Gasoline production - sales was 95%, down 5% week - on - week; diesel production - sales declined 3% to 97% [53]. 3.7 Inventory - Gasoline commercial inventory was 10.8 million tons on August 15, 2025, down 220,000 tons (-2.0%) week - on - week. Diesel commercial inventory was 14.02 million tons, down 130,000 tons (-0.9%) week - on - week [79]. - Local refineries' gasoline and diesel inventories increased, while social inventories decreased [6].

1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - Low - sulfur fuel oil: Supply is affected by refinery device changes. The supply incremental is less than expected due to the delay and shortening of the Dangote refinery's gasoline device maintenance plan. The Al - Zour refinery's device delay provides support. The supply gap disturbance from South Sudan has subsided. Demand for winter power generation lacks a driver, and attention should be paid to winter temperatures and natural gas conditions in Europe and East Asia [4]. - High - sulfur fuel oil: The spot window transaction price continues to decline, and the spot premium remains at a low level. It is expected to maintain a stable and weak trend in the fourth quarter. Russian exports are slightly affected by attacks, and Mexican exports have increased recently. The feed demand for fuel oil is expected to weaken due to the upcoming issuance of new crude oil quotas [4]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - Low - sulfur: Monitor the impact of refinery device changes on supply. The winter power - generation demand has no driver yet, and focus on winter temperatures and natural gas in Europe and East Asia. The supply reduction in the Pan - Singapore region is less than expected [4]. - High - sulfur: The spot price is weak, and the fourth - quarter outlook is stable and bearish. Russian exports are slightly affected, and Mexican exports are rising. The feed demand for fuel oil is expected to decline [4]. 3.1.2 Strategies - Unilateral: Weak and volatile, not advisable to buy at low levels [5]. - Arbitrage: High - sulfur cracking fluctuates at a low level, and low - sulfur cracking is neutral [5]. - Options: Hold a wait - and - see attitude [5]. 3.2 Core Logic Analysis 3.2.1 High - Sulfur Fuel Oil Supply - Russia: Energy facilities have recovered, and the overall refining capacity has increased. November exports increased by 17% month - on - month, and December exports are expected to rise [8][9]. - Mexico: Pemex's processing volume increased in October, and November exports were stable. High - sulfur supply is expected to decline marginally in the future [15]. - Middle East: Iraq plans to supply over 6 million tons of high - sulfur fuel oil in 2026. November exports decreased slightly from the October high. Sanctions on Iran continue [17]. 3.2.2 High - Sulfur Fuel Oil Demand - Feed demand: New crude oil quotas are expected to be issued in November 2026, with a significant increase compared to the end of last year. Feed demand for fuel oil is expected to weaken [4]. - Marine fuel demand: Supported by the stable growth of the number of desulfurization tower ships [26]. 3.2.3 Low - Sulfur Fuel Oil Supply - Pan - Singapore region: The expected excess supply is gradually decreasing as RFCC device operations increase [29]. - Nigeria: Supply is affected by the frequent changes in the Dangote refinery's maintenance time [32]. - Middle East: Device return times are all delayed, and the supply gap persists in the short term [35]. - Sudan: Energy facilities were attacked, and oil supply has recovered. Low - sulfur crude oil has been redirected to the Pan - Singapore region [38]. 3.2.4 Low - Sulfur Fuel Oil Demand - There is no specific driver. Marine fuel demand is stable, and power - generation is less economical than natural gas [40]. 3.2.5 China's Low - Sulfur Market - The export quota for bonded low - sulfur fuel oil in the fourth quarter is tight. The production in October increased, with different trends among different refineries [45]. 3.3 Weekly Data Tracking - Fuel oil spot: The document provides price trends of Brent, HSFO380, LSFO, and their spreads with other products [49][50][53]. - High - sulfur fuel oil spreads: Include cross - region and cross - period spreads [56]. - Low - sulfur fuel oil spreads: Include cross - region and cross - variety spreads [63]. - Natural gas - fuel oil ratio: Provides equivalent - calorific - value price data and changes [66]. - Cross - region freight: Shows freight trends between different regions [69]. - Singapore bunkering spreads: Presents spreads of HSFO and LSFO in Singapore [72]. - Fuel oil inventory: Covers inventory structures in Singapore, ARA, Fujairah, Japan, and the US [75]. - Northwest Europe inventory: Includes gasoline, diesel, and refined - oil inventories in ARA [82]. - US Gulf inventory: Covers gasoline, diesel, crude - oil, and Cushing crude - oil inventories in the US [85].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2025 年 12 月 9 日 0 / 47 研究所 期货眼·日迹 | 股指期货：金融搭台科技唱戏 3 | | --- | | 国债期货：重要会议过后，债市情绪缓和 4 | | 蛋白粕：短期利空较多 | 盘面承压下行 5 | | --- | --- | | 白糖：国际糖价震荡偏弱 | 国内糖价震荡 5 | | 油脂板块：国内油脂有所去库，盘面维持震荡运行 6 | | | 玉米/玉米淀粉：现货稳定，盘面继续回落 7 | | | 生猪：市场接受度增加 | 盘面有所反弹 8 | | 花生：大型油厂开始收购，花生盘面冲高回落 9 | | | 鸡蛋：需求表现一般 | 蛋价稳定为主 9 | | 苹果：库存较低 | 苹果基本面偏强 10 | | 棉花-棉纱：新棉销售较好 | 棉价震荡偏强 11 | | 钢材：市场情绪反复，钢价震荡运行 13 | | --- | | 双焦：情绪偏弱，等待冬储启动 13 | | 铁矿：偏空思路对待 14 | | 铁合金：成本有支撑，需求存压制 15 | | 金银：市场聚焦美联储信号 金银波动或加剧 16 | | --- | | 铂钯：价格高位 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - On December 8, ferroalloy futures prices declined overall. The silicon ferroalloy (SF) main contract closed at 5444, down 0.55%, with an increase of 4446 in positions, while the manganese silicon (SM) main contract closed at 5736, down 0.38%, with an increase of 7356 in positions [5]. - For silicon ferroalloy, the spot price on the 8th was stable with a slight weakness, and the supply is expected to decrease again due to increased losses of manufacturers after the November electricity price settlement. The demand for silicon ferroalloy is weakening as steel production continues to decline. Although the cost side has pushed up the price, it will continue to fluctuate at the bottom under demand suppression [5]. - For manganese silicon, the manganese ore spot was generally stable on the 8th, and the manganese silicon spot was also stable with a slight weakness. The supply of manganese silicon continued to decline, and the demand was dragged down by the weakening steel production. The cost side has increased due to the low port inventory of manganese ore and the rising overseas mine quotes. It may rebound in the short - term but will mainly oscillate at the bottom due to future demand pressure [5]. - The trading strategies include: for unilateral trading, it will operate in a bottom - oscillating pattern with cost support but future demand pressure; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money straddle option combinations [6]. Group 3: Summary by Directory First Part: Market Information - **Futures Market**: The closing price of the SF main contract was 5444, down 30 from the previous day and 22 from the previous week, with a trading volume of 414480 (an increase of 10957) and an open interest of 262736 (an increase of 4446). The SM main contract closed at 5736, down 22 from the previous day and 2 from the previous week, with a trading volume of 265067 (an increase of 102578) and an open interest of 271282 (an increase of 7356) [3]. - **Spot Market**: The spot price of 72% FeSi in Inner Mongolia was 5230, down 20 from the previous day and the previous week; in Ningxia, it was 5200, unchanged; in Qinghai, it was 5250, unchanged; in Jiangsu, it was 5400, unchanged from the previous day but down 100 from the previous week; in Tianjin, it was 5600, unchanged from the previous day but up 200 from the previous week. The spot price of silicon - manganese 6517 in Inner Mongolia was 5530, unchanged; in Ningxia, it was 5510, down 10 from the previous day; in Guangxi, it was 5550, unchanged; in Jiangsu, it was 5680, down 20 from the previous day and the previous week; in Tianjin, it was 5700, down 20 from the previous day but up 20 from the previous week [3]. - **Basis and Spread**: For silicon ferroalloy, the Inner Mongolia - main contract basis was - 214, up 10 from the previous day and 2 from the previous week; for manganese silicon, the Inner Mongolia - main contract basis was - 206, up 22 from the previous day and 2 from the previous week. The SF - SM spread was - 292, down 8 from the previous day and 20 from the previous week [3]. - **Raw Materials**: The price of Australian manganese ore (Tianjin) was 41.5, unchanged from the previous day but up 1.5 from the previous week; South African semi - carbonate was 34.2, unchanged from the previous day but down 0.1 from the previous week; Gabonese ore was 43.5, unchanged from the previous day but up 1.5 from the previous week. The price of small - sized blue charcoal in Shaanxi was 820, unchanged; in Ningxia, it was 920, unchanged; in Inner Mongolia, it was 810, unchanged [3]. Second Part: Market Judgement - **Trading Strategies**: As mentioned above, including unilateral trading, arbitrage, and option strategies [6]. - **Important Information**: Comilog announced its January 2026 offer price for Gabonese ore to China at $4.7 per ton - degree, up $0.2 from the previous month. The Political Bureau of the CPC Central Committee held a meeting on December 8 to analyze and study the economic work in 2026 [7]. Third Part: Related Attachments - The attachments include various charts such as the ferroalloy main contract price trend, SF - SM spread, monthly spreads of silicon ferroalloy and manganese silicon, basis of silicon ferroalloy and manganese silicon, spot prices of silicon - manganese, ferroalloy electricity prices, production costs and profits of silicon ferroalloy and manganese silicon [11][13][14][15][16][17][18][19][20][21][23][24][25][26].