Group 1: Report Core Views - The soybean export sales of the United States from November 13th are expected to increase, with the 2025 - 26 annual soybean export sales expected to net increase by 60 - 140 million tons, the 2025 - 26 annual soybean meal export sales expected to net increase by 5 - 45 million tons, and the 2025 - 26 annual soybean oil export sales expected to net increase by 0.5 - 2.5 million tons [1] - The soybean crushing volume in the United States in October 2025 was 7.11 million short tons, and the soybean oil production was 2.83 billion pounds, which increased by 18% compared to September 2025 and 11% compared to October 2024 [1] - Malaysia's palm - oil inventory at the end of November reached the highest level in more than six and a half years, with a 13% increase to 2.84 million tons due to increased production and weak export demand [1] - Australia's 2025/26 annual rapeseed production is expected to increase to 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to increase to 21.8 million tons [1] Group 2: Key Data U.S. Data - The U.S. soybean crushing volume in October 2025 was 7.11 million short tons (237 million bushels), the September 2025 crushing volume was 6.15 million short tons (205 million bushels), and the October 2024 crushing volume was 6.47 million short tons (216 million bushels) [1] - The U.S. soybean oil production in October 2025 was 2.83 billion pounds, a 18% increase from September 2025 and an 11% increase from October 2024 [1] Malaysia Data - Malaysia's palm - oil inventory at the end of November increased by 13% to 2.84 million tons, the November production decreased by 5.3% to 1.94 million tons, and the export volume decreased by 28.13% to 1.21 million tons [1] - From December 1 - 10, Malaysia's palm - oil export volume decreased by 15% according to ITS and 10.31% according to AmSpec [1] Rapeseed Data - Australia's 2025/26 annual rapeseed production is expected to be 7.2 million tons, and Canada's 2025/26 annual rapeseed production is expected to be 21.8 million tons [1] Spot Price Data | Date | Bean Meal (Jiangsu) | Rapeseed Meal (Guangdong) | Soybean Oil (Jiangsu) | Palm Oil (Guangzhou) | Rapeseed Oil (Jiangsu) | | --- | --- | --- | --- | --- | --- | | 2025/12/04 | 3020 | 2520 | 8520 | 8620 | 9890 | | 2025/12/05 | 3020 | 2500 | 8540 | 8720 | 9870 | | 2025/12/08 | 3020 | 2500 | 8500 | 8660 | 9760 | | 2025/12/09 | 3000 | 2460 | 8450 | 8570 | 9630 | | 2025/12/10 | 3030 | 2490 | 8500 | 8510 | 9680 | [5]

| | | 燃料油早报 研究中心能化团队 2025/12/11 | 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/12/04 | 347.85 | 388.30 | -8.06 | 632.46 | -244.16 | 23.85 | 40.45 | | 2025/12/05 | 348.81 | 391.67 | -8.45 | 648.64 | -256.97 | 25.44 | 42.86 | | 2025/12/08 | 339.79 | 384.68 | -8.89 | 635.57 | -250.89 | 25.03 | 44.89 | | 2025/12/09 ...

农产品早报 淀粉：短期看，受到季节性消费支撑，下游补库需求带动企业稳定去库。同时，在原料供应受限的环境下，加剧产业挺价意愿，淀粉价格预计 保持稳定。中长期需重点关注下游消费节奏变化，这将成为价格走势的关键支撑因素，季节性旺季过后，企业库存是否会持续去化将成为未来 淀粉定价的关键因素。 白糖 现货价格 基差 进口利润 仓单 日期 柳州 南宁 昆明 柳州基差 泰国 巴西 郑盘 2025/12/04 5525 5430 5380 197 255 435 183 2025/12/05 5505 5410 5370 202 258 438 183 2025/12/08 5505 5410 5345 168 252 432 1671 2025/12/09 5505 5410 5345 162 301 481 1886 2025/12/10 5480 5370 5340 152 204 384 2101 变化 -25 -40 -5 -10 -97 -97 215 【行情分析】： 白糖：国产新糖供应陆续增加，本周糖厂报价下调较快，现货弱势带动盘面下行。短期原糖供应压力减少，盘面定价仍可参考国产糖成本和现 货价格；中长期若全球 ...

废钢早报 研究中心黑色团队 2025/12/11 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/04 | 2192 | 2264 | 2035 | 2231 | 2223 | 2092 | | 2025/12/05 | 2194 | 2263 | 2037 | 2231 | 2223 | 2093 | | 2025/12/08 | 2187 | 2262 | 2035 | 2218 | 2216 | 2089 | | 2025/12/09 | 2183 | 2255 | 2032 | 2211 | 2216 | 2089 | | 2025/12/10 | 2182 | 2253 | 2031 | 2208 | 2215 | 2088 | | 环比 | -1 | -2 | -1 | -3 | -1 | -1 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审 ...

纸浆早报 研究中心能化团队 2025/12/11 SP主力合约收盘价： 5436.00 | 日期 | 2025/12/10 | 2025/12/09 | 2025/12/08 | 2025/12/05 | 2025/12/04 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5436.00 | 5386.00 | 5392.00 | 5450.00 | 5496.00 | | 折美元价 | 672.25 | 665.47 | 666.04 | 673.36 | 679.27 | | 距上一日涨跌 | 0.92833% | -0.11128% | -1.06422% | -0.83697% | 0.69623% | | 山东银星基差 | 64 | 114 | 108 | 50 | 29 | | 江浙沪银星基差 | 114 | 164 | 158 | 115 | 79 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | ...

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 770.0 -10.0 -39.0 -57.0 -40.0 25省终端可用天数 22.9 -0.6 2.9 2.0 5.3 秦皇岛5000 669.0 -10.0 -40.0 -66.0 -51.0 25省终端供煤 552.4 1.0 -56.1 -87.6 -70.4 广州港5500 850.0 0.0 -10.0 -15.0 -40.0 北方港库存 2734.0 -23.0 93.0 478.0 186.0 鄂尔多斯5500 525.0 0.0 -40.0 -60.0 -75.0 北方锚地船舶 69.0 -7.0 18.0 -59.0 32.0 大同5500 580.0 0.0 -35.0 -55.0 -80.0 北方港调入量 155.7 -5.3 -4.5 -17.3 -28.8 榆林6000 712.0 -20.0 -20.0 0.0 -100.0 北方港吞吐量 142.2 7.3 -10.9 -19.6 -35.3 榆林6200 755.0 -5.0 -5.0 15.0 -85.0 CBCFI海运指数 652 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/11 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/12/04 | 3190 | 3320 | 3300 | 3310 | 3560 | 3440 | | 2025/12/05 | 3180 | 3270 | 3320 | 3310 | 3560 | 3440 | | 2025/12/08 | 3150 | 3260 | 3280 | 3260 | 3500 | 3390 | | 2025/12/09 | 3120 | 3240 | 3280 | 3260 | 3490 | 3360 | | 2025/12/10 | - | - | - | - | - | - | | 变化 | - | - | - | - | - | - | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | 上海冷卷 ...

Price Performance - London Gold's latest price is 4200.15 with a change of 2.15 [3] - London Silver's latest price is 61.04 with a change of 2.41 [3] - London Platinum's latest price is 1650.00 with no change [3] - London Palladium's latest price is 1474.00 with a change of -6.00 [3] - WTI Crude's latest price is 58.25 with no change [3] - LME Copper's latest price is 11572.50 with a change of 103.00 [3] - US Dollar Index's latest value is 99.24 with no change [3] - Euro to US Dollar's latest rate is 1.16 with no change [3] - British Pound to US Dollar's latest rate is 1.33 with no change [3] - US Dollar to Japanese Yen's latest rate is 156.89 with no change [3] - US 10 - year TIPS's latest value is 1.92 with no change [3] Trading Data - COMEX Silver's latest inventory is 14177.64 with no change [4] - SHFE Silver's latest inventory is 741.85 with a change of 24.06 [4] - Gold ETF's latest持仓 is 1046.82 with a change of -1.15 [4] - Silver ETF's latest持仓 is 16083.16 with a change of 110.00 [4] - SGE Silver's latest inventory is 715.88 with no change [4] - SGE Gold's latest deferred fee payment direction is 1 with no change [4] - SGE Silver's latest deferred fee payment direction is 2 with no change [4]

铁合金早报 | | | | | | | | | | 2025/12/11 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 项目 | | 现货 | | 仓单 | | 盘面 | | | | | | 最新 | 日变化 | 周变化 | 出厂价折盘面 | 最新 | | 日变化 | 周变化 | | 硅铁自然块 | 宁夏#72 | 5100 | 0 | 0 | 5400 | 主力合约 | 5434 | -28 | -12 | | | 内蒙#72 | 5120 | 0 | -50 | 5470 | 01合约 | 5372 | -22 | -22 | | 产区汇总价 | 青海#72 | 5150 | 0 | 0 | 5480 | 05合约 | 5394 | -22 | -14 | | | 陕西#72 | 5080 | 0 | 0 | 5380 | 09合约 | 5456 | -6 | -16 | | | 陕西#75 | 5600 | 0 | -50 | | 主力月基差 | -34 | 28 | 12 | | 硅铁合格块 | 江苏#72 ...

芳烃橡胶早报 P T A 日期 原油 石脑油日 本 PX CFR 台湾 PTA内盘现 货 POY 1 50D/4 8F 石脑油裂 解价差 PX加工差 PTA加 工差 聚酯毛利 PTA平衡 负荷 PTA负 荷 仓单+有 效预报 TA基差 产销 2025/1 2/04 63.3 560 845 4690 6450 96.05 285.0 144 10 78.9 73.7 130935 -35 0.35 2025/1 2/05 63.8 564 838 4670 6445 96.21 274.0 162 43 79.0 73.7 131121 -33 0.45 2025/1 2/08 62.5 572 841 4650 6415 113.45 269.0 125 50 79.0 73.7 130653 -32 0.60 2025/1 2/09 61.9 563 832 4630 6415 108.98 269.0 159 82 79.0 73.7 139789 -28 0.65 2025/1 2/10 62.2 560 832 4605 6345 108.98 272.0 132 27 79.0 73.7 1438 ...