Group 1: Spot Market Data - Newman powder price is 785, with a daily change of 5 and a weekly change of -8; its discount to the futures price is 840.0, and the import profit is -8.75 [1] - PB powder price is 788, with a daily change of 5 and a weekly change of -8; its discount to the futures price is 839.0, and the import profit is -15.93 [1] - Mac powder price is 776, with a daily change of 3 and a weekly change of -9; its discount to the futures price is 847.6, and the import profit is 11.40 [1] - Jinbuba powder price is 741, with a daily change of 5 and a weekly change of -8; its discount to the futures price is 833.4, and the import profit is 15.82 [1] - Mainstream mixed powder price is 725, with a daily change of 4 and a weekly change of -13; its discount to the futures price is 862.8, and the import profit is -2.78 [1] - Super special powder price is 675, with a daily change of 7 and a weekly change of -10; its discount to the futures price is 895.3, and the import profit is -10.89 [1] - Carajás powder price is 870, with a daily change of 5 and a weekly change of -13; its discount to the futures price is 797.8, and the import profit is -22.11 [1] - Brazilian blend price is 819, with a daily change of 5 and a weekly change of -5; its discount to the futures price is 815.8, and the import profit is -7.00 [1] - Brazilian coarse IOC6 price is 758, with a daily change of 5 and a weekly change of -12 [1] - Brazilian coarse SSFG price is 763, with a daily change of 5 and a weekly change of -12 [1] - Ukrainian iron concentrate price is 870, with a daily change of 7 and a weekly change of -15 [1] - 61% Indian powder price is 730, with a daily change of 5 and a weekly change of -8 [1] - Karara iron concentrate price is 872, with a daily change of 7 and a weekly change of -13 [1] - Roy Hill powder price is 775, with a daily change of 5 and a weekly change of -8; its discount to the futures price is 853.0, and the import profit is 20.99 [1] - KUMBA powder price is 847, with a daily change of 5 and a weekly change of -8; its discount to the futures price is 826.4 [1] - 57% Indian powder price is 610, with a daily change of 7 and a weekly change of -10 [1] - Atlas powder price is 720, with a daily change of 4 and a weekly change of -13 [1] - Tangshan iron concentrate price is 983, with no daily change and a weekly change of -25; its discount to the futures price is 870.0 [1] Group 2: Futures Market Data - i2601 contract price is 787.5, with a daily change of 7.5 and a weekly change of -12.0; the monthly spread is -42.5, with a daily change of 10.3 and a weekly change of -2.1 [1] - i2605 contract price is 769.0, with a daily change of 11.5 and a weekly change of -8.0; the monthly spread is 18.5, with a daily change of 28.8 and a weekly change of -6.1 [1] - i2609 contract price is 745.0, with a daily change of 11.5 and a weekly change of -8.0; the monthly spread is 24.0, with a daily change of 52.8 and a weekly change of -6.1 [1] - FE01 contract price is 101.79, with a daily change of -0.27 and a weekly change of -2.11; the monthly spread is -4.57, with a daily change of -32.5 and a weekly change of 4.4 [1] - FE05 contract price is 99.39, with a daily change of -0.19 and a weekly change of -1.86; the monthly spread is 2.40, with a daily change of -35.8 and a weekly change of -0.8 [1] - FE09 contract price is 97.22, with a daily change of -0.18 and a weekly change of -1.87; the monthly spread is 2.17, with a daily change of -42.5 and a weekly change of -1.4 [1]

纯碱产业：中上游库存继续去化；远兴二期投料 玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/12/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/12/3 2025/12/9 2025/12/10 周度变化 日度变化 | | | | | | | 2025/12/3 | | 2025/12/9 2025/12/10 周度变化 日度变化 | | | | 沙河安全 | 1061.0 | 1044.0 | 1002.0 | -59.0 | -42.0 | FG05合约 | 1125.0 | 1076.0 | 1062.0 | -63.0 | -14.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1036.0 | 1010.0 | 984.0 | -52.0 | -26.0 | FG01合约 | 1020.0 | 984.0 | 964.0 | -56 ...

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Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - This week, oil prices fluctuated and closed higher. The G7 and the EU considered banning Russian export maritime services, Ukraine launched attacks on Russian refineries and ports, and CPC exports were blocked, leading to a rebound in absolute prices. Fundamentally, global oil inventories increased, Saudi Aramco lowered the January selling price of Arab Light crude oil to Asia, and US EIA crude oil and refined product inventories increased. The short - term diesel fundamentals are stronger, and attention should be paid to the seasonal regression of the gasoline - diesel price spread. The Brent price range in the fourth quarter is $55 - 65 per barrel, maintaining a high - shorting strategy. In the short term, the valuation deviation is not high, so it can be observed [6]. Group 3: Summary by Relevant Catalog 1. Price Data - From December 3 - 9, 2025, WTI crude oil price decreased by $0.63, BRENT decreased by $0.55, and DUBAI decreased by $0.57. Other related products such as NYMEX RB and HO also had corresponding price changes [3]. - SC decreased by 11.50, OMAN decreased by 0.15, and domestic gasoline and diesel prices also had certain declines [3]. 2. Daily News - US Treasury Secretary discussed sanctions on Russian oil giants Lukoil and Rosneft with the Ukrainian Prime Minister [3]. - A Russian refinery in Samara stopped processing after a drone attack on December 5 [3]. - Russia's November crude oil production was lower than the OPEC+ quota, and sanctions and Ukrainian attacks worsened the export situation [4]. - Brazil's oil regulatory agency expects the country's oil production to peak at 506,000 barrels per day in 2033 [4]. - The EIA raised its price forecasts for Brent and WTI crude oils in 2025 and 2026 [4]. 3. Inventory Data - US API crude oil inventory for the week ending December 5 was - 477.9 million barrels, better than expected [4]. - API gasoline and refined oil inventories also had corresponding changes in the same period [4][5]. - US EIA crude oil, gasoline, and refined oil inventories for the week ending November 28 had different performance compared with expectations, and the domestic crude oil production increased by 0.1 million barrels to 13.815 million barrels per day [5]. - The utilization rate of US EIA refinery equipment for the week ending November 28 was 94.1%, higher than expected [5].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

、隐波指教分位教与波动军价差分位数排名图 1 ↓ 隐波分位数代表当前品种隐波在历史上的水平 • 分位数高代表当前稳波偏高 • 分位数低代表稳波偏低 • 2 • 波动率价差书急疫指数•历史玻 动率。 隐含波动率分位数排名 历史波动率分位数排名 波动率数据日报 永安期货期权总部 更新时间:2025/12/10 一、隐含波动率指数、历史波动率及其价差走势图 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 -300股指 -- 300股指 IV-HV美 IV-HV差 - 50ETF - 50ETF 20 20 IV-HV美 - 1000股指 -- 1000股指 500ETF - 500ETF IV-HV 70 10 20 10 IV-HV美 日报 rtat IV-HV美 low a OSSALS 60 - 豆粕 IV-HV差 直播 IV-HV差 玉米 王米 30 50 20 30 20 40 10 10 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View - No core view explicitly stated in the provided content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.189%, 4.504%, 3.554% respectively. There were various changes in yields over different time periods such as daily, weekly, monthly, and yearly [3]. - **2 - Year Treasury Yields of Major Economies**: On December 9, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.560%, 3.777%, 2.152% respectively. Yields also had different changes over different time intervals [3]. - **US Dollar Exchange Rates against Major Emerging - Market Currencies**: On December 9, 2025, the exchange rates of the US dollar against currencies like the Brazilian real, Russian ruble, etc. were reported. There were percentage changes in these exchange rates over different time periods [3]. - **Renminbi Exchange Rates**: On December 9, 2025, the on - shore, off - shore, and middle - price of the Renminbi were 7.064, 7.061, 7.077 respectively. There were percentage changes in these rates over different time periods [3]. - **Stock Indices of Major Economies**: On December 9, 2025, the closing prices of indices such as the Dow Jones, S&P 500, etc. were reported. There were percentage changes in these indices over different time periods [3]. - **Credit Bond Indices**: On December 9, 2025, the values of emerging - market investment - grade, high - yield, and other credit bond indices were reported. There were percentage changes in these indices over different time periods [3]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, etc. were reported on a certain day. The closing prices were 3909.52, 4598.22, 2997.96 respectively, with percentage changes of - 0.37%, - 0.51%, - 0.71% [4]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, etc. were reported. For example, the PE (TTM) of CSI 300 was 14.03 with a环比 change of - 0.05 [4]. - **Risk Premium**: The risk premiums and their环比 changes of S&P 500, German DAX, etc. were reported. For example, the risk premium of S&P 500 was - 0.51 with a环比 change of - 0.02 [4]. - **Fund Flows**: The latest values and 5 - day average values of fund flows in A - shares, the main board, etc. were reported. For example, the latest value of A - share fund flow was - 1141.62 [4]. - **Trading Volume**: The latest trading volumes and their环比 changes in the Shanghai and Shenzhen stock markets, CSI 300, etc. were reported. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 19039.53 with a环比 change of - 1326.93 [4]. - **Main Contract Premium or Discount**: The basis and percentage of basis of IF, IH, IC were reported. For example, the basis of IF was - 15.02 with a percentage of - 0.33% [4]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices and percentage changes of T00, TF00, T01, TF01 Treasury bond futures were reported. For example, the closing price of T00 was 108.160 with a percentage change of 0.05% [5]. - **Funding Rates**: The R001, R007, SHIBOR - 3M funding rates and their daily changes (in BP) were reported. For example, the R001 rate was 1.3650% with a daily change of - 12.00 BP [5].

焦炭日报 研究中心黑色团队 2025/12/10 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 日照港准一平仓 2021 2022 2023 2024 2025 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 长治出厂价 2021 2022 2023 2024 2025 4500.00 青岛港准一平仓 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2021 2022 2023 2024 2025 230家焦化产能利用率 230家焦炭产量 全样本焦化焦炭库存 以上内容所依据的信息均来源于交 ...

2025/12/10 研究中心黑色团队 焦煤日报 、 | | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1505.00 | 0.00 | 0.00 | -140.00 | 0.60% Peak Downs | 222.00 | 0.00 | 6.50 | 10.50 | 5.00 | | 原煤口岸库提价 | 960.00 | -10.00 | -40.00 | -151.00 | -4.00% Goonyella | 221.00 | 0.00 | 6.50 | 9.50 | 4.00 | | 沙河驿蒙5# | 1420.00 | 0.00 | 0.00 | -130.00 | -7.79% 盘面05 | 1084.00 | -23.00 | -77.50 | -205.00 | -11.37% | | 安泽主焦 | 1500.00 | 0.00 | -80.00 | -160.00 ...

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - Copper: Maintain a bullish stance on dips, with expected price range of $10,800 - $12,000 in December [1] - Aluminum: Positive outlook due to overseas rate - cut expectations, with supply - demand expected to be loose in early 2026 and then tighten [1] - Zinc: Suggest a wait - and - see approach for single - side trading, focus on reverse arbitrage opportunities between domestic and overseas markets, and positive arbitrage opportunities for the 01 - 03 spread [7] - Nickel: Given the short - term weak fundamentals, pay attention to short - selling opportunities on rallies [8][9] - Stainless Steel: With a weak fundamental outlook, pay attention to short - selling opportunities on rallies [12] - Lead: Expect prices to oscillate between $17,100 - $17,600 next week, and be cautious due to low - warehouse receipt risks [14] - Tin: High - level oscillation is likely in the short term, and it can be a long - position allocation in the first half of 2026 [17] - Industrial Silicon: Prices are expected to oscillate in December and move in a cyclical bottom - oscillation pattern in the long term [19] - Lithium Carbonate: Short - term supply - demand is strong. The upside potential depends on inventory reduction, speculative demand, and stronger holding intentions [21] Summary by Metal Copper - **Price and Spread**: LME cash - 3m spread rose significantly, and copper prices exceeded $11,000. The structural supply - demand gap persists, and inventory is unevenly distributed globally [1] - **Domestic Situation**: High prices have curbed actual consumption, with a slight inventory build - up expected until the Spring Festival. The monthly spread and import profit window are restricted [1] - **Outlook**: Pay attention to the FOMC meeting in December. Maintain a bullish stance on dips, with expected price range of $10,800 - $12,000 [1] Aluminum - **Price and Inventory**: Prices increased, and the spot basis declined. Aluminum ingot inventory remained flat, while aluminum products continued to reduce inventory [1] - **Supply - Demand**: Overseas rate - cut expectations are positive. Supply is expected to be loose in early 2026 and then tighten [1] Zinc - **Price and Spread**: Zinc prices rose, and the LME zinc 0 - 3M premium declined. The spot premium in the domestic market increased [5][6][7] - **Supply**: Domestic and imported TC are declining rapidly. Some smelters are under maintenance in December, with an expected output reduction of 15,000 - 18,000 tons [7] - **Demand**: Domestic demand is seasonally weak, while US zinc imports have increased recently. The export window is opening [7] - **Strategy**: Wait - and - see for single - side trading, focus on reverse arbitrage and 01 - 03 positive arbitrage opportunities [7] Nickel - **Price and Inventory**: Prices were relatively stable, and both domestic and overseas inventories increased [8] - **Supply - Demand**: Supply is slightly reduced, demand is weak, and the Jinchuan premium is strong [8] - **Strategy**: Pay attention to short - selling opportunities on rallies due to short - term weak fundamentals [8][9] Stainless Steel - **Price and Inventory**: Prices were mostly stable, and inventory remained at a high level [12] - **Supply - Demand**: Supply is high, demand is mainly for rigid needs, and costs are relatively stable [12] - **Strategy**: Pay attention to short - selling opportunities on rallies due to weak fundamentals [12] Lead - **Price and Spread**: Prices rebounded. The refined - scrap spread returned to - 50 [13][14] - **Supply**: Primary lead production is high, and secondary lead production has recovered, alleviating the supply shortage [14] - **Demand**: Battery production is stable, and demand is expected to weaken [14] - **Strategy**: Prices are expected to oscillate between $17,100 - $17,600 next week. Be cautious due to low - warehouse receipt risks [14] Tin - **Price and Inventory**: Prices increased, and LME inventory decreased [17] - **Supply**: Mining processing fees are low, and overseas production recovery is slow. However, high prices stimulate inventory exports [17] - **Demand**: Demand is mainly for rigid needs, and downstream acceptance of prices has increased [17] - **Strategy**: High - level oscillation is likely in the short term, and it can be a long - position allocation in the first half of 2026 [17] Industrial Silicon - **Price and Inventory**: Prices oscillated weakly, and inventory was stable [19] - **Supply - Demand**: Southwest production is reducing to support prices, and supply - demand is balanced in December. In the long term, over - capacity persists [19] Lithium Carbonate - **Price and Inventory**: Prices declined, and inventory is high in the intermediate and battery raw material links [21] - **Supply - Demand**: Supply and demand are both strong in the short term. The de - stocking scale is expected to be 5,000 - 6,000 tons if Ningde resumes production in December [21] - **Outlook**: The upside potential depends on inventory reduction, speculative demand, and stronger holding intentions [21]