Report Information - Report Date: December 10, 2025 [1] - Report Type: Ferroalloy Morning Report Core Insights - The report presents the latest prices, price changes, and related data of ferroalloys such as ferrosilicon and ferromanganese, including spot prices, futures prices, basis, and spreads, to provide a comprehensive view of the ferroalloy market [2]. Summary by Category 1. Price - **Ferrosilicon**: Different regions have varying spot prices, with the latest prices for 72% ferrosilicon in Ningxia at 5100, Inner Mongolia at 5120, and Qinghai at 5150. Futures prices also show differences among different contracts, and there are changes in basis and spreads [2]. - **Ferromanganese**: The latest factory - ex prices for 6517 ferromanganese in Inner Mongolia, Ningxia, and other regions are 5510, 5490, etc. Futures prices and related basis and spreads also have specific values and changes [2]. 2. Supply - **Ferrosilicon**: The production volume and capacity utilization of 136 ferrosilicon enterprises in China are presented, and there are also data on production in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - **Ferromanganese**: The weekly production volume of ferromanganese in China is provided, along with procurement prices and quantities from Hebei Iron and Steel Group [6]. 3. Demand - **Ferrosilicon**: The demand is related to industries such as steelmaking and metal magnesium production. Data on the production of crude steel, stainless - steel crude steel, and metal magnesium are presented, which can reflect the demand for ferrosilicon [4]. - **Ferromanganese**: The demand for ferromanganese in China is shown, and it is also related to the steel industry, with data on crude steel production and ferromanganese procurement by Hebei Iron and Steel Group [6][7]. 4. Inventory - **Ferrosilicon**: The inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi, as well as warehouse receipt data and effective forecasts, are provided [5]. - **Ferromanganese**: The inventory data of 63 sample enterprises in China, warehouse receipt data, and effective forecasts are presented, along with the inventory average available days in China [7]. 5. Cost and Profit - **Ferrosilicon**: The cost is related to electricity prices and raw material prices such as semi - coke. Profit data include production profit, export profit, and profit after converting to the main futures contract in regions like Ningxia and Inner Mongolia [5]. - **Ferromanganese**: The profit data in different regions such as Inner Mongolia, Guangxi, the northern and southern regions are presented, along with the profit after converting to the main futures contract in Guangxi and Ningxia [7].

Group 1: Price Performance - London Gold's latest price is $4198.00 with a change of $9.75 [1] - London Silver's latest price is $58.63 with a change of $0.25 [1] - London Platinum's latest price is $1650.00 with a change of $5.00 [1] - London Palladium's latest price is $1480.00 with a change of $21.00 [1] - LME Copper's latest price is $11469.50 with a change of -$239.00 [1] - The latest Dollar Index is 99.24 with a change of 0.14 [1][13] - The latest Euro to US Dollar exchange rate is 1.16 with a change of -0.00 [1] - The latest British Pound to US Dollar exchange rate is 1.33 with a change of -0.00 [1] - The latest US Dollar to Japanese Yen exchange rate is 156.89 with a change of 0.96 [1][13] Group 2: Trading Data - The latest inventory of SHFE Silver is 717.79 with a change of 18.50 [2] - The latest Gold ETF holding is 1047.97 with a change of -1.14 [2] - The latest deferred fee payment direction of SGE Silver is 1 with a change of 0.00 [2] - The latest deferred fee payment direction of SGE Gold is 2 with a change of 0.00 [2]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/10 | | | 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 | | 2025/12/03 | 3210 | 3320 | 3300 | 3310 | 3560 | 3440 | | 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 | | 变化 | -30 | -20 | 0 | 0 | -10 | -30 | | 日期 | 天津热卷 | ...

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | | 昨日收盘价 | 涨跌 | 基 | 昨日成交量 | | 昨日持会 | 持仓变动 | | | EC2512 EC2602 | | 1664.7 1619.8 | -0.31% 0.28% | -155.6 -110.7 | 451 19042 | | 3283 30/13 | -111 -753 | | | EC2604 | | 1073.6 | -0.38% | 435.5 | 2762 | | 19378 | -235 | | | EC2606 | | 1219.1 | 0.15% | 290.0 | 444 | | 2335 | 133 | | 期货 | EC2608 | | 1379.9 | 1.76% | 129.2 | 138 | | 1574 | -24 | | | EC2610 | | 1019.3 | -0.87% | 489.8 | 308 | | 4201 ...

废钢早报 日期 华东 华北 中部 华南 东北 西南 2025/12/03 2192 2264 2032 2231 2225 2090 2025/12/04 2192 2264 2035 2231 2223 2092 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，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权，不得随意转 载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力 造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担 任何责任。 2025/12/05 219 ...

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，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 免责声明: LPG早报 研究中心能化团队 2025/12/10 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/12/03 4530 4411 4480 583 530 501 4480 71 ...

s 加安期货 沥青早报 | | 指示 | 11/7 | 12/3 | 12/5 | 12/8 | 12/9 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 12 | 78 | 42 | 51 | -2863 | -2914 | - | | | 华东基差(镇江库) | 142 | 88 | 92 | 81 | -2943 | -3024 | 1. | | | 华南县差(佛山库) | 182 | 18 | -18 | ﮯ | -2943 | -2944 | - | | | 12-01 | 4 | -25 | -26 | -22 | -21 | | | | | 12-03 | -38 | -52 | -51 | -62 | -56 | 6 | | | | 01-02 | -16 | -9 | -11 | -18 | -15 | 3 | | | 4:11:1 | BU主力合约(01) | 3048 | 2952 | 2948 | 2959 | 2943 | -16 | | | ...

蛋 白 粕 基 差 ： 油 脂 基 差 ： 油 脂 油 料 盘 面 价 差 ： 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，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承担期货交 易后果，凡据此入市者，我公司不承担任何责任。未经公司授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全 部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2025/12/03 | 3020 | ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 10, 2025 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 92,220, LME price is not given, and the three - month price in China is 91,170 with an LME price of 11,470 and a ratio of 8.00. Spot import and export profit data are not provided [1] - **Zinc**: Spot price in China is 23,190, LME price is 3,264 with a ratio of 7.10. Three - month price in China is 23,080, LME price is 3,102 with a ratio of 5.54. Spot import equilibrium ratio is 8.43, and the profit is - 4,325.31 [1] - **Aluminum**: Spot price in China is 21,880, LME price is 2,826 with a ratio of 7.75. Three - month price in China is 21,825, LME price is 2,858 with a ratio of 7.64. Spot import equilibrium ratio is 8.31, and the profit is - 1,606.98 [1] - **Nickel**: Spot price in China is 120,300, LME price is 14,620 with a ratio of 8.23. Spot import equilibrium ratio is 8.12, and the profit is - 942.40 [1] - **Lead**: Spot price in China is 17,150, LME price is 1,942 with a ratio of 8.80. Three - month price in China is 17,165, LME price is 1,992 with a ratio of 11.59. Spot import equilibrium ratio is 8.67, and the profit is 251.19 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 1,860, - 1,780, - 1,750, and - 1,850 respectively, while the theoretical spreads are 567, 1,032, 1,505, and 1,979 [4] - **Zinc**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 200, - 190, - 175, and - 175 respectively, while the theoretical spreads are 219, 345, 470, and 595 [4] - **Aluminum**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 475, - 425, - 380, and - 340 respectively, while the theoretical spreads are 222, 346, 469, and 592 [4] - **Lead**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 115, - 120, - 120, and - 135 respectively, while the theoretical spreads are 211, 319, 426, and 534 [4] - **Nickel**: The spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract are - 380, - 110, 20, and 260 respectively [4] - **Tin**: The 5 - 1 spread is 890, and the theoretical spread is 6,436 [4] Cross - Variety Arbitrage Tracking - **Domestic (Shanghai)**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.95, 4.18, 5.31, 0.95, 1.27, and 0.74 respectively [5] - **LME**: The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc are 3.72, 4.02, 5.81, 0.92, 1.44, and 0.64 respectively [5] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are 785 and - 1,075 respectively, while the theoretical spreads are 278 and 516 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 80 and - 120 respectively, and the theoretical spreads are 75 and 210 (also 150 and 212 in another record) [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 135 and 20 respectively, and the theoretical spreads are 115 and 229 [5]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Not provided in the given content 3) Summary by Relevant Catalog a. Spot Market - **Australian mainstream ores**: Newman powder price is 780 with a daily change of 0 and a weekly change of -14; PB powder price is 783, daily change 0, weekly change -14; Mac powder price is 773, daily change 0, weekly change -13; Jinbuba powder price is 736, daily change 0, weekly change -14; Mixed powder price is 721, daily change -6, weekly change -15; Super special powder price is 668, daily change 0, weekly change -22; Roy Hill powder price is 770, daily change 0, weekly change -14 [1] - **Brazilian mainstream ores**: Bahun price is 814, daily change 0, weekly change -14; Bacu IOC6 price is 753, daily change 0, weekly change -21; Bacu SSFG price is 758, daily change 0, weekly change -21 [1] - **Other ores**: Ukrainian concentrate price is 863, daily change -2, weekly change -25; 61% Indian powder price is 725, daily change 0, weekly change -14; Karara concentrate price is 865, daily change 0, weekly change -23; KUMBA powder price is 842, daily change 0, weekly change -14; 57% Indian powder price is 603, daily change 0, weekly change -22; Atlas powder price is 716, daily change -6, weekly change -15; Tangshan iron concentrate price is 983, daily change -13, weekly change -30 [1] b. Futures Market - **DCE contracts**: i2601 price is 780.0, daily change 1.5, weekly change -20.5; i2605 price is 757.5, daily change -3.0, weekly change -18.0; i2609 price is 733.5, daily change -3.5, weekly change -18.0 [1] - **SGX contracts**: FE01 price is 102.06, daily change -1.33, weekly change -1.51; FE05 price is 99.58, daily change -1.15, weekly change -1.48; FE09 price is 97.40, daily change -1.10, weekly change -1.48 [1]