有色早报 研究中心有色团队 2025/12/08 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/12/01 100 3573 115035 31495 -1332.99 -112.30 31.0 47.0 69.10 159425 6475 2025/12/02 120 3264 115035 30568 -1557.87 -95.77 38.0 48.0 69.18 161800 6300 2025/12/03 155 3604 115035 28969 -1649.33 -113.35 38.0 48.0 88.38 162150 56875 2025/12/04 220 4473 115035 32139 -1611.35 -281.23 38.0 48.0 50.44 162825 64325 2025/12/05 210 4659 115035 30936 -860.77 -63.25 38.0 46.0 23.05 162550 6385 ...

铁合金早报 | | | | | | | | | | 2025/12/8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5474 | -72 | 84 | | | 内蒙#72 | 5170 | 0 | 50 | 5520 | 01合约 | 5402 | -66 | 26 | | 产区汇总价 | 青海#72 | 5150 | 0 | 0 | 5480 | 05合约 | 5436 | -70 | 90 | | | 陕西#72 | 5080 | 0 | 0 | 5380 | 09合约 | 5496 | -66 | 72 | | | 陕西#75 | 5600 | -50 | -100 | | 主力月基差 | -74 | 72 | -84 | | 硅铁合格块 | 江苏#72 ...

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - This week, the high - sulfur crack in Singapore fluctuated, the monthly spread ran at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday. The European HSFO crack fluctuated weakly and the EW spread fluctuated. The 0.5% crack in Singapore weakened, the monthly spread and basis fluctuated at a low level. In terms of inventory, Singapore residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA residue oil had a slight inventory build - up, Fujairah residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA residue oil had a slight inventory build - up. With the increasing expectation of Russia - Ukraine peace talks, the crack spreads of gasoline and diesel in the external market continued to fall this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the Al Zour refinery shut - down due to a fire on October 21st, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. The global heavy - oil market entered the off - season with inventory build - up, the external crack spreads were affected by crude oil price 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 [5][6]. Group 3: Data Summary Rotterdam Fuel Oil Swap Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 352.55 | 348.23 | 348.42 | 347.85 | 348.81 | 0.96 | | Rotterdam 0.5% VLS FO swap M1 | 394.14 | 390.52 | 390.01 | 388.30 | 391.67 | 3.37 | | Rotterdam HSFO - Brent M1 | - 7.12 | - 7.51 | - 7.90 | - 8.06 | - 8.45 | - 0.39 | | Rotterdam 10ppm Gasoil swap M1 | 645.54 | 645.64 | 632.71 | 632.46 | 648.64 | 16.18 | | Rotterdam VLSFO - Gasoil M1 | - 251.40 | - 255.12 | - 242.70 | - 244.16 | - 256.97 | - 12.81 | | LGO - Brent M1 | 25.52 | 26.31 | 24.34 | 23.85 | 25.44 | 1.59 | | Rotterdam VLSFO - HSFO M1 | 41.59 | 42.29 | 41.59 | 40.45 | 42.86 | 2.41 | [3] Singapore Fuel Oil Swap Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 350.01 | 349.17 | 345.72 | 343.12 | 349.04 | 5.92 | | Singapore 180cst M1 | 358.26 | 356.17 | 350.42 | 350.87 | 355.79 | 4.92 | | Singapore VLSFO M1 | 425.66 | 424.47 | 419.63 | 418.98 | 421.83 | 2.85 | | Singapore Gasoil M1 | 85.73 | 84.91 | 83.93 | 83.91 | 84.31 | 0.40 | | Singapore 380cst - Brent M1 | - 7.95 | - 7.76 | - 7.87 | - 8.37 | - 7.76 | 0.61 | | Singapore VLSFO - Gasoil M1 | - 208.74 | - 203.86 | - 201.45 | - 201.95 | - 202.06 | - 0.11 | [3] Singapore Fuel Oil Spot Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 338.62 | 337.62 | 334.01 | 334.75 | - | - | | FOB VLSFO | 425.18 | 423.98 | 418.67 | 418.44 | - | - | | 380 basis | - 7.00 | - 8.10 | - 7.15 | - 5.70 | - | - | | High - sulfur domestic - foreign price difference | 6.1 | - 1.2 | - 2.1 | 0.7 | 0.4 | - 0.3 | | Low - sulfur domestic - foreign price difference | 1.2 | 1.0 | 2.8 | 2.8 | 5.1 | 2.3 | [4] Domestic FU Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2495 | 2469 | 2437 | 2442 | 2455 | 13 | | FU 05 | 2552 | 2532 | 2499 | 2505 | 2525 | 20 | | FU 09 | 2527 | 2504 | 2468 | 2476 | 2490 | 14 | | FU 01 - 05 | - 57 | - 63 | - 62 | - 63 | - 70 | - 7 | | FU 05 - 09 | 25 | 28 | 31 | 29 | 35 | 6 | | FU 09 - 01 | 32 | 35 | 31 | 34 | 35 | 1 | [4] Domestic LU Data | Type | 2025/12/01 | 2025/12/02 | 2025/12/03 | 2025/12/04 | 2025/12/05 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3049 | 3030 | 3010 | 3009 | 3018 | 9 | | LU 05 | 3068 | 3053 | 3021 | 3029 | 3037 | 8 | | LU 09 | 3095 | 3086 | 3060 | 3062 | 3062 | 0 | | LU 01 - 05 | - 19 | - 23 | - 11 | - 20 | - 19 | 1 | | LU 05 - 09 | - 27 | - 33 | - 39 | - 33 | - 25 | 8 | | LU 09 - 01 | 46 | 56 | 50 | 53 | 44 | - 9 | [5]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: December 8, 2025 [1] Report Industry Investment Rating - Not provided Core Viewpoints - Not provided Summary by Relevant Catalogs Price Information - The latest price of Liulin Main Coking Coal is 1505.00, with no daily change, no weekly change, a monthly decrease of 140.00, and an annual increase of 0.60% [2] - The latest price of Peak Downs is 222.00, with no daily change, a weekly increase of 7.00, a monthly increase of 10.50, and an annual increase of 5.00 [2] - The latest price of Raw Coal Port Delivery Price is 988.00, with a daily increase of 1.00, a weekly increase of 14.00, a monthly decrease of 173.00, and an annual decrease of 1.69% [2] - The latest price of Goonyella is 221.00, with no daily change, a weekly increase of 7.00, a monthly increase of 9.50, and an annual increase of 4.00 [2] - The latest price of Shaheyi Meng 5 is 1420.00, with no daily change, a weekly decrease of 80.00, a monthly decrease of 130.00, and an annual decrease of 7.79% [2] - The latest price of Anze Main Coking Coal is 1500.00, with no daily change, a weekly decrease of 80.00, a monthly decrease of 160.00, and an annual decrease of 3.85% [2] - The latest price of Futures Contract 05 is 1165.00, with a daily decrease of 2.00, a weekly increase of 1.00, a monthly decrease of 160.50, and an annual decrease of 7.21% [2] - The latest price of Futures Contract 09 is 1226.00, with a daily decrease of 10.50, a weekly decrease of 9.00, a monthly decrease of 150.50, and an annual decrease of 7.05% [2] - The latest price of Futures Contract 01 is 1079.50, with a daily increase of 4.50, a weekly increase of 3.00, a monthly decrease of 199.00, and an annual decrease of 9.36% [2] Inventory Information - The total inventory is 3539.71, with a weekly increase of 81.45, a monthly increase of 178.19, and an annual decrease of 13.91% [2] - The coal mine inventory is 247.01, with a weekly increase of 23.09, a monthly increase of 81.42, and an annual decrease of 23.72% [2] - The port inventory is 294.50, with a weekly increase of 3.00, a monthly increase of 4.35, and an annual decrease of 35.82% [2] - The steel mill coking coal inventory is 801.30, with a weekly increase of 4.22, a monthly increase of 4.98, and an annual increase of 7.68% [2] - The coking plant coking coal inventory is 1010.30, with a weekly decrease of 27.89, a monthly decrease of 42.18, and an annual increase of 3.90% [2] Other Information - The coking capacity utilization rate is 73.84, with a weekly increase of 0.89, a monthly increase of 1.53, and an annual decrease of 0.07% [2] - The coking plant coke inventory is 85.97, with a weekly increase of 0.55, a monthly increase of 0.98, and an annual decrease of 0.81% [2] - The 05 basis is -104.31, with a daily decrease of 20.99, a weekly decrease of 23.99, a monthly decrease of 142.95, and an annual increase of 27.28 [2] - The 09 basis is -165.31, with a daily decrease of 12.49, a weekly decrease of 13.99, a monthly decrease of 152.95, and an annual decrease of 0.15 [2] - The 01 basis is -18.81, with a daily decrease of 27.49, a weekly decrease of 25.99, a monthly decrease of 104.45, and an annual decrease of 0.72 [2] - The 5 - 9 spread is -61.00, with a daily increase of 8.50, a weekly increase of 10.00, a monthly decrease of 10.00, and an annual decrease of 0.04 [2] - The 9 - 1 spread is 146.50, with a daily decrease of 15.00, a weekly decrease of 12.00, a monthly increase of 48.50, and an annual increase of 0.14 [2] - The 1 - 5 spread is -85.50, with a daily increase of 6.50, a weekly increase of 2.00, a monthly decrease of 38.50, and an annual increase of 0.33 [2]

、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。 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 796.0 -7.0 -25.0 -19.0 -24.0 25省终端可用天数 23.3 -1.0 3.4 2.4 5.7 秦皇岛5000 697.0 -6.0 -24.0 -26.0 -28.0 25省终端供煤 555.7 4.0 -52.9 -84.4 -67.2 广州港5500 855.0 0.0 -5.0 0.0 -40.0 北方港库存 2652.0 11.0 126.0 434.0 30.4 鄂尔多斯5500 550.0 -5.0 -35.0 -10.0 -60.0 北方锚地船舶 60.0 -3.0 -9.0 -34.0 14.0 大同5500 600.0 -5.0 -35.0 -10.0 -70.0 北方港调入量 176.7 4.1 5.7 9.4 6.3 榆林6000 732.0 0.0 0.0 20.0 -90.0 北方港吞吐量 137.7 -1.6 -16.3 -31.8 -38.6 榆林6200 760 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - No information provided Group 3: Summary of Spot Market - Newman powder price is 784, down 6 daily and 6 weekly, with a discounted futures price of 839.0, a premium of 101.55, down 0.55 daily and up 0.90 weekly, and an import profit of - 19.00 [1] - PB powder price is 787, down 6 daily and 6 weekly, with a discounted futures price of 834.9, a premium of 107.35, down 0.50 daily and up 1.25 weekly, and an import profit of - 23.63 [1] - Mac powder price is 775, down 8 daily and 6 weekly, with a discounted futures price of 846.5, a premium of 100.40, down 0.65 daily and up 0.25 weekly, and an import profit of 4.78 [1] - Jinbuba powder price is 740, down 6 daily and 6 weekly, with a discounted futures price of 832.3, a premium of 94.55, down 0.85 daily and up 0.20 weekly, and an import profit of 7.34 [1] - Mainstream mixed powder price is 732, unchanged daily and up 2 weekly, with a discounted futures price of 861.4, a premium of 95.65, down 0.50 daily and down 0.15 weekly, and an import profit of - 4.32 [1] - Super special powder price is 675, down 7 daily and 8 weekly, with a discounted futures price of 889.3, a premium of 91.45, down 0.60 daily and down 0.65 weekly, and an import profit of - 20.01 [1] - Carajás powder price is 870, down 7 daily and 11 weekly, with a discounted futures price of 813.1, a premium of 118.65, down 0.55 daily and up 1.05 weekly, and an import profit of - 32.28 [1] - Brazilian mixed powder price is 820, down 1 daily and 8 weekly, with a discounted futures price of 835.2, a premium of 110.00, down 0.45 daily and up 1.20 weekly, and an import profit of - 13.89 [1] - Brazilian coarse IOC6 powder price is 757, down 6 daily and 13 weekly [1] - Brazilian coarse SSFG powder price is 762, down 6 daily and 13 weekly [1] - Ukrainian concentrate price is 875, down 5 daily and 5 weekly, with a discounted futures price of 970.1 [1] - 61% Indian powder price is 729, down 6 daily and 6 weekly [1] - Karara concentrate price is 875, down 5 daily and 5 weekly, with a discounted futures price of 895.1 [1] - Roy Hill powder price is 774, down 6 daily and 6 weekly, with a discounted futures price of 851.9, a premium of 100.65, down 0.50 daily and up 1.00 weekly, and an import profit of 8.95 [1] - KUMBA powder price is 846, down 6 daily and 6 weekly, with a discounted futures price of 837.4 [1] - 57% Indian powder price is 610, down 7 daily and 8 weekly [1] - Atlas powder price is 727, unchanged daily and up 2 weekly [1] - Tangshan iron concentrate price is 1002, down 6 daily and 12 weekly, with a discounted futures price of 889.0 [1] Group 4: Summary of Futures Market - i2601 contract price is 785.5, down 9.0 daily and 8.5 weekly, with an inter - monthly spread of - 41.5, a basis of 27.6, up 1.3 daily and down 3.5 weekly [1] - i2605 contract price is 769.0, down 8.0 daily and up 1.0 weekly, with an inter - monthly spread of 16.5, a basis of 44.1, up 0.3 daily and down 13.0 weekly [1] - i2609 contract price is 744.0, down 9.0 daily and up 0.5 weekly, with an inter - monthly spread of 25.0, a basis of 69.1, up 1.3 daily and down 12.5 weekly [1] - FE01 contract price is 104.26, up 0.06 daily and 0.87 weekly, with an inter - monthly spread of - 5.02, a basis of - 38.6, down 6.4 daily and 10.8 weekly [1] - FE05 contract price is 101.54, up 0.09 daily and 0.91 weekly, with an inter - monthly spread of 2.72, a basis of - 34.4, down 1.6 daily and 2.2 weekly [1] - FE09 contract price is 99.24, up 0.09 daily and 0.85 weekly, with an inter - monthly spread of 2.30, a basis of - 40.0, down 1.6 daily and 0.7 weekly [1]

农产品早报 | | | | | | | | | | 研究中心农产品团队 2025/12/08 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/12/01 | 2120 | 2240 | 2210 | 2440 | 4 | 45 | 252 | 2700 | 2850 | 163 | -47 | | 2025/12/02 | 2120 | 2240 | 2210 | 2430 | -3 | 35 | 249 | 2700 | 2850 | 159 | -47 | | 2025/12/03 | 2120 | 2250 | 2210 | 2450 | -9 | 50 | 247 | 2700 | 2820 | 143 | -67 | | 2025/12/04 | 2120 | 22 ...

Report Industry Investment Rating - Not provided Core Viewpoints -民间出口商报告向中国出口销售462,000吨大豆，2025/2026市场年度付运 [1] - USDA预计美国2026/27年度农民将扩大大豆种植面积，从8,110万英亩扩大至8,500万英亩，期末库存为3.14亿蒲式耳 [1] - 分析师预估截至11月6日当周，美国2025/26年度大豆出口销售料净增450,000 - 1,600,000吨，豆粕出口销售料净增50,000 - 400,000吨，豆油出口销售料净增5,000 - 25,000吨 [1] - 咨询公司Patria称巴西2025/26年度大豆作物播种接近尾声，约91%的农田已完成，预计产量为1.7189亿吨 [1] - MPOA数据显示马来西亚11月毛棕榈油产量环比下降4.38%，降幅大于预期，2025年全年产量目标为1986 - 1996万吨 [1] Summary by Related Catalogs Overnight Market Information - 民间出口商向中国出口销售462,000吨大豆，2025/2026市场年度付运 [1] - USDA预计美国2026/27年度扩大大豆种植面积，从8,110万英亩扩至8,500万英亩，期末库存3.14亿蒲式耳 [1] - 分析师预估截至11月6日当周美国大豆、豆粕、豆油出口销售净增量 [1] - Patria称巴西2025/26年度大豆播种接近尾声，约91%完成，预计产量1.7189亿吨 [1] - MPOA数据显示马来西亚11月毛棕榈油产量环比降4.38%，降幅大于预期，2025年产量目标1986 - 1996万吨 [1] Spot Prices - 展示了2025年12月1 - 5日豆粕江苏、菜粕广东、豆油江苏、棕榈油广州、菜油江苏的现货价格 [2] Protein Meal Basis - Not provided Fat Basis - Not provided Fat and Oil Futures Spread - Not provided

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 8, 2025 [3] - Data Sources: Mysteel, Wind [8] Core Data Summary BR Futures - On December 5th, the closing price of the BR12 contract was 10,410, down 45 from the previous trading day and up 100 week - on - week [4] - The open interest was 30,197, down 1,872 from the previous day and down 18,607 week - on - week [4] - The trading volume was 65,443, down 26,058 from the previous day and down 58,373 week - on - week [4] - The number of warehouse receipts was 13,320, down 100 from the previous day and down 2,520 week - on - week [4] - The long - short ratio was 11.34, down 1 from the previous day and down 4 week - on - week [4] Basis and Spread - The basis of BR was 40 on December 5th, up 45 from the previous day and down 50 week - on - week [4] - The difference between BR12 and BR01 was - 32, up 40 from the previous day and up 60 week - on - week [4] - The difference between BR01 and BR02 was - 25, down 30 from the previous day and down 25 week - on - week [4] - The difference between RU and BR was 4,655, up 70 from the previous day and down 285 week - on - week [4] - The difference between NR and BR was 1,635, up 120 from the previous day and down 225 week - on - week [4] Spot Prices - The Shandong market price of BR was 10,450 on December 5th, unchanged from the previous day and up 50 week - on - week [4] - The Chuanhua market price was 10,400, unchanged from the previous day and up 150 week - on - week [4] - The Qilu ex - factory price was 10,600, unchanged from the previous day and up 200 week - on - week [4] - CFR Northeast Asia was 1,300, unchanged from the previous day and down 25 week - on - week [4] - CFR Southeast Asia was 1,575, unchanged from the previous day and down 25 week - on - week [4] Profits - The spot processing profit of BR was 906, unchanged from the previous day and up 101 week - on - week [4] - The import profit was - 442, unchanged from the previous day and up 250 week - on - week [4] - The export profit was 1,401, unchanged from the previous day and down 220 week - on - week [4] Other Products - For other products, the report also provides data on prices, basis, spreads, and profits, including styrene - butadiene rubber, ABS, SBS, etc [4]

废钢早报 研究中心黑色团队 2025/12/08 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/01 | 2189 | 2262 | 2016 | 2224 | 2225 | 2089 | | 2025/12/02 | 2191 | 2263 | 2022 | 2229 | 2225 | 2089 | | 2025/12/03 | 2192 | 2264 | 2032 | 2231 | 2225 | 2090 | | 2025/12/04 | 2192 | 2264 | 2035 | 2231 | 2223 | 2092 | | 2025/12/05 | 2194 | 2263 | 2037 | 2231 | 2223 | 2093 | | 环比 | 2 | -1 | 2 | 0 | 0 | 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，研究方法专业审慎，分析结 ...