| 天 然 橡 胶 | | & | 2 0 号 胶 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 美金泰标 | 美金泰混 | 人民币混 | 上海全乳 | 上海3L | | | | 泰国胶水 泰国杯胶 云南胶水 海南胶水 顺丁橡胶 RU主力 | | | NR主力 | | | 现货 | 现货 | 合胶 | | | | | | | | | | | 2025/11/0 5 | 1800 | 1780 | 14360 | 14150 | 14950 | 56.3 | 51.4 | 13700 | 16000 | 10250 | 14850 | 11935 | | 2025/11/0 6 | 1820 | 1810 | 14560 | 14345 | 15000 | 56.3 | 51.2 | 13700 | 16000 | 10350 | 15045 | 12130 | | 2025/11/0 7 | 1810 | 1800 | 14520 | 1429 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 12, 2025 [1][3][4]. 3. Summary by Related Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 86,750, LME price is 10,788, with a ratio of 8.02; March domestic price is 86,720, LME price is 10,809, ratio 8.02. Spot import equilibrium ratio is 8.08, profit is - 502.58, and spot export profit is 118.66 [1]. - **Zinc**: Spot domestic price is 22,660, LME price is 3,188, ratio 7.11; March domestic price is 22,705, LME price is 3,071, ratio 5.68. Spot import equilibrium ratio is 8.50, profit is - 4438.29 [1]. - **Aluminum**: Spot domestic price is 21,620, LME price is 2,853, ratio 7.58; March domestic price is 21,665, LME price is 2,877, ratio 7.54. Spot import equilibrium ratio is 8.33, profit is - 2136.61 [1]. - **Nickel**: Spot domestic price is 122,950, LME price is 14,874, ratio 8.27. Spot import equilibrium ratio is 8.18, profit is - 1805.20 [1]. - **Lead**: Spot domestic price is 17,300, LME price is 2,030, ratio 8.52; March domestic price is 17,450, LME price is 2,051, ratio 11.06. Spot import equilibrium ratio is 8.72, profit is - 399.90 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month are 150, 240, 210, 210 respectively, while the theoretical spreads are 534, 967, 1408, 1850 [4]. - **Zinc**: The spreads are 60, 90, 115, 110, and the theoretical spreads are 216, 338, 460, 582 [4]. - **Aluminum**: The spreads are - 35, 15, 20, 30, and the theoretical spreads are 219, 340, 460, 580 [4]. - **Lead**: The spreads are 35, 45, 55, 40, and the theoretical spreads are 212, 320, 428, 536 [4]. - **Nickel**: The spreads are 220, 370, 580, 800 [4]. - **Tin**: The 5 - 1 spread is - 980, and the theoretical spread is 5957 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot are - 235, - 85, and the theoretical spreads are 93, 594 [4]. - **Zinc**: The spreads are - 45, 15, and the theoretical spreads are 85, 217 [4]. - **Lead**: The spreads are 105, 140, and the theoretical spreads are 103, 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.82, 4.00, 4.97, 0.95, 1.24, 0.77, and in London (three - continuous) are 3.53, 3.77, 5.25, 0.94, 1.39, 0.67 [5].

废钢早报 研究中心黑色团队 2025/11/12 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/11/05 | 2220 | 2281 | 2046 | 2213 | 2241 | 2100 | | 2025/11/06 | 2217 | 2279 | 2038 | 2206 | 2233 | 2099 | | 2025/11/07 | 2216 | 2277 | 2038 | 2206 | 2225 | 2099 | | 2025/11/10 | 2209 | 2277 | 2034 | 2206 | 2222 | 2096 | | 2025/11/11 | 2208 | 2278 | 2037 | 2208 | 2220 | 2097 | | 环比 | -1 | 1 | 3 | 2 | -2 | 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 ...

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 823.0 3.0 39.0 103.0 -32.0 25省终端可用天数 25.8 -0.4 5.9 4.9 8.2 秦皇岛5000 731.0 3.0 40.0 101.0 -24.0 25省终端供煤 527.7 1.2 -80.9 -112.4 -95.2 广州港5500 865.0 0.0 50.0 90.0 -45.0 北方港库存 2256.0 2.0 58.0 -44.0 -241.6 鄂尔多斯5500 595.0 0.0 35.0 110.0 -35.0 北方锚地船舶 142.0 14.0 69.0 32.0 102.0 大同5500 645.0 0.0 35.0 110.0 -65.0 北方港调入量 175.6 2.6 -1.1 47.9 -8.3 榆林6000 712.0 0.0 10.0 70.0 -112.0 北方港吞吐量 166.9 5.1 38.1 57.2 -10.9 榆林6200 740.0 0.0 10.0 70.0 -112.0 CBCFI海运指数 1150.8 13.6 71.6 18 ...

l js 数据来源: Mysteel、Wind 免责 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。 合成橡胶早报 研究中心能化团队 2025/11/12 | 品种 | 类别 | 指标 | 10/10 | 11/5 | 11/7 | 11/10 | 11/11 | 日度变化 | 周度变化 | | --- ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the given content. Group 2: Report's Core View - There is no clear core view presented in the provided content. Group 3: Summary by Related Catalogs Spot Market - **Australian Ore**: Newman powder price is 772, unchanged daily and down 3 weekly; PB powder is 775, unchanged daily and down 7 weekly; Mac powder is 768, down 4 daily and 11 weekly; Jinbuba is 726, unchanged daily and down 8 weekly; mainstream mixed powder is 725, down 3 daily and 20 weekly; super special powder is 670, down 4 daily and 17 weekly; Carra powder is 876, down 2 daily and 18 weekly; Roy Hill powder is 762, unchanged daily and down 7 weekly; KUMBA powder is 834, unchanged daily and down 7 weekly [1]. - **Brazilian Ore**: Brazilian mixed ore is 814, down 2 daily and 8 weekly; Brazilian coarse IOC6 is 775, down 2 daily and 9 weekly; Brazilian coarse SSFG is 780, down 2 daily and 9 weekly [1]. - **Other Ores**: Ukrainian concentrate is 871, down 5 daily and 19 weekly; 61% Indian powder is 715, unchanged daily and down 8 weekly; 57% Indian powder is 605, down 4 daily and 17 weekly; Atlas powder is 720, down 3 daily and 20 weekly; Tangshan iron concentrate is 1002, unchanged daily and down 19 weekly [1]. Futures Market - **DCE Contracts**: i2601 is 763.0, down 2.0 daily and 12.5 weekly; i2605 is 737.0, down 5.0 daily and 19.0 weekly; i2609 is 717.0, down 5.0 daily and 18.5 weekly [1]. - **SGX Contracts**: FE01 is 99.03, up 0.83 daily and down 2.90 weekly; FE05 is 96.85, up 0.76 daily and down 2.73 weekly; FE09 is 94.85, up 0.73 daily and down 2.65 weekly [1]. Other Data - **Import Profits**: Newman powder is -13.64; PB powder is -9.81; Mac powder is 14.98; Jinbuba is 5.03; mainstream mixed powder is -1.31; super special powder is -13.05; Carra powder is -2.97; Brazilian mixed ore is 7.09; Roy Hill powder is 20.22 [1]. - **Monthly Spreads and Basis/Spreads**: For DCE contracts, i2601's monthly spread is -46.0, up 2.0 daily and 3.9 weekly; i2605's is 26.0, up 5.0 daily and 10.4 weekly; i2609's is 20.0, up 5.0 daily and 9.9 weekly. For SGX contracts, FE01's is -4.18, down 1.9 daily and up 5.4 weekly; FE05's is 2.18, down 3.8 daily and up 3.0 weekly; FE09's is 2.00, down 5.6 daily and up 2.4 weekly [1].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - The domestic civil gas may show a pattern of stronger in the south and weaker in the north, with an overall expectation of a peak season. The profit contraction of PDH may lead to a decline in propane demand, and the current domestic market valuation is high with a possible decline. The international propane market is in a loose pattern, and attention should be paid to the weather and cold snaps in the United States [1]. Group 3: Summary According to Relevant Catalogs Price Changes - On Tuesday, for civil gas, the price in East China was 4387 (+10), in Shandong was 4400 (+20), and in South China was 4490 (+35). The price of etherified C4 was 4630 (+0). The lowest delivery location was East China, with the basis changing by 17 (-37) daily, and the December - January spread was 85 (-5). FEI was 493 (-1.75) and CP was 468 (+0) US dollars per ton [1]. - The PG main contract fluctuated. The basis was 102 (+116), the December - January spread was 72 (-8). The number of warehouse receipts was 4444 lots (+250). The cheapest deliverable was the civil gas in East China at 4374; in Shandong it was 4380 (+80), in East China it was 4374 (+95), and in South China it was 4450 (+50). The price of Shandong etherified C4 was 4500 (+80). The external market price declined; the domestic - foreign spread strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6); FEI - MB was 153 (-1.8). The arrival discount of propane in East China was 85 US dollars (+6), and the freight was basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest at -73 (-6) [1]. Industry Profit and Operation - The profit of propylene production from Shandong PDH dropped significantly (some plants were shut down). The profit of alkylation plants rebounded. The production gross profit of MTBE changed little, and the export profit fluctuated. Domestic production decreased, the factory inventory was basically flat; the arrival was limited, the terminal sales improved, and the port inventory decreased. The PDH operating rate was 75.45% (+1.6), as Lihuayi Weiyuan started to full - load operation, while Binhua, Xintai, and Haiwei shut down successively [1].

s 加安期货 沥青早报 | | 指标 | 10/10 | 11/5 | 11/7 | 11/10 | 11/11 | 日度变化 | 間 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 172 | -16 | 12 | -6 | -2970 | -2964 | - | | | 华东基差(镇江库) | 72 | 124 | 142 | 134 | -3050 | -3184 | 1. | | | 华南基差(佛山库) | 62 | 134 | 182 | 194 | -3050 | -3244 | | | | 12-01 | 28 | -2 | 4 | -2 | 1 | 3 | | | | 12-03 | 6 | -40 | -38 | -46 | -39 | 7 | | | | 01-02 | -4 | -19 | -16 | -17 | -14 | 3 | | | STET | BU主力合约(01) | 3328 | 3166 | 3048 | 3036 | 3050 | 14 | | | | ...

1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1087 1113 1087 1050 970 1053 1184 1261 900 1000 1100 1200 1300 1400 1500 沙河德金 沙河安全 沙河低价 湖北低价 11合约 01合约 05合约 09合约 玻璃价格结构 今日(11/11） 昨日(11/10） 一周前(11/4） 一月前(10/13） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 2019 2020 2021 2022 2023 2024 2025 0 100 200 300 ...

Group 1: SP Main Contract Information - The closing price of the SP main contract on November 10, 2025, was 5468.00 [4] - The closing prices on November 7, 6, 5, and 4, 2025, were 5394.00, 5368.00, 5360.00, and 5288.00 respectively [4] - The corresponding US - dollar prices were 661.50, 658.32, 657.08, and 648.25 respectively [4] - The daily price changes were 1.37189%, 0.48435%, 0.14925%, 1.36157%, and - 0.33924% respectively [4] - The Shandong Yinxing basis on November 10, 2025, was 57, compared to 106, 132, 140, and 212 on previous days [4] - The Jiangsu - Zhejiang - Shanghai Yinxing basis on November 10, 2025, was 57, compared to 131, 157, 155, and 227 on previous days [4] Group 2: Pulp Import Information - Calculated with 13% VAT, the port US - dollar price of Canadian Golden Lion pulp (CFR) was 780, with a Shandong - area RMB price of 6200 and an import profit of - 145.57 [5] - The port US - dollar price of Canadian Lion pulp (CFR) was 730, with a Shandong - area RMB price of 5500 and an import profit of - 493.29 [5] - The port US - dollar price of Chilean Yinxing pulp (CFR, 90 - day letter of credit) was 680, with a Shandong - area RMB price of 5525 and an import profit of - 16.01 [5] Group 3: Pulp Price Averages - From November 4 to 10, 2025, the national average prices of softwood pulp, hardwood pulp, natural - color pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [5] - The Shandong - area average prices of softwood pulp, hardwood pulp, natural - color pulp, and chemimechanical pulp also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [5] Group 4: Paper Index and Profit Margin Information - From November 5 to 10, 2025, the cultural - paper indices (double - offset and double - copper) and the packaging - paper index (white - card) and the living - paper index remained unchanged at 5725, 5670, 4350, and 841 respectively [5] - The profit - margin changes from November 5 to 10, 2025, were - 0.5075 for double - offset paper, - 0.4193 for double - copper paper, - 0.3055 for white - card paper, and - 1.3179 for living paper [5] Group 5: Pulp Price Difference Information - The price differences between softwood and hardwood pulp, softwood and natural - color pulp, softwood and chemimechanical pulp, and softwood and waste - paper pulp on November 10, 2025, were 1185.00, 125, 1725, and 3949 respectively [5] - The corresponding price differences on previous days are also provided in the report [5]