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。 塑 料 日期 东北亚乙 烯 华北LL 华东LL 华东LD 华东HD LL美金 LL美湾 进口利润 主力期货 基差 两油库存 仓单 2025/12/1 1 745 6500 6800 8425 6900 780 775 56 6534 -70 6 ...

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。 900.00 1400.00 1900.00 2400.00 2900.00 3400.00 3900.00 4400.00 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 吕梁出厂价 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 35 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report This week, oil prices have declined due to a rapid weakening of global supply and demand. On - land and on - water inventories have significantly increased, and the Dubai monthly spread has further weakened. Geopolitical incidents include the US seizing Venezuelan oil tankers and ongoing Russia - Ukraine negotiations. There are rumors that Russia has found more ways to export crude oil. The CPC No. 3 berth is expected to resume on the 17th. Global gasoline and diesel crack spreads are declining, US refinery operations have recovered to over 94%, and domestic refinery operations are fluctuating. The fundamental surplus has intensified. If there are no new geopolitical changes, the surplus in the first quarter will be close to that during the pandemic. In the short term, short positions in monthly spreads and absolute prices are recommended. [5] 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From December 11 - 17, 2025, WTI crude oil price changed by $0.67, BRENT by $0.76, and DUBAI by $0.32. Other related indicators such as NYMEX RB, HO - BRT also had corresponding changes [3] - During the same period, SC - BRT changed by - 1.28, SC - WTI by - 1.19, domestic gasoline - BRT by - 73.00, and domestic diesel - BRT by - 82.00 [3] - Japan naphtha - BRT changed by - 8.34, Singapore 380 - BRT by - 1.83, and other indicators also had different degrees of change [3] 3.2 Daily News - Venezuelan Defense Minister Lopez said on the 17th that US President Trump's remarks about blocking the Caribbean Sea were "delusions", and Venezuela stated that its oil exports were continuing [3] - The EU Parliament approved an agreement to gradually phase out Russian natural gas imports by the end of 2027 [3] 3.3 Inventory - US API crude oil inventory for the week ending December 12 was - 932200 barrels, gasoline inventory was 483500 barrels, and refined oil inventory was 251100 barrels [3] - According to the EIA report, commercial crude oil inventory (excluding strategic reserves) decreased by 1274000 barrels to 424 million barrels, a decrease of 0.3%. Strategic Petroleum Reserve (SPR) inventory increased by 249000 barrels to 4122 million barrels, an increase of 0.06%. US domestic crude oil production decreased by 1000 barrels to 1384300 barrels per day [4] - US crude oil exports increased by 655000 barrels per day to 4664000 barrels per day, and commercial crude oil imports (excluding strategic reserves) decreased by 6400 barrels per day to 6525000 barrels per day [16] - The four - week average supply of US crude oil products was 2052100 barrels per day, an increase of 0.82% compared to the same period last year [16]

焦煤日报 2025/12/18 研究中心黑色团队 | | 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 | -2.90% Peak Downs | 228.00 | 2.00 | 6.00 | 17.50 | 22.00 | | 原煤口岸库提价 | 919.00 | -51.00 | -33.00 | -121.00 | -5.26% Goonyella | 229.00 | 2.00 | 8.00 | 19.50 | 23.00 | | 沙河驿蒙5# | 1360.00 | 0.00 | -40.00 | -190.00 | -8.72% 盘面05 | 1062.00 | 3.50 | -0.50 | -163.00 | -12.48% | | 安泽主焦 | 1500.00 | 0.00 | 0.00 | -160.00 | ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/18 | | | 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 | | 2025/12/11 | 3120 | 3250 | 3320 | 3310 | 3480 | 3360 | | 2025/12/12 | 3110 | 3250 | 3280 | 3270 | 3480 | 3350 | | 2025/12/15 | 3100 | 3250 | 3280 | 3270 | 3480 | 3350 | | 2025/12/16 | 3100 | 3290 | 3310 | 3270 | 3480 | 3350 | | 2025/12/17 | 3100 | 3290 | 3310 | 3270 | 3480 | 3350 | | 变化 | 0 | 0 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐 ...

铁合金早报 成本利润 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。 需求 库存 数据来源：Mysteel、永安研究中心整理 0 20000 40000 60000 80000 100000 120000 140000 01/01 02/01 03/01 04/01 05/01 06/01 ...

芳烃橡胶早报 | 苯 乙 烯 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 乙烯(CFR东北 | 纯苯（CFR中 | 纯苯（华东） | 加氢苯（山 | 苯乙烯（CFR | | 苯乙烯（江 | 苯乙烯（华 | EPS(华东普通 | | | 亚） | 国） | | 东） | 中国） | | 苏） | 南） | 料） | | 2025/12/11 | 745 | 666 | 5325 | 5260 | 820 | | 6685 | 6820 | 7550 | | 2025/12/12 | 745 | 663 | 5305 | 5220 | 810 | | 6645 | 6765 | 7550 | | 2025/12/15 | 745 | 665 | 5305 | 5240 | 815 | | 6660 | 6790 | 7550 | | 2025/12/16 | 745 | 664 | 5310 | 5220 | 815 | | 6615 | 6765 | 7550 | | 2025/ ...

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。 油脂油料早报 研究中心农产品团队 2025/12/18 隔 夜 市 场 信 息 ： 民间出口商报告向中国出口销售19.8万吨大豆 民间出口商报告向中国出口销售198,000吨大豆，2025/2026市场年度付运。 民间出口商报告向未知目的地出口销售12.5万吨大豆 民间出口商报告向未知目的地出口销售1 ...

废钢早报 研究中心黑色团队 2025/12/18 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/11 | 2173 | 2251 | 2031 | 2208 | 2215 | 2087 | | 2025/12/12 | 2168 | 2248 | 2030 | 2206 | 2215 | 2084 | | 2025/12/15 | 2167 | 2251 | 2033 | 2217 | 2215 | 2084 | | 2025/12/16 | 2169 | 2252 | 2034 | 2221 | 2215 | 2085 | | 2025/12/17 | 2169 | 2250 | 2034 | 2222 | 2215 | 2085 | | 环比 | 0 | -2 | 0 | 1 | 0 | 0 | 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 ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The report provides cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking information for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on December 18, 2025 [1][4][5] Group 3: Cross - Market Arbitrage Tracking - **Copper**: Domestic spot price is 92,200, March price is 92,890, LME March price is 11,734, and the ratio is 7.87 [1] - **Zinc**: Domestic spot price is 23,020, March price is 22,980, LME March price is 3,059, and the ratio is 5.49 [1] - **Aluminum**: Domestic spot price is 21,750, March price is 21,960, LME March price is 2,884, and the ratio is 7.60 [1] - **Nickel**: Domestic spot price is 114,650, and the spot import profit is - 1,660.24 [1] - **Lead**: Domestic spot price is 16,700, March price is 16,750, LME March price is 1,943, and the ratio is 11.80 [3] Group 4: Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are 980, 1050, 1030, 960 respectively, while the theoretical spreads are 561, 1020, 1489, 1957 [4] - **Zinc**: The spreads are - 55, - 50, - 40, - 25 respectively, and the theoretical spreads are 218, 342, 466, 591 [4] - **Aluminum**: The spreads are 135, 180, 220, 255 respectively, and the theoretical spreads are 220, 341, 462, 583 [4] - **Lead**: The spreads are - 85, - 75, - 85, - 50 respectively, and the theoretical spreads are 209, 314, 419, 525 [4] - **Nickel**: The spreads are 1710, 1920, 2210, 2500 respectively [4] - **Tin**: The 5 - 1 spread is 1490, and the theoretical spread is 6762 [4] Group 5: Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 275 and 705 respectively, and the theoretical spreads are 492 and 1145 [4] - **Zinc**: The spreads are 10 and - 45 respectively, and the theoretical spreads are 184 and 318 [4][5] - **Lead**: The spreads are 125 and 40 respectively, and the theoretical spreads are 195 and 306 [5] Group 6: Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) are 4.04, 4.23, 5.55, 0.96, 1.31, 0.73 respectively [5]