1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The U.S. soybean export inspection volume in the week ending December 11, 2025 was 795,661 tons, falling short of market expectations [1]. - The U.S. soybean crushing volume in November 2025 decreased by 5.1% from the record - high in October, but increased by 11.8% year - on - year [1]. - The NOPA member companies' soybean oil inventory at the end of November 2025 reached a seven - month high of 1.513 billion pounds, up 15.9% from October and 39.6% year - on - year [1]. - A private exporter reported a sale of 136,000 tons of soybeans to China for delivery in the 2025/2026 market year [1]. - Brazil exported 1,650,220.58 tons of soybeans in the first two weeks of December 2025, with the daily average export volume increasing by 73% compared to the same period last year [1]. - In the week ending November 20, 2025, the net increase in U.S. soybean export sales was 2.3207 million tons, in line with expectations [1]. - In the same week, the net increase in U.S. soybean meal export sales was 151,400 tons, also in line with expectations [1]. - Malaysian palm oil exports from December 1 - 15, 2025 decreased by 15.9% (ITS data) or 16.4% (AmSpec data) compared to the previous month [1]. - India's palm oil imports in November 2025 increased by about 5% month - on - month, while soybean oil and sunflower oil imports declined, leading to a 13.3% month - on - month drop in total edible oil imports [1]. 3. Summary by Related Content Overnight Market Information - U.S. soybean export inspection volume in the week ending December 11, 2025 was 795,661 tons, lower than the expected 1 - 1.25 million tons, and 202,043 tons were exported to China, accounting for 25.39% of the total. The cumulative export inspection volume this crop year is 13.702208 million tons, compared with 25.252848 million tons in the same period last year [1]. - The U.S. soybean crushing volume in November 2025 was 216.041 million bushels, a 5.1% decrease from October but an 11.8% increase from November 2024. The soybean oil inventory at the end of November reached 1.513 billion pounds, a 15.9% increase from October and a 39.6% increase from the previous year [1]. - A private exporter sold 136,000 tons of soybeans to China for the 2025/2026 market year [1]. - Brazil exported 1,650,220.58 tons of soybeans in the first two weeks of December 2025, with a daily average of 165,022.06 tons, a 73% increase compared to December last year [1]. Export Sales Data - In the week ending November 20, 2025, U.S. soybean export sales net increased by 2.3207 million tons (expected 0.8 - 3 million tons), with 2.142 million tons sold to China. The export shipment was 763,500 tons, a 51% decrease from the previous week [1]. - In the same week, U.S. soybean meal export sales net increased by 151,400 tons (expected 0.1 - 0.45 million tons), and the export shipment was 336,700 tons, a 19% decrease from the previous week [1]. Palm Oil Export Data - Malaysian palm oil exports from December 1 - 15, 2025 decreased by 15.9% (ITS) or 16.4% (AmSpec) compared to the previous month [1]. Indian Edible Oil Import Data - India's palm oil imports in November 2025 increased by about 5% to 632,341 tons, while soybean oil imports decreased by over 18% to 370,661 tons and sunflower oil imports decreased by 45% to 142,953 tons. Total edible oil imports decreased by 13.3% to 1.15 million tons [1]. Spot Price - The table shows the prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 9 - 15, 2025 [4].

集运早报 | | | | | | | 研究中心能化团队 | | | 2025/12/16 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | हिंदी को प्रति | | 昨日收盘价 | 涨跌 | 裏 | 昨日成交星 | | 昨日持仓昼 | 持仓变动 | | | EC2512 | | 1649.8 | -0.01 % | -139.2 | 274 | | 2724 | -223 | | | EC2602 | | 1746.0 | 4.06% | -235.4 | 28275 | | 33065 | 1401 | | | EC2604 | | 1149.7 | 3.95% | 360.9 | 7432 | | 19657 | -276 | | | EC2606 | | 1306.7 | 3.64% | 203.9 | 6/9 | | 2335 | - 20 | | | EC2608 | | 1479.9 | 3.37% | 30.7 | 402 | | 1441 | -114 | | 期货 | EC2610 | | 10 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Date: December 16, 2025 [3] Core Data Summary BR (Butadiene Rubber) - **Futures Information**: On December 15, the BR主力合约(12) price was 10,845, up 125 from the previous day and 395 from November 13; the持仓量 was 98,043, an increase of 8,209 from the previous day and 21,634 from November 13; the成交量 was 210,063, up 86,218 from the previous day and 99,018 from November 13; the 仓単数量 remained unchanged at 19,180 from the previous day, with an increase of 1,860 from November 13; the 虚实比 was 25.56, up 2 from the previous day and 4 from November 13 [4]. - **Basis and Spread**: The 顺丁基差 was -95, down 25 from the previous day and 145 from November 13; the 丁本县差 was 355, down 125 from the previous day and 195 from November 13; the 02 - 03 was -30, down 5 from the previous day and 10 from November 13; the 03 - 04 was -52, down 10 from the previous day and up 20 from November 13; the RU - BR was 4,355, down 152 from the previous day and 180 from November 13; the NR - BR was 1,515, down 95 from the previous day and 115 from November 13 [4]. - **Spot Price**: The 山东市场价 was 10,750, up 100 from the previous day and 250 from November 13; the 传化市场价 was 10,650, up 70 from the previous day and 250 from November 13; the 齐鲁出厂价 remained at 10,600; the CFR东北亚 was 1,325, and the CFR东南亚 was 1,600, both remaining unchanged [4]. - **Profit**: The 现货加工利润 was 451, down 349 from the previous day and 454 from November 13; the 进口利润 was -315, up 100 from the previous day and 264 from November 13; the 出口利润 was 1,291, down 87 from the previous day [4]. Other Related Products - **Butadiene**: The 山东市场价 was 7,940, up 440 from the previous day and 690 from November 13; the 江苏市场价 was 7,600, up 225 from the previous day and 400 from November 13; the 扬子出厂价 was 7,550, up 200 from the previous day and 350 from November 13; the CFR中国 was 870, up 10 from the previous day and 10 from November 13 [4]. - **Profit of Related Products**: The 乙烯裂解利润 data was N/A; the 碳四抽提利润 data was N/A; the 进口利润 was 465; the 出口利润 was -1,259, down 196 from the previous day; the 丁苯生产利润 was 1,188, down 150 from the previous day and 263 from November 13; the ABS生产利润 data was N/A; the SBS生产利润 was -465, up 60 from the previous day and down 45 from November 13 [4].

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 764.0 -6.0 -39.0 -66.0 -41.0 25省终端可用天数 22.0 -0.9 2.0 1.1 4.4 秦皇岛5000 662.0 -7.0 -41.0 -75.0 -53.0 25省终端供煤 565.3 0.8 -43.3 -74.8 -57.6 广州港5500 850.0 0.0 -5.0 -15.0 -40.0 北方港库存 2756.0 22.0 104.0 438.0 257.5 鄂尔多斯5500 510.0 -10.0 -25.0 -85.0 -80.0 北方锚地船舶 52.0 2.0 -21.0 -70.0 12.0 大同5500 565.0 -10.0 -25.0 -80.0 -85.0 北方港调入量 135.7 -14.2 -28.1 -36.3 -20.4 榆林6000 712.0 0.0 -20.0 0.0 -55.0 北方港吞吐量 135.1 -15.5 -26.4 -45.0 -36.2 榆林6200 755.0 0.0 -5.0 15.0 -40.0 CBCFI海运指数 64 ...

废钢早报 研究中心黑色团队 2025/12/16 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2025/12/09 | 2183 | 2255 | 2032 | 2211 | 2216 | 2089 | | 2025/12/10 | 2182 | 2253 | 2031 | 2208 | 2215 | 2088 | | 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 | | 环比 | -1 | 3 | 3 | 11 | 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 ...

s 加安期货 -300 -300 2019 2022 2024 2020 2021 2023 2025 2019 2024 2021 2022 2023 2025 2020 BU02-03 BU03-06 100 100 80 80 60 60 40 40 20 20 0 0 7/1 8/1 4/1 5/1 6/1 3/1 5/1 6/1 7/1 4/1 -20 -20 -40 -40 -60 -60 -80 -80 r -100 -100 2019 2021 2022 2023 2024 2020 2025 2019 ·2020 -2021 2022 - 2024 2025 2023 BU主力合约 BU远期结构 5000 3150 4500 3100 3050 4000 3000 3500 2950 2900 3000 MAR MA 2850 S 2500 2800 3/1 7/1 8/1 9/1 10/1 11/1 12/1 1/1 2/1 4/1 5/1 6/1 BU05 BU06 BU01 BU02 BU03 BU04 2022 -2019 -2020 -2021 -2023 ·2024 - 2025 ...

F 玻璃纯碱早报 | | | | | | | | | 研究中心能化团队 | | 2025/12/16 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | | | | | | 2025/12/5 2025/12/11 2025/12/12 周度变化 日度变化 | | | | | | | | | 2025/12/5 2025/12/11 2025/12/12 周度变化 日度变化 | | | | 沙河安全 | 1044.0 | 1002.0 | 984.0 | -60.0 | -18.0 | FG05合约 | 1115.0 | 1053.0 | 1016.0 | -99.0 | -37.0 | | 5mm大 板 | | | | | | | | | | | | | 沙河长城 | 1019.0 | 984.0 | 976.0 | -43.0 | -8.0 | FG01合约 | 994.0 | 956.0 | 935.0 | -59.0 | -21.0 | | 5mm大板 | ...

Report Summary 1. Industry Investment Rating - No industry investment rating information is provided in the report 2. Core View - The report presents cross - market, cross - period, and spot - futures arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on December 16, 2025, to help investors find potential arbitrage opportunities 3. Summary by Directory Cross - Market Arbitrage Tracking - **Copper**: Spot price is 92,270 (domestic) and 11,680 (LME) with a ratio of 8.05; March price is 92,490 (domestic) and 11,685 (LME) with a ratio of 7.91. Spot import equilibrium ratio is 8.01 with a profit of - 1,177.97, and spot export profit is 635.68 [1] - **Zinc**: Spot price is 23,460 (domestic) and 3,122 (LME) with a ratio of 7.51; March price is 23,470 (domestic) and 3,154 (LME) with a ratio of 5.40. Spot import equilibrium ratio is 8.43 with a profit of - 2,851.84 [1] - **Aluminum**: Spot price is 21,710 (domestic) and 2,838 (LME) with a ratio of 7.65; March price is 21,920 (domestic) and 2,883 (LME) with a ratio of 7.58. Spot import equilibrium ratio is 8.32 with a profit of - 1,913.48 [1] - **Nickel**: Spot price is 117,850 (domestic) and 14,395 (LME) with a ratio of 8.19. Spot import equilibrium ratio is 8.10 with a profit of - 1,653.85 [1] - **Lead**: Spot price is 16,975 (domestic) and 1,919 (LME) with a ratio of 8.84; March price is 17,030 (domestic) and 1,971 (LME) with a ratio of 11.87. Spot import equilibrium ratio is 8.66 with a profit of 349.88 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 1,620, - 1,530, - 1,470, - 1,510, while the theoretical spreads are 572, 1,042, 1,521, 2,000 respectively [4] - **Zinc**: The spreads between different months and the spot month are - 155, - 115, - 120, - 95, while the theoretical spreads are 221, 348, 475, 602 respectively [4] - **Aluminum**: The spreads between different months and the spot month are - 200, - 155, - 115, - 80, while the theoretical spreads are 221, 344, 466, 589 respectively [4] - **Lead**: The spreads between different months and the spot month are - 40, - 20, - 15, 25, while the theoretical spreads are 210, 317, 423, 529 respectively [4] - **Nickel**: The spreads between different months and the spot month are - 860, - 650, - 400, - 160 [4] - **Tin**: The 5 - 1 spread is 1,170 with a theoretical spread of 6,738 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts to the spot are 1,775 and 155, while the theoretical spreads are 834 and 1,108 respectively [4] - **Zinc**: The spreads of the current - month and next - month contracts to the spot are 125 and - 30, while the theoretical spreads are 198 and 334 respectively [4] Cross - Market Ratio Comparison - The cross - market ratios of copper, zinc, aluminum, lead, and nickel are presented, and the import and export profits are calculated based on the equilibrium ratios [1][3] Cross - Period Spread Comparison - The actual spreads and theoretical spreads between different months and the spot month for copper, zinc, aluminum, lead, nickel, and tin are compared [4] Spot - Futures Spread Comparison - The actual spreads and theoretical spreads between the current - month and next - month contracts and the spot for copper and zinc are compared [4] Cross - Market and Cross - Exchange Ratio Comparison - The cross - market ratios of copper, zinc, aluminum, lead, and nickel in domestic and LME markets are compared, and the import and export profits are calculated [1][3] Cross - Period and Spot - Futures Arbitrage Opportunities - By comparing the actual spreads and theoretical spreads in cross - period and spot - futures arbitrage, potential arbitrage opportunities are analyzed [4]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, oil prices declined, with a rapid weakening of global supply and demand. There was a significant build - up in on - land and waterborne inventories, and the Dubai monthly spread weakened further. Geopolitically, the US seized a Venezuelan oil tanker, and the Russia - Ukraine negotiations continued. There were rumors that Russia had found more ways to export crude oil. The CPC No. 3 berth is expected to resume on the 17th. Global gasoline and diesel cracks declined, US refinery operations recovered to over 94%, and domestic refinery operations fluctuated. The fundamental surplus has intensified. Without new geopolitical changes, the surplus in the first quarter will be close to that during the pandemic. Short - term monthly spreads and absolute prices should be short - allocated [4] Group 3: Summary by Relevant Catalogs 1. Oil Price and Spread Data - From December 9th to 15th, WTI decreased by $0.62, BRENT by $0.56, and DUBAI by $0.36. SC - BRT increased by $0.39, and SC - WTI increased by $0.45. Domestic gasoline decreased by $80, and domestic diesel decreased by $120 [3] 2. Daily News - The EU announced new sanctions on parties related to Russia's "shadow fleet" on December 15th, adding 5 individuals and 4 entities to the sanctions list. It also added 12 individuals and 2 entities due to Russia's "hybrid threats" [3] - After the US seized a Venezuelan oil tanker, multiple oil tankers turned back, paralyzing Venezuela's oil exports. Over 11 million barrels of crude oil were stranded in Venezuelan waters [3] - As the Russia - Ukraine peace negotiations made progress, US crude oil futures fell by $1 during the day [4] 3. Inventory - For the week ending December 5th, EIA crude oil inventory was - 1.812 million barrels, EIA strategic petroleum reserve inventory was 248,000 barrels, EIA gasoline inventory was 6.397 million barrels, EIA refined oil inventory was 2.502 million barrels, and EIA Oklahoma Cushing crude oil inventory was 308,000 barrels. The EIA refinery equipment utilization rate was 94.5% [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No explicit core view is presented in the provided text. It mainly offers data on iron ore prices, including spot prices of various iron ore varieties, futures contract prices, and related price changes. 3. Summary by Relevant Catalogs Iron Ore Spot Prices - **Australian Mainstream Ore**: Newman powder is priced at 775, down 4 daily and 5 weekly; PB powder at 778, down 4 daily and 5 weekly; Mac powder at 771, unchanged daily and down 2 weekly; Jinbuba at 731, down 4 daily and 5 weekly; Mixed powder at 720, down 2 daily and 7 weekly; Super Special powder at 665, down 6 daily and 3 weekly; Carajás powder at 855, down 10 daily and 10 weekly [1]. - **Brazilian Mainstream Ore**: Brazilian Blend at 809, down 4 daily and 5 weekly; Brazilian Coarse IOC6 at 748, down 4 daily and 5 weekly; Brazilian Coarse SSFG at 753, down 4 daily and 5 weekly [1]. - **Other Ores**: Ukrainian Concentrate at 855, down 7 daily and 10 weekly; 61% Indian powder at 720, down 4 daily and 5 weekly; Karara Concentrate at 855, down 7 daily and 10 weekly; Roy Hill powder at 765, down 4 daily and 5 weekly; KUMBA powder at 837, down 4 daily and 5 weekly; 57% Indian powder at 600, down 6 daily and 3 weekly; Atlas powder at 715, down 2 daily and 7 weekly; Tangshan Iron Concentrate at 969, down 2 daily and 27 weekly [1]. Iron Ore Futures Prices - **DCE Contracts**: i2601 at 777.0, down 5.5 daily and 1.5 weekly; i2605 at 753.0, down 7.5 daily and 7.5 weekly; i2609 at 731.5, down 6.5 daily and 5.5 weekly [1]. - **SGX Contracts**: FE01 at 101.98, up 0.54 daily and down 1.41 weekly; FE05 at 99.72, up 0.44 daily and down 1.01 weekly; FE09 at 97.56, up 0.46 daily and down 0.94 weekly [1]. Other Price - Related Information - **Import Profits**: For example, Newman powder's import profit is -7.13; PB powder's is -16.95; Mac powder's is 21.66; Jinbuba's is 20.06 [1]. - **Monthly Spread**: For i2601, the monthly spread is -45.5, with a daily change of -5.3 and a weekly change of -9.3; for i2605, it's 24.0, with a daily change of -3.3 and a weekly change of -3.3; for i2609, it's 21.5, with a daily change of -4.3 and a weekly change of -5.3 [1].