Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 4243.00, 58.11, 1636.00, 1446.00, 59.67, and 11678.50 respectively. The price changes are 42.40, 0.54, -10.00, -5.00, 0.00, and 202.50 respectively [3] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 99.06, 1.16, 1.33, 155.12, and 1.88 respectively. The changes are 0.00, 0.00, 0.00, 0.00, and 0.03 respectively [3] Trading Data - The latest inventory of COMEX Silver, SHFE Silver, and SGE Silver are 14221.15, 687.96, and 774.71 respectively. The changes in inventory are 0.00, 33.86, and 0.00 respectively [4] - The latest holdings of Gold ETF and Silver ETF are 1050.25 and 15925.21 respectively. The changes are -0.33 and -169.24 respectively [4] - The latest deferred - fee payment directions of SGE Silver and SGE Gold are 1 and 2 respectively, with no change [4]

焦炭日报 研究中心黑色团队 2025/12/8 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1594.81 | 0.00 | -54.61 | 3.19 | -9.99% 高炉开工率 | 87.08 | | -0.90 | -0.73 | -0.82% | | 河北准一干熄 | 1845.00 | 0.00 | -55.00 | 0.00 | 7.89% 铁水日均产量 | 232.30 | | -2.38 | -1.92 | -0.13% | | 山东准一干熄 | 1770.00 | 0.00 | -55.00 | 0.00 | -9.46% 盘面05 | 1763 | 1.50 | 20.00 | -142.50 | -8.01% | | 江苏准一干熄 | 1810.00 | 0.00 | -55.00 | 0.00 | -9.27% 盘面09 | 1818.5 | -6.50 ...

跨期套利跟踪 2025/12/08 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 1820 1860 1840 1760 理论价差 557 1012 1475 1939 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 485 495 515 505 理论价差 217 340 463 586 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 290 345 360 375 理论价差 221 344 466 588 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 70 85 110 120 理论价差 211 318 425 532 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 450 610 860 1100 锡 5-1 价差 530 理论价差 6540 期现套利跟踪 2025/12/08 铜 当月合约-现货 次月合约-现货 价差 -565 1255 理论价差 138 909 锌 当月合约-现货 次月合约-现货 价差 -300 185 理论价差 137 272 免责声明: 锌 当月合约-现货 次月合约-现货 价差 -30 ...

| | | | 钢材早报 | | 研究中心黑色团队 2025/12/08 | | | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/12/01 | 3250 | 3310 | 3290 | 3310 | 3560 | 3430 | | 2025/12/02 | 3250 | 3320 | 3300 | 3310 | 3560 | 3440 | | 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 | | 变化 | -10 | -50 | 20 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 ...

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For PTA, the short - term view is to wait and see, while in the long - term, the PX pattern is good, and there are opportunities for bottom - fishing long positions under the support of the raw material end [2][9] - For MEG, the short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [5] - For polyester staple fiber, the short - term inventory pressure is limited, but the pattern may weaken in the long - term, and attention should be paid to the warehouse receipt situation [5] - For natural rubber and 20 - number rubber, the current strategy is to wait and see due to stable national explicit inventory and stable Thai cup - lump price affected by rainfall [10] Summary by Related Categories PTA - **Data Changes**: The naphtha cracking spread increased by 0.5, PX processing difference decreased by 7, PTA processing difference decreased by 20, polyester gross profit decreased by 5, PTA balance load increased by 0.16, PTA load decreased by 11, the sum of warehouse receipts and valid forecasts increased by 18, TA basis increased by 33, and production and sales ratio increased by 0.1 [2] - **Operation Status**: The proximal TA device runs stably, the start - up rate is stable compared with the previous period, the polyester load increases slightly, the inventory remains stable, the basis is stable, and the spot processing fee improves compared with the previous period. The domestic start - up rate of PX is stable, and some overseas devices are running smoothly, with PXN strengthening compared with the previous period [2] - **Future Outlook**: The terminal weakening speed is accelerating, the inflection point of polyester load is approaching, the TA inventory will gradually accumulate again, but the overall pressure is not large and the valuation is not high [2] MEG - **Data Changes**: The price of Northeast Asian ethylene increased by 5, MEG outer - market price decreased by 7, MEG inner - market price decreased by 63, MEG East China price decreased by 63, MEG far - month price decreased by 50, MEG coal - based profit increased by 16.2, and MEG inner - market cash flow (ethylene) decreased by 88 [5] - **Operation Status**: The domestic MEG device has both overhauls and restarts, the start - up rate decreases slightly compared with the previous period, some overseas devices reduce their loads, the port inventory accumulates in the early next week, the arrival forecast within the week rebounds, the basis weakens, and the coal - based efficiency weakens again [5] - **Future Outlook**: After the EG price drops again, the coal - based losses intensify, and the supply side has some production cuts but fails to reverse the inventory accumulation trend. The short - term valuation is low but the driving force is limited, and the long - term pattern is expected to be weak [5] Polyester Staple Fiber - **Data Changes**: The price of 1.4D cotton - type staple fiber decreased by 30, the price of pure - polyester yarn remained unchanged, the profit of staple fiber increased by 8, and the profit of pure - polyester yarn increased by 10 [5] - **Operation Status**: The proximal device runs stably, the start - up rate remains at 97.5%, the production and sales are basically stable, and the inventory decreases compared with the previous period. On the demand side, the start - up rate of polyester yarn is stable, the raw material inventory decreases, and the finished product inventory accumulates, while the efficiency remains stable [5] - **Future Outlook**: The short - term inventory pressure is limited due to high exports, but the pattern may weaken in the long - term as the downstream enters the off - season and new devices are about to be put into operation [5] Styrene - **Data Changes**: The price of pure benzene (East China) increased by 10, the price of hydrogenated benzene (Shandong) increased by 20, the price of styrene (Jiangsu) increased by 35, the price of styrene (South China) increased by 45, and the profit of EPS domestic production increased by 20 [7] - **Operation Status**: The price of ethylene (CFR Northeast Asia) remains stable, and the price changes of related raw materials and products have different trends [7] Natural Rubber and 20 - number Rubber - **Data Changes**: The daily change in the price of US - dollar - denominated Thai standard rubber is 5, the weekly change is - 30; the daily change in the price of Shanghai full - latex rubber is 5, the weekly change is - 315; the daily change in RU main contract price is 25, the weekly change is - 345 [10] - **Operation Status**: The national explicit inventory is stable, and the absolute level is not high. The Thai cup - lump price is stable, and rainfall affects rubber tapping [10] - **Strategy**: Wait and see [10]

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 ...