Price Performance - London Gold latest price is 4210.30, down 4.45 [2] - London Silver latest price is 58.37, up 0.93 [2] - London Platinum latest price is 1637.00, down 40.00 [2] - London Palladium latest price is 1455.00, down 7.00 [2] - WTI Crude latest price is 58.64, unchanged [2] - LME Copper latest price is 11245.50, up 52.00 [2] - US Dollar Index latest is 99.32 [2] - EUR/USD latest is 1.16 [2] - GBP/USD latest is 1.32 [2] - USD/JPY latest is 155.87 [2] - US 10-year TIPS latest is 1.85 [2] Trading Data - COMEX Silver inventory latest is 14181.12, unchanged [2] - SHFE Silver inventory latest is 626.63, up 32.00 [2] - Gold ETF holdings latest is 1046.58, down 1.71 [2] - Silver ETF holdings latest is 15998.55, up 135.40 [2] - SGE Silver inventory latest is 774.71, unchanged [2] - SGE Gold deferred fee payment direction is 1, unchanged [2] - SGE Silver deferred fee payment direction is 2, unchanged [2]

Report Summary - **Report Industry Investment Rating**: Not mentioned - **Core View**: The report provides overnight market information on the export sales of US soybeans, soybean meal, and soybean oil, as well as the situation of palm oil production and inventory in Malaysia and Indonesia. It also shows the spot prices of related products. Overnight Market Information - The USDA will release the export sales report for the week ending October 30 at 21:30 Beijing time on Thursday. Analysts estimate that US 2025/26 soybean export sales are expected to net increase by 600,000 - 2,000,000 tons, US soybean meal export sales are expected to net increase by 200,000 - 450,000 tons, and US soybean oil export sales are expected to net increase by 5,000 - 25,000 tons [1] - A survey shows that Malaysia's November palm oil inventory may reach a six - and - a - half - year high due to slow exports and record - high production in November. The estimated inventory is 2.66 million tons, a 7.78% month - on - month increase. Production is estimated at 1.98 million tons, a 3% decrease from the previous month but still the highest November production on record. Exports are expected to drop 14.9% to 1.44 million tons [1] - Malaysia's palm oil production forecast remains unchanged at 19.2 million tons, with an estimated range of 18.7 - 19.7 million tons. Adverse weather restricts production growth. The EC weather model predicts drier weather in the next 15 days, but there are uncertainties in the medium - to - long - term weather patterns [1] - The 2025/26 Indonesian palm oil production forecast is raised to 51.2 million tons, a less than 1% increase from the previous forecast, with an estimated range of 46.2 - 56.2 million tons. However, there are flood risks [1] Spot Prices - The report shows the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from November 27 to December 3, 2025 [2]

| | | | 废钢早报 | | 研究中心黑色团队 2025/12/04 | | | --- | --- | --- | --- | --- | --- | --- | | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | 2025/11/27 | 2183 | 2262 | 2015 | 2209 | 2224 | 2089 | | 2025/11/28 | 2183 | 2263 | 2017 | 2210 | 2225 | 2088 | | 2025/12/01 | - | - | - | - | - | - | | 2025/12/02 | - | - | - | - | - | - | | 2025/12/03 | - | - | - | - | - | - | | 环比 | - | - | - | - | - | - | 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 ...

、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 809.0 -3.0 -17.0 15.0 -11.0 25省终端可用天数 24.6 0.9 4.7 3.7 7.0 秦皇岛5000 709.0 -3.0 -18.0 8.0 -16.0 25省终端供煤 552.3 -0.1 -56.3 -87.8 -70.6 广州港5500 860.0 0.0 -5.0 35.0 -35.0 北方港库存 2616.0 14.0 96.0 421.0 -63.4 鄂尔多斯5500 565.0 0.0 -30.0 25.0 -55.0 北方锚地船舶 68.0 -3.0 -33.0 -5.0 16.0 大同5500 615.0 0.0 -30.0 25.0 -75.0 北方港调入量 180.3 18.0 0.3 8.3 2.3 榆林6000 732.0 0.0 0.0 50.0 -105.0 北方港吞吐量 160.5 -2.7 -24.3 -5.5 -44.7 榆林6200 760.0 0. ...

LPG早报 研究中心能化团队 2025/12/04 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/27 4335 4310 4450 575 538 497 4480 7100 -347 76 2025/11/28 4360 4323 4460 595 552 501 4490 7080 -474 -52 2025/12/01 4460 4376 4470 596 537 505 4490 7080 -380 118 2025/12/02 4530 4376 4470 586 529 501 4500 7110 -232 164 2025/12/03 4530 4411 4480 - 530 - 4480 7100 - 222 日度变化 0 35 10 - 1 - -20 -10 - 58 日度变化 周三，民用气方面，华东4411（+35），山东4480（+10），华南4530（+0）。醚后碳四4480（-20）。最低交割地为华东，基差12 9（+65），01-02月差91（+4） ...

焦炭日报 研究中心黑色团队 2025/12/4 | | 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 | 87.98 | | -0.60 | -0.63 | -0.62% | | 河北准一干熄 | 1845.00 | 0.00 | -55.00 | 0.00 | 7.89% 铁水日均产量 | 234.68 | | -1.60 | -1.68 | 0.35% | | 山东准一干熄 | 1770.00 | 0.00 | -55.00 | 0.00 | -9.46% 盘面05 | 1749 | -12.00 | -7.50 | -136.00 | -10.79% | | 江苏准一干熄 | 1810.00 | 0.00 | -55.00 | 0.00 | -9.27% 盘面09 | 1813 | -20.5 ...

rnn 2500 oun 500 2000 400 1500 300 1000 200 500 100 0 11/1 10/1 -100 - 7/1 8/1 9/1 10/1 12/1 11/1 5/1 -500 -200 -1000 -300 -1500 -400 2024 -2023 2025 2024 2025 顺丁出口利润(东南亚 BR现货加工利润 6000 5000 5000 4000 4000 3000 3000 2000 2000 1000 1000 0 0 11/1 10/1 12/ 91V V12/ 11/1 5/1 - 6/1 10/1 4/1 7/1 8/1 3/1 2/1 -1000 -1000 -2000 -2000 2020 2020 2023 -2021 2024 ·2025 2021 2022 2024 2025 -2022 2023 RU-BR NR-BR 6000 4000 3000 5000 2000 4000 1000 3000 0 2000 7/1 9/1 8/1 10/1 12/1 3/1 4/1 5/1 6/ RPORT / 1 -1000 1000 -2000 ...

研究中心农产品团队 2025/12/04 | 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 | | 2025/11/27 | 2070 | 2240 | 2210 | 2440 | -3 | 50 | 260 | 2700 | 2850 | 133 | -9 | | 2025/11/28 | 2090 | 2240 | 2210 | 2440 | -4 | 45 | - | 2700 | 2850 | 139 | -29 | | 2025/12/01 | 2120 | 2240 | 2210 | 2440 | 4 | 45 | - | 2700 | 2850 | 163 | -47 | | 2025/12/02 | 2120 | 2240 | 2210 | 2430 | -3 | 35 | - | 2700 ...

铁合金早报 | | | | | | | | | | 2025/12/4 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | 5446 | -2 | 30 | | | 内蒙#72 | 5170 | 0 | 50 | 5520 | 01合约 | 5394 | -16 | 2 | | 产区汇总价 | 青海#72 | 5150 | 0 | 0 | 5480 | 05合约 | 5408 | -2 | 32 | | | 陕西#72 | 5080 | 0 | 0 | 5380 | 09合约 | 5472 | 2 | 4 | | | 陕西#75 | 5650 | 0 | -50 | | 主力月基差 | -46 | 2 | -30 | | 硅铁合格块 | 江苏#72 | 5400 | - ...

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on December 3, 2025, was 5458.00 [3] - The corresponding US dollar price was 658.04, and the daily change was 2.43994% [3] - The basis of Shandong Yinxing was 67, and that of Jiangsu, Zhejiang and Shanghai was also 67 [3] Group 2: Import Profit and Price - With a 13% VAT calculation, the import profit of Canadian Golden Lion was -101.50, and that of Lion was -492.04 [4] - The import profit of Chilean Silver Star was 22.41 [4] Group 3: Pulp and Paper Price Averages - From November 27 to December 3, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp and chemimechanical pulp remained unchanged [4] - The average prices in Shandong region also remained unchanged during the same period [4] Group 4: Paper Index and Profit Margin - The cultural paper, packaging paper and living paper indices remained unchanged from November 28 to December 3, 2025 [4] - The profit margins of double - offset paper, double - coated paper, white cardboard and living paper changed by -0.7016, -0.6195, -0.4439 and -0.4164 respectively during this period [4] Group 5: Pulp Price Spreads - On December 3, 2025, the softwood - hardwood pulp price spread was 1025.00, the softwood - natural pulp spread was 125, the softwood - chemimechanical pulp spread was 1725 and the softwood - waste paper spread was 3949 [4]