| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025/11/25 2025/12/1 | | 2025/12/2 周度变化 日度变化 | | | | 2025/11/25 2025/12/1 | | 2025/12/2 周度变化 日度变化 | | | 沙河重碱 | 1140.0 | 1150.0 | 1160.0 | 20.0 | 10.0 | SA05合 约 | 1242.0 | 1243.0 | 1244.0 | 2.0 | 1.0 | | 华中重碱 | 1150.0 | 1160.0 | 1170.0 | 20.0 | 10.0 | SA01合约 | 1173.0 | 1176.0 | 1183.0 | 10.0 | 7.0 | | 华南重碱 | 1350.0 | 1350.0 | 1350.0 | 0.0 | 0.0 | SA09合约 | 1311.0 | 1304.0 | 1307.0 | -4.0 | 3.0 | | 青 海 ...

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The EC2512 contract is moving towards the delivery logic, with P1 around 1550 points. P2 and P3 are对标 to the second - half of December's cabin space, and the price is expected to be stable with a slight increase. - The EC2602 contract has a neutral valuation, follows the spot market in the short - term, and there is a chance for a higher price if the peak season is realized. Reasons include the late Chinese New Year, strong cargo volume on the European route this year, and the contract covering a period with a potential seasonal price peak. - The EC2604 contract is still recommended to be shorted on rallies [3]. 3. Summary by Relevant Content Futures Market - **Contract Prices and Changes**: EC2512 closed at 1633.6 with a - 0.19% change; EC2602 at 1534.2 with a 2.719% change; EC2604 at 1072.1 with a - 0.55% change; EC2606 at 1233.2 with a - 0.31% change; EC2608 at 1374.9 with a 1.30% change; EC2610 at 1032.6 with a - 0.06% change [2]. - **Month - to - Month Spreads**: For example, EC2512 - 2504 was 561.5, EC2512 - 2602 was 99.4, and EC2502 - 2604 was 462.1, with corresponding changes compared to previous days and weeks [2]. Spot Market - **Spot Indexes**: The spot price (per point) on December 1, 2025, was 1483.65, down 9.50% from the previous period. SCF on November 28, 2025, was 1404 dollars/TEU, up 2.71%; CCFI was 1449.34 points, up 1.14%; NCFI was 1024.64 points, up 7.67% [2]. - **European Route Spot Situation**: In December, the early - month price increase failed. In Week 49, the average was 2360 dollars, equivalent to 1650 points on the disk. In Week 50, MSK's opening price dropped to 2200 dollars, and the current central price is 2270 dollars, equivalent to 1580 points. Some shipping companies adjusted prices, and it is expected that shipping companies will announce price increases for January's cabin space in early December. On Tuesday, MSK's opening price for Week 51 was 2400 dollars, up 200 dollars from the previous week, equivalent to 1660 points [4]. Related News - On November 26, the mediators of the Gaza cease - fire agreed to stop violations and implement the second phase of the agreement. - On November 29, Lebanon's Hezbollah said it would retaliate against Israel for the attack on its senior commander [5].

Report Summary 1) Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2) Core Viewpoints of the Report - This week, the high - sulfur cracking in Singapore fluctuated and weakened on Friday. The monthly spread was at a historical low, and the basis weakened and then fluctuated at a historical low. The HSFO cracking in Europe oscillated at a low level, and the EW weakened on Friday. The 0.5% cracking in Singapore continued to weaken this week, with the monthly spread weakening and the basis oscillating at a low level [3]. - In terms of inventory, there was a slight accumulation of residue in Singapore, a significant accumulation of high - sulfur floating storage, a reduction of residue in ARA, an accumulation of residue in Fujairah, high - sulfur floating storage oscillated at a high level, and a slight reduction of EIA residue [3]. - With the strengthening expectation of Russia - Ukraine peace talks, the cracking of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur and diesel continued to rebound [4]. - After the fire at the Al Zour refinery on October 21st, it stopped production. In December, the RFCC unit of the Dangote refinery is expected to enter maintenance, and VGO exports are expected to increase [4]. - The global heavy - oil market has entered the off - season with inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market. FU01 should be treated bearishly. The low - sulfur valuation is low but lacks a driving force [4]. 3) Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From November 26th to December 2nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 7.55, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 6.28, and the price difference between Rotterdam HSFO - Brent M1 decreased by 0.53 [1]. - Other price differences and spreads also showed corresponding changes during this period [1]. Singapore Fuel Oil Data - For Singapore fuel oil, from November 26th to December 2nd, 2025, the price of Singapore 380cst M1 decreased by 7.03, the price of Singapore 180cst M1 decreased by 3.95, and the price of Singapore VLSFO M1 decreased by 1.19 [1]. - In the Singapore fuel oil spot market, the FOB 380cst price decreased by 1.00, and the FOB VLSFO price decreased by 1.20 from November 26th to December 2nd, 2025 [2]. Domestic Fuel Oil Futures Data - For domestic FU futures, from November 26th to December 2nd, 2025, FU 01 decreased by 26, FU 05 decreased by 20, and FU 09 decreased by 23 [2]. - For domestic LU futures, during the same period, LU 01 decreased by 19, LU 05 decreased by 15, and LU 09 decreased by 9 [3].

s 加安期货 沥青早报 700 600 500 400 300 200 100 11/1 -200 -300 周度变化 97 87 57 -18 -34 -11 -127 100734 92363 0 0.7 -30 -30 -40 -70 -81 -48 2025 124 | | 指标 | 10/31 | 11/26 | 11/28 | 12/1 | 12/2 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基差&月差 | 山东基差(+80)(弘润) | 6 | 17 | 44 | 40 | 114 | 74 | | | | 华东基差(镇江库) | 106 | 47 | 54 | 60 | 134 | 74 | | | | 华南基差(佛山库) | 146 | 7 | -16 | -10 | 64 | 74 | | | | 12-01 | 10 | -7 | -18 | -19 | -25 | -6 | | | | 12-03 | -16 | -19 | -48 | -50 | -53 | -3 | | | | 01 ...

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油脂油料早报 研究中心农产品团队 2025/12/03 隔 夜 市 场 信 息 ： SGS：马来西亚11月棕榈油出口量环比减少39.21% 船货检验机构SGS发布的数据显示，马来西亚2025年11月棕榈油产品出口量为779,392吨，较上月的1,282,036吨减 少39.21%。 印度11月棕榈油进口增加，因豆油及葵花籽油购买量下降 五家经销商表示，印度11月份棕榈油进口量略有上升，原因是价格下跌促使炼油商增加购买棕榈油，同时减少购买 更昂贵的豆油和葵花籽油。 据经销商估计，11月份棕榈油进口量环比增长4.6%，至63万吨。与此同时，据经销商估计，豆油进口量下降12%， 至40万吨，葵花籽油进口量下降44%，至14.5万吨，为两年低点。 数据显示，由于豆油和葵花籽油进口减少，印度11月份食用油进口总量较上月下滑11.5%，至118万吨，为七个月低 点。 主要食用油进口商PatanjaliFoodsLtd副总裁AashishAcharya称，印度买家正在增加近一个月船期的棕榈油的购买 量，因为棕榈油比竞争对手豆油每吨便宜近100美元。他表示："12月份，棕榈油进口量可能进一步上升至75万吨。" 据经销商估计， ...

Group 1: Report Information - Report title: Synthetic Rubber Morning Report [2] - Report date: December 3, 2025 [3] - Report team: Research Center's Energy and Chemicals Team [3] Group 2: BR Main Contract Data Futures Data - BR main contract (12): Price on December 2 was 10,685, with a daily change of 375 and a weekly change of 325 [4] - Open interest: On December 2, it was 45,603, a daily decrease of 3,201 and a weekly decrease of 17,427 [4] - Trading volume: On December 2, it was 171,287, a daily increase of 47,471 and a weekly increase of 42,191 [4] - Warehouse receipt quantity: On December 2, it was 15,490, a daily decrease of 350 and a weekly increase of 110 [4] - Virtual - to - physical ratio: On December 2, it was 14.72, a daily decrease of 1 and a weekly decrease of 6 [4] Basis and Spread Data - Butadiene rubber (BR) basis: - 275 on December 2, a daily decrease of 225 [4] - Styrene - butadiene rubber (SBR) basis: - 275 on December 2, a weekly decrease of 175 [4] - 12 - 01 spread: - 25 on December 2, a weekly decrease of 25 [4] - 01 - 02 spread: - 15 on December 2, a daily decrease of 15 and a weekly decrease of 20 [4] - RU - BR spread: 4675 on December 2, a daily decrease of 265 and a weekly decrease of 160 [4] - NR - BR spread: 1545 on December 2, a daily decrease of 315 and a weekly decrease of 260 [4] Spot and Price - related Data - Shandong market price: 10,500 on December 2, a daily increase of 100 and a weekly increase of 100 [4] - Transfar market price: 10,400 on December 2, a daily increase of 150 and a weekly increase of 150 [4] - Qilu ex - factory price: 10,600 on December 2, a daily increase of 200 and a weekly increase of 200 [4] - CFR Northeast Asia: 1325, no daily or weekly change [4] - CFR Southeast Asia: 1600, no daily or weekly change [4] Profit Data - Spot processing profit: 110 on December 2, a daily decrease of 155 and a weekly decrease of 181 [4] - Import profit: - 592 on December 2, a daily increase of 100 [4] - Export profit: 1600 on December 2, a daily decrease of 87 and a weekly decrease of 107 [4] Group 3: Other Product Data SBR Data - Shandong market price: 7500 on December 2, a daily increase of 250 and a weekly increase of 275 [4] - Jiangsu market price: 7250 on December 2, a daily increase of 225 [4] - Yangzi ex - factory price: 7100, no daily or weekly change [4] - CFR China: 820, no daily change and a weekly increase of 20 [4] - Ethylene cracking profit: Data not available [4] - Butene oxidative dehydrogenation profit: - 1564 on December 2, a daily increase of 225 and a weekly increase of 225 [4] - Import profit: 547 on December 2, a daily increase of 225 and a weekly increase of 77 [4] - Export profit: - 1154 on December 2, a daily decrease of 196 and a weekly decrease of 418 [4] - SBR production profit: 1563 on December 2, a daily increase of 200 and a weekly increase of 200 [4] BD - Related Profit Data - C4 extraction profit: Data not available [4] - ABS production profit: Data not available [4] - SBS production profit: - 302, no daily or weekly change [4]

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。 LPG早报 研究中心能化团队 2025/12/03 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 2025/11/26 4330 4310 4460 570 520 492 4470 7100 -31 ...

焦煤日报 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 沙河驿进口主焦 A11，V26，S0.7，G80，Y15，CSR60 2021 2022 2023 2024 2025 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 普氏中挥发 1900/1/4 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 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2025/12/03 | | | 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 | | 2025/11/26 | 3210 | 3270 | 3250 | 3260 | 3480 | 3360 | | 2025/11/27 | 3210 | 3220 | 3210 | 3250 | 3480 | 3360 | | 2025/11/28 | 3210 | 3260 | 3210 | 3250 | 3510 | 3390 | | 2025/12/01 | 3250 | 3310 | 3290 | 3310 | 3560 | 3430 | | 2025/12/02 | 3250 | 3320 | 3300 | 3310 | 3560 | 3440 | | 变化 | 0 | 10 | 10 | 0 | 0 | 10 | | 日期 | 天津热卷 | 上海热卷 ...