1. Report's Industry Investment Rating - The mid - term outlook for the black building materials industry is "Oscillation" [6] 2. Core Viewpoints of the Report - The macro - environment is warm as the December Central Economic Work Conference is approaching and there are still expectations of interest rate cuts overseas. However, the current steel inventory level is still higher year - on - year, demand is under pressure to weaken, and the steel futures market lacks upward momentum. There is still an expectation of seasonal weakening of hot metal, the driving force for further upward movement of iron ore is insufficient, the spot prices of coking coal and coke remain weak, and the supply - demand surplus of glass and soda ash continues to suppress the futures prices [1][2]. - Overall, there are limited bright spots in the fundamentals during the off - season. There is still a possibility of positive news from the macro and policy fronts, and the futures market may have phased upward opportunities due to the boost of macro sentiment [6]. 3. Summary by Relevant Catalogs Iron Element - Sinter ore inventory decreased slightly despite the increase in the sinter ore output and its proportion in the furnace, but sinter powder inventory increased. With the continuous compression of profit margins, hot metal is expected to continue to weaken, and the support from rigid demand is gradually weakening. Overseas mine shipments increased slightly month - on - month, with a decrease in Australian shipments, a significant increase in Brazilian shipments, and a slight decrease in non - mainstream shipments. The arrivals in this period decreased month - on - month, port inventory continued to accumulate, and the inventory of imported ore in national steel mills declined, with the replenishment demand not yet significantly released. After the previous price recovery, there is insufficient support for further upward movement, and the iron ore price is expected to oscillate in the short term [2]. - The arrival of scrap steel is low. After the price decline, its cost - performance has recovered, and the demand for scrap steel from both long - and short - process steel enterprises is supported. The downside space is limited, and the scrap steel price is expected to oscillate [2]. Carbon Element - Coke supply has increased slightly, and steel mill开工 has declined seasonally. Coke supply and demand are slightly loose. Coupled with the continuous weakening of spot cost support, there are still expectations of 1 - 2 rounds of supplementary price cuts. However, there are still expectations of winter storage and replenishment for raw materials in the future, and the possibility of continuous multiple rounds of price cuts is low. The futures market is expected to oscillate following coking coal [3]. - Although the fundamentals of coking coal have slightly deteriorated marginally, the current valuation level of the futures market is still low. The low - output state of domestic coal mines will continue, and the expectations of winter storage and replenishment by the mid - and downstream are strong. There is still support at the bottom of the spot price. The near - month contracts may remain oscillating due to the impact of delivery, while the far - month contracts are less affected, and are expected to oscillate with an upward trend [3][11]. Alloys - The price center of ore has risen, and the cost of ferromanganese silicon remains relatively high. However, the market supply - demand is in a loose state, and the price is under great upward pressure. It is difficult to transfer the cost downstream. It is expected that the futures price will mainly operate at a low level [3]. - The strong cost supports the bottom of the ferrosilicon price. However, the market supply - demand is in a weak state, and the price increase is still weak. The cost transfer downstream is not smooth, and the futures price of the main contract is expected to mainly operate at a low level [3]. Glass and Soda Ash - There are still expectations of supply disturbances, but the inventory of the mid - and downstream is moderately high. From the perspective of fundamentals, the current supply - demand is still in a surplus state. If there is no more cold - repair before the end of the year, the high inventory will always suppress the price, and it is expected to oscillate weakly. Otherwise, the price will rise [3][6][12]. - The price of the soda ash industry is approaching the cost, and the bottom support is obvious. Recently, the cold - repair of glass has further increased, and the overall supply - demand is still in a surplus state. It is expected to oscillate in the short term. In the long run, the surplus pattern of supply will further intensify, and the price center will still decline, promoting capacity reduction [6][15]. Specific Varieties - **Steel**: The demand is under pressure in the off - season, and the futures market lacks upward momentum. The spot market trading is generally average. The profitability of steel mills continues to decline, but the willingness to reduce production is limited. The overall steel inventory continues to decline, but the current inventory level is still higher year - on - year, and the demand is facing the pressure to weaken. The third - round and fifth - batch of the Central Ecological and Environmental Protection Inspection Team has reported some typical environmental problems in Tianjin and Hebei. Although it has limited impact on the production of northern steel mills, the macro - environment is warm, and the futures market still has the driving force to rebound from a low level, but the upside space is limited [7]. - **Iron Ore**: The supply - demand contradiction is not significant, and the price is expected to oscillate. The overseas mine shipments increased slightly month - on - month, the arrivals decreased month - on - month. The rigid demand for hot metal is gradually weakening, the port inventory continues to accumulate, the inventory of imported ore in steel mills has declined, and the replenishment demand has not been significantly released. After the previous price recovery, there is insufficient support for further upward movement [8]. - **Scrap Steel**: The arrival of scrap steel at steel mills is low, and the price is expected to oscillate. The arrival volume this week decreased slightly compared with last week and was lower than the level of the same period last year. The demand from both long - and short - process steel enterprises is supported, and the downside space is limited [9]. - **Coke**: The supply and demand are slightly loose, and the price is still under pressure. The supply has increased slightly, the demand has declined slightly, the inventory has slightly accumulated, but the overall contradiction is not significant. There are still expectations of 1 - 2 rounds of supplementary price cuts, but the possibility of continuous multiple rounds of price cuts is low, and the futures market is expected to oscillate following coking coal [10]. - **Coking Coal**: The supply remains at a low level, and coal mines continue to accumulate inventory. The domestic coal mine production continues at a low level, the imports from Mongolia remain high, the demand from the mid - and downstream has decreased, and the inventory has continued to accumulate. The futures market is expected to oscillate, with the near - month contracts remaining stable and the far - month contracts expected to oscillate with an upward trend [10][11]. - **Glass**: The demand is still weak, and supply reduction is still needed. The supply is expected to decline in December. The demand is weak compared with the same period last year, and the large inventory of the mid - stream always suppresses the futures valuation. If there is no further cold - repair, the price may decline [12]. - **Soda Ash**: The supply remains at a low level, and the supply - demand is still in a surplus state. The supply and demand fundamentals have not changed significantly. The industry is still in the stage of clearing at the bottom of the cycle. In the short term, it is expected to oscillate, and in the long run, the price center will decline [15]. - **Ferromanganese Silicon**: The cost transfer downstream is not smooth, and the inventory accumulation puts pressure on the price. The supply - demand is loose, and the price is under pressure. The cost support still exists, but the supply contraction is limited, and it is difficult to relieve the inventory pressure. It is expected that the futures price will mainly operate at a low level [16]. - **Ferrosilicon**: The supply - demand is in a weak state, and the price increase is weak. The cost support is strong, but the supply - demand is still weak, and it is difficult to transfer the cost downstream. It is expected that the futures price of the main contract will mainly operate at a low level [18]. Index Information - On December 3, 2025, the comprehensive index of CITIC Futures' commodity index was 2270.14, down 0.22%; the commodity 20 index was 2587.91, down 0.13%; the industrial product index was 2219.45, down 0.41% [101]. - The steel industry chain index on December 3, 2025, was 1990.66, with a daily decline of 0.30%, a 5 - day increase of 0.53%, a monthly decline of 0.39%, and a year - to - date decline of 5.58% [103].

Report Industry Investment Rating - Not provided Core View of the Report - On Wednesday, precious metals maintained a volatile and upward trend, with significant high - level fluctuations in silver. The unexpectedly weak ADP employment in the US increased the probability of a December interest rate cut, and the expectation of loose liquidity still dominated the market. The overall logical environment is conducive to the rise of precious metals this month, and in the long - term, the decline of the US dollar credit will drive the upward trend of precious metals. [1][3] Summary by Relevant Catalog Key Information - The cooling of the US labor market exceeded expectations. The ADP employment in November decreased by 32,000, the largest decline since March 2023. The probability of the Fed cutting interest rates by 25 basis points in December is nearly 90%. [2] - The US import and export price indices in September were flat month - on - month, with the import price index rising 0.3% year - on - year and the export price index rising 3.8% year - on - year. [2] - US President Trump mentioned that Kevin Hassett is a potential Fed chairman. [2] - US Treasury Secretary Scott Bessent predicted that the US economy will achieve "real wage growth" and "low - inflation growth" and return to 4% growth in 2026. [2] Price Logic - Short - term: Precious metals were volatile and upward on Wednesday, with large fluctuations in silver. The unexpectedly weak ADP employment increased the probability of a December interest rate cut, and the loose liquidity expectation dominated the market. [1][3] - Medium - term: This month, the expectation of loose liquidity is the core driving force. With the approaching Fed chairman nomination, the relatively dovish Hassett has the highest popularity, and the period from nomination to taking office may see the smoothest trading of loose liquidity expectations and Fed independence. The spot - end driving force for silver remains, and the squeeze - out trading is spreading. [3] - Long - term: The long - term upward trend of precious metals is driven by the contraction of the US dollar credit. The expansion of the US currency and the global fiscal expansion may lead to a mild economic recovery, and silver may have greater elasticity. [3] Outlook - This week, the range of the London gold spot is expected to be between $4,000 and $4,400 per ounce, and the range of the London silver spot is expected to be between $53 and $60 per ounce. [3] Commodity Index - On December 3, 2025, the comprehensive commodity index was 2270.14, down 0.22%; the commodity 20 index was 2587.91, down 0.13%; the industrial product index was 2219.45, down 0.41%. [43] - The precious metal index on December 3, 2025, was 3506.69, with a daily increase of 0.24%, a 5 - day increase of 4.03%, a 1 - month increase of 9.15%, and a year - to - date increase of 58.50%. [45]

Impact of Document No.136 on China PV Projects 136 号文如何影响光伏项目 Abstract 摘要 Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 | 何颢昀 | He Haoyun | 从业资格号 Qualification No：F3100810 | 投资咨询号 Consulting No.：Z0021074 | | --- | --- | --- | --- | | 张默涵 | Zhang Mohan | 从业资格号 Qualification No：F03097187 | 投资咨询号 Consulting No.：Z0020317 | | 桂晨曦 | Gui Chenxi | 从业资格号 Qualification No：F3023159 | 投资咨询号 Consulting No.：Z0013632 | 中信期货国际化研究 | CITIC Futures International Research 202 ...

中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/12/04 China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: China-Russia Strategic Security Consultation was held. Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 Futures Prices: On ...

1. Report Industry Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints of the Report - Overseas: The US economy is in a low - speed adjustment phase, with consumer K - shaped development and cooling employment. The interest - rate cut expectation has shifted from "expectation guidance" to "data confirmation". The "Hassett transaction" has strengthened the market's re - evaluation of the future policy framework, improving global financial conditions. Dollar liquidity is becoming the main line of major asset allocation in the next quarter, and the market expects the Fed to discuss balance - sheet expansion around December [7]. - Domestic: In October, the profit margin of industrial enterprises continued to be under pressure due to weak domestic demand. However, with the joint promotion of policy - based financial instruments and special bonds, the forward - looking indices for enterprise investment and recruitment have significantly rebounded. In November, the manufacturing PMI rebounded, with both supply and demand improving marginally. The construction business activity index also increased. Overall, the domestic economy maintains a weak - stable pattern, and the guiding role of policies on expectations is strengthening [7]. - Asset Allocation: In the fourth quarter, the overall asset - allocation idea remains unchanged. The macro - environment is still friendly to risk assets. It is recommended to maintain a balanced allocation, hold long positions in stock indices, non - ferrous metals, and precious metals, and wait for opportunities to increase positions in stock indices on dips [7]. 3. Summary by Relevant Catalogues 3.1 Market Performance of Various Assets - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures showed different degrees of daily, weekly, monthly, quarterly, and annual changes, with the CSI 300 futures up 15.23% this year [4]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures also had different price changes and yield fluctuations [4]. - **Foreign Exchange**: The US dollar index, euro - US dollar exchange rate, US dollar - Japanese yen exchange rate, etc. showed various trends [4]. - **Interest Rates**: The yields of domestic and US bonds, interest - rate spreads, and inflation - related rates also had different changes [4]. - **Industry Indices**: Different industries such as transportation, non - ferrous metals, and coal had different levels of daily, weekly, monthly, quarterly, and annual price changes [4]. - **Commodity Futures**: Energy, precious metals, non - ferrous metals, agricultural products, etc. all had their own price trends and volatility [4][5]. 3.2 Short - term Judgment of Various Assets - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options to fluctuate, and treasury bond futures to rise in a volatile manner [8]. - **Precious Metals**: Gold and silver are expected to fluctuate during the short - term adjustment phase [8]. - **Shipping Sector**: The freight rate of container shipping on the European route is expected to fluctuate [8]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to fluctuate [8]. - **Non - ferrous Metals and New Materials Sector**: Copper, aluminum, lead, etc. are expected to rise in a volatile manner, while nickel is expected to fall in a volatile manner [8]. - **Energy and Chemical Sector**: Crude oil, LPG, etc. are expected to fluctuate, while some products like asphalt and high - sulfur fuel oil are expected to fall in a volatile manner [10]. - **Agricultural Sector**: Most agricultural products such as grains, oils, and livestock are expected to fluctuate, and the price of natural rubber is expected to return to a narrow - range fluctuation [10].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-12-4 停产消息刺激纸浆上涨，但维持宽幅震 荡格局 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。中信期货不会因为关注、收到或阅读本报告内 容而视相关人员为客户；市场有风险，投资需谨慎。如本报告涉及行业分析或上市公司相关内容，旨在对期货市场及其相关性进行比较论证，列举解释期货品种 相关特性及潜在风险，不涉及对其行业或上市公司的相关推荐，不构成对任何主体进行或不进行某项行为的建议或意见，不得将本报告的任何内容据以作为中信 期货所作的承诺或声明。在任何情况下，任何主体依据本报告所进行的任何作为或不作为，中信期货不承担任何责任。 油脂：关注上方技术阻力有效性 蛋白粕：美豆震荡，豆菜粕价差如期扩大 玉米/淀粉：盘内冲高，玉米维持偏紧格局 生猪：供需宽松，猪价偏弱运行 天然橡胶：回归窄幅震荡走势 合成橡胶：消息面情绪提振幅度有限 棉花：近月合约下方支撑较强，上方空间受套保限制 白糖：糖价承压，小幅下跌 纸浆：停产消息刺激盘面继续上涨，但维持宽幅震荡格局 双胶纸：现货维稳，盘面跟随 ...

Investment consulting business qualification: CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669号 China Zinc Futures Research Framework 中国锌期货研究框架 2025/12/3 More English Reports on 【CITIC Futures International Service Platform】 https://internationalservice.citicsf.com Gui Chenxi 桂晨曦 CFA PhD Qualification No. F3023159 从业资格号 Investment consulting No. Z0013632 投资咨询号 Shen Zhaoming 沈照明 Qualification No. F3074367 从业资格号 Investment consulting No. Z0015479 投资咨询号 Zheng Feifan 郑非凡 Qualification No. F03088415 从业资格号 Inve ...

丁二烯出口消息带动盘面大幅上行 th 魏宇 究 从业资格号:F03114822 员 投资咨询号: Z0022428 价格表现 昨日BR主力合约大幅上行,截至收盘涨幅3.64%,创下了今年下半年以来单日最大涨幅。 行情点评 昨日上午. 受丁二烯出口消息提振,BR盘面快速冲高,日内维持偏强运行,而我们认为主要驱动更多来自价格绝对低位后情绪释 放,而并非基本面的改善预期。 我国丁二烯产能今年正常释放,叠加今年海外需求偏弱,报价相对较低,使得国内1-10月进口量已经创下新高。整体供应压力不 俗也是导致10月份后,BR盘面跟随丁二烯报价快速下行的权本原因。但在创下上市新低后,伴随着丁二烯成交转暖，报价企稳, 以及来自天胶端的支撑,盘面对利多消息的敏感度显著提升。而本次丁二烯出口消息就是最好的印证。 通常来说,我国丁二烯出口代表着海外需求回暖,报价提高,并给出国内出口套利机会。若出口套利窗口得以维持,那么将会显 著缓解国内供给压力,助推国内丁二烯价格上涨,并最终从成本的角度带动BR盘面走高。截至今年1-10月,我国丁二烯出口月均 仅有2400吨，总量较低，所以本次出口消息提供了后续可能还能继续出口的预期，给予了盘面较强的 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short - to - medium term, positive macro expectations and supply disruption concerns have led to an upward drive in the non - ferrous metals market. Opportunities to go long on copper, aluminum, and tin can be continuously monitored. In the long term, with the expectation of potential incremental stimulus policies in China and ongoing supply disruption issues for copper, aluminum, and tin, there are expectations of tightening supply - demand, and the price trends of copper, aluminum, and tin are optimistic [1]. 3. Summary by Related Catalogs 3.1行情观点 3.1.1 Copper - **View**: CSPT's agreement on joint production cuts will cause copper prices to fluctuate strongly. - **Information Analysis**: Codelco is raising the annual premium for refined copper sold to Chinese customers. CSPT has reached a consensus to reduce the capacity utilization of ore - copper by over 10% in 2026. In November, SMM China's electrolytic copper production increased both month - on - month and year - on - year. On December 2, the spot price of 1 electrolytic copper showed a premium, and copper inventory decreased [7][8]. - **Main Logic**: The expectation of the Fed's interest rate cut is rising. There are continuous supply disruptions in copper mines, and CSPT's production cut plan strengthens the expectation of supply contraction. Although demand is in the off - season, the market expects a tight supply - demand situation for refined copper next year [8]. 3.1.2 Alumina - **View**: The oversupply situation has not improved significantly, and alumina prices will continue to be under pressure. - **Information Analysis**: Alumina spot prices remained stable in most regions on December 2. The willingness of futures - cash merchants to sell warehouse receipts is strong. On December 2, the alumina warehouse receipts remained unchanged [9][10]. - **Main Logic**: Macroeconomic sentiment amplifies price fluctuations. High - cost production capacity has some fluctuations, but the actual supply contraction needs to be observed. The domestic market is still in a strong inventory - building trend, and raw material prices are weak, so the alumina price is under pressure [11]. 3.1.3 Aluminum - **View**: Macroeconomic sentiment is volatile, and aluminum prices will fluctuate and rise. - **Information Analysis**: On December 2, the average price of SMM AOO aluminum decreased slightly, and the premium remained unchanged. Aluminum rod and electrolytic aluminum ingot inventories decreased. An Australian rescue plan aims to prevent a smelter from closing, and new Indonesian aluminum plants are in operation [12]. - **Main Logic**: The expectation of interest rate cuts has increased, and the dollar index is under pressure. The domestic economy is weakly stable. The supply side has high domestic operating capacity and overseas power shortages. The demand side is stable, and inventory is decreasing. Overall, aluminum prices are expected to fluctuate strongly in the short term and may rise in the medium term [13]. 3.1.4 Aluminum Alloy - **View**: With strong cost support, the market will fluctuate and rise. - **Information Analysis**: On December 2, the price of ADC12 remained unchanged. The price difference between ADC12 and AOO aluminum changed. The registered warehouse receipts decreased. In October, the import volume of scrap aluminum increased year - on - year [14][15][16]. - **Main Logic**: The supply of scrap aluminum is tight, providing strong cost support. The weekly operating rate has increased, but some alloy plants face production cut risks. Demand is marginally improving, and inventory is rising. In the short and medium terms, prices are expected to fluctuate strongly [15]. 3.1.5 Zinc - **View**: With the export window open, zinc prices will fluctuate at a high level. - **Information Analysis**: On December 2, the spot premiums of zinc in different regions varied. As of December 2, zinc ingot inventory decreased. A mine in Australia postponed high - grade zinc ore mining due to an earthquake [18]. - **Main Logic**: The expectation of the Fed's interest rate cut in December is rising. In the short term, zinc ore supply has loosened, and smelters' profitability is good. The export window has opened, but demand is in the off - season. In the short term, zinc prices will fluctuate at a high level, and there is a risk of decline in the long term [18]. 3.1.6 Lead - **View**: With the reduction of social inventory, lead prices may continue to rebound in the short term. - **Information Analysis**: On December 2, the price of scrap electric vehicle batteries and the price difference between primary and secondary lead remained unchanged. The price of lead ingots increased, and the premium was stable. Lead ingot inventory decreased, and some smelters were under maintenance [19]. - **Main Logic**: The spot premium and price difference are stable, and warehouse receipts are decreasing. Production has decreased due to smelter maintenance, and demand from battery enterprises is improving. Lead prices are expected to fluctuate [20]. 3.1.7 Nickel - **View**: With the easing of the supply side in Indonesia, nickel prices will fluctuate. - **Information Analysis**: On December 2, LME and Shanghai nickel inventories decreased. An Indonesian company plans to focus on three HPAL projects next year. GreenMeiBang's nickel project is in normal production [21][22]. - **Main Logic**: Market sentiment dominates the market, and the static valuation is stable. The supply of nickel ore is relatively loose, and the production of intermediate products has recovered. Nickel salt prices are slightly weaker, and inventory has accumulated significantly. Nickel prices will fluctuate [23]. 3.1.8 Stainless Steel - **View**: With the stable price of nickel - iron, the stainless - steel market will fluctuate. - **Information Analysis**: The stainless - steel futures warehouse receipts decreased. On December 2, the spot premium of stainless steel in Foshan was positive. The average price of high - nickel pig iron remained unchanged. GreenMeiBang's nickel project is in normal production [24]. - **Main Logic**: The prices of nickel - iron and chromium have declined, weakening cost support. After the peak season, production and demand have decreased, and inventory is accumulating. Stainless - steel prices are expected to fluctuate within a range [25][26]. 3.1.9 Tin - **View**: With continuous supply concerns, tin prices will fluctuate at a high level. - **Information Analysis**: On December 2, LME tin warehouse receipts remained unchanged, and Shanghai tin warehouse receipts increased. The average price of 1 tin ingots decreased [26]. - **Main Logic**: The supply of tin is a core concern. The resumption of production in the Wa State's mining area is slow, and Indonesian exports are restricted. The supply of tin ore is tight, and demand from semiconductor, photovoltaic, and new - energy vehicle industries is increasing. Tin prices are expected to fluctuate strongly [26]. 3.2行情监测 3.2.1 Commodity Index - On December 2, 2025, the comprehensive index, commodity 20 index, and industrial product index of CITICS Futures all showed slight declines, with changes of - 0.01%, - 0.00%, and - 0.03% respectively [151]. 3.2.2 Special Index No relevant content provided. 3.2.3 Sector Index - On December 2, 2025, the non - ferrous metals index was 2512.54, with a daily decline of - 0.07%, a 5 - day increase of + 1.84%, a 1 - month increase of + 1.86%, and a year - to - date increase of + 8.85% [153].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-12-03 俄罗斯海上原油量持续攀升，甲醇关注 12⽉的进⼝压⼒ 化工品近期的反弹开始略显迟疑。甲醇在海外限气的提振下，近期期 价反弹；同时前期较高的开工导致伊朗11月装船量再创历史新高，12月可 能出现非伊甲醇减量，伊朗货源依旧充足的情况，12月甲醇的进口压力依 旧较大。而烯烃端也没有实质性利好。资金换月和原油反弹短暂拉升了烯 烃价格，但生产企业仍以去库存为核心导向，通过下调出厂价、加大促销 力度等方式积极去库；需求端则以刚需为主，并未有投机性囤货举措。 原油：地缘溢价摇摆，供应压力延续 沥青：沥青期价大跌，测试2800重要支撑位 高硫燃油：燃油期价弱势震荡 低硫燃油：低硫燃油期价弱势震荡 甲醇：12月沿海卸货预期偏高，内地供需阶段性支撑，甲醇震荡整理 尿素：淡储推进暂缓，盘面震荡整理 乙二醇：国内供应阶段性见顶，但海外货源供应充裕 PX：供需双强，叠加市场预期偏强下利润持续扩张 PTA：现货市场氛围改善，基差偏强运行 短纤：下游维持观望居多，持续追涨意愿不强 瓶片：价格波动率收窄，成交氛围小幅回落 丙烯：PG带动，P ...