不完全统计，截至目前不完全统计，25/26榨季广西已开榨糖厂56家，同比减少11家；日榨甘蔗产能42.5万 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 吨，同比减少11.25万吨，本周预计将有10家糖厂开榨。云南开榨糖厂已达12家，同比增加6家。总体上， 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 市场糖源多样，现货价格走弱，后市维持弱势，关注需求变化。 免责声明 白糖产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5245 | -83 主力合约持仓量:白糖(日,手) | 391467 | 149966 | | | 仓单数量:白糖(日,张) | 611 | 215 期货前20名持仓:净买单量:白糖(日,手) | -65573 | -8850 | | | 有效仓单预报:白糖:小计(日,张) 进口加工估算价(配额内):巴西糖(日,元/ ...

| | | | 集运指数（欧线）期货日报 | 2025/12/11 | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | 环比 | | | EC主力收盘价 33.7↑ EC次主力收盘价 1092.7 | 1689.000 | | +9.40↑ | | 期货盘面 | EC2602-EC2604价差 +11.80↑ EC2602-EC2606价差 462.00 | 596.30 | | +22.40↑ | | | EC合约基差 -23.80↓ | -179.90 | | | | 期货持仓头寸（手） EC主力持仓量 | 241↑ | 31623 | | | | | SCFIS（欧线）（周） 25.45↑ SCFIS（美西线）（周） 960.51 | 1509.10 | | 11.74↑ | | | SCFI（综合指数）（周） -5.50↓ 集装箱船运力（万标准箱） 1,227.97 | 1397.63 | | 0.00↑ | | 现货价格 | CCFI（综合指数）（周） -6.91↓ CCFI（欧线）（周） 1,447.56 | 11 ...

5.0%。前10日出口数据依然偏弱，短期马棕现实供应压力依然偏大。短期棕榈油弱势震荡为主。 棕榈油产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:棕榈油(日,元/吨) | 8642 | 100 棕榈油1-5价差(日,元/吨) | 14 | 0 0 | | | 期货持仓量(活跃合约):棕榈油(日,手) | 355564 | 190193 注册仓单量:棕榈油(日,手) | 950 | | | 期货市场 | 期货前20名持仓:净买单量:棕榈油(日,手) | -13189 | 4028 期货结算价(连续):BMD毛棕榈油(日,马来 | 4025 | -6 | | | 期货结算价(活跃合约):NYMEX轻质原油( | 58.46 | 西亚林吉特/吨) 0.21 | | | | | 日,美元/桶) 现货价:棕榈油(24度):广东(日,元/吨) | 8680 | 40 棕榈油(马来西亚):FOB离岸价(日,美元/吨 | 1030 | | | 现货价格 | ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report predicts that Shanghai nickel will experience a short - term weak adjustment, and investors should pay attention to the competition at the 116,000 - yuan mark. The Philippines is in the rainy season, leading to a decline in nickel ore imports. The potential variables of Indonesia's RKAB approval and possible export policy changes have limited impact on supply recently. The supply of the pure nickel market is under great pressure, while the demand side shows positive trends. Both domestic and overseas nickel inventories are increasing, and the technical side shows a bearish atmosphere [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai nickel is 115,870 yuan/ton, down 1,220 yuan; the 01 - 02 month contract spread of Shanghai nickel is - 190 yuan/ton, down 40 yuan. The LME 3 - month nickel price is 14,675 US dollars/ton, down 75 US dollars. The main contract position of Shanghai nickel is 106,302 lots, an increase of 3,719 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 18,301 lots, an increase of 3,129 lots. The LME nickel inventory is 253,092 tons, an increase of 564 tons. The inventory of the Shanghai Futures Exchange is 42,508 tons, an increase of 1,726 tons. The LME nickel cancelled warrants total 9,390 tons, an increase of 336 tons. The warehouse receipt quantity of Shanghai nickel is 33,939 tons, a decrease of 296 tons [2]. 现货 Market - The SMM 1 nickel spot price is 118,850 yuan/ton, down 300 yuan; the average spot price of 1 nickel plate in the Yangtze River is 118,750 yuan/ton, down 300 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,550 yuan/ton, unchanged. The basis of the NI main contract is 2,980 yuan/ton, an increase of 920 yuan. The LME nickel (spot/three - month) premium is - 192.16 US dollars/ton, down 1.7 US dollars [2]. Upstream Situation - The monthly import volume of nickel ore is 468.28 tons, a decrease of 143.17 tons; the total port inventory of nickel ore is 1,469.71 tons, a decrease of 17.62 tons. The average monthly import unit price of nickel ore is 57.33 US dollars/ton, an increase of 0.61 US dollars. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [2]. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 2.29 million metal tons, an increase of 0.12 million metal tons. The monthly import volume of refined nickel and alloys is 9,939.65 tons, a decrease of 18,631.22 tons; the monthly import volume of ferronickel is 90.51 tons, a decrease of 18.02 tons [2]. Downstream Situation - The monthly output of 300 - series stainless steel is 3.73 tons, and the total weekly inventory of 300 - series stainless steel is 58.53 tons, a decrease of 1.23 tons [2]. Industry News - The Federal Reserve cut interest rates by 25 basis points as expected, but three voting members opposed it. It still expects to cut interest rates once next year and will buy short - term bonds worth 40 billion US dollars. Powell said that the bond - buying scale may remain at a high level in the next few months, the labor market is gradually cooling but slower than expected, and it can wait patiently at the current interest rate, and the impact of tariffs is expected to gradually subside next year. China's CPI in November increased by 0.7% year - on - year, the highest since March 2024, and the year - on - year decline of PPI slightly widened. Hassett said that Trump will make a final decision on the candidate for the Fed chairman in the next 1 - 2 weeks [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The report expects short - term strong adjustment of Shanghai Tin, with a focus on the range of 315,000 - 325,000 yuan/ton. The macro - situation includes the Fed's 25 - basis - point rate cut, and the supply side has a relatively tight domestic tin ore import supply. The demand side shows that downstream has purchasing willingness when tin prices decline, but high prices suppress transactions. [3] 3. Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai Tin futures main contract is 320,600 yuan/ton, down 2,030 yuan. The LME 3 - month tin price is 40,010 dollars/ton, up 160 dollars. The main contract's open interest of Shanghai Tin is 42,785 lots, down 4,714 lots. The net position of the top 20 futures is - 430 lots, down 1,183 lots. LME tin's total inventory is 3,655 tons, up 605 tons, and the cancelled warrants are 165 tons, down 95 tons. The Shanghai Futures Exchange's stock of tin is 6,865 tons (weekly), up 506 tons, and the warehouse receipts are 7,024 tons (daily), down 127 tons. [3] 现货市场 - The SMM 1 tin spot price is 320,000 yuan/ton, up 3,300 yuan. The Yangtze River Non - ferrous Market 1 tin spot price is 320,770 yuan/ton, up 3,630 yuan. The basis of the Shanghai Tin main contract is - 5,930 yuan/ton, down 9,610 yuan. The LME tin premium (0 - 3) is 30 dollars/ton, down 11 dollars. [3] Upstream Situation - The monthly import volume of tin ore and concentrates is 1.16 million tons, up 0.29 million tons. The average price of 40% tin concentrate is 308,000 yuan/ton, up 6,000 yuan, with a processing fee of 10,500 yuan/ton (unchanged). The average price of 60% tin concentrate is 312,000 yuan/ton, up 6,000 yuan, with a processing fee of 6,500 yuan/ton (unchanged). [3] Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons. The monthly import volume of refined tin is 983.25 tons, down 518.38 tons. [3] Downstream Situation - The price of 60A solder bar in Gejiu is 205,370 yuan/ton, up 2,000 yuan. The cumulative monthly output of tin - plated sheets (strips) is 124.54 million tons, up 13.61 million tons. The monthly export volume of tin - plated sheets is 22.26 million tons, up 2.5 million tons. [3] Industry News - The Fed cut interest rates by 25 basis points as expected, with three voting members opposing. It is still expected to cut rates once next year and will buy short - term bonds worth 40 billion dollars. China's November CPI rose 0.7% year - on - year, the highest since March 2024, and the year - on - year decline of PPI slightly expanded. Hassett said Trump would make a final decision on the Fed chairman candidate in the next 1 - 2 weeks. [3]

交易氛围仍显清淡，中转库有积压，柑橘类水果冲击苹果市场。不过终端走货不快，预计价格回落为主。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 苹果产业日报 2025-12-11 | 项目类别 | 数据指标 数据指标 | 最新 | 环比 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) -5 主力合约持仓量:苹果(日,手) | 9505 | | 130067 | -8564 | | | 期货前20名持仓:净买单量:苹果(日,手) | 6502 | 30 ...

在好转，价格重心或继续上抬。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 13860 | 80 棉纱主力合约收盘价(日,元/吨) | 20005 | 40 | | | 棉花期货前20名净持仓(手) | -155603 | -19526 棉纱期货前20名净持仓(手) | -506 | -256 | | | 主力合约持仓量:棉花(日,手) | 443647 | -30671 主力合约持仓量:棉纱(日,手) | 20500 | 2442 ...

预计沪锌高位调整，关注2.3关口争夺。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 下游市场逐步转向淡季，地产板块构成拖累，基建、家电板块也呈现走弱，而汽车等领域政策支持带来部 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 分亮点。下游市场以逢低按需采购为主，近期锌价回调，成交氛围有所回暖，现货升水持稳，国内库存下 降明显；LME锌库存回升，现货升水有所下调。技术面，缩量减仓价格回调，多头氛围下降。观点参考： 免责声明 沪锌产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 22995 | -80 01-02月合约价差:沪锌(日,元/吨) | -5 | 20 | | | LME三个月锌报价(日,美元/吨) | 3075 | -14 沪锌总持仓量(日,手) ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The price of Douyi is more robust due to factors such as the suspension of trading by traders, the full - completion of Cofco's competitive procurement, and the enhanced reluctance of farmers to sell. With the arrival of cold weather, the terminal market may have a replenishment wave in the middle and late December [2]. - The market doubts the actual procurement scale and shipping progress of Chinese soybean purchases from the US. The USDA monthly report data is neutral to slightly bearish, and the US soybean will continue its weak oscillation. The international soybean price will likely remain in the current low - level range if China's procurement demand does not expand [3]. - The domestic soybean meal spot market is in a stalemate. The inventory is high, and the December crushing volume may be lower than expected. The spot price shows some resistance to decline, and downstream feed enterprises maintain a high - position rolling inventory strategy [3]. - The domestic oil demand is weak. The palm oil import profit has recovered, but the December shipping purchases are few. The soybean oil supply is stable, the inventory is high, and the basis quotation is under pressure, showing a short - term oscillation trend [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices and Positions**: The closing price of Douyi's futures main contract is 4173 yuan/ton, with a decrease of 12 compared to the previous period; the closing price of Douer's main contract is 3815 yuan/ton, with an increase of 42. The closing price of soybean meal's main contract is 2750 yuan/ton, with a decrease of 4; the closing price of soybean oil's main contract is 8036 yuan/ton, with an increase of 36. The net long positions of the top 20 futures holders of Douyi, Douer, soybean meal, and soybean oil are - 22759, 4953, - 484099, and - 107598 respectively [2]. - **CBOT Futures**: The settlement price of CBOT soybeans' active contract is 1091.25 cents/bushel, with an increase of 4; the settlement price of CBOT soybean meal's active contract is 301.2 dollars/short - ton, with a decrease of 0.1; the settlement price of CBOT soybean oil's active contract is 51.09 cents/pound, with an increase of 0.07 [2]. 3.2 Spot Price - **Domestic Spot**: The domestic soybean spot price is 3940 yuan/ton, remaining unchanged. The soybean oil prices in Rizhao, Zhangjiagang, and Zhanjiang are 8410, 8510, and 8550 yuan/ton respectively, with increases of 20, 20, and 30. The soybean meal price in Zhangjiagang is 3060 yuan/ton, with an increase of 20 [2]. - **Import Costs**: The import cost of US Gulf soybeans is 4027 yuan/ton, with an increase of 20; the import cost of Brazilian soybeans is 3949 yuan/ton, with an increase of 11 [2]. 3.3 Upstream Situation - **Production and Inventory**: The annual US soybean production is 115.75 million tons, with a decrease of 1.3 million tons; the US soybean's ending inventory is 7.89 million tons, with a decrease of 0.28 million tons. The annual Brazilian production is 175 million tons, remaining unchanged; the Brazilian ending inventory is 36.36 million tons, with a decrease of 0.9 million tons [2]. - **Export and Inspection**: The weekly inspection volume of soybeans is 37569 thousand bushels, with an increase of 3614; the weekly export volume is 927844 tons, with a decrease of 100625. The monthly Brazilian export volume is 281.4 million tons, with a decrease of 144.6 million tons [2]. 3.4 Industry Situation - **Inventory and开工率**: The port inventory of imported soybeans is 8303640 tons, with a decrease of 75690; the weekly soybean meal inventory is 116.19 million tons, with a decrease of 4.13 million tons. The national port inventory of soybean oil is 113 million tons, with a decrease of 3.8 million tons. The weekly oil - mill operating rate is 56.55%, with a decrease of 3.99; the weekly oil - mill crushing volume is 205.58 million tons, with a decrease of 14.5 million tons [2]. - **Profit and Spread**: The daily crushing profit of domestic soybeans in Heilongjiang is 121.15 yuan/ton, with an increase of 25.1; the daily crushing profit of imported soybeans in Jiangsu is - 21.5 yuan/ton, with an increase of 48.75. The daily soybean - palm oil spread is - 170 yuan/ton, with a decrease of 20; the daily rapeseed - soybean oil spread is 1530 yuan/ton, with an increase of 190 [2]. 3.5 Downstream Situation - **Consumption and Production**: The annual total domestic consumption of soybeans in China is 126.8 million tons, with an increase of 5.1 million tons; the annual food consumption of soybean oil in China is 18800 thousand tons, with an increase of 900 thousand tons. The monthly production of feed is 29570000 tons, with a decrease of 1717000 tons [2]. - **Livestock Situation**: The price of live pigs (outer ternary) in Daxing, Beijing is 11.67 yuan/kg, with an increase of 0.05. The weekly expected profit of pig farming is - 279.82 yuan/head, with a decrease of 32.39. The monthly pig inventory is 436800 thousand heads, with an increase of 12330 thousand heads; the monthly inventory of breeding sows is 39900 thousand heads, with a decrease of 450 thousand heads [2]. 3.6 Option Market - The implied volatility of at - the - money call options for soybean meal is 11.5%, with an increase of 0.36; the implied volatility of at - the - money put options for soybean meal is 11.5%, with an increase of 0.37. The 20 - day historical volatility of soybean meal is 8.68%, with a decrease of 0.29; the 60 - day historical volatility of soybean meal is 9.02%, remaining unchanged [2]. 3.7 Industry News - Private exporters reported selling 136,000 tons of US soybeans to China for delivery in the 2025/26 marketing year. Last week, in the Northeast soybean - producing area, due to high raw - grain prices and snow and rain weather, most traders' purchasing activities were blocked, and they suspended trading and turned to a wait - and - see attitude, resulting in difficult outflow of grain sources and a tight supply situation in the sales area [2].

免责声明 | 项目类别 | 数据指标 最新 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 21,970.00 | +35.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,469.00 | -8.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -95.00 | +35.00↑ 主力-连二合约价差:氧化铝(日,元/吨) | -57.00 | -6.00↓ | | | 主力合约持仓量:沪铝(日,手) | 294,576.00 | +108770.00↑ 主力合约持仓量:氧化铝(日,手) | 257,111.00 | -21743.00↓ | | | LME铝注销仓单(日,吨) | 35,400.00 | 0.00 库存:氧化铝:合计(周,万吨) | 259,955.00 | -903.00↓ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 2,862.50 | +17.00↑ LME铝库存（日，吨） | 520,800.00 | -2500.00↓ | ...