1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The platinum and palladium futures main contracts fluctuated weakly in intraday trading, with platinum's decline greater than palladium's. In the short - term, the realization of the interest - rate cut expectation may continue the price correction. In the long - term, platinum prices may be supported by the Fed's easing expectation, the continuation of the supply - demand structural deficit, and the long - term expansion of hydrogen economy demand. Palladium's demand is expected to weaken due to over - concentration in the automotive catalyst field and the popularization of electric vehicles, but the bullish sentiment driven by interest - rate cut expectations may support the price. The current low price of palladium may make it a cost - effective choice again, and there may be a follow - up catch - up rally. The London platinum spot is expected to face resistance at $1750 per ounce and support at $1500 per ounce; the London palladium spot may encounter resistance at $1500 per ounce and support at $1350 per ounce [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 436.40 yuan/gram, down 5.75 yuan; the closing price of the palladium main contract was 380.45 yuan/gram, down 1.80 yuan. The main contract holding volume of platinum was 10,387.00 hands, down 277.00 hands; the main contract holding volume of palladium was 3,179.00 hands, up 90.00 hands [2] 3.2 Spot Market - The Shanghai Gold Exchange platinum spot price (Pt9995) was 431.08 yuan/gram, down 4.22 yuan; the Yangtze River palladium spot price was 376.50 yuan/gram, up 16.50 yuan. The platinum main contract basis was - 5.32 yuan/gram, up 1.53 yuan; the palladium main contract basis was - 3.95 yuan/gram, up 18.30 yuan [2] 3.3 Supply - Demand Situation - The total annual supply of platinum in 2025 is expected to be 293.00 tons, down 5.00 tons; the total annual supply of palladium in 2025 is expected to be 220.40 tons, down 0.80 tons. The total annual demand for platinum in 2025 is expected to be 287.00 tons, down 27.00 tons; the total annual demand for palladium in 2025 is expected to be 261.60 tons, up 25.60 tons [2] 3.4 Macro Data - The US dollar index was 99.11, up 0.12; the 10 - year US Treasury real yield was 1.91%, up 0.03%. The VIX volatility index was 16.66, up 1.25 [2] 3.5 Industry News - The Fed is scheduled to hold an interest - rate meeting on December 9th and 10th, and the market generally expects a 25 - basis - point rate cut. Japan's Q3 real GDP was revised down to a 0.6% quarterly contraction and a 2.3% annual contraction. Japan's nominal wages rose 2.6% year - on - year in October, but real wages after inflation fell for the tenth consecutive month. The European Central Bank's hawkish Executive Board member Schnabel believes that economic and inflation risks are skewed upwards and is satisfied with the market's bet on the ECB's next rate hike [2] 3.6 Key Points to Watch - On December 9th at 19:00, the US November NFIB Small Business Confidence Index; at 23:00, the US October JOLTs Job Openings (in millions). On December 11th at 03:00, the Fed will announce the December FOMC meeting interest - rate decision [2]

粮源入市减少，经过前期补库饲料及深加工企业库存有所回升，临近年底企业仍有补库的需求，价格窄幅 震荡。盘面来看，前期超预期上涨后，近日玉米期价高位回落，短期观望。 | 观点总结（ | 随着新季玉米上市量逐步增加，原料玉米供应较为充裕，行业开机率持续回升，供应端压力增加。不过，下游行业需求较好，木薯 | | --- | --- | | | 淀粉涨幅过大后，部分下游客户重新采购玉米淀粉，需求进一步增量，企业走货顺畅。截至12月3日，全国玉米淀粉企业淀粉库存 | | 淀粉） | | | 重点关注 | 总量105.4万吨，较上周下降1.50万吨，周降幅1.40%，月降幅1.40%；年同比增幅12.61%。盘面来看，受玉米回落影响，淀粉同 周四、周五mysteel玉米周度消耗以及淀粉企业开机、库存情况 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 步回落，短期观望。 | 玉米系产业日报 2025-12-09 | 项目类别 | 数据指标 环比 | 最新 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | ...

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 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶1-5价差(日,元/吨) | 14985 50 | -80 20号胶主力合约收盘价(日,元/吨) 25 20号胶1-2价差(日,元/吨) | 12080 -15 | 0 0 | | 期货市场 | | | | | | | | 沪胶与20号胶价差(日,元/吨) | 2905 | -95 沪胶主力合约 持仓量(日,手) | 127685 | 3726 | | | 20号胶主力合约持仓量(日,手) | 56144 | 26357 沪胶前20名净持仓 | -27378 | 1839 | | | 20号胶前20名净持仓 | - ...

波动。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 10450 | -65 主力合约持仓量:合成橡胶(日,元/吨) | 76409 | 48955 | | | 合成橡胶1-2价差(日,元/吨) | -20 | -5 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 4340 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 10500 | 50 主流价:顺丁橡胶(BR9000,大庆石化):山 | 10450 | 50 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 10550 | 东(日,元/吨) 100 主流价:顺丁橡胶(BR9000,茂名石化):广 | 10750 | 50 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) | -15 | 东(日,元/吨) -55 | | | | | 布伦特原油(日,美元/桶) 东北亚乙烯价格(日,美元/吨) | 62.49 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 般，因此全国不锈钢社会库存呈现窄幅增加态势。技术面，持仓持稳价格上涨，空头氛围下降。观点参考 ：预计不锈钢期价偏强调整，关注12600阻力。 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 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 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 不锈钢产业日报 2025-12-09 | 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:不锈钢(日,元/吨) | 12500 | -10 01-02月合约价差:不锈钢(日,元/吨) | -115 | 0 -7521 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -12872 | 978 主力合约持仓量:不锈钢(日,手) | 78164 | ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The main contract of Shanghai copper fluctuates and declines, with decreasing open interest, spot premium, and strengthening basis [2]. - The copper concentrate processing fee index drops again. Due to Chile raising the premium for copper spot in China and domestic CSPT members planning to reduce the capacity load of mined copper by 10% next year, market concerns about the tight supply of copper ore intensify [2]. - On the supply side, the good revenue from smelting by - product sulfuric acid offsets part of the high raw material costs. Smelters are operating well, and the previously affected production capacity is gradually resuming, leading to an increase in the domestic refined copper supply [2]. - On the demand side, the copper price remains strong due to overseas interest - rate cut expectations and raw material cost support. The short - term high - priced copper suppresses the downstream purchasing sentiment, and downstream buyers are becoming more cautious, mostly replenishing stocks based on rigid demand [2]. - In terms of consumption, the year - end sales rush of automobile enterprises and the rush work in the power system provide certain demand resilience for Shanghai copper. The social inventory is still slightly decreasing [2]. - In the options market, the call - to - put ratio of at - the - money option positions is 1.23, with a month - on - month increase of 0.0791. The market sentiment is bullish, and the implied volatility slightly decreases [2]. - Technically, on the 60 - minute MACD chart, the two lines are above the zero axis, and the green bars are expanding. The report suggests light - position oscillatory trading, paying attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 91,090 yuan/ton, a decrease of 1,880 yuan; the price of LME 3 - month copper is 11,491.50 dollars/ton, a decrease of 144 dollars [2]. - The spread between the main contract and the next - month contract is - 80 yuan/ton, a decrease of 20 yuan; the open interest of the main contract of Shanghai copper is 210,572 lots, a decrease of 19,473 lots [2]. - The net position of the top 20 futures holders in Shanghai copper is - 44,609 lots, a decrease of 10,180 lots; the LME copper inventory is 164,550 tons, an increase of 2,000 tons [2]. - The inventory of cathode copper in the Shanghai Futures Exchange is 88,905 tons, a decrease of 9,025 tons; the LME copper cancelled warrants are 63,175 tons, a decrease of 675 tons [2]. - The warehouse receipts of cathode copper in the Shanghai Futures Exchange are 29,531 tons, a decrease of 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 92,215 yuan/ton, a decrease of 85 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market is 92,270 yuan/ton, an increase of 95 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper is 46 dollars/ton, unchanged; the average premium of Yangshan copper is 41 dollars/ton, unchanged [2]. - The basis of the CU main contract is 1,125 yuan/ton, an increase of 1,795 yuan; the LME copper cash - to - 3 - month spread is 8.19 dollars/ton, a decrease of 14.86 dollars [2] 3.3 Upstream Situation - The import volume of copper ores and concentrates is 245.15 million tons, a decrease of 13.56 million tons; the rough smelting fee (TC) of domestic copper smelters is - 42.86 dollars/thousand tons, a decrease of 0.11 dollars [2]. - The price of copper concentrate in Jiangxi is 82,470 yuan/metal ton, an increase of 730 yuan; the price of copper concentrate in Yunnan is 83,170 yuan/metal ton, an increase of 730 yuan [2]. - The processing fee of blister copper in the south is 1,300 yuan/ton, unchanged; the processing fee of blister copper in the north is 900 yuan/ton, unchanged [2]. - The production of refined copper is 120.40 million tons, a decrease of 6.20 million tons; the import volume of unwrought copper and copper products is 427,000 tons, a decrease of 13,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, an increase of 0.43 million tons; the price of 1 bright copper wire scrap in Shanghai is 62,940 yuan/ton, an increase of 500 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 870 yuan/ton, unchanged; the price of 2 copper scrap (94 - 96%) in Shanghai is 76,750 yuan/ton, an increase of 300 yuan [2] 3.5 Downstream and Application - The production of copper products is 200.40 million tons, a decrease of 22.80 million tons; the cumulative completed investment in power grid infrastructure construction is 4,824.34 billion yuan, an increase of 446.27 billion yuan [2]. - The cumulative completed investment in real estate development is 73,562.70 billion yuan, an increase of 5,856.99 billion yuan; the monthly production of integrated circuits is 4,177 million pieces, a decrease of 194,236.10 pieces [2] 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper is 16.02%, an increase of 2.47%; the 40 - day historical volatility is 16.50%, an increase of 0.80% [2]. - The implied volatility of the at - the - money option in the current month is 20.58%, a decrease of 0.0182; the call - to - put ratio of at - the - money options is 1.23, an increase of 0.0791 [2] 3.7 Industry News - The Political Bureau of the Central Committee held a meeting to analyze and study the economic work in 2026, emphasizing the implementation of a more proactive fiscal policy and a moderately loose monetary policy, and promoting high - quality development through multiple measures [2]. - According to the Passenger Car Association, from January to October 2025, China's automobile exports reached 6.46 million vehicles, a year - on - year increase of 22%. In October, exports were 821,000 vehicles, a year - on - year increase of 40% and a month - on - month increase of 9%. From January to October 2025, new energy vehicle exports were 2.65 million vehicles, a year - on - year increase of 54%, higher than the 19% growth rate in the same period in 2024 [2]. - The Fed is scheduled to hold an interest - rate meeting on December 9th and 10th. The market generally expects a 25 - basis - point interest - rate cut. The market will focus on Powell's press - conference Q&A session and the last "dot plot" of the year [2]. - According to the General Administration of Customs, in the first 11 months of 2025, China's total goods trade import and export value was 41.21 trillion yuan, a year - on - year increase of 3.6%. In November, the total import and export value was 3.9 trillion yuan, a year - on - year increase of 4.1% [2]

棉花(纱)产业日报 2025-12-09 提振棉市。整体上，需求边际存在好转，但供应仍宽松，棉价反弹受限。关注后期新的驱动因素。 免责声明 | 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) | 13740 | -10 棉纱主力合约收盘价(日,元/吨) | 19945 | -35 | | | 棉花期货前20名净持仓(手) | -130375 | 100 棉纱期货前20名净持仓(手) | -422 | -104 | | | 主力合约持仓量:棉花(日,手) | 478567 | -10495 主力合约持仓量:棉纱(日,手) | 17370 | 1307 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 2749 | -4 仓单数量:棉纱(日,张) | 12 | -1 | | 现货市场 | | 14999 | -10 中国纱线价格指数:纯棉普梳纱32支(日, | 20800 | 0 | | /吨) | 中国进口棉价 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1643 | -3 郑州尿素1-5价差(日,元/吨) | -68 | -4 3804 | | | 郑州尿素主力合约持仓量(日,手) | 150646 | -16428 郑州尿素前20名净持仓 | -5968 | | | | 郑州尿素交易所仓单(日,张) | 11477 | -49 | | | | 现货市场 | 河北(日,元/吨) | 1730 | 0 河南(日,元/吨) | 1690 | -20 | | | 江苏(日,元/吨) | 1690 | -20 山东(日,元/吨) | 1690 | -30 | | | 安徽(日,元/吨) | 1690 | -10 郑州尿素主力合约基差(日,元/吨) | 44 | -3 | | | FOB波罗的海(日,美元/吨) | 352.5 | 0 FOB中国主港(日,美元/吨) | 391.5 | 0 | | 产业情况 | 港口库存(周,万吨) | 10.5 | 0 ...

成交氛围有所回暖，现货升水持稳，国内库存小幅下降；LME锌库存回升，现货升水有所下调。技术面， 免责声明 沪锌产业日报 2025-12-09 | 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) | 23070 | -215 01-02月合约价差:沪锌(日,元/吨) | -10 | 15 | | | LME三个月锌报价(日,美元/吨) | 3130.5 | 32 沪锌总持仓量(日,手) | 208468 | -6432 | | | 沪锌前20名净持仓(日,手) | 13905 | -15 沪锌仓单(日,吨) | 0 | 0 | | | 上期所库存(周,吨) | 91916 | -4000 LME库存(日,吨) | 57750 | 2375 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 23190 | 60 长江有色市场1#锌现货价(日,元/吨) | 23260 | 60 | | | ZN主力合约基差(日,元/吨) | 120 | 275 ...

| 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:苹果(日,元/吨) 期货前20名持仓:净买单量:苹果(日,手) | 9465 7764 | -41 主力合约持仓量:苹果(日,手) 2757 | 132145 | 5972 | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, | 5.25 | 山东沂源苹果现货价格(纸袋75#以上)(日, 0 | 2.6 | 0 | | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 | | 元/斤) 山东烟台栖霞现货价格(纸袋80#以上一 | | | | | | 4.2 | 0 | 4 | 0 | | 上游情况 | 商品)(日,元/斤) 全国:苹果产量(年,万吨) | 5128.51 | 二级果农货)(日,元/斤) 168.34 | | | | 产业情况 | 水果批发价:苹果(周,元/公斤) | 9.38 | -0.02 平均批发价:富士苹果(周,元/公斤) | 9.07 | 0.01 | | | 全国苹果冷库 ...