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碳酸锂数据日报-20251210
Guo Mao Qi Huo· 2025-12-10 03:20
Report Industry Investment Rating - No information provided Core Viewpoint - The demand for lithium carbonate is strongly supported, but there is a short - term correction pressure due to the previous rapid increase [3] Summary by Relevant Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 92,750 yuan/ton, and the average price of SMM industrial - grade lithium carbonate is 90,350 yuan/ton [1] - The closing prices and price changes of lithium carbonate futures contracts: the price of lithium carbonate 2512 is 92,580 yuan/ton with a - 0.24% change; lithium carbonate 2601 is 91,000 yuan/ton with a - 1.02% change; lithium carbonate 2602 is 91,340 yuan/ton with a - 1.23% change; lithium carbonate 2603 is 91,240 yuan/ton with a - 1.23% change; lithium carbonate 2604 is 92,560 yuan/ton with a - 1.3% change [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 1,165 yuan/ton [1] - The price of lithium mica (Li20:1.5% - 2.0%) is 1,610 yuan/ton; lithium mica (Li20:2.0% - 2.5%) is 2,535 yuan/ton; phospho - lithium - aluminum stone (Li20:6% - 7%) is 8,675 yuan/ton; phospho - lithium - aluminum stone (Li20:7% - 8%) is 9,925 yuan/ton [2] Cathode Material Prices - The average price of lithium iron phosphate (power type) is 39,095 yuan/ton; the average price of ternary material 811 (polycrystalline/power type) is 161,800 yuan/ton with a 200 - yuan increase; the average price of ternary material 523 (single - crystal/power type) is 144,700 yuan/ton with a 250 - yuan increase; the average price of ternary material 613 (single - crystal/power type) is 144,700 yuan/ton with a 150 - yuan increase [2] Price Differences - The difference between battery - grade and industrial - grade lithium carbonate is 2,400 yuan/ton; the difference between battery - grade lithium carbonate and the main contract is - 50 yuan/ton with a 2,040 - yuan change; the difference between the near - month and the first - continuous contract is - 340 yuan/ton with a - 40 - yuan change; the difference between the near - month and the second - continuous contract is - 240 yuan/ton with a 40 - yuan change [2] Inventory - The total inventory (weekly, tons) is 113,602 tons with a - 2,366 - ton change; the smelter inventory (weekly, tons) is 20,767 tons with a - 3,557 - ton change; the downstream inventory (weekly, tons) is 43,695 tons with a 1,711 - ton change; the other inventory (weekly, tons) is 49,140 tons with a - 520 - ton change; the registered warehouse receipts (daily, tons) is 12,920 tons with a - 200 - ton change [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate is 94,487 yuan/ton, and the profit is - 3,021 yuan/ton; the cash cost of purchasing lithium mica concentrate is 93,100 yuan/ton, and the profit is - 3,898 yuan/ton [3] Industry News - The new energy storage installed capacity in China exceeds 100 million kilowatts, 30 times that at the end of the "13th Five - Year Plan", accounting for over 40% of the global total installed capacity. During the peak summer period this year, the peak call of new energy storage exceeded 30 million kilowatts [3] Market Situation - The peak season of the terminal (energy storage + new energy vehicles) continues, the production schedule of the material end is basically flat, and the inventory transfer chain of "upstream - downstream - terminal" is smooth. In December, the production schedule increases slightly, and the tight spot supply of lithium spodumene restricts the large - scale resumption of production on the supply side. The market generally expects the downstream mine to resume production after obtaining the license in mid - December [3]
股指期权数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 07:07
投资咨询号: Z0000116 国贸期货研究院 2025/12/9 金融衍生品中心 李泽便 从业资格号:F0251925 数据米源: Wind,国贸期货研 Time to Matutity 行情回顾 成交量(亿) 收盘价 涨跌幅(%) 成交额(亿元) 指数 3019. 362 0. 58 1252. 39 上证50 44. 90 4621. 7545 4967. 16 199. 62 沪深300 0. 81 7423.0462 中证1000 4184. 75 240. 92 1. 10 中金所股指期权成交情况 期权成交量 认购期权 持仓量 认洁期权 期权持企量 认购期权 日成交量 认洁期权 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 2. 39 2. 79 0. 74 3. 91 1.51 0. 63 6. 58 3.79 沪深300 5. 34 13. 92 8. 58 0. 62 18. 83 8. 39 0. 80 10. 43 中证1000 32. 50 25. 49 14. 35 0. 78 16. 25 16. 26 11. 13 1. 00 中证1000P ...
日度策略参考-20251209
Guo Mao Qi Huo· 2025-12-09 06:17
Report Industry Investment Ratings - Bullish: Gold, Silver, Platinum, Palladium, Non-ferrous metals (general), Glass, Polycrystalline silicon, Lithium, Iron ore (far - month), JF, TF - Bearish: Industrial silicon, Palm oil, Rapeseed oil, Cotton, Crude oil, Fuel oil, Benzene, Styrene, TGB, PVC, Caustic soda, Container shipping (European line) - Neutral (Oscillating): Stock index, Treasury bonds, Copper, Aluminum oxide, Zinc, Nickel, Stainless steel, Tin, Rebar, Coke, Coking coal, Lime, JF, TF, Paper pulp, Logs, Natural rubber, BR rubber, PLA, Ethylene glycol, Short - fiber, LPG Core Views - The Politburo meeting released limited incremental information. Market attention may shift to the Central Economic Work Conference, and the stock index is expected to remain strong before it [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - LME copper's rising price may fall back after the short - term positive sentiment fades. The fundamentals of domestic alumina are weak, and its price is under pressure [1]. - The fundamentals of zinc have improved, and attention should be paid to the Fed's December interest - rate meeting. The short - term nickel price may fluctuate with the macro situation, and the long - term supply is excessive [1]. - The stainless - steel futures may rebound in the short term, and the tin price may rise in the short term but with a risk of a pull - back. The long - term view on tin is bullish [1]. - Gold and silver prices are supported, and platinum and palladium prices are expected to be supported in the short term. A long - platinum and short - palladium arbitrage strategy can be continued [1]. - The prices of many industrial products such as steel, iron ore, and non - ferrous metals are affected by factors such as production restrictions, demand, and supply, showing an oscillating trend [1]. - The prices of agricultural products are affected by factors such as production, inventory, and demand, and are in different situations such as having support but no drive, or facing supply pressure [1]. - The prices of energy and chemical products are affected by factors such as raw material costs, supply and demand, and macro policies, showing different trends of rise, fall, or oscillation [1]. Summary by Categories Macro - financial - Stock index: Expected to remain strong before the Central Economic Work Conference [1]. - Treasury bonds: Asset shortage and weak economy are beneficial, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. Non - ferrous metals - Copper: LME copper's rising price may fall back after the short - term positive sentiment fades [1]. - Aluminum oxide: Domestic production and inventory are increasing, the fundamentals are weak, and the price is under pressure [1]. - Zinc: Fundamentals have improved, pay attention to the Fed's December interest - rate meeting [1]. - Nickel: Short - term price may fluctuate with the macro situation, long - term supply is excessive [1]. - Stainless steel: Futures may rebound in the short term, pay attention to the actual production of steel mills [1]. - Tin: May rise in the short term but with a risk of a pull - back, long - term view is bullish [1]. Precious metals and new energy - Gold: Supported by factors such as the central bank's continuous increase in reserves and the high probability of the Fed's December interest rate cut [1]. - Silver: Supported by factors such as the Fed's interest rate cut and supply - demand imbalance, but the inventory increase may cause volatile fluctuations [1]. - Platinum and Palladium: Expected to be supported in the short term, a long - platinum and short - palladium arbitrage strategy can be continued [1]. - Lithium: Affected by factors such as the traditional peak season of new energy vehicles and increased supply [1]. Building materials and steel - Rebar and H - beam: 12 - month macro - drive provides rebound momentum, suitable for basis trading, do not chase high unilaterally [1]. - Iron ore: Near - month is restricted by production cuts, far - month has upward potential [1]. - Coke and Coking coal: The decline may be near the end, but the driving force needs to wait, and the downstream may start restocking in mid - December [1]. - Glass and Soda ash: Glass has supply and demand support and low valuation, but short - term sentiment dominates; soda ash follows glass, with upward resistance [1]. Agricultural products - Palm oil: The impact of floods on production is limited, and the near - month inventory pressure is large [1]. - Rapeseed oil: The industry is optimistic about the supply of Australian rapeseed and imported crude rapeseed oil, considering shorting opportunities [1]. - Cotton: Supported by the purchase price, but lacks driving force in the short term, pay attention to future policies and demand [1]. Energy and chemical products - Crude oil and Fuel oil: Affected by factors such as OPEC + policies and sanctions, showing a bearish trend [1]. - Natural rubber and BR rubber: Affected by factors such as raw material costs, inventory, and production, showing different trends [1]. - Ethylene glycol and PTA: Affected by factors such as cost, supply and demand, and new device production, with different price trends [1]. - Styrene and TGB: Affected by factors such as market supply and demand, exports, and raw material costs, showing an oscillating trend [1]. - LPG: After the price correction, it maintains range - bound oscillation, pay attention to the impact of natural gas on near - month prices [1].
蛋白数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:24
投资咨询号: Z0021658 从业资格号:F03110419 2025/12/9 | 指标 | | 12月8日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 110 | | 1600 | ここここ 18/19 ----- 22/23 | | - -- -- 19/20 - -- -- 23/24 | == - 24/25 | | ===== 21/22 - 25/26 | | | 天津 日照 | 50 -10 | | 1200 800 | | | | | | | | 43%豆粕现货基差 | | | | | | | | | | | | (对主力合约) | 张家港 | 10 | -14 | -400 | | | | | | | | | | | | 01/21 | 02/21 03/24 | 04/24 | | 05/25 06/25 07/26 08/26 09/26 10/27 11/27 12/28 | | | | | 东莞 | - ...
航运衍生品数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:23
Report Summary 1. Report's Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The global shipping market shows complex trends. The INDAMEX route of CMA CGM has changed its navigation path, and the FEWB and TAWB routes have different supply - demand and price situations. The European container shipping line's December contract is in the delivery month, and the market is verifying previous expectations. The future trend depends on the final announcement of the "late - month freight rate", especially the performance of freight rates in mid - to - late December [7][8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Fluctuations**: The current values of Shanghai Export Container Freight Composite Index (SCFI), China Export Container Freight Index (CCFI), SCFI - US West, SCFIS - US West, SCFI - US East, SCFI - Northwest Europe are 1398, 1115, 1550, 960, 2315, 1400 respectively, with corresponding previous values of 1403, 1122, 1632, N/A, 2428, 1404, and the percentage changes are - 0.39%, - 0.62%, - 5.02%, 1.18%, - 4.65%, - 0.28%. The current values of SCFIS - Northwest Europe and SCFI - Mediterranean are 1509 and 2300, with previous values of 1483 and 2232, and the percentage changes are 1.75% and 3.05% respectively [6]. 3.2 Shipping Futures Contracts - **Contract Price and Fluctuations**: For contracts such as EC2506, EC2608, EC2610, EC2512, EC2602, EC2604, the current values are 1217.3, 1356.0, 1028.2, 1669.8, 1615.3, 1077.7 respectively, with previous values of 1252.5, 1367.1, 1040.0, 1658.6, 1609.9, 1092.9, and the percentage changes are - 2.81%, - 0.81%, - 1.13%, 0.68%, 0.34%, - 1.39% [6]. - **Contract Positions**: The current positions of EC2606, EC2608, EC2610, EC2512, EC2602, EC2604 are 2197, 1598, 4071, 3394, 31466, 19613 respectively, with previous values of 2108, N/A, 3976, 3500, 32215, 19350, and the changes in positions are 89, 39, 95, - 106, - 749, 263 [6]. - **Monthly Spread**: The current values of 12 - 02, 12 - 04, 02 - 04 monthly spreads are 54.5, 592.1, 537.6 respectively, with previous values of 48.7, 565.7, 517.0, and the changes are 5.8, 26.4, 20.6 [6]. 3.3 Market News and Analysis - **Route Changes**: CMA CGM's INDAMEX route between India/Pakistan and the US East Coast will now pass through the Suez Canal, indicating a significant return of container ships to the Red Sea route [7]. - **FEWB Route**: In December, shipping companies strictly control capacity, with a blank - sailing rate of only 0.9%. Ship maintenance further reduces capacity. Ports in Northern Europe and the Mediterranean are congested, which extends ship turnover and increases rejections. Strong e - commerce demand supports freight rates, and shipping companies' General Rate Increases (GRI) drive the market up, with high prices expected during Christmas and the New Year [7]. - **TAWB Route**: Ports in Northern Europe (such as Rotterdam) and the Mediterranean are severely congested due to labor disputes, with yard utilization rates exceeding 90%. Many European countries also face container shortages [7]. - **European Container Shipping Spot Price**: In early December, MSK quoted 2500, HPL quoted 2350, CMA quoted 3550, etc. MSK issued a price - increase notice for January. In late December, MSK quoted 2400, HPL quoted 2050, CMA still quoted 3550 [8]. 3.4 Market Strategy - The recommended strategy is to wait and see [9].
宏观金融数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:17
回顾:以固定利率、数量招标方式开展了1223亿元7天期逆回购操作,操 作利率1. 40%,投标量1223亿元,中标量1223亿元。当日1076亿元逆回购到 期,据此计算,单日净投放147亿元。 热评:本周央行公开市场将有6638亿元逆回购到期,其中周一至周五分别 到期1076亿元、1563亿元、793亿元、1808亿元、1398亿元。中共中央政治 局会议指出,明年经济工作要坚持稳中求进、提质增效,继续实施更加积 极的财政政策和适度宽松的货币政策,发挥存量政策和增量政策集成效 应,加大逆周期和跨周期调节力度,切实提升宏观经济治理效能。其中, 货币政策延续适度宽松的基调。 投资咨询业务资格:证监许可【2012】31号 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | 2025/12/9 | | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前值变动(bp) | 品种 | 收盘价 | 较前值变动 (bp) | | | DROO1 | 1.30 ...
黑色金属数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:16
Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Steel products are in a range-bound oscillation, waiting for new drivers. One can focus on hot-rolled coil opportunities by realizing profits through spot-futures positions [2]. - For ferrosilicon and silicomanganese, the sentiment has improved, and prices are oscillating. Investment clients can short them on rallies, and industrial clients can use accumulative options to protect spot exposures [2]. - For coking coal and coke, futures have fallen significantly, and there is no incremental positive news from major meetings this week. It is advisable to wait and see for now [2]. - For iron ore, there is significant upward pressure. Hold existing short positions [2]. Group 3: Summary by Relevant Catalogs Futures Market - On December 8, the closing prices of far-month contracts for RB2610, HC2610, 12605, J2605, and JM2609 were 3164.00 yuan/ton, 3302.00 yuan/ton, 760.50 yuan/ton, 1690.50 yuan/ton, and 1161.50 yuan/ton respectively, with changes of -34.00 yuan, -33.00 yuan, -11.00 yuan, -72.50 yuan, and -64.50 yuan, and percentage changes of -1.06%, -0.99%, -1.43%, -4.11%, and -5.26% [1]. - The closing prices of near-month contracts (main contracts) for RB2605, HC2605, 12601, J2601, and JM2605 were 3123.00 yuan/ton, 3291.00 yuan/ton, 778.50 yuan/ton, 1537.00 yuan/ton, and 1093.50 yuan/ton respectively, with changes of -41.00 yuan, -34.00 yuan, -9.00 yuan, -94.50 yuan, and -71.50 yuan, and percentage changes of -1.30%, -1.02%, -1.14%, -5.79%, and -6.14% [1]. - The cross-month spreads for RB2605 - 2610, HC2605 - 2610, 12601 - 2605, J2601 - 2605, and JM2605 - 2609 on December 8 were -41.00 yuan/ton, -11.00 yuan/ton, 18.00 yuan/ton, -153.50 yuan/ton, and -68.00 yuan/ton respectively, with changes of -130 yuan, -6.00 yuan, -2.00 yuan, 1.50 yuan, and -4.50 yuan [1]. - The spread/ratio/profit indicators such as coil - rebar spread, rebar - ore ratio, coal - coke ratio, rebar futures profit, and coking futures profit on December 8 were 168.00 yuan, 4.01, 1.41, 12.23 yuan, and 82.65 yuan respectively, with changes of 5.00 yuan, -0.01, 0.02, 1.55 yuan, and 13.85 yuan [1]. Spot Market - On December 8, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and Platts Index were 3260.00 yuan/ton, 3170.00 yuan/ton, 3500.00 yuan/ton, 2950.00 yuan/ton, and 105.75 respectively, with changes of -10.00 yuan, -10.00 yuan, -60.00 yuan, -20.00 yuan, and -1.35 [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - product spread, and Rizhao Port PB on December 8 were 3270.00 yuan/ton, 3300.00 yuan/ton, 3290.00 yuan/ton, 310.00 yuan/ton, and 786.00 yuan/ton respectively, with changes of -10.00 yuan, -10.00 yuan, -20.00 yuan, 10.00 yuan, and -3.00 yuan [1]. - The spot prices of some other products on December 8, including a certain product with unclear name, another product with unclear name, Ganqimao coal, Qingdao Port quasi - first - grade coke, and Qingdao Port PB, were 670.00 yuan/ton, 720.00 yuan/ton, 1170.00 yuan/ton, -1630.00 yuan/ton, and 786.00 yuan/ton respectively, with changes of -6.00 yuan, -6.00 yuan, -20.00 yuan, 0.00 yuan, and -3.00 yuan [1]. Basis - The basis for HC main contract, RB main contract, a certain main contract, J main contract, and JM main contract on December 8 were -21.00 yuan/ton, 137.00 yuan/ton, 4.00 yuan/ton, 250.69 yuan/ton, and 106.50 yuan/ton respectively, with changes of 19.00 yuan, 24.00 yuan, 1.00 yuan, -48.00 yuan, and 26.50 yuan [1].
贵金属数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:15
投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2025/12/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | CONEX白银 | AU2512 | AG2512 | AU (T+D) | AG (T+D) | | 内外盘金 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 银15点包 | | | | | | | | | | | 格跟踪 | 2025/12/8 | 4215. 55 | 58. 35 | 4243.80 | 58. 81 | 955. 08 | 13691.00 | 953. 25 | 13668.00 | | (本表数 ...
聚酯数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:11
Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA: Gasoline cracking profit has declined, and the gasoline blending performance has weakened. The PX industry chain economy is significantly differentiated, with high PX costs and pressured PTA profits, but integrated enterprises have improved economic benefits. Polyester new device production keeps the polyester load high, and the demand is supported by factors such as low inventory in polyester factories and potential export growth due to the cancellation of India's BIS certification [2] - MEG: The East China ethylene glycol port inventory remains at 750,000 tons. With the continuous decline of coal prices, the ethylene glycol price lacks effective support. New device production increases market supply pressure, and the return of coal - based ethylene glycol devices adds more pressure [2] 3. Summary by Related Catalogs a. Market Data - INE crude oil price increased from 453.7 yuan/barrel on December 5, 2025, to 457.6 yuan/barrel on December 8, 2025, with a change of 3.90 yuan/barrel [2] - PTA - SC decreased from 1380.9 yuan/ton to 1368.6 yuan/ton, a change of - 12.34 yuan/ton; PTA/SC decreased from 1.4188 to 1.4115, a change of - 0.0073 [2] - CFR China PX increased from 838 to 841, a change of 3; PX - naphtha spread decreased by 1 [2] - PTA main futures price increased from 4678 yuan/ton to 4694 yuan/ton, a change of 16.0 yuan/ton; PTA spot price decreased from 4670 yuan/ton to 4650 yuan/ton, a change of - 20.0 yuan/ton [2] - PTA spot processing fee decreased from 174.1 yuan/ton to 157.1 yuan/ton, a change of - 17.0 yuan/ton; PTA disk processing fee decreased from 202.1 yuan/ton to 201.1 yuan/ton, a change of - 1.0 yuan/ton [2] - PTA main basis increased from (32) to (30), a change of 2.0; PTA warehouse receipt quantity decreased from 122175 to 121707, a change of - 468 [2] - MEG main futures price decreased from 3723 yuan/ton to 3701 yuan/ton, a change of - 22.0 yuan/ton; MEG - naphtha decreased from (162.44) to (162.63), a change of - 0.2 [2] - MEG domestic price decreased from 3759 yuan/ton to 3699 yuan/ton, a change of - 60.0 yuan/ton; MEG main basis remained unchanged at - 15 [2] b. Industry Chain Operating Conditions - PX operating rate remained at 86.48%; PTA operating rate remained at 74.77%; MEG operating rate decreased from 61.56% to 60.50%, a change of - 1.06% [2] - Polyester load decreased from 88.94% to 88.41%, a change of - 0.53% [2] c. Polyester Product Prices and Cash Flows - POY150D/48F price decreased from 6445 yuan/ton to 6415 yuan/ton, a change of - 30.0 yuan/ton; POY cash flow increased from (57) to (50), a change of 7.0 [2] - FDY150D/96F price decreased from 6710 yuan/ton to 6655 yuan/ton, a change of - 55.0 yuan/ton; FDY cash flow decreased from (292) to (310), a change of - 18.0 [2] - DTY150D/48F price decreased from 7795 yuan/ton to 7765 yuan/ton, a change of - 30.0 yuan/ton; DTY cash flow increased from 93 to 100, a change of 7.0 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6390 yuan/ton to 6355 yuan/ton, a change of - 35 yuan/ton; polyester staple fiber cash flow increased from 238 to 240, a change of 2.0 [2] - Semi - bright chip price decreased from 5565 yuan/ton to 5545 yuan/ton, a change of - 20.0 yuan/ton; chip cash flow increased from (37) to (20), a change of 17.0 [2] d. Sales Volume of Polyester Products - Polyester filament sales volume increased from 40% to 81%, a change of 41%; polyester staple fiber sales volume increased from 45% to 52%, a change of 7%; chip sales volume increased from 67% to 71%, a change of 4% [2] e. Device Maintenance - A 2.5 - million - ton PTA device in East China is restarting and is expected to produce products soon. It stopped for maintenance around November 17 [2]
白糖数据日报-20251209
Guo Mao Qi Huo· 2025-12-09 05:11
Report Title - The report is titled "Sugar Data Daily" [3] Report Information - The report is from ITG Guomao Futures, with investment consulting business qualification approved by the China Securities Regulatory Commission (License No. [2012] 31) [2] - The analyst is Xie Wei, with a futures practice qualification certificate number of F03087820 and an investment consulting certificate number of Z0019508 [4] Core View - Currently, there is a global surplus of sugar and an increase in domestic new - crop supply, with a strong consensus among short - sellers. If the futures price continues to fall, there is strong cost support below, but the short - term fundamentals lack continuous driving force. Attention should be paid to changes in the capital side. If the near - month contracts show a rebound with reduced positions, it may indicate the establishment of a stage bottom [4] Data Summary Domestic Spot Data - In Nanning Warehouse, Guangxi, the price on December 8, 2025, was 5505, with a change of 0, a basis of 168 against SR2601, and a change of - 34 in the basis [4] - In Rizhao, Shandong, the price was 5700, with a change of 0, a premium of 100, a basis of 263 against SR2601, and a change of - 34 in the basis [4] Domestic Futures Data - SR01 was at 5337, up 34; the spread between SR01 and SR05 was 93, up 23 [4] - SR05 was at 5244, up 11 [4] International Exchange Rate and Futures Data - The RMB - US dollar exchange rate was 7.0866, down 0.0033 [4] - The Brazilian real - RMB exchange rate was 1.2818, up 0.0212 [4] - The Indian rupee - RMB exchange rate was 0.084, down 0.0004 [4] - The ICE raw sugar main contract was at 14.82, unchanged [4] - The London white sugar main contract was at 573, up 3 [4] - The Brent crude oil main contract was at 63.86, unchanged [4]