1. Report Industry Investment Rating - The investment rating is neutral [4] 2. Core View of the Report - The lead price is oscillating at a low level, with continued inventory decline and reduced production of secondary lead providing support, but the spot market is weakening at the end of the year. It is expected that the main contract will trade in the range of 16,750 - 17,350 yuan/ton. Operational strategies suggest corresponding buying or selling hedging within this range, and an option strategy of selling a wide straddle is recommended [4] 3. Summary by Relevant Catalogs Market News and Important Data Spot Market - On December 24, 2025, the LME lead spot premium was -$42.30/ton. The SMM 1 lead ingot spot price increased by 150 yuan/ton to 17,025 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by 25 yuan/ton to 20.00 yuan/ton, the SMM Guangdong lead spot price changed by 125 yuan/ton to 17,100 yuan/ton, the SMM Henan lead spot price changed by 175 yuan/ton to 17,075 yuan/ton, and the SMM Tianjin lead spot premium changed by 175 yuan/ton to 17,050 yuan/ton. The lead concentrate - scrap price difference remained unchanged at -50 yuan/ton compared to the previous trading day. The price of scrap electric vehicle batteries increased by 25 yuan/ton to 9,900 yuan/ton, the price of scrap white casings remained unchanged at 10,050 yuan/ton, and the price of scrap black casings increased by 25 yuan/ton to 10,250 yuan/ton [1] Futures Market - On December 24, 2025, the main SHFE lead contract opened at 17,030 yuan/ton and closed at 17,225 yuan/ton, up 230 yuan/ton from the previous trading day. The trading volume for the whole trading day was 68,022 lots, an increase of 23,412 lots from the previous trading day, and the open interest was 56,538 lots, a decrease of 1,548 lots from the previous trading day. The intraday price fluctuated, reaching a high of 17,305 yuan/ton and a low of 17,000 yuan/ton. In the night session, the main SHFE lead contract opened at 17,215 yuan/ton and closed at 17,275 yuan/ton, up 0.82% from the afternoon close of the previous day. Lead smelters in Henan mainly shipped long - term contracts, and traders actively cleared inventories. The spot offer for scattered lots was at a discount of 100 yuan/ton to the SHFE 2602 contract. In Hunan, smelters offered at a premium of 10 - 30 yuan/ton to the SMM 1 lead price, and traders offered at a discount of 30 - 0 yuan/ton to the SMM 1 lead average price to sell off stocks. In Yunnan, holders offered at a discount of 180 yuan/ton to the SMM 1 lead price for just - in - time transactions. The downstream mainly consumed inventories or took delivery of long - term contracts. Some smelters lowered the premium of their quotes to sell, and some traders temporarily closed their accounts after selling out their inventories and did not participate in trading. The market trading was light [2] Inventory - On December 24, 2025, the total SMM lead ingot inventory was 20,000 tons, a decrease of 30 tons from the same period last week. As of December 24, the LME lead inventory was 248,900 tons, a decrease of 4,200 tons from the previous trading day [3] Strategy - The lead price is expected to trade in the range of 16,750 - 17,350 yuan/ton. Operational strategies suggest corresponding buying or selling hedging within this range, and the option strategy is to sell a wide straddle [4]

1、 纽约商品交易所2026年2月交货的轻质原油期货价格下跌3美分，收于每桶58.35美元，跌幅为0.05%；2月交货 的伦敦布伦特原油期货价格下跌14美分，收于每桶62.24美元，跌幅为0.22%。SC原油主力合约收跌0.02%，报443 元/桶。（来源：Bloomberg） 2、 当地时间12月24日，塞尔维亚石油公司获得美国财政部负责制裁事务的机构（海外资产控制办公室）发放的 新的特别许可，相关许可期限延长至2026年3月24日。新许可允许塞尔维亚石油公司在制裁框架下，继续就涉及俄 罗斯股权的调整和出售问题开展谈判，为有关方面争取进一步协商解决的时间。不过，此次发放的许可并不意味 着公司可以正常开展全部经营活动。在许可有效期内，公司仍未获得全面恢复日常生产和商业运营的授权。塞尔 维亚总统武契奇表示，许可延期在一定程度上缓解了时间压力，但对彻底解决能源供应和企业经营问题的实际作 用有限，塞方仍需尽快推动形成长期、稳定的解决方案。（来源：Bloomberg） 3、 由于终端维修延误，里海管道联盟（CPC）混合油12月的装载量较初步计划下调33%，至114万桶/日。(来源： Bloomberg） 4、 阿联酋 ...

Group 1: Report Industry Investment Rating - Unilateral: Cautiously bullish. Arbitrage: Neutral [6] Group 2: Core View of the Report - Zinc prices have declined, and there is restocking behavior in the spot market. However, social inventories are increasing and are about to exceed the levels of the past five years. Spot liquidity has improved, but procurement remains cautious. The TC of domestic and imported ores continues to rise, smelting profits are increasing, and the smelting enthusiasm remains high. The supply is expected to increase. Even during the peak consumption season, domestic inventory accumulation is still expected, and the current inventory accumulation is accelerating. If the peak consumption season expectations are not met, zinc prices will face significant pressure. Zinc prices are expected to be relatively weak even when other non - ferrous metals are strong, but the impact of overseas inventories needs to be watched [5] Group 3: Summary by Relevant Catalogs Important Data - **Spot**: The LME zinc spot premium is -$29.14 per ton. The SMM Shanghai zinc spot price is 23,260 yuan per ton, up 170 yuan from the previous trading day, with a premium of 90 yuan per ton. The SMM Guangdong zinc spot price is 23,220 yuan per ton, up 200 yuan, with a premium of - 5 yuan per ton. The Tianjin zinc spot price is 23,170 yuan per ton, up 180 yuan, with a premium of 0 yuan per ton [2] - **Futures**: On December 24, 2025, the main SHFE zinc contract opened at 23,290 yuan per ton and closed at 23,230 yuan per ton, down 215 yuan from the previous trading day. The trading volume was 171,518 lots, and the open interest was 95,197 lots. The highest price was 23,320 yuan per ton, and the lowest was 23,045 yuan per ton [3] - **Inventory**: As of December 24, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 124,500 tons, up 2,300 tons from the previous period. The LME zinc inventory was 106,875 tons, up 7,900 tons from the previous trading day [4] Market Analysis - Zinc prices have fallen, and there is restocking in the spot market. Social inventories are rising, and spot liquidity has improved. Procurement is still cautious. The TC of domestic and imported ores is rising, smelting profits are increasing, and smelting enthusiasm remains high. The supply is expected to increase. The pressure on the supply side is increasing, and domestic inventory accumulation is expected even during the peak consumption season. If the peak - season expectations are not met, zinc prices will face pressure. Zinc prices may be relatively weak, but the impact of overseas inventories needs attention [5] Strategy - Unilateral: Cautiously bullish. Arbitrage: Neutral [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The bond market fluctuates between stable growth and easing expectations. Affected by the stock market, the Political Bureau meeting signaled loose monetary policy, the LPR remained unchanged, and the Fed's interest - rate cut expectations continued while global trade uncertainties increased the uncertainty of foreign capital inflows. In the short term, attention should be paid to the policy signals at the end of the month [1][3]. 3. Summary by Directory I. Interest Rate Pricing Tracking Indicators - Price indicators show that China's CPI (monthly) has a month - on - month change of - 0.10% and a year - on - year change of 0.70%, while China's PPI (monthly) has a month - on - month change of 0.10% and a year - on - year change of - 2.20% [9]. - Economic indicators (monthly updated): Social financing scale is 440.07 trillion yuan, with a month - on - month increase of 2.35 trillion yuan (+0.54%); M2 year - on - year is 8.00%, down 0.20% (-2.44%); Manufacturing PMI is 49.20%, up 0.20% (+0.41%) [10]. - Economic indicators (daily updated): The US dollar index is 97.96, up 0.06 (+0.06%); The US dollar against the offshore RMB is 7.0101, down 0.010 (-0.14%); SHIBOR 7 - day is 1.39, down 0.01 (-1.00%); DR007 is 1.38, down 0.03 (-2.16%); R007 is 1.51, up 0.00 (-0.31%); The inter - bank certificate of deposit (AAA) 3M is 1.60, up 0.00 (+0.16%); The AA - AAA credit spread (1Y) is 0.09, up 0.00 (+0.16%) [10]. II. Overview of the Treasury Bond and Treasury Bond Futures Market No specific text - based summary content provided, but there are figures including the closing price trend of the main continuous contract of treasury bond futures, the price change rate of each treasury bond futures variety, the precipitation fund trend of each treasury bond futures variety, the position ratio of each treasury bond futures variety, the net position ratio (top 20) of each treasury bond futures variety, the long - short position ratio (top 20) of each treasury bond futures variety, the spread between national development bonds and treasury bonds, and the treasury bond issuance situation [12][15][22]. III. Overview of the Money Market Funding Situation - The main term repurchase rates 1D, 7D, 14D, and 1M are 1.267%, 1.385%, 1.599%, and 1.579% respectively, and the repurchase rates have recently declined [2]. - On December 24, 2025, the central bank conducted a 26 - billion - yuan 7 - day reverse repurchase operation at a fixed interest rate of 1.4% through quantity tendering [2]. IV. Spread Overview There are figures showing the inter - term spread trend of each treasury bond futures variety and the term spread of spot bonds and cross - variety spreads of futures such as (4*TS - T), (2*TS - TF), (2*TF - T), (3*T - TL), (2*TS - 3*TF + T) [30][37][38]. V. Two - Year Treasury Bond Futures There are figures including the implied interest rate of the main contract of two - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TS main contract and the funding rate, the three - year basis trend of the TS main contract, and the three - year net basis trend of the TS main contract [40][43][48]. VI. Five - Year Treasury Bond Futures There are figures including the implied interest rate of the main contract of five - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TF main contract and the funding rate, the three - year basis trend of the TF main contract, and the three - year net basis trend of the TF main contract [52][56]. VII. Ten - Year Treasury Bond Futures There are figures including the implied yield of the main contract of ten - year treasury bond futures and the treasury bond yield to maturity, the IRR of the T main contract and the funding rate, the three - year basis trend of the T main contract, and the three - year net basis trend of the T main contract [59][62][64]. VIII. Thirty - Year Treasury Bond Futures There are figures including the implied yield of the main contract of thirty - year treasury bond futures and the treasury bond yield to maturity, the IRR of the TL main contract and the funding rate, the three - year basis trend of the TL main contract, and the three - year net basis trend of the TL main contract [67][71][73]. 4. Strategies - Unilateral: As the repurchase rate declines, the price of treasury bond futures fluctuates [4]. - Arbitrage: Pay attention to the decline of the 2603 basis [4]. - Hedging: There is medium - term adjustment pressure, and short - sellers can use far - month contracts for appropriate hedging [4].

液化石油气日报 | 2025-12-25 终端需求改善乏力，盘面震荡运行 市场分析 1、\t12月24日地区价格：山东市场，4220-4350；东北市场，4100-4300；华北市场，4200-4350；华东市场，4250-4400； 沿江市场，4570-4960；西北市场，4100-4270；华南市场，4440-4530。（数据来源：卓创资讯） 2、\t2026年1月下半月中国华东冷冻货到岸价格丙烷598美元/吨，涨2美元/吨，丁烷588美元/吨，涨2美元/吨，折合 人民币价格丙烷4639元/吨，涨12元/吨，丁烷4562元/吨，涨12元/吨。（数据来源：卓创资讯） 3、\t2026年1月下半月中国华南冷冻货到岸价格丙烷591美元/吨，涨2美元/吨，丁烷581美元/吨，涨2美元/吨，折合 人民币价格丙烷4585元/吨，涨12元/吨，丁烷4507元/吨，涨12元/吨。（数据来源：卓创资讯） 近期LPG外盘价格走势维持震荡偏强，但国内市场氛围相对平淡，昨日现货价格涨跌互现。其中，山东民用气与 醚后碳四市场主流成交价格均出现下跌，区内民用气出货疲软，厂家出货压力增大，降价刺激出货，提振下游采 买意愿，但终端燃烧需 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The futures prices of chemical products rose across the board yesterday. Driven by market sentiment, the olefin sector at the bottom rebounded. The strengthening support from the cost side also contributed to the rise. However, the supply - demand contradiction of polyolefins has not been alleviated, which may continue to suppress the market prices [3] - For PE, the supply remains high, and the demand is in the off - season, resulting in inventory accumulation and large de - stocking pressure. Although the cost support is strengthening, the supply - demand contradiction continues to suppress the price [3] - For PP, the short - term supply - demand fundamental variables are limited. The supply is still under pressure, and the demand is weak. The short - term rebound drive is limited, and attention should be paid to the cost - side disturbances and supply - side maintenance changes [4] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为6408元/吨（+112），PP主力合约收盘价为6278元/吨（+120），LL华北现货为6200元/吨（+0），LL华东现货为6370元/吨（+0），PP华东现货为6140元/吨（+20），LL华北基差为 - 208元/吨（-112），LL华东基差为 - 38元/吨（-112），PP华东基差为 - 138元/吨（-100） [1] 2. Production Profit and Operating Rate - PE开工率为83.9%（-0.2%），PP开工率为79.4%（+1.1%） [1] - PE油制生产利润为 - 109.2元/吨（-53.3），PP油制生产利润为 - 599.2元/吨（-53.3），PDH制PP生产利润为 - 809.1元/吨（-95.0） [1] 3. Polyolefin Non - Standard Price Difference - Not provided in the report 4. Polyolefin Import and Export Profits - LL进口利润为 - 157.4元/吨（-29.9），PP进口利润为 - 301.5元/吨（-29.9），PP出口利润为 - 2.6美元/吨（+3.8） [2] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE下游农膜开工率为45.2%（-1.2%），PE下游包装膜开工率为49.0%（-0.6%），PP下游塑编开工率为44.0%（-0.1%），PP下游BOPP膜开工率为63.2%（+0.3%） [2] 6. Polyolefin Inventory - Not provided in the report Strategy - Unilateral: Wait and see. Although the market rebounds driven by short - term sentiment, the game between the cost side and the supply - demand contradiction leads to insufficient upward drive, and the rebound height is expected to be limited [5] - Inter - period: None [5] - Inter - variety: Shorten the L05 - PP05 spread when it is high [5]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The chemical sector has recently shown signs of recovery, and the olefin sector, which was at the bottom, rebounded due to market sentiment. However, the supply - demand contradiction still restricts the rebound height. The supply of propylene remains high, and the external sales volume of propylene may continue to increase, while the demand improvement is limited. The cost support has strengthened recently, and attention should be paid to the shutdown of PDH units in the future. For investment, it is recommended to wait and see in the short term as the supply - demand remains loose and the downstream support is weak, so the rebound height may be limited [2][3] Summary by Directory 1. Propylene Basis Structure - Propylene basis data includes the closing price of the main contract, East China basis, Shandong basis, and price differences between different contracts. The closing price of the propylene main contract is 5758 yuan/ton (+126), the East China basis is 92 yuan/ton (-126), and the North China basis is -185 yuan/ton (-71) [1] 2. Propylene Production Profit and Operating Rate - Propylene production profit and operating rate data involve multiple indicators. The propylene operating rate is 74% (+0%), the difference between China's propylene CFR and Japan's naphtha CFR is 200 US dollars/ton (-2), the difference between propylene CFR and 1.2 propane CFR is 41 US dollars/ton (-8), and the import profit is -395 yuan/ton (-75) [1] 3. Propylene Downstream Profit and Operating Rate - For propylene downstream products, the operating rate and production profit vary. For example, the PP powder operating rate is 37% (-2.62%) with a production profit of 25 yuan/ton (+105); the epoxy propane operating rate is 76% (+0%) with a production profit of -276 yuan/ton (-30); the n - butanol operating rate is 78% (+9%) with a production profit of 451 yuan/ton (+115); the octanol operating rate is 82% (+5%) with a production profit of 620 yuan/ton (+75); the acrylic acid operating rate is 79% (+0%) with a production profit of 372 yuan/ton (+0); the acrylonitrile operating rate is 81% (+0%) with a production profit of -352 yuan/ton (+114); the phenol - acetone operating rate is 76% (-4%) with a production profit of -902 yuan/ton (+0) [1] 4. Propylene Inventory - The propylene plant inventory is 46560 tons (+600) [1]

Report Industry Investment Rating - The rating for RU and NR is neutral [11] - The rating for BR is neutral [11] Core Viewpoints - For natural rubber, the domestic supply is increasing slowly, with continuous inventory accumulation at ports and in society. Although the cost - end support is strong, the supply is likely to recover, and the downstream demand is in the off - season, making it difficult for the factory's operating rate to rise [11] - For cis - butadiene rubber, the supply will remain abundant, the downstream tire demand is weak, and the operating rate of tire factories may decline. However, the upstream raw material cost support may continue [11] Market News and Data Futures - On the previous trading day's close, the RU main contract was at 15,650 yuan/ton, up 360 yuan/ton from the previous day; the NR main contract was at 12,615 yuan/ton, up 210 yuan/ton; the BR main contract was at 11,395 yuan/ton, up 220 yuan/ton [1] Spot - The price of Yunnan - produced whole latex in the Shanghai market was 15,250 yuan/ton, up 300 yuan/ton; the price of Thai mixed rubber in Qingdao Free Trade Zone was 14,780 yuan/ton, up 260 yuan/ton; the price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,865 US dollars/ton, up 20 US dollars/ton; the price of Indonesian 20 - grade standard rubber in Qingdao Free Trade Zone was 1,785 US dollars/ton, up 20 US dollars/ton; the ex - factory price of BR9000 from Sinopec Qilu Petrochemical was 11,100 yuan/ton, up 200 yuan/ton; the market price of BR9000 in Zhejiang Transfar was 10,950 yuan/ton, unchanged from the previous day [1] Market Information Import Volume - In November 2025, China's natural rubber (including technically specified rubber, latex, smoked sheets, primary forms, mixed rubber, and compound rubber) import volume was 643,600 tons, a month - on - month increase of 25.98% and a year - on - year increase of 14.69%. From January to November 2025, the cumulative import volume was 5.8716 million tons, a cumulative year - on - year increase of 16.98% [2] Global Production and Consumption - According to the ANRPC's November 2025 report, the global natural rubber production in November was expected to drop 2.6% to 147,400 tons, a 1.5% drop from the previous month; the consumption was expected to drop 1.4% to 124,800 tons, a 0.9% drop from the previous month. In the first 11 months, the global cumulative natural rubber production was expected to increase 2% to 1.3375 million tons, and the cumulative consumption was expected to drop 1.7% to 1.3932 million tons [2] Tire Market - The supply of semi - steel all - season tires was relatively sufficient, and the market was mainly digesting previous inventories with a slower shipment pace. There was a shortage of some specifications, but weak demand suppressed the market's purchasing sentiment. The supply of semi - steel snow tires in the distribution channels was sufficient, and it was in the terminal inventory - reduction stage, waiting for more snowfall to release replacement demand. Overall, the market transactions were dull, and prices were weak [2] Heavy - Truck Sales - In November 2025, heavy - truck sales reached 113,000 units, a year - on - year increase of 65%, achieving an "8 - consecutive - month year - on - year increase" and setting the highest monthly sales volume in the heavy - truck market this year [3] Automobile Production and Sales - In November, China's automobile production and sales were 3.532 million and 3.429 million units respectively, a month - on - month increase of 5.1% and 3.2%, and a year - on - year increase of 2.8% and 3.4%. The monthly production exceeded 3.5 million units for the first time, setting a new record [4] Market Analysis Natural Rubber Spot and Spreads - On December 24, 2025, the RU basis was - 400 yuan/ton (- 60), the spread between the RU main contract and mixed rubber was 870 yuan/ton (+ 100), the NR basis was 528.00 yuan/ton (- 78.00); the price of whole latex was 15,250 yuan/ton (+ 300), the price of mixed rubber was 14,780 yuan/ton (+ 260), the price of 3L spot was 15,500 yuan/ton (+ 200). The STR20 was quoted at 1,865 US dollars/ton (+ 20), the spread between whole latex and 3L was - 250 yuan/ton (+ 100); the spread between mixed rubber and styrene - butadiene rubber was 3,480 yuan/ton (+ 160) [5] Raw Materials - The price of Thai smoked sheets was 58.22 Thai baht/kg (- 0.03), the price of Thai latex was 55.20 Thai baht/kg (- 0.50), the price of Thai cup lump was 50.80 Thai baht/kg (unchanged), and the spread between Thai latex and cup lump was 4.40 Thai baht/kg (- 0.50) [6] Operating Rate - The operating rate of all - steel tires was 63.61% (- 0.94%), and the operating rate of semi - steel tires was 70.01% (- 0.13%) [7] Inventory - The social inventory of natural rubber was 515,227 tons (+ 16,339), the inventory of natural rubber at Qingdao Port was 1,182,245 tons (+ 29,327), the RU futures inventory was 87,160 tons (+ 30,170), and the NR futures inventory was 58,968 tons (- 605) [7] Cis - Butadiene Rubber Spot and Spreads - On December 24, 2025, the BR basis was - 445 yuan/ton (- 170), the ex - factory price of butadiene from Sinopec was 7,800 yuan/ton (unchanged), the price of BR9000 from Qilu Petrochemical was 11,100 yuan/ton (+ 200), the price of BR9000 in Zhejiang Transfar was 10,950 yuan/ton (unchanged), the price of private cis - butadiene rubber in Shandong was 10,630 yuan/ton (+ 50), and the import profit of cis - butadiene rubber in Northeast Asia was - 1,303 yuan/ton (+ 14) [8] Operating Rate - The operating rate of high - cis cis - butadiene rubber was 76.26% (+ 5.58%) [9] Inventory - The inventory of cis - butadiene rubber among traders was 5,690 tons (- 720), and the inventory of cis - butadiene rubber among enterprises was 28,850 tons (+ 1,250) [10] Strategy Natural Rubber (RU and NR) - With the domestic Hainan production area approaching the end of the tapping season, the supply increase is slow. Although the far - month price of blended rubber has strengthened, the near - month price is average, and the basis is weakly stable. The continuous inventory accumulation at ports and in society, combined with the off - season of downstream demand, makes it difficult for the factory's operating rate to rise. The cost - end support is strong, but the supply is likely to recover [11] Cis - Butadiene Rubber (BR) - With less upstream maintenance, the supply of cis - butadiene rubber will remain abundant. Downstream tire demand is weak, and the operating rate of tire factories may decline. The self - supply - and - demand situation of cis - butadiene rubber remains weak, but the upstream raw material cost support may continue [11]

油脂日报 | 2025-12-25 市场分析 期货方面，昨日收盘棕榈油2605合约8488.00元/吨，环比变化+2元，幅度+0.02%；昨日收盘豆油2605合约7764.00 元/吨，环比变化-8.00元，幅度-0.10%；昨日收盘菜油2605合约8980.00元/吨，环比变化+133.00元，幅度+1.50%。 现货方面，广东地区棕榈油现货价8480.00元/吨，环比变化+50.00元，幅度+0.59%，现货基差P05-8.00，环比变化 +48.00元；天津地区一级豆油现货价格8210.00元/吨，环比变化+20.00元/吨，幅度+0.24%，现货基差Y05+446.00， 环比变化+28.00元；江苏地区四级菜油现货价格9580.00元/吨，环比变化+180.00元，幅度+1.91%，现货基差 OI05+600.00，环比变化+47.00元。 近期市场咨询汇总：据马来西亚棕榈油协会（MPOA）发布的数据，马来西亚12月1-20日棕榈油产量预估减少7.44%， 其中马来半岛减少11.66%，沙巴减少2.12%，沙捞越减少0.75%，婆罗洲减少1.73%。加拿大菜籽(1月船期)C&F价 格505美元/吨， ...

农产品日报 | 2025-12-25 糖价强势反弹，郑棉震荡上行 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2605合约14180元/吨，较前一日变动+40元/吨，幅度+0.28%。现货方面，3128B棉新疆到 厂价15081元/吨，较前一日变动+14元/吨，现货基差CF05+901，较前一日变动-26；3128B棉全国均价15271元/吨， 较前一日变动+58元/吨，现货基差CF05+1091，较前一日变动+18。 近期市场资讯，截至2025年12月11日，美国累计净签约出口2025/26年度棉花144.5万吨，达到年度预期出口量的 54.39%，累计装运棉花60.5万吨，装运率41.88%。其中陆地棉签约量为140.2万吨，装运57.7万吨，装运率41.16%。 皮马棉签约量为4.2万吨，装运2.8万吨，装运率65.85%。其中，中国累计签约进口2025/26年度美棉6.4万吨，占美 棉已签约量的4.42％；累计装运美棉2.3万吨，占美棉总装运量的3.77％，占中国已签约量的35.68％。 市场分析 昨日郑棉期价震荡上行。国际方面，本月USDA对于全球棉花供需数据调整不大，25/26年度全球棉花 ...