甲醇日报 | 2025-12-25 港口库存再度快速上升 甲醇观点 市场要闻与重要数据 内地方面：Q5500鄂尔多斯动力煤490元/吨（+5），内蒙煤制甲醇生产利润415元/吨（-30）；内地甲醇价格方面，内 蒙北线1870元/吨（-20），内蒙北线基差298元/吨（-36），内蒙南线1860元/吨（-70）；山东临沂2238元/吨（+6），鲁 南基差266元/吨（-10）；河南2095元/吨（-10），河南基差123元/吨（-26）；河北2095元/吨（+0），河北基差183元/ 吨（-16）。隆众内地工厂库存403970吨（+12830），西北工厂库存231500吨（+5700）；隆众内地工厂待发订单201128 吨（-19301），西北工厂待发订单95500吨（-22300）。 港口方面：太仓甲醇2155元/吨（+23），太仓基差-17元/吨（+7），CFR中国248美元/吨（+0），华东进口价差-14元/ 吨（-6），常州甲醇2325元/吨；广东甲醇2120元/吨（+15），广东基差-52元/吨（-1）。隆众港口总库存1412509吨 （+193691），江苏港口库存815291吨（+211266）， ...

昨日山东地区沥青现货价格小幅上涨，华东以及川渝地区沥青现货价格有所下跌，其余地区沥青现货价格大体企 稳。整体来看，当前沥青市场多空因素交织，区域上则呈现南北分化的格局。一方面，原油价格反弹、委内瑞拉 地缘局势升级，沥青原料担忧有所增加，成本端支撑边际转强，北方冬储需求释放巩固底部信号；另一方面，沥 青现实基本面仍偏弱，尤其南方炼厂释放低价资源较多，过剩压力较大，压制市场情绪。往前看，局部过剩矛盾 仍有待时间消化，原料端收紧风险则是潜在的上行驱动，市场多空因素交织，现实与预期博弈下，底部反弹过程 中仍面临拉扯。 市场多空因素交织，成本端支撑边际转强 市场分析 1、12月24日沥青期货下午盘收盘行情：主力BU2602合约下午收盘价2996元/吨，较昨日结算价上涨8元/吨，涨幅 0.27%；持仓190035手，环比下跌14707手，成交187941手，环比下降54265手。 2、卓创资讯重交沥青现货结算价：东北，3156—3500元/吨；山东，2870—3190元/吨；华南，2750—2950元/吨； 华东，3000—3100元/吨。 策略 石油沥青日报 | 2025-12-25 单边：中性，等待底部信号明确，可尝 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Overseas gasoline crack spreads are weak, reducing the support of overseas gasoline blending for pure benzene. Although the peak of domestic pure benzene arrivals has passed, there is still some arrival pressure. This week, port inventories have further accumulated at a high level, and downstream提货 remains weak. The styrene start - up has bottomed out and rebounded, but the non - styrene start - up is still poor, and the CPL start - up is at a low level this year. The start - up of phenol and aniline has further declined [3]. - During the week, styrene port inventories slightly rebounded. The styrene start - up has bottomed out and rebounded, and it is the end of the previous destocking cycle. However, whether there is further inventory accumulation pressure still requires tracking the dynamics of styrene plants, especially the short - term shutdown of North China plants. Downstream start - up has declined again during the off - season, with EPS and PS start - up falling and ABS start - up consolidating at a low level. There is still inventory pressure on EPS and ABS finished products [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Pure benzene: The main basis is - 136 yuan/ton (- 36), the spot - M2 spread is - 130 yuan/ton (+ 5 yuan/ton), and the spread between the first - and third - contract is not mentioned in specific data [1]. - Styrene: The main basis is - 8 yuan/ton (- 79 yuan/ton), and the spread between the first - and third - contract is not mentioned in specific data [1]. 2. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene: The CFR China processing fee is 124 dollars/ton (- 2 dollars/ton), the FOB Korea processing fee is 117 dollars/ton (- 2 dollars/ton), and the US - Korea spread is 181.9 dollars/ton (+ 0.0 dollars/ton). The import profit and other data are not analyzed in detail [1]. - Styrene: The non - integrated production profit is - 177 yuan/ton (+ 13 yuan/ton), and the import profit and other data are not analyzed in detail [1]. 3. Pure Benzene and Styrene Inventories, Start - up Rates - Pure benzene: The port inventory is 27.30 tons (+ 1.30 tons), and the start - up rate is not specifically mentioned. The downstream start - up shows that styrene start - up has bottomed out and rebounded, non - styrene start - up is poor, CPL start - up is at a low level this year, and phenol and aniline start - up has further declined [1][3]. - Styrene: The East China port inventory is 139,300 tons (+ 4,600 tons), the East China commercial inventory is 84,550 tons (+ 2,250 tons), and the start - up rate is 69.1% (+ 0.8%) [1]. 4. Styrene Downstream Start - up and Production Profits - EPS: The production profit is 176 yuan/ton (- 10 yuan/ton), and the start - up rate is 51.81% (- 1.96%) [2]. - PS: The production profit is 26 yuan/ton (- 10 yuan/ton), and the start - up rate is 54.50% (- 3.80%) [2]. - ABS: The production profit is - 911 yuan/ton (- 19 yuan/ton), and the start - up rate is 70.10% (- 0.43%) [2]. 5. Pure Benzene Downstream Start - up and Production Profits - Caprolactam: The production profit is - 350 yuan/ton (+ 0), and the start - up rate is 69.20% (- 5.37%) [1]. - Phenol - ketone: The production profit is - 902 yuan/ton (+ 0), and the start - up rate is 76.00% (- 3.50%) [1]. - Aniline: The production profit is 789 yuan/ton (+ 178), and the start - up rate is 61.35% (- 14.59%) [1]. - Adipic acid: The production profit is - 993 yuan/ton (+ 25), and the start - up rate is 59.60% (+ 0.40%) [1]. Strategy - Unilateral: None [4]. - Basis and inter - period: Do reverse spreads for BZ2603 - BZ2605 when the price is high [4]. - Cross - variety: Short BZ2603 and long PX2605 [4].

Group 1: Investment Ratings - There is no information about the industry investment rating in the report Group 2: Core Views - PVC is affected by macro - sentiment and rebounds, with a slight improvement in supply - demand. However, the overall supply is still abundant, and the improvement in supply - demand is limited. Attention should be paid to subsequent device maintenance and macro - policy dynamics [3] - The current spot price of caustic soda is mainly stable with regional differentiation. Shandong is destocking while Jiangsu is accumulating inventory. The supply - side operating rate is slightly down, and attention should be paid to the price fluctuation of liquid chlorine, device dynamics, and the implementation of specific macro anti - involution rules [4][5] Group 3: Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,781 yuan/ton (+43), the East China basis is - 301 yuan/ton (-3), and the South China basis is - 281 yuan/ton (+7) [1] - Spot price: The East China calcium carbide - based PVC is quoted at 4,480 yuan/ton (+40), and the South China calcium carbide - based PVC is quoted at 4,500 yuan/ton (+50) [1] - Upstream production profit: The semi - coke price is 750 yuan/ton (-30), the calcium carbide price is 2,780 yuan/ton (+0), the calcium carbide profit is - 110 yuan/ton (+24), the production gross profit of PVC by calcium carbide method is - 986 yuan/ton (+116), the production gross profit of PVC by ethylene method is - 469 yuan/ton (+51), and the PVC export profit is - 6.0 US dollars/ton (-5.1) [1] - PVC inventory and operation: The in - factory inventory of PVC is 32.9 million tons (-1.6), the social inventory of PVC is 51.1 million tons (-0.7), the operating rate of PVC by calcium carbide method is 77.01% (-2.12%), the operating rate of PVC by ethylene method is 74.06% (-2.61%), and the overall operating rate of PVC is 76.12% (-2.27%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 76.2 million tons (+11.4) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,250 yuan/ton (+31), and the basis of 32% liquid caustic soda in Shandong is 0 yuan/ton (-31) [1] - Spot price: The price of 32% liquid caustic soda in Shandong is 720 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong is 1,140 yuan/ton (+0) [2] - Upstream production profit: The single - product profit of caustic soda in Shandong is 1,229 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 585.0 yuan/ton (+0.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 226.96 yuan/ton (+20.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 393.99 yuan/ton (+53.60) [2] - Caustic soda inventory and operation: The inventory of liquid caustic soda factories is 46.47 million tons (+0.76), the inventory of flake caustic soda factories is 3.51 million tons (+0.06), and the operating rate of caustic soda is 84.50% (-1.70%) [2] - Downstream operation of caustic soda: The operating rate of alumina is 85.00% (-1.11%), the operating rate of printing and dyeing in East China is 62.06% (-0.68%), and the operating rate of viscose staple fiber is 89.62% (+0.00%) [2] Group 4: Market Analysis PVC - Macro - level policies boost demand expectations, and PVC rebounds due to macro - sentiment. The supply decreases slightly, but the supply side is still abundant. The downstream operation declines slightly, and the export orders are resilient. The social inventory decreases slightly, and the upstream comprehensive chlor - alkali production profit is repaired to some extent. The high - level warehouse receipts suppress the futures price. Overseas factory news provides some support [3] Caustic Soda - The spot price is stable with regional differences. Shandong is destocking and Jiangsu is accumulating inventory. The supply - side operating rate decreases slightly, but the overall operation is at a high level. The liquid chlorine price is positive, and there is a risk of further decline. The alumina demand is stable, and the non - aluminum demand weakens [4][5] Group 5: Strategies PVC - Unilateral: Oscillation - Inter - delivery: Wait - and - see - Inter - commodity: None [6] Caustic Soda - Unilateral: Oscillation - Inter - delivery: Wait - and - see - Inter - commodity: None [6]

农产品日报 | 2025-12-25 昨日苹果期价小幅下跌，陕西产区交易展现好转，多以好货采购为主，但走货速度一般，整体价格变化不明显， 虽然圣诞节临近，整体走货偏缓，大部分采购商主要采购低质量货源，库存结构整体仍然是"优果偏少、差货较多"， 柑橘类低价压力对苹果压力持续存在，因此需持续跟踪销区情况。上周苹果主产区行情延续淡季特征，成交氛围 持续清淡，"双旦"节日备货未带来明显提振，果农货成交零星；销区市场整体交易氛围清淡，前期到货量小幅增 加后有所减少，终端走货同比不快，二三级批发商因苹果价格偏高拿货吃力，市场人流量明显减少。同时，砂糖 橘等低价柑橘类水果大量上市，抢占显著市场份额，对苹果销售形成较大冲击，中转库出现积压情况。后续需重 点关注春节备货启动氛围、终端市场走货情况，若备货氛围提前升温，终端采购需求集中释放，将推动优果价格 进一步走强，并带动中低端货源去库，市场或转向偏多。 策略 苹果产区展现好转，红枣库存压力依旧存在 苹果观点 市场要闻与重要数据 中性。当前库存数量和质量普遍偏低，优果则呈现较强的价格表现，而偏差货源则面临销售压力，终端需求持续 低迷，节日备货仍有一定的时间，低价替代水果也不断压 ...

Report Industry Investment Rating - No industry investment rating information is provided in the content. Core Viewpoints - The market is affected by multiple factors including policy expectations, central bank actions, and economic data. There are opportunities in commodities and stock index futures, but also risks from geopolitical, economic, and central bank policy uncertainties [1][2][4][5]. - AH stocks rallied on December 24, and investors should pay attention to the RMB's "7" key level. The Fed restarted a "restrictive" stance, and the impact of the Bank of Japan's interest rate hike is relatively low [1][2][3]. Summary by Related Catalogs Market Analysis - Policy expectations have shifted. China's central government emphasized fiscal and monetary policies, and multiple ministries responded. China's November foreign trade rebounded, but the economy still faced pressure. AH stocks rose on December 24, and the offshore RMB appreciated [1]. - The Fed announced bond purchases and a rate cut, but may pause further cuts. The US economy shows mixed signals with weak employment and low PMI, but high GDP growth. Market sentiment is currently positive but risks exist [2]. - The Bank of Japan raised interest rates, and the impact of the carry - trade reversal is low due to the ownership structure of Japanese government bonds [3]. Commodity Analysis - In the current inflation - expectation game stage, focus on non - ferrous metals and precious metals. Non - ferrous metals have high supply - side certainty, copper prices hit a record high, and the energy sector faces supply - demand issues. There are also opportunities in the chemical and agricultural sectors [4]. Strategy - For commodities and stock index futures, consider buying on dips in stock index futures, precious metals, and non - ferrous metals [5]. Market News - The overall market trended upward, with over 4100 stocks rising and trading volume exceeding 1.89 trillion. The central bank will conduct a 4000 - billion - yuan MLF operation. There are also various economic data from the US and Japan, and commodity futures showed different performances [7].

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoint The report focuses on the differentiation of upstream prices and the off - season of mid - stream operations, presenting the latest developments in the production and service industries, as well as the trends in upstream, mid - stream, and downstream sectors [1][3][4][5]. Summary by Section 1. Middle - view Event Overview - **Production Industry**: The Ministry of Transport plans to launch a special action to improve and upgrade highway service areas next year, with the primary task of enhancing charging service capabilities and promoting the construction and renovation of charging facilities [1]. - **Service Industry**: Beijing relaxes non - Beijing household purchase conditions and supports multi - child family housing needs; the central bank conducts 400 billion yuan of MLF operations, with a net injection of 100 billion yuan this month, and has increased MLF operations for 10 consecutive months [2]. 2. Industry Overview - **Upstream**: International crude oil prices have recently declined, and liquefied natural gas prices continue to fall; PTA prices have risen significantly, while polyethylene prices have slightly declined [3]. - **Mid - stream**: Chemical product operating rates remain low, power plant coal consumption has increased, and asphalt operating rates for infrastructure have declined [4]. - **Downstream**: The sales of commercial housing in first, second, and third - tier cities continue to pick up, while the number of domestic flights has decreased [5]. 3. Key Industry Price Indicators - **Agriculture**: On December 24, the spot price of corn was 2,241.4 yuan/ton (- 0.19% year - on - year), eggs were 6.3 yuan/kg (- 4.26% year - on - year), palm oil was 8,520 yuan/ton (0.71% year - on - year), cotton was 15,217.5 yuan/ton (0.50% year - on - year), and pork was 17.4 yuan/kg (- 0.91% year - on - year) [39]. - **Non - ferrous Metals**: On December 24, the spot price of copper was 94,853.3 yuan/ton (2.88% year - on - year), zinc was 23,250 yuan/ton (1.14% year - on - year), aluminum was 21,883.3 yuan/ton (0.57% year - on - year), nickel was 130,800 yuan/ton (11.92% year - on - year), and the second - listed aluminum was 17,118.8 yuan/ton (1.86% year - on - year), and rebar was 3,229.3 yuan/ton (0.81% year - on - year) [39]. - **Ferrous Metals**: On December 24, the spot price of iron ore was 810.6 yuan/ton (1.08% year - on - year), wire rod was 3,475 yuan/ton (1.83% year - on - year), and glass was 13.3 yuan/square meter (- 0.75% year - on - year) [39]. - **Non - metals**: On December 24, the spot price of natural rubber was 14,983.3 yuan/ton (- 0.77% year - on - year), the China Plastic City price index was 756 (- 0.07% year - on - year) [39]. - **Energy**: On December 24, the spot price of WTI crude oil was 58.4 US dollars/barrel (5.90% year - on - year), Brent crude oil was 62.4 US dollars/barrel (5.87% year - on - year), liquefied natural gas was 3,424 yuan/ton (- 5.47% year - on - year), coal was 802 yuan/ton (- 0.37% year - on - year) [39]. - **Chemical Industry**: On December 24, the spot price of PTA was 4,970.5 yuan/ton (7.44% year - on - year), polyethylene was 6,430 yuan/ton (- 2.82% year - on - year), urea was 1,755 yuan/ton (2.33% year - on - year), and soda ash was 1,225.7 yuan/ton (0.23% year - on - year) [39]. - **Real Estate**: On December 11, the building materials composite index was 115.1 points (- 0.68% year - on - year), and the national concrete price index was 90.4 points (- 0.06% year - on - year) [39].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - For industrial silicon, after the production cut in the southwest region, the supply - demand pattern may improve, but the inventory accumulation pattern remains. The price of the industrial silicon market is mainly affected by the supply - demand pattern and cost support, showing a slight upward trend. The current valuation is low, and with the influence of Xinjiang's environmental protection policy, the market may have room to rise [1][3]. - For polysilicon, the supply - demand situation has recently eased. Silicon material enterprises are reducing production to match the off - season demand in the first quarter, which drives up the unit comprehensive cost. The market is affected by both the anti - involution policy and the weak reality. After the establishment of the platform company, the subsequent production and sales restrictions need to be monitored. The market is expected to fluctuate mainly [3][6]. Summary by Relevant Content Industrial Silicon Market Analysis - **Futures Market**: On December 24, 2025, the industrial silicon futures price showed a fluctuating upward trend. The main contract 2605 opened at 8,600 yuan/ton and closed at 8,780 yuan/ton, a change of 145 yuan/ton (1.68%) from the previous day's settlement. The position of the main contract 2605 was 213,776 lots, and the number of warehouse receipts on December 23 was 9,175 lots, a change of 156 lots from the previous day [1]. - **Spot Market**: The spot price of industrial silicon was basically stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,200 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,800 yuan/ton. The price of Xinjiang oxygen - passing 553 silicon was 8,600 - 8,800 yuan/ton (- 50 yuan/ton), and the price of 99 silicon was 8,600 - 8,800 yuan/ton (- 50 yuan/ton). The silicon prices in Kunming, Huangpu Port, the Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained unchanged, and the price of 97 silicon was stable [1]. - **Inventory**: As of December 18, the total social inventory of industrial silicon in major regions was 553,000 tons, a change of - 1.43% from the previous week. Among them, the social ordinary warehouse inventory was 138,000 tons, an increase of 20,000 tons from the previous week, and the social delivery warehouse inventory (including the part not registered as warehouse receipts and the spot warehouse) was 415,000 tons, a decrease of 10,000 tons from the previous week [1]. Consumption End - **Organosilicon**: The quoted price of organosilicon DMC was 13,500 - 13,700 yuan/ton. The weekly production of organosilicon fluctuated slightly compared with the previous week. In early December, monomer factories successively reduced production, and the production in December decreased compared with November. The reduction in industrial silicon consumption in December may be around 5,000 tons [2]. - **Polysilicon**: The weekly production of polysilicon was basically stable. The planned production in December was around 114,000 tons, a slight decrease from November, and the change in the demand for industrial silicon was limited [2]. - **Aluminum - Silicon Alloy**: The operating rate of aluminum - silicon alloy enterprises remained stable. The secondary aluminum enterprises in Chongqing that had reduced production due to air pollution last week maintained the production - reduction state this week. The downstream demand for aluminum alloy showed marginal weakness, and the subsequent operating rate was expected to be mainly stable and weak [2]. Strategy - **Unilateral**: Short - term range operation. - **Others**: No suggestions for inter - period, cross - variety, spot - futures, and options operations [3]. Polysilicon Market Analysis - **Futures Market**: On December 24, 2025, the main contract 2605 of polysilicon futures oscillated upward, opening at 58,580 yuan/ton and closing at 59,225 yuan/ton, with a closing price change of - 0.91% from the previous trading day. The position of the main contract was 131,603 lots (134,949 lots the previous trading day), and the trading volume on the day was 153,313 lots [3]. - **Spot Market**: The spot price of polysilicon remained stable. According to SMM statistics, the price of N - type material was 49.70 - 55.00 yuan/kg, and the price of N - type granular silicon was 49.00 - 51.00 yuan/kg [3]. - **Inventory and Production**: The inventory of polysilicon manufacturers and silicon wafers increased. The latest polysilicon inventory was 293,000 tons, with a month - on - month change of 0.00%; the silicon wafer inventory was 21.50 GW, a month - on - month decrease of 7.73%. The weekly production of polysilicon was 25,000 tons, a month - on - month change of - 0.40%; the silicon wafer production was 10.67 GW, a month - on - month change of - 12.18% [3]. Strategy - **Unilateral**: Short - term range operation, and the main contract is expected to oscillate in the range of 54,000 - 60,000 yuan/ton. - **Others**: No suggestions for inter - period, cross - variety, spot - futures, and options operations [6].

农产品日报 | 2025-12-25 消费有所支撑，猪价维持震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11480元/吨，较前交易日变动+65.00元/吨，幅度+0.57%。现货方面，河南地区 外三元生猪价格11.80元/公斤，较前交易日变动+0.12元/公斤，现货基差 LH03+320，较前交易日变动+55；江苏地 区外三元生猪价格 11.92元/公斤，较前交易日变动+0.06元/公斤，现货基差LH03+440，较前交易日变动-5；四川地 区外三元生猪价格11.79元/公斤，较前交易日变动+0.11元/公斤，现货基差LH03+310，较前交易日变动+45。 据农业农村部监测，12月24日"农产品批发价格200指数"为130.33，比昨天下降0.19个点，"菜篮子"产品批发价格指 数为133.24，比昨天下降0.22个点。全国农产品批发市场猪肉平均价格为17.35元/公斤，比昨天下降1.0%；牛肉65.86 元/公斤，比昨天下降0.2%；羊肉63.16元/公斤，比昨天上升0.1%；鸡蛋7.43元/公斤，比昨天下降0.7%；白条鸡17.85 元/公斤，比昨天下降0.6%。 市场分析 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the nickel market, influenced by Indonesian policy changes, the bullish sentiment is high, and nickel prices are expected to maintain an overall rebound trend. However, high inventory and oversupply in the fundamentals will drag down the rebound strength [3]. - For the stainless - steel market, although the weak supply - demand situation has not changed fundamentally, short - term cost support and technical strength provide price resilience. Investors should pay attention to the implementation progress of Indonesian policies and inventory changes to seize the opportunity of oscillating upward [6]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On December 24, 2025, the main contract 2602 of Shanghai nickel opened at 120,280 yuan/ton and closed at 123,440 yuan/ton, a 3.92% change from the previous trading day's close. The trading volume was 386,986 (+190,610) lots, and the open interest was 134,454 (+21,822) lots. It showed a strong and volatile trend with significant capital inflow, driven by the expectation of Indonesian quota contraction and external market, but restricted by high inventory and differences between long and short positions. The continuous weakening of the US dollar increased the attractiveness of commodities, while weak consumption and high inventory limited the rebound strength [1]. - **Nickel Ore**: The trading atmosphere in the nickel ore market was fair, and prices remained stable overall. In China's southern region, 1.3% nickel ore was traded at CIF $39.5. In the Philippines, the 1.3% nickel ore tender at the northern Benguet mine was settled at FOB $33.5, with a price increase. Considering rainfall, the shipping efficiency was fair. Downstream iron plants were still in losses, and their attitude of pressing prices for raw material nickel ore purchases might ease. In Indonesia, the second - phase domestic trade benchmark price in December dropped by $0.11 - $0.18 per wet ton, and the current mainstream premium was +25, with a premium range of +25 - 26, expected to remain flat [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market was 133,800 yuan/ton, up 5,400 yuan/ton from the previous trading day. Nickel prices rose significantly, and spot trading was weak. The spot premiums of refined nickel brands decreased slightly. The premium of Jinchuan nickel changed by - 150 yuan/ton to 6,750 yuan/ton, the premium of imported nickel remained unchanged at 400 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 38,621 (-301) tons, and the LME nickel inventory was 254,604 (+216) tons [2]. Strategy - **Unilateral**: Mainly conduct range operations [4]. - **Inter - delivery**: None [4]. - **Inter - variety**: None [4]. - **Futures - spot**: None [4]. - **Options**: None [4]. Stainless - Steel Variety Market Analysis - **Futures**: On December 24, 2025, the stainless - steel main contract 2602 opened at 12,920 yuan/ton and closed at 12,905 yuan/ton. The trading volume was 168,990 (-497) lots, and the open interest was 100,771 (-4,171) lots. It showed a mild rebound with increasing volume and price, and the fluctuation was relatively stable, consistent with the strong continuation of Shanghai nickel's sharp rise the previous day [4]. - **Spot**: The futures market weakened, and downstream purchasing enthusiasm was low, mainly purchasing on - demand. Inventory depletion slowed down. The stainless - steel price in the Wuxi market was 13,050 (+75) yuan/ton, and in the Foshan market, it was 13,025 (+75) yuan/ton. The 304/2B premium was 100 - 350 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 4.00 yuan/nickel point to 893.0 yuan/nickel point [4][5]. Strategy - **Unilateral**: Buy on dips [6]. - **Inter - delivery**: None [6]. - **Inter - variety**: None [6]. - **Futures - spot**: None [6]. - **Options**: None [6].