每日期货全景复盘12.5：多晶硅期货价格震荡下行，下游排产普遍下调

Group 1: Coking Coal and Coke - Coking coal prices have decreased, leading to a rise in coke supply, with current prices at 1460 CNY/ton, up by 10 from the previous period [1] - Steel mills are experiencing pressure on procurement due to weak profitability, which may lead to increased pressure on coke prices [1][2] - Daily average pig iron production remains resilient at 232.3 million tons, despite a slight week-on-week decline [2] Group 2: Polysilicon - Polysilicon futures prices have declined by 2.96%, closing at 55,510 CNY/ton, with significant downward adjustments in downstream production [3] - Supply dynamics show a decrease in weekly polysilicon output, with some major producers halting production, while others are increasing output [4] - The overall market sentiment for polysilicon remains weak, with inventory pressures persisting and production rates declining [4] Group 3: Copper - Copper futures have risen by 2.19%, reaching a new high of 92,910 CNY, driven by strong market sentiment and supply-demand dynamics [5] - Global refined copper production has increased by 83,000 tons year-on-year, while consumption has also risen, indicating a tightening market [5][6] - The market is currently influenced by factors such as new energy vehicles and renewable energy sectors, which are driving copper demand [6]