钯、铂、镍、锡期货将震荡偏弱，钯期货将下探跌停板

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends, resistance levels, and support levels of various futures contracts on December 23 and throughout December 2025 [2][4]. - Some futures, such as palladium, platinum, nickel, and tin, are expected to be volatile and weak on December 25, 2025, with palladium futures likely to hit the lower limit [2]. - Several futures, including gold, silver, platinum, palladium, and copper, are expected to reach new highs in December 2025 [4]. Summary by Related Catalogs Futures Market Outlook - December 23, 2025 Futures Main Contract Forecast: The report provides forecasts for multiple futures contracts, including stock index futures (IF2603, IH2603, IC2603, IM2603), precious metal futures (AU2602, AG2602, PT2606, PD2606), base metal futures (CU2602, NI2602, SN2602), and commodity futures (LC2605, RB2605, HC2605, I2605, JM2605), with details on trends, resistance levels, and support levels [2]. - December 2025 Futures Main (Continuous) Contract Forecast: Similar to the December 23 forecast, it predicts the trends of various futures contracts, adjusting some trends and support/resistance levels [4]. Macro Information and Trading Tips - Monetary Policy: The central bank's monetary policy committee held its fourth - quarter meeting, emphasizing the integrated effect of policies to control the money supply and maintain low financing costs. The central bank will conduct 400 billion yuan of MLF operations on December 25, with a net investment of 100 billion yuan [5]. - Exchange Rate: The on - shore and off - shore RMB exchange rates against the US dollar are rising, approaching the 7 mark. Deutsche Bank predicts that the RMB will appreciate to 6.7 against the US dollar by the end of 2026 [5]. - Industrial Policy: Two departments issued the 2025 version of the Encouraged Foreign Investment Industry Catalog to guide more foreign investment into specific fields and regions [6]. - International Trade: The US plans to impose tariffs on Chinese semiconductor products starting in 2027, and China firmly opposes this and will take countermeasures [6]. - Housing Policy: Beijing optimized its housing purchase restriction policy, relaxing conditions for non - local households and providing benefits for multi - child families [7]. - Infrastructure Finance: Eight departments jointly issued 21 financial support measures for the construction of the New Western Land - Sea Corridor [7]. - Central Enterprise Tasks: The central enterprise leaders' meeting outlined five key tasks for 2026, including improving the quality of listed companies and market value management [7]. - Anti - money Laundering: The Inter - ministerial Joint Conference on Anti - money Laundering emphasized strengthening the regulatory system and maintaining a high - pressure stance [7]. - Energy and Consumption: The national energy consumption in November increased by 6.2% year - on - year, with the charging and swapping service industry's consumption increasing by 60.2% [8]. - International Affairs: Ukraine announced a "peace plan" draft, but key territorial issues remain unresolved. Elon Musk predicted high - growth rates for the US economy [8]. - Nuclear Power: Japan's largest nuclear power plant will restart a unit on January 20, 2026, and Russia plans to build a lunar power station by 2036 [9]. Commodity Futures - related Information - Domestic Futures Market: On December 24, platinum and palladium futures hit the upper limit, while gold, silver, and copper futures reached new highs. Silver futures had a large capital inflow, and gold futures had a large capital outflow [9]. - Exchange Policy: The Guangzhou Futures Exchange adjusted the minimum order quantity for lithium carbonate futures contracts and set daily open - position limits [10]. - International Futures Market: On December 24, international precious metal futures and oil futures showed mixed trends, and London's basic metal futures also had different performances [10][11]. Futures Market Analysis and Outlook - Stock Index Futures: On December 24, various stock index futures contracts showed different trends, with some rising slightly. The report predicts that in December 2025, they will be mostly in a strong - volatile state, and on December 25, they will be in a volatile - consolidation state [12][15][16]. - Precious Metal Futures - Gold: On December 24, the gold futures main contract AU2602 rose slightly. It is expected to be strongly and widely volatile in December 2025 and reach a new high, while on December 25, it will be weakly volatile [34][35]. - Silver: On December 24, the silver futures main contract AG2602 rose significantly. It is expected to be strongly volatile in December 2025 and reach a new high, and on December 25, it will be weakly volatile [37][39]. - Platinum: On December 24, the platinum futures main contract PT2606 reached the upper limit. It is expected to be strongly volatile in December 2025 and reach a new high, and on December 25, it will be weakly volatile and may hit the lower limit [46]. - Palladium: On December 24, the palladium futures main contract PD2606 reached the upper limit. It is expected to be strongly volatile in December 2025 and reach a new high, and on December 25, it will be weakly volatile and may close at the lower limit [51]. - Base Metal Futures - Copper: On December 24, the copper futures main contract CU2602 rose. It is expected to be strongly volatile in December 2025 and reach a new high, and on December 25, it will be weakly volatile [57]. - Nickel: On December 24, the nickel futures main contract NI2602 rose. It is expected to be strongly volatile in December 2025, and on December 25, it will be weakly volatile [62]. - Tin: On December 24, the tin futures main contract SN2602 showed a slight change. It is expected to be strongly volatile in December 2025, and on December 25, it will be weakly volatile [66][67]. - Other Commodity Futures - Lithium Carbonate: On December 24, the lithium carbonate futures main contract LC2605 rose. It is expected to be strongly volatile in December 2025, and on December 25, it will be widely volatile [71]. - Rebar: On December 24, the rebar futures main contract RB2605 rose slightly. It is expected to be widely volatile in December 2025, and on December 25, it will be weakly volatile [75]. - Hot - Rolled Coil: On December 24, the hot - rolled coil futures main contract HC2605 rose slightly. It is expected to be in a volatile - consolidation state on December 25 [79]. - Iron Ore: On December 24, the iron ore futures main contract I2605 rose slightly. It is expected to be widely volatile in December 2025, and on December 25, it will be weakly volatile [82]. - Coking Coal: On December 24, the coking coal futures main contract JM2605 rose. It is expected to be weakly and widely volatile in December 2025, and on December 25, it will be weakly volatile [85][86].