2025/11/21 | 指标 | | 11月20日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | | | 1600 1200 | ====== 18/19 == | | ===== 19/20 ----- 23/24 | == - 24/25 | | == - 25/26 | | | | 83 | -15 | | | | | | | | | | 天津 | 33 | -5 | | | | | | | | | | | | | 800 | | | | | | | | | 日照 | -17 | -15 | 400 | | | | | | | | 43%豆粕现货基差 | 张家港 | -17 | -45 | | | | | | | | | (对主力合约) | | | | -400 01/21 | 02/21 03/24 | 04/24 | 05/25 06/25 07/26 08/26 09/26 | | 10/27 | 12/28 | | | ...

注散信念众号 | 贵金属期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格: 证监许可 【 2011】1292号 | | | | | | | 2025年11月21日 | | | | 叶倩宁 | Z0016628 | | 国内期货收盘价 | | | | | | | 品种 | 11月20日 | 11月19日 | 涨跌 | 涨跌幅 | 单位 | | AU2512合约 | 932.56 | 937.00 | -4.44 | -0.47% | 7L/5 | | AG2512合约 | 12050 | 12148 | -98 | -0.81% | 元/干克 | | 外盘期货收盘价 | | | | | | | 品种 | 11月20日 | 11月19日 | 涨跌 | 张联帽 | 单位 | | COMEX黄金主力合约 | 4076.70 | 4078.30 | -1.60 | -0.04% | | | COMEX白银主力合约 | 50.36 | 51.07 | -0.71 | -1.39% | 美元/盎司 | | 现货价格 | | | | | | | ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - The report presents the price, basis, basis rate, historical quantile, and other data of various futures and spot commodities on November 21, 2025, including ferrous metals, non - ferrous metals, agricultural products, energy and chemical products, and financial futures [1]. 3. Summary According to Related Catalogs Ferrous Metals - **Silicon Iron (SF603)**: The conversion price of 72 - grade silicon iron qualified blocks from Inner Mongolia to Tianjin warehouse receipts is 5446, with a change of 2.06% [1]. - **Silicon Manganese (SM601)**: The conversion price of 6517 - grade silicon manganese from Inner Mongolia to Hubei warehouse receipts is 5614 [1]. - **Rebar (RB2601)**: The price of HRB400 20mm in Shanghai is 3050, and the futures price is 3210, with a basis rate of 5.25% [1]. - **Hot - Rolled Coil (HC2601)**: The futures price is 3270, with a change of 0.09% [1]. - **Iron Ore (I2601)**: The conversion price of 62.5% Brazilian mixed powder (BRBF) from Vale at Rizhao Port is 1634, with a change of 0.75% [1]. - **Coke (J2601)**: The conversion price of quasi - first - grade metallurgical coke at Rizhao Port is 1646, with a historical quantile of 70.18% [1]. - **Coking Coal (JM2601)**: The conversion price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1114, with a change of 9.83% [1]. Non - Ferrous Metals - **Copper (CU2601)**: The SMM 1 copper average price is 86435, and the futures price is 86130, with a basis of 305 and a historical quantile of 79.79% [1]. - **Aluminum (AL2601)**: The SMM A00 aluminum average price is 21570, and the futures price is 21530, with a basis rate of 0.19% [1]. - **Alumina (AO2601)**: The SMM alumina index average price is 2836 [1]. - **Zinc (ZN2512)**: The SMM 1 zinc ingot average price is 22360, and the futures price is 22380, with a basis of - 20 [1]. - **Tin (SN2512)**: The SMM 1 tin average price is 291500, and the futures price is 292030, with a change of - 0.18% [1]. - **Nickel (NISE01)**: The SMM 1 imported nickel average price is 116600, and the futures price is 115380, with a basis of 1220 [1]. - **Stainless Steel (SS2601)**: The price of 304/2B: 2*1240*C: Wuxi Hongwang (including trimming fee) is 12820, and the futures price is 12285, with a change of 4.35% [1]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 2980, and the futures price is 3017, with a basis rate of - 1.23% [1]. - **Soybean Oil (Y2601)**: The ex - factory price of grade - four soybean oil in Zhangjiagang, Jiangsu is 8224, and the futures price is 8420, with a basis of 196 [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 8630, and the futures price is 8646, with a basis of - 16 [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2412, and the futures price is 2500, with a basis rate of - 0.19% [1]. - **Rapeseed Oil (Ol601)**: The ex - factory price of grade - four rapeseed oil in Nantong, Jiangsu is 9779, and the futures price is 10100, with a basis of 321 [1]. - **Corn (C2601)**: The flat - hatch price of corn at Jinzhou Port is 2220, and the futures price is 2168, with a basis rate of 3.28% [1]. - **Corn Starch (CS2601)**: The ex - factory price of corn starch in Changchun, Jilin is 2550, and the futures price is 2473, with a basis of 77 [1]. - **Live Pigs (LH2601)**: The ex - factory price of live pigs (external ternary) in Henan is 11750, and the futures price is 11440, with a basis of 310 [1]. - **Eggs (JD2601)**: The average price of eggs in Shijiazhuang, Hebei is 3238, and the futures price is 2710, with a basis rate of - 16.31% [1]. - **Cotton (CF601)**: The arrival price of cotton 3128B in Xinjiang is 14563, and the futures price is 13465, with a basis of 1098 [1]. - **Sugar (SR601)**: The spot price of white sugar at Liuzhou Station is 5760, and the futures price is 5366, with a basis of 394 [1]. - **Apples (AP601)**: The delivery theoretical price of apples is 9496, and the futures price is 8840, with a basis of - 656 [1]. - **Red Dates (C1601)**: The wholesale price of first - grade grey dates in Hebei is 9300, and the futures price is 8800, with a basis of - 500 [1]. Energy and Chemical Products - **Para - Xylene (PX601)**: The spot price of para - xylene at the main Chinese port (CFR) converted into RMB is 6830, and the futures price is 6833, with a basis rate of 0.04% [1]. - **PTA (TA601)**: The market price (intermediate price) of PTA in the East China region is 4630, and the futures price is 4696, with a basis of - 66 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) of ethylene glycol in the East China region is 3935, and the futures price is 3822, with a basis of 113 [1]. - **Polyester Staple Fiber (PF602)**: The market price (mainstream price) of polyester staple fiber (1.4D*38mm (direct - spinning)) in the East China market is 6220, and the futures price is 6305, with a basis of 85 [1]. - **Styrene (EB2601)**: The market price (spot benchmark price) of styrene in East China, China is 6625, and the futures price is 6595, with a basis of 30 [1]. - **Methanol (MA601)**: The market price (spot benchmark price) of methanol in Taicang, Jiangsu, China is 2000, and the futures price is 2016, with a basis of - 16 [1]. - **Urea (UR601)**: The market price (mainstream price) of urea (small - particle) in Shandong region is 1640, and the futures price is 1665, with a basis of - 25 [1]. - **LLDPE (L2601)**: The duty - paid self - pick - up price (intermediate price) of LLDPE (film - grade) in Shandong is 6855, and the futures price is 6835, with a basis of 20 [1]. - **PP (PP2601)**: The duty - paid self - pick - up price (intermediate price) of PP (拉丝级, melt index 2 - 4) in Zhejiang is 6400, and the futures price is 6500, with a basis of 100 [1]. - **PVC (V2601)**: The market price (mainstream price) of PVC (SG - 5) in the Changzhou market, China is 4456, and the futures price is 4420, with a basis of - 36 [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) of caustic soda (32% ion - membrane caustic soda) in Shandong market converted to 100% is 2437.5, and the futures price is 2261, with a basis of 176.5 [1]. - **LPG (PG2512)**: The market price of LPG in Guangzhou region is 4397, and the futures price is 4348, with a basis of - 49 [1]. - **Asphalt (BU2601)**: The market price (mainstream price) of asphalt (heavy - traffic asphalt) in Shandong region is 3030, and the futures price is 3058, with a basis of 28 [1]. - **Butadiene Rubber (BR2601)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) of PetroChina East China is 10700, and the futures price is 10520, with a basis of 180 [1]. - **Glass (FG601)**: The market price of Fufa glass 5mm large board in Shahe, Shahe Great Wall Glass (daily) is 988, and the futures price is 989, with a basis of - 1 [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe (daily) is 1158, and the futures price is 1128, with a basis of - 30 [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15250, and the futures price is 14850, with a basis of 400 [1]. Financial Futures - **Stock Index Futures**: - IF2512.CFE: The futures price is 4564.9, and the basis is - 25.7, with a basis rate of - 0.57% [1]. - IH2512.CFE: The futures price is 3002.6, and the basis is - 5.7, with a basis rate of - 0.19% [1]. - IC2512.CFE: The futures price is 7061.9, and the basis is - 61.9, with a basis rate of - 0.88% [1]. - IM2512.CFE: The futures price is 7340.4, and the basis is - 76.8, with a basis rate of - 1.00% [1]. - **Treasury Bond Futures**: - TS2512: The futures price is 100.04, and the basis is - 0.01, with a basis rate of - 0.01% [1]. - TF2512: The futures price is 105.92, and the basis is 0.00, with a basis rate of 0.00% [1]. - T2512: The futures price is 108.48, and the basis is 0.08, with a basis rate of 0.08% [1]. - TL2512: The futures price is 115.93, and the basis is 0.16, with a basis rate of 0.14% [1].

ITGE 图解货 投资咨询业务资格:证监许可【2012】31号 之教据 正示 500 年龄 3 12 1 E 突期货有限公司 流的衍生品综合服务商 司不要 市 市 官 方 网 站 ll and 打 线 需 有 谨 风 www.itf.com.cn 400-8888-598 慎 险 2025/11/20 总结 国贸期货研究院 投资咨询号:Z0015194 从业资格号:F3042528 农产品研究中心。 杨璐琳 纸浆价格数据 | 2025年11月19日 | | | 日环比 | 周环比 | | | 2025年11月19日 | 日环比 | 周环比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SP2601 | | 5396 | -0.22% | -1.57% | | 针叶浆银星 | 5550 | 0. 00% | 0.00% | | 期货价格 | SP2512 | 4858 | -0. 29% | -0.61% | 现货价 | 针叶浆俄针 | 5400 | 0. 00% | 0.00% | | SP2605 | | 5398 | - ...

有色金属日报 2025-11-20 五矿期货早报 | 有色金属 铜 【行情资讯】 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 隔夜美股企稳，铜价回升，昨日伦铜 3M 合约收涨 0.98%至 10802 美元/吨，沪铜主力合约收至 86190 元/吨。LME 铜库存增加 17375 至 157875 吨，增量主要来自亚洲仓库，注销仓单比例反弹，Cash/3M 维持贴水。国内上期所仓单减少 0.3 至 5.8 万吨，上海地区现货升水期货上调至 85 元/吨，市场成 交情绪延续较好。广东地区库存环比减少，现货升水期货 35 元/吨，持货商挺价意愿强。国内铜现 货进口亏损缩至 300 元 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core Views No clear core views are presented in the given reports. The reports mainly provide daily data on various financial products including stock index futures, bond futures, precious metals, and container shipping, without explicit investment - related core views. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Futures - Spot Spreads**: For example, the F futures - spot spread was - 13.19, with a 1 - year historical quantile of 52.00% and an all - time quantile of 32.30%. Different contracts like H, IC, IM also had their respective futures - spot spreads and quantiles [1]. - **Inter - period Spreads**: Such as the spread between the next - month and current - month contracts for different varieties, with values and historical quantiles provided. For instance, the spread between the next - month and current - month contracts of a certain variety was - 14.60, with a 1 - year historical quantile of 28.60% and an all - time quantile of 29.30% [1]. - **Cross - variety Ratios**: Ratios like the ratio of IC to IF was 1.5543, with a change of - 0.0049, and 1 - year and all - time historical quantiles of 86.80% and 86.70% respectively [1]. 3.2 Bond Futures Spread Daily Report - **Basis**: The basis of different bond futures contracts such as TS, TF, T, TL was reported, along with their values, changes, and historical quantiles. For example, the T basis was 1.5950, with a historical quantile of 54.70% [2]. - **Inter - period Spreads**: Spreads between different contract periods (current - quarter, next - quarter, etc.) of bond futures were given, including values, changes, and historical quantiles. For example, the spread between the current - quarter and next - quarter contracts of TS was 0.0020, with a historical quantile of 21.40% [2]. - **Cross - variety Spreads**: Spreads between different bond futures varieties like TS - TF, TS - T were reported, with values, changes, and historical quantiles [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures and Spot Prices**: Domestic and foreign futures closing prices, as well as spot prices of gold and silver, were presented, along with their changes and percentage changes. For example, the AU2512 contract of domestic gold futures closed at 937.00 yuan/gram on November 19, with a 2.01% increase [3]. - **Basis**: The basis between different gold and silver contracts (e.g., gold TD - Shanghai gold futures main contract) was reported, including values, changes, and historical quantiles. For example, the basis of gold TD - Shanghai gold futures main contract was - 2.72, with a historical quantile of 48.50% [3]. - **Ratios and Yields**: Ratios such as COMEX gold/silver and yields of US Treasury bonds (10 - year and 2 - year) were provided, along with their changes and percentage changes. For example, the COMEX gold/silver ratio was 79.86, with a - 0.76% change [3]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Shipping Indexes**: Settlement price indexes of container shipping (SCFIS for European and US - West routes) and Shanghai export container freight rates (SCFI) were reported, along with their changes and percentage changes. For example, the SCFIS (European route) was 1357.67 points on November 17, with a - 9.78% decrease compared to November 10 [5]. - **Futures Prices and Basis**: Futures prices of different container shipping contracts (e.g., EC2602) and their basis were presented, along with changes and percentage changes. For example, the EC2602 (main contract) was 1640.1 on November 19, with a - 2.26% decrease [5]. - **Fundamental Data**: Data on global container shipping capacity supply, port - related indicators (port on - time rate, port calls), export balances, and overseas economic indicators (PMI, consumer confidence index) were provided, along with their changes and percentage changes. For example, the global container shipping capacity supply was 3342.26 million TEU on November 19, with a 0.01% increase [5].

能源化工日报 2025-11-20 2025/11/20 原油 能源化工组 INE 主力原油期货收涨 2.20 元/桶，涨幅 0.48%，报 464.50 元/桶；相关成品油主力期货高硫 燃料油收跌 26.00 元/吨，跌幅 1.01%，报 2560.00 元/吨；低硫燃料油收跌 7.00 元/吨，跌幅 0.21%，报 3266.00 元/吨。 富查伊拉港口油品周度数据出炉，汽油库存去库 1.11 百万桶至 6.31 百万桶，环比去库 14.96%； 柴油库存累库 0.02 百万桶至 2.85 百万桶，环比累库 0.56%；燃料油库存去库 0.25 百万桶至 10.65 百万桶，环比去库 2.33%；总成品油去库 1.35 百万桶至 19.81 百万桶，环比去库 6.37%。 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维持对油价低多高抛的区间策略， 但当前油价仍需测试 OPEC 的出口挺价意愿，建议短期观望为主，等待油价下跌时 OPEC 出口下 滑做出验证。 甲醇 2025/11/20 甲醇 ...

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

| 燃 料 油 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2025/11/13 | 367.09 | 406.14 | -4.95 | 687.85 | -281.71 | 30.65 | 39.05 | | 2025/11/14 | 371.73 | 414.41 | -5.40 | 710.26 | -295.85 | 31.99 | 42.68 | | 2025/11/17 | 366.33 | 415.16 | -6.17 | 707.49 | -292.33 | 31.67 | 48.83 | | 2025/11/18 | 359.79 | 411.23 | -6.97 | 732. ...

Report Overview - Report Title: Synthetic Rubber Morning Report [2] - Report Date: November 20, 2025 [3] - Research Team: Energy and Chemicals Team of the Research Center [3] Key Data Summary BR (Cis - Polybutadiene Rubber) - **Futures Data**: The closing price of the BR main contract (12) on November 19 was 10,705, up 200 from the previous day and 225 from the previous week. The open interest was 71,378, down 643 from the previous day and 4,987 from the previous week. The trading volume was 120,480, down 20,666 from the previous day but up 20,847 from the previous week. The warrant quantity was 12,030, down 220 from the previous day and 480 from the previous week. The long - short ratio was 29.67, with no daily change and a weekly decrease of 1. [4] - **Basis/Spread Data**: The cis - polybutadiene basis was - 100 on November 19 compared to the previous day and - 75 compared to the previous week. The styrene - butadiene basis was - 200 on November 19 compared to the previous day and - 75 compared to the previous week. The 12 - 01 spread was - 40 on November 19, down 45 from the previous day and 40 from the previous week. The 01 - 02 spread was 15 on November 19, down 5 from the previous day but up 10 from the previous week. The RU - BR spread was 4,735 on November 19, down 55 from the previous day and 175 from the previous week. The NR - BR spread was 1,775 on November 19, down 65 from the previous day and 145 from the previous week. [4] - **Spot Data**: The Shandong market price was 10,650 on November 19, up 100 from the previous day and 150 from the previous week. The Transfar market price was 10,450 on November 19, up 50 from the previous day and 30 from the previous week. The Qilu ex - factory price was 10,500 on November 19, with no daily change but up 200 from the previous week. The CFR Northeast Asia price was 1,350 on November 19, with no daily change but down 50 from the previous week. The CFR Southeast Asia price was 1,640 on November 19, with no daily change but down 45 from the previous week. [4] - **Profit Data**: The spot processing profit was 800 on November 19, down 104 from the previous day and 207 from the previous week. The import profit was - 699 on November 19, up 102 from the previous day and 532 from the previous week. The export profit was 1,744 on November 19, down 89 from the previous day and 431 from the previous week. [4] BD (Butadiene) - **Spot Data**: The Shandong market price was 7,500 on November 19, up 200 from the previous day and 350 from the previous week. The Jiangsu market price was 7,225 on November 19, up 175 from the previous day and 275 from the previous week. The Yangzi ex - factory price was 7,200 on November 19, up 200 from the previous day and 200 from the previous week. The CFR China price was 770 on November 19, with no daily change but down 20 from the previous week. [4] - **Profit Data**: The ethylene cracking profit was N/A on November 19. The carbon - four extraction profit was N/A on November 19. The butadiene oxidative dehydrogenation profit was - 1,589 on November 19, up 175 from the previous day and 135 from the previous week. The import profit was 890 on November 19, up 176 from the previous day and 425 from the previous week. The export profit was - 1,460 on November 19, down 295 from the previous day. The styrene - butadiene production profit was 1,400 on November 19, down 50 from the previous day but up 200 from the previous week. The ABS production profit was N/A on November 19. The SBS production profit was - 360 on November 19, down 140 from the previous day and 200 from the previous week. [4] Data Sources - The data in the report is sourced from Mysteel and Wind [8]