11月25日，国内期市黑色金属板块"万红丛中一点绿"，铁矿石主力涨幅超1%。截止目前，铁矿石主力 上涨1.14%，报799.00元/吨；螺纹钢主力上涨0.78%，报3108.00元/吨；热卷主力上涨0.76%，报3313.00 元/吨；不锈钢主力上涨0.49%，报12385.00元/吨；硅铁主力下跌0.15%，报5472.00元/吨。 11月25日黑色金属期货价格行情 截止北京时间11月24日，据商品期货基差数据显示：螺纹钢、热卷、不锈钢、铁矿石品种合约出现'期 现倒挂'(现货价格高于期货价格)现象。 | 商品名称 | 现货价格 | 合约 | 期货价格 | 基差 | 基差率 | | --- | --- | --- | --- | --- | --- | | 螺纹钢 | 3174 | 2601 | 3084 | 90 | 2.84% | | 线材 | 3325 | 2601 | 3328 | -3 | -0.09% | | 热轧卷板 | 3326.67 | 2601 | 3288 | 38 | 1.14% | | 不锈钢 | 12473.3 | 2601 | 12325 | 148 | 1.19% | | 硅铁 ...

11月25日，国内期市农副产品板块集体走高，苹果主力涨逾1%。截至目前，生猪主力上涨0.04%，报 11415.00元/吨；苹果主力上涨1.19%，报9460.00元/吨；红枣主力上涨0.87%，报9225.00元/吨；鸡蛋主 力上涨0.37%，报3223.00元/500千克。 11月25日农副产品期货价格行情 备注：基差=现货价格-期货价格。 | 商品名称 | 现货价格 | 合约 | 期货价格 | 基差 | 基差率 | | --- | --- | --- | --- | --- | --- | | 苹果 | 8150 | 2601 | 9379 | -1229 | -15.08% | | 红枣 | 9900 | 2601 | 9225 | 675 | 6.82% | | 鸡蛋 | 3100 | 2601 | 3211 | -111 | -3.58% | | 生猪 | 11800 | 2601 | 11410 | 390 | 3.31% | | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | 鸡蛋 | 3220.00 | 3210.00 | 3211. ...

截止北京时间11月24日，据商品基差数据显示：铜、锌、铝、镍、铸造铝合金、工业硅、碳酸锂、国际 铜品种合约出现'期现倒挂'(现货价格高于期货价格)现象。 | 商品名称 | 现货价格 | 合约 | 期货价格 | 基差 | 基差率 | | --- | --- | --- | --- | --- | --- | | 铜 | 86285 | 2601 | 86040 | 245 | 0.28% | | 锌 | 22356 | 2601 | 22350 | 6 | 0.03% | | 铝 | 21391.7 | 2601 | 21380 | 11 | 0.05% | | 铅 | 17143.8 | 2601 | 17165 | -21 | -0.12% | | 镍 | 118250 | 2601 | 115300 | 2950 | 2.49% | | 锡 | 293825 | 2601 | 294230 | -405 | -0.14% | | 铸造铝合金 | 20800 | 2601 | 20635 | 165 | 0.79% | | 工业硅 | 9750 | 2601 | 8950 | 800 | 8.21% | | ...

Core Insights - The domestic futures market for crude oil-related products shows mixed performance, with asphalt futures declining over 2% while other products like liquefied petroleum gas see slight gains [1] Price Movements - As of November 6, 2023, the main crude oil futures contract decreased by 0.82% to 458.30 CNY per barrel, while low-sulfur fuel oil fell by 0.27% to 3268.00 CNY per ton. Asphalt futures dropped by 2.14% to 3106.00 CNY per ton, and liquefied petroleum gas rose by 0.16% to 4254.00 CNY per ton [1][2] Warehouse Inventory Data - As of November 5, 2023, the inventory data indicates a decrease of 732,000 barrels in medium-sulfur crude oil futures, totaling 3,470,000 barrels. The inventory for asphalt futures remained stable at 3,000 tons, while warehouse stocks for asphalt futures decreased by 5,230 tons to 4,690 tons. Low-sulfur fuel oil warehouse stocks increased by 29,770 tons to 34,730 tons, and fuel oil futures saw a reduction of 8,150 tons to 29,740 tons. Liquefied petroleum gas futures inventory rose by 1,098 contracts [3] Basis Data - The basis data as of November 5, 2023, shows that fuel oil, liquefied petroleum gas, and low-sulfur fuel oil contracts are experiencing a 'backwardation' phenomenon, where spot prices exceed futures prices. The basis for fuel oil is 2,610 CNY, with a basis rate of 48.90%. For asphalt, the basis is -20 CNY, indicating a slight negative basis rate of -0.63%. Liquefied petroleum gas has a basis of 253 CNY with a basis rate of 5.62%, while low-sulfur fuel oil shows a basis of 74 CNY and a basis rate of 2.19% [3]

Group 1 - The coal futures market in China saw most contracts rise on November 6, with coking coal futures increasing by over 2% [1] - As of the report, coking coal futures rose by 2.14% to 1287.50 CNY per ton, while coke futures increased by 1.78% to 1771.50 CNY per ton [1] - The opening prices for coking coal and coke futures were 1269.00 CNY and 1753.50 CNY respectively, with previous closing prices of 1268.50 CNY and 1753.00 CNY [2] Group 2 - As of November 5, coking coal futures warehouse receipts increased by 900 contracts compared to the previous trading day, while coke futures warehouse receipts remained unchanged at 2070 contracts [3] - There is a phenomenon of "backwardation" in the coking coal market, where the spot price (1581.25 CNY) is higher than the futures price (1260.50 CNY), resulting in a basis of 320 CNY and a basis rate of 20.24% [3]

Core Insights - The domestic futures market for oilseeds and oils showed significant gains on November 6, with the main soybean futures rising nearly 2% [1] - The main contracts for various oilseed products experienced mixed performance, with some increasing while others, like peanuts, saw a slight decline [1] Price Movements - Soybean oil futures opened at 8138.00 and closed at 8120.00, while palm oil opened at 8582.00 and closed at 8618.00 [2] - The main contracts for canola meal and soybean meal also showed upward trends, with canola meal rising to 2547.00 and soybean meal to 3073.00 [1][2] Warehouse Receipt Data - As of November 5, the number of warehouse receipts for canola oil decreased by 702 to 8738, while palm oil receipts increased by 650 to 650 [3] - Soybean meal receipts decreased by 210 to 42122, and soybean oil receipts decreased by 200 to 27444 [3] Basis and Spot Prices - The basis for canola oil was reported at 302, with a basis rate of 3.10%, indicating that the spot price is higher than the futures price [4] - Other products like soybean and palm oil also showed positive basis values, reflecting a similar trend in the market [4]

Group 1 - The domestic oilseed and oil futures market showed mixed results on November 5, with rapeseed meal futures rising over 1% [1] - As of the latest data, rapeseed meal futures increased by 1.60% to 2537.00 CNY/ton, while rapeseed oil futures decreased by 0.52% to 9427.00 CNY/ton [1] - Soybean meal futures rose by 0.40% to 3040.00 CNY/ton, and soybean oil futures increased by 0.45% to 3759.00 CNY/ton [1] Group 2 - The opening prices for various oilseed futures on November 5 included soybean oil at 8094.00 CNY, palm oil at 8590.00 CNY, and rapeseed oil at 9434.00 CNY [2] - The closing prices for these contracts were soybean oil at 8142.00 CNY, palm oil at 8652.00 CNY, and rapeseed oil at 9476.00 CNY [2] - The trading volume for rapeseed meal futures was stable at 2497.00 CNY, while soybean meal futures opened at 3010.00 CNY and closed at 3028.00 CNY [2] Group 3 - As of November 4, the number of rapeseed oil futures warehouse receipts was 9440, a decrease of 300 from the previous trading day [3] - The warehouse receipts for peanut futures remained unchanged at 0, while rapeseed meal futures held steady at 2955 [3] - The data indicated a phenomenon of "backwardation" for several contracts, where spot prices exceeded futures prices for rapeseed oil, rapeseed meal, palm oil, and soybean products [3] Group 4 - The spot price for rapeseed oil was 9773.33 CNY, with a basis of 297 CNY, resulting in a basis rate of 3.04% [4] - The spot price for rapeseed meal was 2551.67 CNY, with a basis of 54 CNY, leading to a basis rate of 2.12% [4] - Other commodities such as palm oil and soybean meal also showed positive basis values, indicating a favorable market condition for these products [4]

Core Viewpoint - The domestic non-ferrous metal market shows mixed performance, with polysilicon futures experiencing a significant decline while other metals like lead are showing slight gains [1] Price Movements - As of November 5, polysilicon futures fell by 1.98% to 53,605.00 CNY/ton, while copper futures dropped by 1.09% to 85,490.00 CNY/ton. Lead futures increased by 0.29% to 17,495.00 CNY/ton, and international copper futures decreased by 1.21% to 76,080.00 CNY/ton [1] - The opening and closing prices for various contracts on November 5 are as follows: - Aluminum oxide: Opened at 2,765.00 CNY, closed at 2,775.00 CNY - Lithium carbonate: Opened at 78,440.00 CNY, closed at 79,500.00 CNY - Copper: Opened at 85,000.00 CNY, closed at 86,430.00 CNY - Nickel: Opened at 119,860.00 CNY, closed at 120,320.00 CNY - Zinc: Opened at 22,605.00 CNY, closed at 22,685.00 CNY - Polysilicon: Opened at 53,500.00 CNY, closed at 54,690.00 CNY [2] Warehouse Data - As of November 4, international copper futures warehouse receipts decreased by 675 tons to 10,235 tons, while domestic copper futures receipts increased by 1,081 tons to 41,147 tons. Aluminum futures receipts decreased by 75 tons to 64,194 tons, and zinc futures receipts increased by 548 tons to 68,197 tons [3] - The warehouse receipts for various metals show the following changes: - Nickel: Decreased by 254 tons to 30,952 tons - Tin: Increased by 246 tons to 5,976 tons - Lithium carbonate: Decreased by 800 contracts to 26,490 contracts - Polysilicon: Remained stable at 9,590 contracts [3] Basis and Basis Rate - The basis and basis rate for several metals are as follows: - Copper: Spot price at 86,640 CNY, futures price at 86,430 CNY, basis at 210 CNY, basis rate at 0.24% - Zinc: Spot price at 22,566 CNY, futures price at 22,685 CNY, basis at -119 CNY, basis rate at -0.53% - Aluminum: Spot price at 21,450 CNY, futures price at 21,510 CNY, basis at -60 CNY, basis rate at -0.28% [4][5]

Core Viewpoint - The black metal futures market in China experienced a decline across all major products on November 5, with rebar futures dropping over 1% [1] Price Movements - As of November 5, the main futures prices are as follows: - Iron ore down 0.51% to 774.00 CNY/ton - Rebar down 1.21% to 3024.00 CNY/ton - Hot-rolled coil down 0.88% to 3252.00 CNY/ton - Stainless steel down 0.24% to 12540.00 CNY/ton [1] - Opening and closing prices for various contracts on November 5: - Rebar: Opened at 3046.00, closed at 3061.00 - Iron ore: Opened at 775.00, closed at 778.00 - Stainless steel: Opened at 12555.00, closed at 12570.00 - Hot-rolled coil: Opened at 3265.00, closed at 3281.00 [2] Warehouse Inventory Data - As of November 4, warehouse inventory data shows: - Rebar futures warehouse receipts at 121,242 tons, down 1,798 tons from the previous trading day - Hot-rolled coil futures warehouse receipts at 100,301 tons, up 1,764 tons from the previous trading day - Stainless steel futures warehouse receipts at 73,300 tons, down 182 tons from the previous trading day - Manganese silicon futures receipts increased by 400 to 13,129 contracts - Silicon iron futures receipts increased by 1,335 to 9,159 contracts [3] Basis and Spot Prices - The basis and spot prices for various products indicate the following: - Rebar: Spot price at 3162.66 CNY, futures price at 3061, basis at 101 with a basis rate of 3.19% - Hot-rolled coil: Spot price at 3346.67 CNY, futures price at 3281, basis at 65 with a basis rate of 1.94% - Stainless steel: Spot price at 12816.7 CNY, futures price at 12570, basis at 246 with a basis rate of 1.92% - Iron ore: Spot price at 801.89 CNY, futures price at 778, basis at 23 with a basis rate of 2.87% [4]

Core Insights - The domestic chemical futures market showed mixed performance on November 3, with methanol and synthetic rubber futures dropping over 2% while caustic soda futures increased by 1.38% [1] Price Movements - Caustic soda futures rose to 2352.00 CNY/ton, up 1.38% - Synthetic rubber futures fell to 10440.00 CNY/ton, down 2.25% - Methanol futures decreased to 2147.00 CNY/ton, down 2.50% - Paraxylene futures increased to 6660.00 CNY/ton, up 0.82% [1] Futures Market Data - The opening and closing prices for various contracts on November 3 were as follows: - Synthetic rubber: Opened at 10590.00 CNY, closed at 10585.00 CNY - Methanol: Opened at 2182.00 CNY, closed at 2180.00 CNY - Caustic soda: Opened at 2312.00 CNY, closed at 2310.00 CNY [2] Warehouse Inventory Changes - As of October 31, warehouse receipts for various commodities showed the following changes: - Natural rubber: 120900 tons, down 770 tons - 20 rubber: 44655 tons, down 202 tons - Pulp: 218559 tons, down 383 tons - PTA: 67579 contracts, up 806 contracts - Methanol: 11837 contracts, down 160 contracts [3][4] Basis Data - The basis data indicated that several commodities experienced a "backwardation" situation, where spot prices were higher than futures prices, including: - Pulp, butadiene rubber, glass, and several others [4] - The basis and basis rates for selected commodities were as follows: - Caustic soda: Basis of 298 CNY, basis rate of 11.38% - Pulp: Basis of 284 CNY, basis rate of 5.15% - Butadiene rubber: Basis of 510 CNY, basis rate of 4.57% [5]