Group 1 - Domestic commodity futures closed with mixed results, with notable increases in certain metals and declines in others [1] - Tin on the Shanghai Futures Exchange rose over 4%, while silver increased by more than 3%, both reaching new highs [1] - International copper and Shanghai zinc saw increases of over 2%, while gold and industrial silicon rose by more than 1% [1] Group 2 - On the downside, coking coal and liquefied gas fell by more than 4%, with coking coal and red dates dropping over 3% [1] - Eggs and PVC experienced declines of over 2%, while palm oil and polypropylene fell by more than 1% [1] - PX and SS saw slight decreases [1]

每经AI快讯，12月12日，商品期货早盘收盘，锡连续涨3.99%，液化石油气连续跌3.85%，焦煤连续跌 3.39%，白银连续涨3.15%，红枣连续跌3.03%。 每经AI快讯，12月12日，商品期货早盘收盘，锡连续涨3.99%，液化石油气连续跌3.85%，焦煤连续跌 3.39%，白银连续涨3.15%，红枣连续跌3.03%。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月10日，国内商品期市夜盘收盘多数上涨，化工品涨幅居前，纸浆涨3.83%；油脂油料 多数上涨，菜油涨1.83%；农副产品多数上涨，棉花涨0.73%；能源品跌幅居前，燃油跌2.07%；非金属 建材全部下跌，PVC跌0.44%；黑色系多数下跌，焦煤跌0.42%。 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 10 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：近期豆类市场呈现"近强远弱"格局，豆粕 2605 及远月合约均大幅下挫，期价承压下行。 主要受到国际与国内双重利空因素的压制。美豆期价震荡下行，对国内豆类市场的支撑减弱。美豆期 价走弱的核心原因在于中国采购进度持续低于市场预期，未能给美豆出口提供支撑，同时南美大豆丰 产的预期持续发酵，进一步加剧了全球大豆供应宽松的格局。市场普遍预期即将发布的美国农业部月 度报告将上调美豆期末库存，令美豆价格在报告前维持偏弱运行态势。国内市场同样面临压力。国家 专业研究·创造价值 ...

Group 1 - The core point of the article highlights the mixed performance of domestic commodity futures, with polysilicon leading the gains, rising over 3% by the close of trading [1][2] - The report from Jianxin Futures indicates a dual reduction in supply and demand for polysilicon, with weak terminal demand gradually affecting upstream industries, leading to production cuts among downstream companies [1][2] - Citic Futures notes that with low warehouse receipts and a "anti-involution" backdrop, polysilicon futures prices are expected to exhibit wide fluctuations, with a focus on the registration progress of warehouse receipts and changes in policy signals [1][2] Group 2 - The article mentions that while polysilicon prices have increased, other commodities such as industrial silicon and various fuels have seen declines, with industrial silicon dropping over 3% and fuels like coke and crude oil falling over 2% [1][2] - The report emphasizes that the market has not yet entered an active destocking phase, and prices for silicon wafers and battery cells have been weakening, concentrating profits within the silicon material segment [1][2] - The policy environment is currently focused on stability, providing limited upward driving forces for the market, suggesting that futures prices may continue to oscillate within the range of spot prices [1][2]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货煤焦早报（2025 年 12 月 9 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 供应压力仍存，焦煤持续走低 | | 焦炭 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 成本端拖累，焦炭弱势运行 | 备注： ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡思路 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 核心逻辑：截至 12 月 5 日当 ...

软商品日报 2025/12/05 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 4 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 核心逻辑：近期豆类市场呈现近弱远强的分化走势，资金继续向远期 2605 合约移仓。美豆期价受中 国采购预期支撑高位运行，但巴西大豆创纪录的丰产预期及美豆较巴西大豆的升水限制了上行空间。 国内豆粕高库存与油厂高压榨量对价格形成压制，而下游生猪养殖存栏高位支撑饲料需求，使得市场 在"弱现实"与"强预期"间反复博弈。短期豆粕 2605 合约仍将维持区间内震荡偏弱运行，需关注 南美天气变化及中国采购美豆的实际进展。 时间周期说 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of domestic commodity futures, with more declines than increases observed on December 3rd [1] Group 2 - Specific commodities such as eggs and coking coal experienced declines exceeding 2%, while pure soda and ethylene glycol fell by over 1% [1] - PTA and PVC saw slight decreases, while pulp prices increased by over 3% and tin rose by more than 2% [1] - Other commodities like palladium and styrene also recorded gains of over 1%, with urea and silver showing slight increases [1]

1. Report's Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides a comprehensive analysis of various commodity futures, including basic metals, black industries, agricultural products, and energy chemicals, presenting market performance, fundamentals, and trading strategies for each commodity [1][3][4]. 3. Summary by Commodity Category Basic Metals - **Copper**: Market performance shows copper prices rising, falling, and then stabilizing. The fundamentals include a weakening US dollar index and tight copper ore supply, with processing fees remaining low. The trading strategy is to wait and see [1]. - **Aluminum**: The closing price of the main electrolytic aluminum contract increased by 0.21%. The fundamentals are that the supply is increasing slightly, and the demand is improving marginally. The trading strategy is that aluminum prices are expected to fluctuate strongly [1]. - **Alumina**: The closing price of the main alumina contract decreased by 0.26%. The fundamentals show that the supply is increasing, and the demand is stable. The trading strategy is that alumina prices are expected to fluctuate weakly [1]. - **Industrial Silicon**: The main contract price decreased by 1.86%. The fundamentals are that the supply is expected to decrease, and the demand is stable. The trading strategy is to maintain the view that the price will fluctuate between 8600 - 9400, and it is recommended to wait and see [1]. - **Lithium Carbonate**: The price decreased by 0.39%. The fundamentals are that the supply is increasing, and the demand is expected to decline. The trading strategy is to wait and see due to strong current - weak Q1 expectations [1][2]. - **Polycrystalline Silicon**: The main contract price decreased by 2.41%. The fundamentals are that the supply is stable, the demand is weakening, and the domestic fourth - quarter photovoltaic installation growth is under pressure. The trading strategy is to focus on the progress of the storage and procurement platform, and the price may fluctuate around 53000 - 55000 without new progress [2]. - **Tin**: The price fluctuated. The fundamentals are that the supply of tin ore is tight, and the demand is stable. The trading strategy is to wait and see [2]. Black Industry - **Rebar**: The main contract price decreased. The fundamentals are that the inventory is decreasing, the supply - demand is weak, and the futures are at a large discount. The trading strategy is to try short - selling the 2605 contract and short - selling the steel mill profit [3]. - **Iron Ore**: The main contract price decreased. The fundamentals are that the supply - demand is weakening, the iron ore is in a forward discount structure, and the valuation is moderately high. The trading strategy is to wait and see and short - sell the steel mill profit [3]. - **Coking Coal**: The main contract price decreased. The fundamentals are that the supply - demand is weakening, the futures are at a premium, and the valuation is high. The trading strategy is to try short - selling the 2605 contract and short - selling the steel mill profit [3][4]. Agricultural Products - **Soybean Meal**: The overnight CBOT soybean price fell. The fundamentals are that the supply is expected to be abundant in the long - term, and the demand is mixed. The trading strategy is to wait for a new driver, and the domestic market depends on tariff policy and production [4]. - **Corn**: The futures price rose and then fell. The fundamentals are that short - term supply is tight, but long - term supply is expected to increase. The trading strategy is that the futures price is expected to fluctuate weakly [4]. - **Oils**: The Malaysian market rose. The fundamentals are that the supply is high in the short - term, and the demand is weak. The trading strategy is that the price is expected to be strong in the short - term but fluctuate overall, and attention should be paid to production and policies [4]. - **Sugar**: The 01 contract price fell. The fundamentals are that the international market may decline in the long - term, and the domestic market will face pressure from increased production and imports in the fourth quarter. The trading strategy is to short in the futures market and sell call options [4]. - **Cotton**: The US cotton price fluctuated narrowly. The fundamentals are that the international demand is weak, and the domestic market has hedging pressure. The trading strategy is to buy at low prices in the 13600 - 13900 range [4][5]. - **Eggs**: The futures and spot prices fell. The fundamentals are that the supply pressure is decreasing, and the demand is stable. The trading strategy is that the futures price is expected to fluctuate [5]. - **Hogs**: The futures price was weak. The fundamentals are that the supply is abundant, and the demand is expected to increase seasonally. The trading strategy is that the futures price is expected to fluctuate weakly [5]. Energy and Chemicals - **LLDPE**: The main contract fluctuated slightly. The fundamentals are that the supply pressure is increasing but at a slower pace, and the demand is weakening. The trading strategy is to expect short - term weak fluctuations and recommend buying far - month contracts at low prices in the long - term [6]. - **PVC**: The V05 contract price rose. The fundamentals are that the supply is increasing, the demand is weakening, and the inventory is high. The trading strategy is to short [6]. - **PTA**: The PX supply is high, and the PTA supply is expected to increase in the long - term. The demand for polyester is in the off - season. The trading strategy is to take profit on long PX orders and stop shorting the processing fee [6][7]. - **Rubber**: The RU2601 contract price fluctuated. The fundamentals are that the raw material price is weakening, and the inventory is increasing. The trading strategy is short - term weak fluctuations and band trading [7]. - **Glass**: The FG01 contract price fell. The fundamentals are that the supply is decreasing, the demand is weak, and the inventory is high. The trading strategy is to wait and see [7]. - **PP**: The main contract fluctuated slightly. The fundamentals are that the supply is increasing, the demand is weakening. The trading strategy is short - term weak fluctuations and recommend buying far - month contracts at low prices in the long - term [7]. - **MEG**: The spot price is stable. The fundamentals are that the short - term supply - demand is improving, and the medium - term supply - demand will accumulate inventory. The trading strategy is to short at high prices and take profit on short positions [8]. - **Crude Oil**: The price fell. The fundamentals are that the supply pressure is large, and the demand is in the off - season. The trading strategy is to hold short positions [8]. - **Styrene**: The main contract rebounded slightly. The fundamentals are that the pure benzene supply - demand is improving marginally but the contradiction is still large, and the styrene supply - demand is improving. The trading strategy is short - term fluctuations and recommend buying styrene profit at low prices in the medium - term [8]. - **Soda Ash**: The sa01 contract price rose. The fundamentals are that the supply is recovering, and the demand is stable. The trading strategy is to wait and see [8].