Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Nickel**: On December 11, the main nickel futures contract on the Shanghai Futures Exchange fluctuated downward. The spot market trading was weak, and the basis premium widened. The nickel fundamentals are weak with inventory pressure. After the price correction, nickel prices are expected to remain in a low - level oscillation. The recommended trading strategy is to wait and see [1][2]. - **Stainless Steel**: On December 11, the main stainless - steel futures contract fluctuated within a range. The spot market trading was average, and the basis premium widened. Although the cost side is stabilizing, the fundamentals are loose. Stainless - steel prices are expected to oscillate at a low level. The recommended trading strategy is to wait for short - selling opportunities [2]. 3. Summary by Related Catalogs Nickel Market - **Futures Prices**: The closing prices of Shanghai nickel futures contracts (near - month, consecutive - one, consecutive - two, consecutive - three) decreased compared to the previous day. For example, the near - month contract closed at 115,400 yuan/ton, down 750 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of Shanghai nickel futures was 120,019 lots, a decrease of 13,204 lots. The open interest of the active contract was 106,302 lots, an increase of 3,719 lots [2]. - **Inventory**: The inventory of Shanghai nickel futures decreased by 296 tons to 33,939 tons. The LME registered warehouse receipts decreased by 243,702 tons to 244,494 tons, and the total LME inventory decreased by 240 tons to 253,092 tons [2]. - **Spot Prices**: SMM 1 electrolytic nickel average price was 118,850 yuan/ton, down 300 yuan. The price of 1 Jinchuan nickel was 122,825 yuan/ton, down 250 yuan [2]. - **Supply and Demand**: SMM expects the HPM of Indonesian domestic - trade nickel ore to decline in the second half of December. The supply of nickel ore is sluggish, and the price is flat. In December, domestic nickel - iron production decreased, and Indonesian production also declined. On the demand side, ternary material production decreased, stainless - steel plant production decreased, and alloy and electroplating demand was stable [2]. Stainless - Steel Market - **Futures Prices**: The closing prices of Shanghai stainless - steel futures contracts (near - month, consecutive - one, consecutive - two, consecutive - three) decreased compared to the previous day. For example, the near - month contract closed at 12,260 yuan/ton, down 15 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of Shanghai stainless - steel futures was 69,415 lots, a decrease of 10,516 lots. The open interest was 64,258 lots, a decrease of 7,223 lots [2]. - **Inventory**: The Shanghai stainless - steel futures inventory decreased by 120 tons to 61,378 tons. The 300 - series social inventory last week was 621,000 tons, a decrease of 9,500 tons [2]. - **Spot Prices**: The average price of 304/2B coil - cut edge (Wuxi) was 13,200 yuan/ton, unchanged. The average price of 316L/2B coil (Wuxi) was 23,775 yuan/ton, unchanged [2]. - **Supply and Demand**: In December, stainless - steel production decreased, especially the 300 - series. Terminal demand was weak. The price of high - nickel pig iron increased, and the price of high - carbon ferrochrome was flat [2].

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: December 12, 2025 [3] BR Main Contract Data - **Price**: On November 11, it was 10240; on December 5, 10410; on December 9, 10450; on December 10, 10605; on December 11, 10710, with a daily change of 105 and a weekly change of 300 [4] - **Open Interest**: On November 11, it was 82041; on December 5, 30197; on December 9, 76409; on December 10, 80546; on December 11, 86990, with a daily change of 6444 and a weekly change of 56793 [4] - **Trading Volume**: On November 11, it was 89151; on December 5, 65443; on December 9, 111045; on December 10, 126992; on December 11, 155798, with a daily change of 28806 and a weekly change of 90355 [4] - **Warehouse Receipt Quantity**: On November 11, it was 12610; on December 5, 13320; on December 9, 17320; on December 10, 19020; on December 11, 19320, with a daily change of 300 and a weekly change of 6000 [4] - **Virtual-to-Physical Ratio**: On November 11, it was 32.53; on December 5, 11.34; on December 9, 22.06; on December 10, 21.17; on December 11, 22.51, with a daily change of 1 and a weekly change of 11 [4] - **Butadiene Rubber Basis**: On November 11, it was 160; on December 5, 40; on December 9, 50; on December 10, -22; on December 11, -60, with a daily change of -5 and a weekly change of -100 [4] - **Styrene-Butadiene Rubber Basis**: On November 11, it was 560; on December 5, 540; on December 9, 550; on December 10, 445; on December 11, 490, with a daily change of 45 and a weekly change of -50 [4] BR Basis/Spread/Inter-Variety Data - **02 - 03 Spread**: On November 11, it was -52; on December 5, -30; on December 9, -20; on December 10, -15; on December 11, -20, with a daily change of -5 and a weekly change of 10 [4] - **03 - 04 Spread**: On November 11, it was -50; on December 5, -50; on December 9, -45; on December 10, -12; on December 11, -15, with a daily change of 0 and a weekly change of 35 [4] - **RU - BR Spread**: On November 11, it was 4855; on December 5, 4655; on December 9, 4535; on December 10, 4610; on December 11, 4475, with a daily change of -135 and a weekly change of -180 [4] - **NR - BR Spread**: On November 11, it was 1885; on December 5, 1635; on December 9, 1630; on December 10, 1665; on December 11, 1560, with a daily change of -105 and a weekly change of -75 [4] BR Spot Data - **Shandong Market Price**: On November 11, it was 10400; on December 5, 10450; on December 9, 10500; on December 10, 10550; on December 11, 10650, with a daily change of 100 and a weekly change of 200 [4] - **Chuanhua Market Price**: On November 11, it was 10250; on December 5, 10400; on December 9, 10400; on December 10, 10500; on December 11, 10580, with a daily change of 80 and a weekly change of 180 [4] - **Qilu Ex - factory Price**: On November 11, it was 10200; on December 5, 10600; on December 9, 10600; on December 10, 10600; on December 11, 10600, with a daily change of 0 and a weekly change of 0 [4] - **CFR Northeast Asia**: On November 11, it was 1400; on December 5, 1300; on December 9, 1325; on December 10, 1325; on December 11, 1325, with a daily change of 0 and a weekly change of 25 [4] - **CFR Southeast Asia**: On November 11, it was 1685; on December 5, 1575; on December 9, 1600; on December 10, 1600; on December 11, 1600, with a daily change of 0 and a weekly change of 25 [4] BR Profit Data - **Spot Processing Profit**: On November 11, it was 1086; on December 5, 906; on December 9, 905; on December 10, 802; on December 11, 775, with a daily change of -28 and a weekly change of -132 [4] - **Import Profit**: On November 11, it was -1366; on December 5, -442; on December 9, -579; on December 10, -529; on December 11, -428, with a daily change of 102 and a weekly change of 14 [4] - **Export Profit**: On November 11, it was 2297; on December 5, 1401; on December 9, 1522; on December 10, 1479; on December 11, 1390, with a daily change of -89 and a weekly change of -11 [4] BD Spot Data - **Shandong Market Price**: On November 11, it was 6975; on December 5, 7200; on December 9, 7250; on December 10, 7400; on December 11, 7525, with a daily change of 125 and a weekly change of 325 [4] - **Jiangsu Market Price**: On November 11, it was 6850; on December 5, 7050; on December 9, 7200; on December 10, 7250; on December 11, 7350, with a daily change of 100 and a weekly change of 300 [4] - **Yangzi Ex - factory Price**: On November 11, it was 6900; on December 5, 7100; on December 9, 7200; on December 10, 7200; on December 11, 7200, with a daily change of 0 and a weekly change of 100 [4] - **CFR China**: On November 11, it was 790; on December 5, 850; on December 9, 860; on December 10, 860; on December 11, 860, with a daily change of 0 and a weekly change of 10 [4] BD Profit Data - **Ethylene Cracking Profit**: On November 11, it was -88; on December 5, -64; on December 9, -62; on December 10, -61 [4] - **Carbon - four Extraction Profit**: On November 11, it was -134; on December 5, 172; on December 9, 276; on December 10, 304 [4] - **BD Overall Profit**: On November 11, it was -1824; on December 5, -1764; on December 9, -1614; on December 10, -1634; on December 11, -1534, with a daily change of 100 and a weekly change of 230 [4] - **Import Profit**: On November 11, it was 346; on December 5, 108; on December 9, 186; on December 10, 236; on December 11, 337, with a daily change of 101 and a weekly change of 229 [4] - **Export Profit**: On November 11, it was -982; on December 5, -1192; on December 9, -975; on December 10, -1019; on December 11, -1036, with a daily change of -17 and a weekly change of 156 [4] Other Production Profit Data - **Styrene - Butadiene Rubber Production Profit**: On November 11, it was 1175; on December 5, 1538; on December 9, 1450; on December 10, 1450; on December 11, 1450, with a daily change of 0 and a weekly change of -88 [4] - **ABS Production Profit**: On November 11, it was 56; on December 5, -697 [4] - **SBS Production Profit**: On November 11, it was -90; on December 5, -332; on December 9, -420; on December 10, -420; on December 11, -420, with a daily change of 0 and a weekly change of -82 [4] Data Source - Mysteel, Wind [8]

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热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，现货报价方面，广西制糖集团报价区间为5390~5470元/吨，云南制糖集团报价5320~5360元/ 吨，加工糖厂主流报价区间为5700~5900元/吨，报价整体持平。原糖方面，短期看印度及泰国生产进 度，目前看仍处于预期增产范围内，中期看原糖价格能否给出印度出口利润，暂时以震荡筑底对待。国 内随着近期现货价格企稳，盘面近月合约明显止跌，5月也在低位暂时徘徊，短期以震荡对待，中期仍 难言乐观。 棉花： 周四，ICE美棉下跌0.19%，报收64美分/磅，CF601环比上涨0.65%，报收13860元/吨，主力合约持仓环 比下降30671手至44.36万手，棉花3128B现货价格指数14630元/吨，较前一日上涨40元/吨。国内市场方 面，美联储12月议息会议如期降息25BP，但票委们对后续降息路径存有分歧，2026年美联储或仅降息1 次。基本面来看，USDA12月报环比再度小幅调增2025/26年度美棉产量预期值，短期美棉上行驱动有 限。国内市场方面，昨日郑棉期价重心小幅上移，基本面未有明显改变，市场关注重点不断切换。近期 出疆 ...

苯乙烯期货于2019年9月26日正式挂牌，是大商所推出的第五个化工期货品种，交易代码为EB。 苯乙烯期货的上市，为全球最大的苯乙烯生产国和消费国——中国的产业链企业提供了重要的风险管理 工具。其市场规模在千亿元级别，庞大的现货市场为期货可供交割量提供了充足保障。该品种的推出， 与原油、煤炭、橡胶等能源、化工品种形成了更加完整的避险链条，有助于为相关企业提供公开透明的 价格信号和更趋完备的避险工具。 苯乙烯期货合约的交易单位为5吨/手，报价单位为元(人民币)/吨，最小变动价位为1元/吨，涨跌停板幅 度为上一交易日结算价的4%，交易保证金为合约价值的5%。交易时间包括日盘和夜盘，日盘为每周一 至周五上午9:00至11:30、下午13:30至15:00，夜盘为21:00至23:00，法定节假日除外。 苯乙烯期货在大连商品交易所上市交易。 ...

12月11日盘中，红枣期货主力合约弱势震荡，最低下探至9165.00元。截止收盘，红枣主力合约报 9170.00元，涨幅1.24%。 红枣期货主力跌超1%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 格林大华期货 红枣盘面上行压力仍存 东亚期货：预计红枣下方空间或暂有限 短期在资金博弈下，红枣价格波动较大，但在减产之下，预计下方空间或暂有限，关注后续新枣定产情 况。 中辉期货：红枣关注短线反弹机会 收购尾声下现货价格翘尾暂缓跌势，随着新作上市高峰与消费旺季到来，盘面波动增加。高库存对枣价 反弹仍旧施压明显，供需宽松格局下建议大方向维持偏空态度。盘面上看，6月初至今因炒作新季红枣 大幅减产而带来的大部分升水已经被逐步挤出，盘面空头走势有所放缓且临近现货成本，降温背景下现 货止跌，建议关注短线反弹机会。 东亚期货 预计红枣下方空间或暂有限 中辉期货 红枣关注短线反弹机会 格林大华期货：红枣盘面上行压力仍存 目前新疆灰枣收购进度已步入尾声，货源减少令部分卖方存在挺价惜售情绪，收购价较前期略有抬升。 当前销区样本库存增量明显，企业与各地客商采购积极性增加。技术面昨日红枣期价先扬后抑，盘面上 行压力仍存。短 ...

每经AI快讯，12月11日，碳酸锂期货主力合约日内涨幅扩大至4%，现报98920元/吨。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 ...

| 交易日期(日) | 2025-12-09 | 2025-12-03 | 2025-12-10 | 较昨日变化 | 近两周走势 | 期货近月合约 | 收盘价 | 116150.00 | 116900.00 | 117600.00 | -750.00 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货连一合约 | 117090.00 | 收盘价 | 117350.00 | 117870.00 | -260.00 | 期货连二合约 | 118070.00 | 收盘价 | 117240.00 | 117620.00 | -380.00 | | | | | | | 期货连三合约 | 117430.00 | 117750.00 | 118330.00 | -320.00 | 收盘价 | 117090.00 | 收盘价 | 117350.00 | 117870.00 | -260.00 | | | | | | | | M | 上海期 ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2025年12月11日 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1、基本面：昨日PTA期货震荡偏弱，伴随盘面走低，聚酯工厂后点价增多，现货市场商谈氛围一般，现货基差略走强，少量聚 酯工厂补货。12月中主港货在01贴水25附近商谈成交，12月下主港在01-20附近成交，个别货源价格略低，价格商谈区间在 4595~4625。今日主流现货基差在01-25。中性 5、主力持仓：净多 多减 偏多 6、预期：近期PTA供需格局变动不大，部分聚酯工厂阶段性补货，现货基差区间波动，期货盘面跟随成本端震荡运行，关注油 价走势及下游需求情况。 2、基差：现货4612，01合约基差-4，盘面升水 中性 3 ...

免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权，不得随意转 载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力 造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担 任何责任。 塑 料 日期 东北亚乙 烯 华北LL 华东LL 华东LD 华东HD LL美金 LL美湾 进口利润 主力期货 基差 两油库存 仓单 2025/12/0 3 740 6750 6965 8725 7030 785 775 172 6808 -60 ...