[ 12月24日，黄金、白银、铜、铂金等国内外价格均创出历史新高，国内钯金期货主力合约涨停。当 日，伦敦金、银现货价格最高探至4525.83美元/盎司、72.701美元/盎司。 ] 年末金属市场掀起涨价狂潮。12月24日，黄金、白银、铜、铂金等国内外价格均创出历史新高，国内钯 金期货主力合约涨停。 当日，伦敦金、银现货价格最高探至4525.83美元/盎司、72.701美元/盎司，沪金、沪银主力合约价格最 高涨至1022.88元/克、17671元/千克；国内铂金、钯金期货主力合约相继涨停，再度分别创出新高 675.65元/克、578.45元/克；铜价也创出历史新高，LME铜最高冲至12282美元/吨，沪铜期货主力合约最 高价为96750元/吨。此外，镍的价格也在近期急速上涨。 南华期货高级总监傅小燕对第一财经称，此轮金属市场价格上涨是在降息周期大背景下，叠加了地缘政 治、产业周期的扰动，资金逐利共同推动的。国泰君安期货有色及贵金属研究团队认为，这轮金属价格 的集体狂飙，本质上是宏观流动性宽松+供需紧平衡+AI浪潮下的三重共振。 国信期货首席分析师顾冯达也称，2025年金属板块的强势表现缘于宏观金融政策与供需结构 ...

12月24日，碳酸锂期货主力合约开盘短暂下跌后快速拉升，10:00左右涨幅已达5.5%，价格达124260元/吨。 这延续了碳酸锂期货连日来的强劲涨势。 恒银期货分析，宜春采矿权注销与枧下窝矿复产延迟短期内对供给预计造成持续扰动，叠加其他渠道的供应增量有限，且储能与新能源 汽车需求双轮驱动，下游补库需求延续，淡季去库格局未改，整体基本面较强。后期即便枧下窝矿环评审批加速或宜春采矿权注销异议 成立，对整体走多趋势也难有实质性影响。 对于电池市场来说，当前的需求增长点正是从动力电池向储能电池切换的关键节点。后续如果储能需求持续释放，则上方想象空间或将 进一步扩大。整体来看，此轮上涨由供应端政策收紧与复产延迟、需求端结构性支撑及市场情绪催化共同驱动，短期价格突破关键阻力 位后，供需紧平衡格局仍支撑强势。但需警惕淡季需求波动与政策预期差风险。 上证报中国证券网讯（记者 王玉晴）12月24日，碳酸锂期货主力合约开盘短暂下跌后快速拉升，10:00左右涨幅已达5.5%，价格达 124260元/吨。 | 지 못 같 | ﻣﺠ | K线 5日~ 1 5 15 | 60 日 | 周 月 更多周期~ 走势叠加~ 到价提醒 | 碳酸 ...

全球锡矿资源高度集中在少数几个主要产区，呈现寡头格局。核心制约在于，主要矿山面临资源品位自 然下滑与新增项目受限的双重压力，而关键产区的地缘政治风险与政策不确定性，进一步限制了供应的 有效释放。国内资源供应亦呈现集中化趋势，主要由少数头部企业主导，资源的天然稀缺性构成了长期 且坚实的成本支撑。 中游：成本挤压与效率变革 尽管中国在全球冶炼产能中占据主要地位，但持续的原料短缺导致开工率难以提升。冶炼环节正承受显 著压力：原料采购面临高价与紧缺，而成本向下游的传导存在时滞，利润空间受到挤压。这一压力正推 动行业向更高效率与更集约化的模式演进，通过技术升级与智能化改造来应对挑战，行业集中度预计将 进一步提高。 下游：需求引擎的结构性转换 今日长江现货市场锡价走势趋势 截至2025年12月19日锡价延续强势，据长江有色金属网获悉，今日长江现货市场1#锡报价为336,500- 338,500元/吨，均价337,500元/吨，较前一日上涨4,000元/吨。三日累计涨幅超5.5%，沪锡主力合约最新 收报338410元/吨，涨幅达1%触及2022年6月以来新高。当前市场由"供需紧平衡、地缘风险溢价与流动 性宽松预期"三重动力 ...

（长江有色金属网cjys.cn研发团队) 新浪合作大平台期货开户 安全快捷有保障 铅市场正呈现"供应收缩"与"需求分化"并存的紧平衡格局。供应端，原生铅受原料紧张与集中检修影 响，产量边际下滑；再生铅则因废电瓶到货不畅、利润低迷而普遍减产，整体供应呈收缩态势。需求 端，市场出现结构性分化：汽车起动电池受益于冬季替换与备货需求，形成稳健支撑；而电动自行车等 传统消费步入淡季，且出口持续疲软，对整体需求形成拖累。产业链各环节传导不畅：上游矿端偏紧压 制中游冶炼开工，下游则按需采购、态度谨慎。在此背景下，铅价下方存在供应收紧带来的成本支撑， 但上行空间受制于需求的结构性疲软，预计短期维持震荡运行，价格方向取决于"供应减量"与"淡季需 求"二者的博弈强度。 今日走势预测： 宏观面情绪转暖，铅市基本面冬歇减产叠加转型调整，供给收缩显韧性，终端需求分化明显，预计短期 内铅价震荡修复反弹。 【ccmn.cn铅期货市场】隔周伦铅收跌，开盘报1957美元/吨，高点报1965.5美元，低点报1951.5美元， 尾盘收于1960美元，下跌1美元；成交量4806手。国内夜盘沪期铅弱势震荡，尾盘小幅收跌，主力合约 沪铅2601收报16 ...

晨报 碳酸锂 成材：重心下移 偏弱运行 碳酸锂：市场情绪高涨 聚焦资金博弈与供需边际 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 12 月 16 日 逻辑：云贵区域短流程建筑钢材生产企业春节期间停产检修时间大多 在 1 月中下旬，复产时间预计在正月初十一至正月十六左右，停产期间预 计影响建筑钢材总产量 74.1 万吨。安徽省 6 家短流程钢厂，1 家钢厂已 于 1 月 5 日开始停产；其余大部分钢厂均表示将于 1 月中旬左右停产放假， 证监许可【2011】1452 号 逻辑:昨日碳酸锂主力合约 LC2605 较上一交易日上涨 3.42%至 10.16 万元/吨，成交和持仓量持续放量，主力净空格局延续，资金博弈加剧价格 波动，盘面价格中心持续上移。截至收盘，SMM 数据显示电碳均价 95，150 元/吨，主力合约基差扩大至-6，450 元/吨，期现背离加剧。 个别钢厂预计 1 月 20 日后停产放假，停产期间日度影响产量 1.62 万吨左 右。2 ...

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The copper futures market showed an upward trend with an intraday increase of nearly 2%. The Fed's potential interest - rate cut and positive signals from a macro - level meeting drove the copper price up. However, downstream demand was weak after the price increase, and in the medium - to - long - term, the supply - demand relationship was expected to be in a tight balance with a bullish tendency [1] Group 3: Summary by Directory 1. Market Analysis - In December, 4 smelters were under maintenance, with an expected impact of 0.5 tons on production, which would be reflected in January's output data. December's output was likely to increase due to the previous resumption of production by smelters. The production of copper strips in sample enterprises was 14900 tons with a weekly capacity utilization rate of 65.65%. The production pace slowed due to rising costs, and enterprises maintained a cautious attitude approaching the end of the year. The operating rate of refined copper rod enterprises declined, with poor sales and inventory accumulation. If orders remained weak, production would slow further. After the price increase, downstream demand was hit, and the market was inactive with a tendency of inventory accumulation [1] 2. Futures and Spot Market - Futures: The Shanghai copper futures opened and closed higher, rising nearly 2% intraday. - Spot: The spot premium in East China was - 30 yuan/ton, and in South China was 85 yuan/ton. On December 12, 2025, the LME official price was 11708 dollars/ton, and the spot premium was + 32 dollars/ton [4] 3. Supply Side - As of December 8, the spot TC was - 43.03 dollars/dry ton, and the spot RC was - 4.38 cents/pound [8] 4. Fundamental Tracking - Inventory: SHFE copper inventory was 32600 tons, an increase of 1102 tons from the previous period. As of December 11, the Shanghai bonded - area copper inventory was 100500 tons, an increase of 600 tons from the previous period. LME copper inventory was 165900 tons, an increase of 875 tons from the previous period. COMEX copper inventory was 447300 short tons, an increase of 2132 short tons from the previous period [11]

今日周二(12月9日)欧盘时段，白银期货目前交投于13625一线下方，今日开盘于13726元/千克，截至发 稿，白银期货暂报13559元/千克，下跌1.03%，最高触及13759元/千克，最低下探13538元/千克，目前来 看，白银期货盘内短线偏向看跌走势。 【要闻速递】 【最新白银期货行情解析】 沪银没有什么太大的变化，最低也就在13550附近，由于寒气给不大，本周维持下方支撑在13250附近， 周内只要此支撑不破，就可以顺势做多继续看涨，并且，维持上周不猜顶，不做空，但如果意外跌破 13250就需要注意强弱变化。沪银溢价维持至400元/克，沪银主力合约参考运行区间13350-14000。 市场焦点将集中在更新的经济预测(包括所谓的"点阵图")以及美联储主席杰罗姆.鲍威尔在会后新闻发布 会的表态，这些将为未来的降息路径提供更多线索，从而推动美元走势，并为无收益的白银带来新的方 向性动力。 与此同时，市场坚定预期美联储本周将降息，以及对2026年进一步降息的押注，限制了美元从上周触及 的10月底以来最低水平的反弹尝试。这一点，结合源于俄乌冲突持久化的地缘政治风险以及谨慎的市场 情绪，可能继续为避险白银提供顺风 ...

（来源：铝途） 来源：铝途 （来源：铝途） 来源：铝途 12月第一周铝价呈现暴涨模式，从11月28日铝均价21440上涨至22080．整体上涨了640元/吨左右，创下了近三年内历史最高，突破铝价2.2万高位。 本周A00铝锭价格强势上行，核心逻辑聚焦供需紧平衡与宏观利好的共振发力。供给端受4500万吨产能红线刚性约束，运行产能逼近满负荷，叠加铝水直 供比例高、可交割铝锭稀缺，供应完全丧失弹性；需求端新能源汽车、光伏储能等新兴领域需求爆发，叠加年末备货潮，库存低位格局进一步托底价格。 而美联储降息预期升温、美元走弱的宏观环境，为铝价上行提供了关键催化，多重核心因素共同推动价格突破近期高点。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：戴明 SF006 12月第一周铝价呈现暴涨模式，从11月28日铝均价21440上涨至22080．整体上涨了640元/吨左右，创下了近三年内历史最高，突破铝价2.2万高位。 本周A00铝锭价格强势上行，核心逻辑聚焦供需紧平衡与宏观利好的共振发力。供给端受4500万吨产能红线刚性约束，运行产能逼近满负荷，叠加铝水直 供比例高、可交割铝锭稀缺，供应完全丧失弹性；需求端新能源汽车、光 ...

Report Overview - The report is a daily publication from GOLDTRUST FUTURES CO., LTD, dated December 2, 2025, covering various futures markets including coking coal, stock index, gold, iron ore, glass, methanol, and pulp [1][2] Coking Coal Futures - **Investment Rating**: Bullish - **Core View**: The core logic for going long on coking coal futures revolves around supply - demand tight balance, policy support, and industrial chain linkage [3] - **Key Points** - **Supply - side Contraction**: At the end of the year, coal mines are affected by safety production assessment inspections and are close to their annual production targets, leading to active production cuts. Although Mongolian coal has high short - term customs clearance volume, its inventory is low, and winter low temperatures will drag down the clearance volume. With the normalization of environmental protection inspections, supply increment is limited, and the whole - chain inventory continues to decline, supporting price increases [3] - **Robust Demand**: Coking coal is the core raw material for coking. After the price increase of coke is implemented, coke enterprises are operating at a high level, and steel mills' pig iron production has increased year - on - year, resulting in strong rigid demand for coking coal. The winter stockpiling and replenishment of steel mills will start, and the procurement demand will be released intensively, further pushing up the price [3] - **Policy and Industrial Chain Linkage**: Under the "anti - involution" policy in the second half of the year, the industry self - regulates production, and the energy bureau checks over - production, leading to the fermentation of supply contraction expectations. Coking coal has a high correlation with futures such as rebar, and the recovery of steel prices drives the linked rise of coking coal futures. Traders have a strong willingness to hold prices under low inventory, which also helps the futures market to follow the rise [4] Stock Index Futures - **Core View**: On December 1st (Monday), the Shanghai Composite Index had a good start, and the trading volume, which had been shrinking, increased significantly. Technically, the current upward cycle is not over, and the Shanghai Composite Index is expected to fill the previous gap. It is recommended to buy on dips [7] Gold Futures - **Core View**: Gold is currently in a complex oscillation process, which is expected to continue for some time. It is not advisable to chase the rise or kill the fall [9] Iron Ore Futures - **Core View**: The market is looking for a bottom, and domestic demand support is weak. Technically, it should be regarded as a wide - range oscillation, with high - selling and low - buying strategies [11] Glass Futures - **Core View**: The daily melting volume has declined, and inventory reduction started this week, mainly driven by policy - side stimulus policies and the "anti - involution" policy for supply - side clearance. Technically, the market has fallen today and should be regarded as a short - term oscillation [15][16] Methanol Futures - **Core View**: The price has risen by more than 5% this week. Multiple factors support the market, including a sharp decline in coastal sample port inventories, supply disruptions caused by the centralized gas - limited shutdown of Iranian plants (a major international exporter), and the linkage effect formed by active port trading sentiment. Opportunities for long positions should be grasped [18] Pulp Futures - **Core View**: As of November 27, 2025, the inventory of mainstream Chinese pulp ports was 2.172 million tons, a decrease of 0.1 million tons from the previous period, a month - on - month decline of 0.05%. The inventory has changed little in this cycle, showing a trend of slight inventory reduction. Changshu Port has seen inventory accumulation. The futures market has shown an oscillatory trend recently [22]

Core Insights - The corn market has shown a strong linkage between futures and spot prices, with new corn prices rising by 6% to 8% year-on-year due to structural supply tightness, boosting market confidence [1] - The planting area for corn in China is expected to increase steadily, reaching 44.87 million hectares by 2025, with total production estimated at approximately 29.616 million tons, a year-on-year increase of 1.24 million tons [1] - The consumption of corn for feed accounts for 65% to 70% of total demand, with a 2% year-on-year increase in the national pig stock and a 6% increase in compound feed production over the past 10 months [3][4] - The deep processing capacity for corn has exceeded 125 million tons, supporting industrial consumption, with a 6.3% year-on-year increase in deep processing corn consumption from January to October [4] Group 1: Market Dynamics - The new corn harvest has seen smooth inventory digestion, with major processing enterprises' corn stocks down about 20% year-on-year, and stocks at northern ports down 78% year-on-year, leading to rising prices [1] - The winter season is expected to bring increased snowfall, which may hinder corn transportation from Northeast China, leading to higher transportation costs and potentially higher corn prices [4] - Domestic corn imports are expected to be significantly lower than the 7.2 million tons tariff quota, maintaining a tight supply-demand balance in the corn market [5] Group 2: Demand Factors - The substitution advantage of wheat over corn has weakened, further boosting corn feed demand, with projected feed consumption for the 2025/2026 season expected to remain high at 193 to 195 million tons [4] - The proactive purchasing by state-owned enterprises like China Grain Reserves Corporation has reduced supply pressure during the new corn harvest season, effectively stabilizing market prices [4]