二、能源与航运期货 原油市场呈现上行趋势，油价攀升至盘中高点，WTI原油价格升破每桶60美元关口[7]。 来源：喜娜AI 美国至11月14日当周API原油库存增加444.8万桶，前值为增加130万桶，库存增幅超预期[8]。 此外，阿根廷政府宣布将取消常规石油的出口税，可能对国际原油供应格局产生影响[9]。 三、金融期货 恒指期货夜盘表现积极，收涨0.48%，报26039.10点，高水109.07点[10]。 一、贵金属期货 现货黄金价格表现强劲，日内多次突破关键点位，先后突破4070美元/盎司和4080美元/盎司关口，日内 涨幅分别达到0.04%、0.65%和近1%[1][2][3][4]。 纽约期金同步走高，同样突破4070美元/盎司和4080美元/盎司，日内涨幅分别为0.08%和0.13%[5][6]。 美国商品期货交易委员会（CFTC）宣布，本周将开始发布交易商持仓报告，首份报告预计将于当地时 间周三下午发布，市场将密切关注持仓变化对期货市场的指引[11]。 四、农产品期货 农产品期货中，豆粕连续主力合约日内下跌1%，现报3026.00元/吨[12]。 纯碱连续主力合约同样走弱，日内跌2%，现报1195 ...

Group 1 - The Bloomberg Grain Index decreased by 0.04%, closing at 30.9897 points [1] - CBOT corn futures rose by 0.11%, reaching $4.4850 per bushel [1] - CBOT wheat futures increased by 0.13%, closing at $5.59 per bushel [1] Group 2 - CBOT soybean futures fell by 0.63%, ending at $11.5050 per bushel, after reaching a daily high of $11.6950 [1] - Soybean meal futures declined by 1.38% [1] - Soybean oil futures increased by 1.92% [1]

碳酸锂、工业硅、多晶硅日报 （一）碳酸锂 今日碳酸锂期货冲高回落，主力 2601 合约较上一交易日收盘价 下跌 1.76%，报 93520 元/吨。 今日开盘延续昨日涨势，随后高涨情绪有所回落，持仓量大幅下 滑，多头资金离场，带动盘面价格回调。昨日受一则消息影响，有头 部厂商表示，"若 2026 年需求增速超过 30%，碳酸锂市场短期内可能 出现供需失衡，价格或突破 15 万元/吨甚至冲击 20 万元/吨"，引爆 市场情绪，碳酸锂强势上涨，包括主力合约在内的多个合约涨停，持 仓量创上市以来新高。 目前核心驱动仍在碳酸锂需求预期上，碳酸锂动力电池与储能需 求旺盛，具体来看，动力电池方面，2026 年新能源车购置税减免政 策退坡导致今年年末出现动力电芯抢装现象，预计 11-12 月新能源车 渗透率将进一步增长至 60%左右；储能电池方面，市场普遍预计 2026 年装机增速超过 40%，需求增量可观。同时碳酸锂周度库存持续加速 去库，也验证了需求端强劲。 碳酸锂当前仍处在上升趋势中，需要注意的是，目前期价虽然有 一定回调，但不要逆势交易。后续需要关注明年一季度淡季需求的表 现和枧下窝锂矿复产节奏。 碳酸锂 2601 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The main contract of lithium carbonate futures (LC2601.GFE) closed at 93,520 yuan/ton, down 1,680 yuan/ton (-1.76%) from the previous day, showing an upward trend in the past 10 trading days. - The spot price of lithium carbonate was 87,420 yuan/ton, up 1.45% from the previous day, also showing an upward trend in the past 10 trading days. - The current basis was -7,180 points, a negative basis (spot discount), weakening by 690 points from the previous day, and the basis has been weakening overall in the past 10 trading days. - The registered warehouse receipts of lithium carbonate were 26,611 lots, down 342 lots (-1.27%) from the previous day, and the warehouse receipts have been decreasing overall in the past 10 trading days. - Social inventory has dropped to a low level. [4] 3. Summary by Directory 3.1 Industry Dynamics - **Futures**: The main contract closing price was 93,520 yuan/ton, down 1,680 yuan/ton from the previous day and up 6,980 yuan/ton from the previous week; the main contract settlement price was 94,600 yuan/ton, up 1,940 yuan/ton from the previous day and up 7,840 yuan/ton from the previous week. - **Lithium Ore**: The prices of lithium spodumene from different origins (Australia, Brazil, Zimbabwe, Mali) showed varying degrees of increase compared to the previous day and week; the prices of lithium mica with different Li2O contents in the Chinese market also increased. - **Lithium Compounds**: The price of domestic 99.5% electric-grade lithium carbonate was 87,420 yuan/ton, up 1,250 yuan/ton from the previous day and up 5,060 yuan/ton from the previous week; the price of domestic 56.5% lithium hydroxide showed an upward trend, while some market prices of battery - grade and industrial - grade lithium hydroxide remained unchanged. - **Downstream Products**: The prices of some ternary materials and precursors remained stable, while the price of some products such as lithium hexafluorophosphate increased. [6] 3.2 Related Charts - **Ore and Lithium Prices**: Charts showed the price changes of lithium mica, lithium carbonate futures, lithium hydroxide, lithium carbonate basis, and the price difference between lithium hydroxide and lithium carbonate. - **Cathode & Ternary Materials**: Charts presented the price changes of manganese - acid lithium, lithium iron phosphate, cobalt - acid lithium, ternary precursors, and ternary materials. - **Lithium Carbonate Futures Other Related Data**: Charts showed the changes in trading volume, open interest, and registered warehouse receipts of lithium carbonate futures. [7][10][16]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: November 18, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The soda ash market is expected to maintain a short - term oscillatory and slightly stronger trend, while the glass market is likely to continue its downward trend in the medium term if there is no new market expectation stimulus [8][9] Summary by Section 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On November 17, the main soda ash futures SA601 contract oscillated with a slight upward trend. The closing price was 1,231 yuan/ton, up 2 yuan/ton or 0.16%, with a daily reduction of 19,289 lots [7] - Fundamentally, enterprise production and sales are approaching balance, and inventory reduction is not obvious. Weekly soda ash production decreased 1.01% to 73.93 tons, still at a high level. The soda ash device is running stably, and individual overhauls have little overall impact. In the demand side, the shipment of Chinese soda ash enterprises from mid - to early November increased 1.57% to 74.62 tons. The production of float glass decreased 1.08% to 111.39 tons. The alkali plant inventory slightly decreased to 170.73 tons, in the middle range of the past six months [8] - In the short - term, the disk price is affected by the increase in light soda ash price and the expected equipment overhaul in late November, and is expected to maintain an oscillatory and slightly stronger trend. In the long - term, the supply - demand pattern of oversupply may continue [8] Glass - Fundamentally, the daily melting volume of float glass remains high, and the supply is supported. The photovoltaic glass is in a weak balance, and the overall glass supply is at a high level for the year. After the holiday, the factory inventory remains high. The real estate market has not shown a stabilizing trend, and the demand for float glass may not continue to rise [9] - Recently, the disk price has been oscillating weakly. In the medium - term, if there is no new market expectation, the downward trend of the disk is difficult to change [9] 2. Data Overview - The report provides data on the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind and iFind [12][14][17]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report In the context of weak cost support and a continuously loose supply - demand situation, the overall price of polyolefins is expected to remain under pressure. Although the relatively low absolute price may stimulate periodic replenishment demand, providing weak support to the market, the price is likely to oscillate within the bottom range [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Futures Market Performance**: The opening, closing, highest, lowest prices, price changes, price change rates, trading volumes, and open interest changes of plastic and PP futures contracts (such as plastic 2601, plastic 2605, etc.) are presented. For example, plastic 2601 closed at 6843 yuan/ton, down 17 yuan/ton (-0.25%), and PP2601 closed at 6467 yuan/ton, down 23 yuan (-0.35%) [3][4]. - **Supply - Demand Situation**: In October, the Guangxi Petrochemical plant was successfully put into production. There are no new production plans in November. Some maintenance plants will restart, and the weekly output has increased as expected. In November, the demand is expected to weaken, and downstream buyers have returned to purchasing based on rigid demand after restocking at low prices, which cannot effectively drive up prices [4]. - **Cost Factor**: EIA has raised the inventory accumulation forecast for the fourth quarter. Although OPEC+ has suspended production increases in the first quarter of next year, it is difficult to reverse the oversupply situation, and the cost support for plastics and chemicals is weak [4]. 3.2 Industry News - **Inventory**: On November 17, 2025, the inventory level of major producers was 720,000 tons, an increase of 80,000 tons (12.50%) from the previous working day, compared with 700,000 tons in the same period last year [5]. - **Market Prices**: PE market prices showed partial fluctuations. The prices of LLDPE in North China, East China, and South China were in the ranges of 6800 - 7100 yuan/ton, 6930 - 7400 yuan/ton, and 7050 - 7400 yuan/ton respectively. The mainstream price of propylene in the Shandong market was 5760 - 5800 yuan/ton, up 15 yuan/ton from the previous day. The mainstream prices of PP in North China, East China, and South China were in the ranges of 6230 - 6450 yuan/ton, 6340 - 6600 yuan/ton, and 6450 - 6550 yuan/ton respectively [5][6]. 3.3 Data Overview The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change rate, but specific data values are not provided in the text [9][12][13].

| 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | SM主力合约收盘价（日，元/吨） | 5,680.00 | -112.00↓ SF主力合约收盘价（日，元/吨） | 5,474.00 | -92.00↓ | | | SM期货合约持仓量（日，手） | 666,646.00 | +71176.00↑ SF期货合约持仓量（日，手） | 398,527.00 | +34144.00↑ | | | 锰硅前20名净持仓（日，手） | -21,898.00 | +31288.00↑ 硅铁前20名净持仓（日，手） | -18,552.00 | +17276.00↑ | | | SM5-1月合约价差（日，元/吨） | 66.00 | -2.00↓ SF5-1月合约价差（日，元/吨） | 10.00 | -40.00↓ | | | SM 仓单（日，张） | 19,863.00 | 0.00 SF 仓单（日，张） | 8,443.00 | 0.00 | | | 内蒙古锰硅 FeMn68Si18 （日，元/吨 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本 以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞 达 研 究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改 。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1159.00 | -51.00↓ J主力合约收盘价（日，元/吨） | 1649.50 | -60.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 934274.00 | +21614.00↑ J期货合约持仓量（日，手） | 48873.00 | +1305.00↑ | | | 焦煤前20名合约净持仓（日，手） | -128978.00 | -32057.00↓ 焦炭前20名合约净持仓（日，手） | -2488.00 | +434.00↑ | | | JM5-1月合约价差（日，元/吨） | 73.00 | ...

塑料产业日报 2025-11-18 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6785 | -58 1月合约收盘价:聚乙烯(日,元/吨) | 6785 | -58 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6852 | -50 9月合约收盘价:聚乙烯(日,元/吨) | 6906 | -43 | | | 成交量(日,手) | 260592 | 53772 持仓量(日,手) | 548344 | 6049 | | | 1-5价差 | -67 | -8 期货前20名持仓:买单量:聚乙烯(日,手) | 473161 | 17538 | | | 期货前20名持仓:卖单量:聚乙烯(日,手) | 584549 | 20653 期货前20名持仓:净买单量:聚乙烯(日,手) | -111388 | -3115 | | 现货市场 | LLDPE(7042)均价:华北(日,元/吨) | 6932.17 | -17.83 LLDPE(7042) ...

本周燃料油合约整体呈现震荡下跌态势,整体跟随国际原油波 动节奏。主要影响因素为成本端下行和基本面支撑两种力量的博弈。 国际原油价格下行对燃料油单边价格形成压制，但国内燃料油市场 供应偏紧、库存偏低的基本面格局仍为市场提供了一定支撑。 1期货市场 1.1 合约行情 本周燃料油主力合约 FU2601 收于 2622 元/吨,较前一交易周 结算价下跌 73 元/吨，跌幅为 2.71%。本周最高价为 2712 元/吨, 最低价为 2579 元/吨，成交量为 2257056 手，持仓量为 217297 手，增加 14374 手。 图 1：FU 燃油主力合约分时图 数据来源:国金期货博易云 研究品种:燃料油 成文日期：20251117 报告周期:周报 研究员：何宁（从业资格号：F0238922；投资咨询从业证书号：Z0001219) 然料油期货周报 核心观点： 研究咨询: 028 6130 3163 邮箱: institute@gjqh.com.cn 投诉热线: 4006821188 请务必阅读文末风险揭示及免责声明 1.2 品种价格 燃料油期货合约价格呈现近高远低的反向市场格局,整体 为近强远弱。FU2601 作为主力 ...