万润新能(688275.SH)发布公告，广州期货交易所于2025年12月22日发布《关于调整碳酸锂期货指定交 割库的公告》(广期所发〔2025〕431号)，决定新增公司为碳酸锂期货指定交割厂库。本次公司被广州 期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者有机结合，进一 步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产生积极作用，促 进公司健康发展。 ...

格隆汇12月23日丨万润新能(688275.SH)公布，广州期货交易所于2025年12月22日发布《关于调整碳酸 锂期货指定交割库的公告》（广期所发〔2025〕431号），决定新增公司为碳酸锂期货指定交割厂库。 本次公司被广州期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者 有机结合，进一步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产 生积极作用，促进公司健康发展。 ...

万润新能(688275.SH)发布公告，广州期货交易所于2025年12月22日发布《关于调整碳酸锂期货指定交 割库的公告》(广期所发〔2025〕431号)，决定新增公司为碳酸锂期货指定交割厂库。本次公司被广州 期货交易所指定为碳酸锂交割厂库事项，有利于将现货市场、期货市场、交割厂库三者有机结合，进一 步增强公司的抗风险能力和市场竞争力，对公司未来拓展业务渠道和提高盈利水平将产生积极作用，促 进公司健康发展。 ...

中矿资源公告称，2025年公司第六届董事会第十五次会议，同意下属子公司申请广期所碳酸锂指定交割 厂库资质。12月22日，广期所决定新增公司为碳酸锂期货交割厂库，厂库位于江西新余，自公告日起生 效。此次申请成功，利于公司结合现货、期货市场与交割厂库，增强抗风险能力与市场竞争力。 ...

证券日报网讯12月9日，浩通科技（301026）在互动平台回答投资者提问时表示，公司作为贵金属铂、 钯期货指定交割厂库，其业务收入主要来源于交割环节提供的仓储、检验、物流等服务，具体核算需遵 循《企业会计准则》及期货市场相关规则；公司成为铂、钯期货指定交割厂库可提升品牌影响力、拓展 销售渠道、优化库存管理、拓宽融资渠道、增强产业链整合能力。 ...

天齐锂业（002466）(002466.SZ)公告，公司董事会审议通过了《关于申请广州期货交易所氢氧化锂指 定交割厂库的议案》，同意公司向广州期货交易所申请氢氧化锂指定交割厂库的资质，并授权公司管理 层提交申请材料，并办理其他相关事宜。 ...

Market Trends - On December 8, coking coal and coke prices continued to decline sharply, with coking coal main contract falling below 1100 yuan/ton and coke contract dropping over 6% [1][2] - Since November, coking coal has shifted from a leading performer to a significant underperformer, with a monthly decline of 17% and coke down 11% [1][2] Reasons for Price Drop - The first reason for the decline is the weakening of the spot market, with prices dropping across nearly all coal types and a high auction failure rate of 30-50%, indicating cautious purchasing behavior from downstream buyers [10][12] - The second reason is the pressure from futures contracts nearing delivery, particularly the coking coal 2601 contract, which is expected to have a delivery volume of around 200,000 tons, leading to concerns about the profitability of accepting delivery [13][15] - The third reason is the negative feedback from the steel industry, where reduced profits have led to production cuts, thereby decreasing demand for coking coal [16][17] Import Impact - There has been a significant increase in imports of Mongolian coal, with the goal of reaching 100 million tons annually, which has pressured domestic coking coal prices [19][20] - The price of Mongolian coal at the Ganqimaodu port has dropped from 1170 yuan/ton to 988 yuan/ton, a decline of over 15% [20][21] Inventory Levels - Coking coal inventories at washing plants are at 321.40 million tons, with a week-on-week increase of 16.09 million tons, while coal mine inventories are at 247.01 million tons, up 23.09 million tons [22] - Coking enterprises have inventories of 1009.20 million tons, showing a slight decrease, while steel mills hold 798.27 million tons, reflecting a mixed inventory situation [27] Market Outlook - Analysts from Shenyin Wanguo Futures suggest that the recent decline in coal and coke prices is closely related to increased supply from Mongolia and reduced demand due to seasonal maintenance in steel mills [29] - Jinrui Futures indicates that the downward pressure on prices is expected to continue in the short term due to increased imports and reduced steel production [30] - Zhongxin Jiantou Futures notes that the core factor suppressing coking coal prices is the expectation of a relaxed supply, with domestic production remaining high and imports increasing [33]

Core Viewpoint - The Guangzhou Futures Exchange has announced the addition of two new registered brands for polysilicon futures: "Jingnuo" from Xinjiang Jingnuo New Energy Industry Development Co., Ltd. and "Dongfang Xiwang" from Xinjiang Dongfang Xiwang New Energy Co., Ltd. These brands will be effective immediately upon the announcement [3][7][8]. Summary by Category Brand Registration - Two new brands have been registered for polysilicon futures: "Jingnuo" and "Dongfang Xiwang" [3][7]. - The registration is in accordance with the regulations set forth in the Guangzhou Futures Exchange Delivery Management Measures [3]. Implementation - The newly registered brands will be activated from the date of the announcement [8]. - The specific details regarding the registered brands and their respective production facilities are provided in an attached directory [10].

1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. 2. Core Viewpoints of the Report The report provides an in - depth introduction to the LME copper futures rules, including background, trading rules, and delivery rules, aiming to help investors understand and participate in LME copper futures trading [12]. 3. Summary According to the Table of Contents 01 Background Introduction - **LME Introduction**: The London Metal Exchange is the world's industrial metal trading center, a wholly - owned subsidiary of HKEX. It trades metals such as copper, aluminum, etc., and its prices and inventories significantly impact global non - ferrous metal production and sales [18]. - **LME Copper Contract**: The copper contract has a code of CA, a unit of 25 tons, and is quoted in US dollars per ton. It has various contract months, with physical delivery. The trading time varies, and the last trading day ends at the first - round trading before the expiration date. The delivery currency includes the US dollar, yen, etc., and the delivery standard is A - grade copper [20]. - **Importance of Copper and LME's Role**: Copper is crucial for electrical systems and green technologies. LME copper futures have good liquidity and market depth, with a trading term up to 10 years. It enables precise hedging and uses the official LME price as the global benchmark [21]. 02 Trading Rules - **Contract Types**: There are daily contracts (for within 3 months, with delivery on each London weekday), weekly contracts (for 4 - 6 months, with delivery on Wednesdays), and monthly contracts (for 7 months and above, with delivery on the third Wednesday of each month) [24]. - **Trading Types**: There are three trading types: ring trading (an open - outcry, in - person trading method for specific contracts), telephone trading (24 - hour off - exchange trading), and electronic trading (LME Select, allowing trading of standard 3M contracts from 08:00 - 02:00 (Beijing time), winter time + 1) [26]. - **Swap Business**: Swap means adjusting two contracts with different maturity dates to the same date. It includes borrowing (buying near - term contracts and selling far - term contracts) and lending (selling near - term contracts and buying far - term contracts). Swap results in premiums or discounts based on market supply and demand. The fee rules depend on the time of the swap [30]. 03 Delivery Rules - **Buying Delivery (Taking Delivery)**: - **Pre - delivery Preparation**: Determine delivery requirements, establish long futures positions, prepare funds, and match special requirements if necessary [37]. - **Delivery Execution**: It involves multiple steps such as expressing delivery intention, confirming funds, receiving and allocating or exchanging warehouse receipts, and transferring funds. After that, manage warehouse receipts, receive delivery receipts, and arrange for the pick - up of goods [40]. - **Selling Delivery (Delivering to the Warehouse)**: - **Pre - delivery Preparation**: Confirm the compliance of goods, establish short futures positions, store goods in approved warehouses and register warehouse receipts, and submit delivery intentions [47]. - **Delivery Execution**: Submit registered warehouse receipts, have the clearinghouse verify and lock short positions, receive payment from the exchange, transfer warehouse receipt ownership, receive settlement vouchers, settle fees, and plan for follow - up operations [50]. - **Precautions**: The delivery price is based on the LME delivery settlement price, with additional premiums for the specified - goods mode. Warehouse receipts need to be legally transferred through the clearinghouse. Delivery fees should be confirmed in advance, and swap operations can be used to postpone delivery time if necessary [58]. - **Delivery Warehouses**: LME has over 450 approved delivery warehouses in 34 locations globally. Asian warehouses are mainly in South Korea, Malaysia, etc. In Hong Kong, there are 8 approved delivery warehouses as of December 2025 [66]. - **Position Limits**: Different LME metal futures and options have corresponding default position limits, such as 100 lots for copper futures (CA - F) and 50 lots for copper options (CA - O) [70].

Core Viewpoint - The collaboration between China National Petroleum Corporation (CNPC) Northwest Chemical Sales Company, Lanzhou Petrochemical, and Northeast CNPC International Business Co., Ltd. has successfully delivered 330 tons of "Kunlun" brand 7042 low-density polyethylene to customers through a warehouse agreement in Yulin [1] Group 1: Industry Developments - The Northwest region is a key area for polyethylene production, hosting numerous agricultural film and plastic product processing enterprises [1] - The three companies have worked together to include Shaanxi in the polyethylene futures delivery area, registering the Yulin Petrochemical Polyolefin Plant as a futures delivery warehouse [1] - The first warehouse agreement delivery significantly reduces logistics and storage costs, helping companies enhance their benefits through hedging [1] Group 2: Future Outlook - With the continuous improvement of the delivery mechanism, Shaanxi is expected to become a core hub for polyethylene spot and futures trading in the Northwest [1] - The company aims to continuously upgrade and optimize its marketing model to enhance the quality and efficiency of Yulin Petrochemical products, injecting new momentum into the regional bulk commodity market [1]