Group 1 - PTA futures showed a strong performance, with the main contract reaching 4982.00 CNY/ton, an increase of 3.32% [1] - As of December 19, the number of PTA futures warehouse receipts was 129,107, a decrease of 690 from the previous trading day [2] - In November 2025, China's PTA imports were 0.03 million tons, a decrease of 0.036 million tons from the previous month, representing a decline of 55.78% [2] Group 2 - Donghai Futures indicated that the supply-demand outlook for next year is improving, leading to a significant increase in PTA prices due to self-discipline production cuts by major manufacturers [4] - Hualian Futures noted that while oil prices remain low, geopolitical complexities and a strong gold market provide some support for oil prices, impacting the polyester supply chain [4] - The processing fee for PTA is at a multi-year low but is expected to strengthen, with production rates anticipated to rise and low inventory levels for both production enterprises and social stocks [4]

中辉有色观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 黄金 ★ | 长线持有 | 美国政策数据喜忧参半，日本政策符合预期，短期重大事件落地，流动性风险偏好 尚可，短期缺乏重大事件驱动。中长期来看，地缘秩序重塑，不确定性持续存在， | | | | 央行继续买黄金，长期战略配置价值不变。 | | 白银 | | 白银交割故事或将持续重演，长期来看市场押注降息持续、供需缺口连续 5 年持续， | | ★★ | 长线持有 | 全球大财政均对白银长期有利，长期做多逻辑不变。短期金银比价大幅快速降低， 盘面进入超买区间，谨防高波动风险 | | 铜 | | 美通胀不及预期，美国虹吸全球铜库存，26 年铜精矿长协 TC 报 0 美元/吨，铜短期 | | ★ | 长线持有 | 易涨难跌，建议铜多单继续持有，回调仍是布局良机，中长期对铜依旧看好。 | | | | 盘面进入超买区间，谨防高波动风险 | | --- | --- | --- | | 铜 | 长线持有 | 易涨难跌，建议铜多单继续持有，回调仍是布局良机，中长期对铜依旧看好。 | | ★ | | | 锌 ★ 承压 海外锌库存持续 ...

2025 年 12 月 22 日 商 品 研 究 铂：ETF 增持边际上扬，中枢上移 钯：小幅撤步后重拾上涨势头 期货研究 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 铂钯基本面数据 | | | 昨日收盘价 | | 涨幅 | | | --- | --- | --- | --- | --- | --- | | | 铂金期货2606 | 533. 55 | | -1.67% | | | | 金交所铂金 | 511. 65 | | 0. 00% | | | | 纽约铂主连 | 2016. 00 | | 2. 90% | | | | 伦敦现货铂金 | 1957. 70 | | 1.92% | | | | 铝金期货2606 | 480. 20 | | 0. 76% | | | | 人民币现货纪金 | 430. 00 | | 10. 82% | | | 价格 | 纽约锂主连 | 1.755.60 | | 0. 78% | | | | 伦敦现货纪金 | 1.712.00 | | 0. 71% | | | | | 昨日成交 | 较前日变动 | | 较前日变 ...

商 品 研 究 2025 年 12 月 22 日 PP：PDH 利润环比修复，趋势震荡偏弱 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | LLDPE 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | | PP2605 | 6213 | -1.05% | 459440 | 10464 | | | | 昨日价差 | | 前日价差 | | | 基差月差变化 | 05合约基差 | -143 | | -159 | | | | 05-09合约价差 | -27 | | -24 | | | 重要现货价格 | | 昨日价格（元/吨） | | 前日价格（元/吨） | | | | 华 北 | 6050 | | 6090 | | | | 华 东 | 6070 | | 6120 | | | | 华 南 | 6170 | | 6200 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货盘面震荡，部分区域 ...

王涵西 投资咨询从业资格号：Z0019174 wanghanxi@gtht.com 2025 年 12 月 22 日 沥青：低位震荡，关注地缘 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2602 | 元/吨 | 2,909 | -1.46% | 2,940 | 1.07% | | | BU2603 | 元/吨 | 2,924 | -1.52% | 2,955 | 1.06% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2602 | 手 | 327,221 | (83,194) | 217,948 | (6,744) | | | BU2603 | 手 | 85,332 | (38,860) | 128,904 | 5,416 | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 54100 | 0 | | | | | | | 昨日价差 | 前日 ...

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 22 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：近期豆粕市场近强远弱、外弱内稳。国内豆粕库存虽处高位但已开始去化，现货压力有所 缓解。然而，远期合约面临巨大压力。一方面，国内进口大豆库存高企，油厂开机率维持高位；另一 方面，市场对一季度后南美大豆集中到港的预期强烈，远期供应压力不断强化。这导致市场呈现"近 强远弱"的结构，短期价格在成本支撑与供应压力下维持震荡偏弱运行，但中长期受制于全球丰产格 局，面临承压下行走势。 日内观点：震荡偏弱 中期观点：震荡 ...

金投白银网提供今日白银期货价格走势_今天白银期货价格走势（2025年12月22日） 今日白银期货价格查询（2025年12月22日） | 名称 | 最新价 | 最高价 | 最低价 | 昨收价 | | --- | --- | --- | --- | --- | | 沪银主力 | 15959.00 | 15999.00 | 15340.00 | 15376.00 | 打开APP，查看更多高清行情》 金投白银网(http://ag.cngold.org)为您提供最新白银期货价格、白银期货合约、白银期货交易以及白银期 货走势，更多白银期货行情敬请关注：白银期货专栏 备注：以上白银的价格仅供参考，请以官方报价为准。如对白银投资有疑问可咨询本站客服。 ...

期货研究 商 品 研 究 2025年12月22日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：宏观风偏再提振，高位震荡 | 2 | | --- | --- | | 螺纹钢：宏观情绪与基本面共振，价格坚挺 | 3 | | 热轧卷板：宏观情绪与基本面共振，价格坚挺 | 3 | | 硅铁：板块与基本面共振，走势震荡偏强 | 5 | | 锰硅：多空情绪交织博弈，走势宽幅震荡 | 5 | | 焦炭：宽幅震荡 | 7 | | 焦煤：宽幅震荡 | 7 | | 原木：低位震荡 | 9 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 商 品 研 究 2025 年 12 月 22 日 铁矿石：宏观风偏再提振，高位震荡 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期货 | I 2605 | | 780. 0 | 2. 5 | 0. 32% | | | ...

Report Industry Investment Ratings - Cotton: ★☆★ [1] - Pulp: ★☆☆ [1] - Sugar: ☆☆☆ [1] - Apple: ★☆☆ [1] - Timber: ☆☆☆ [1] - Natural Rubber: ★☆☆ [1] - 20 - Number Rubber: ★☆☆ [1] - Butadiene Rubber: ★☆☆ [1] Core Views - The market presents a complex situation with different investment outlooks for various soft commodities. Some commodities show potential for price increases or decreases, while others are in a state of balance. Investors should pay attention to supply - demand relationships, production data, and inventory changes for each commodity [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rose slightly, and the spot sales basis was stable. New cotton production increased this year, but commercial inventory was basically the same year - on - year, and the sales progress was fast, supporting the market. Demand was stable in the off - season. As of November, commercial inventory was 468.36 million tons, and as of December 11, the cumulative processing volume was 579.4 million tons. There were expectations of a decrease in Xinjiang's planting area next year. Spinning mills' raw material demand was resilient, and their finished - product inventory was low. The market was oscillating strongly, and industries could consider hedging opportunities. Operationally, it was advisable to wait and see [2] Sugar - Overnight, US sugar was weak. In Brazil, the production in the second half of November was neutral, and the season was ending. After the rainy season, less rainfall in the main production areas might lead to a decline in next year's sugarcane yield. Domestically, Zhengzhou sugar was also weak. In November, Guangxi's production was slow, and sugar output decreased year - on - year. However, due to good rainfall in the third quarter, the sugar output in the 25/26 season was expected to be good. Overall, sugar prices were expected to remain weak [3] Apple - The futures price oscillated. In Shandong, cold - storage transactions were average, and the mainstream price was stable. As of December 19, the national cold - storage apple inventory was 712.7 million tons, a 12.78% year - on - year decrease, and the de - stocking volume was 7.09 million tons, a 33.86% year - on - year decrease. The market's trading logic shifted to demand. Apples had poor quality but high purchase prices, and the reluctance to sell might affect de - stocking. Demand was in the off - season, and the market was bearish. Operationally, a bearish approach was maintained [4] 20 - Number Rubber, Natural Rubber & Synthetic Rubber - After the Bank of Japan's interest - rate hike, the futures prices of natural rubber, 20 - number rubber, and butadiene rubber oscillated downward. The domestic natural rubber spot price fell, while the synthetic rubber price was stable. The global natural rubber supply was entering the production - reduction period, and the domestic butadiene rubber plant operating rate increased. The tire operating rate in China decreased slightly, and the inventory of Shandong tire enterprises increased. The natural rubber inventory in Qingdao increased to 49.89 million tons, the social inventory of Chinese butadiene rubber decreased to 1.5 million tons, and the upstream butadiene port inventory increased slightly. Demand weakened, and there were opportunities for cross - variety arbitrage [6] Pulp - Pulp oscillated. As of December 18, the inventory in Chinese mainstream ports was 199.3 million tons, a 2.1% month - on - month decrease. In November, China imported 324.6 million tons of pulp, a 44 - million - ton year - on - year increase. The new - year contracts, especially the 01 contract, faced less pressure from warehouse receipts. The price difference between needle and broadleaf pulp was narrowing, and the external quotes of both increased. Paper mills' pulp purchases were mainly for immediate needs, and the paper price increase was weak. The market was highly competitive. Operationally, it was advisable to wait and see or conduct short - term operations [7] Logs - The futures price oscillated, and the spot price was stable. The external quote decreased, and the domestic price was weak, with a short - term decrease in arrivals. As of December 12, the daily average outbound volume of 13 ports was 6.46 million cubic meters, a 3% week - on - week decrease. The total inventory in Haikou was 272 million cubic meters, a 5.56% month - on - month decrease. Low inventory supported the price, and operationally, it was advisable to wait and see [8]

瑞达期货研究院 「2025.12.19」 碳酸锂市场周报 需求稳定库存持降，锂价或将有所支撑 期货从业资格号 F03118799 期货投资咨询 从业证书号 Z0022803 业务咨询 添加客服 研究员:陈思嘉 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 4 110000 120000 碳酸锂主力合约收盘价及持仓量 800000 来源：ifind 瑞达期货研究院 来源：ifind 瑞达期货研究院 截至2025年12月19日，碳酸锂近远月跨期价差为-1680元/吨，周环比增加220元/吨。 截至2025年12月19日，碳酸锂主力合约收盘价111400元/吨，周环比增加13680元/吨。 图1、碳酸锂主力合约收盘及持仓量 图2、碳酸锂跨期套利 「 周度要点小结」 行情回顾：碳酸锂主力周线震荡偏强，涨跌幅为+14%，振幅16.58%。截止本周主力合约收盘报价111400元/吨。 后市展望：宏观方面，"十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这首先要求 明年金融总量保持合理增长，充分满足实体经济融资需求。市场机构普遍预计明年降准、降息分别有0 ...