沪银期货主力合约日内涨幅扩大至5%，报19030元/千克，续创新高。 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 注:本报告有关现货市场的资讯与行情信息，来源于安云思、肥易通、国家统计局、隆众资讯、金十数 据、EIA、OPEC、IEA 等。 每日核心期货品种分析 发布日期：2025 年 12 月 26 日 商品表现 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 数据来源:Wind、冠通研究咨询部 期市综述 截止 10 月 16 日收盘，国内期货主力合约多数上涨。铂涨超 9% ...

Report Industry Investment Ratings - Thread Steel: ☆☆☆, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current market [1] - Hot - Rolled Coil: ☆☆☆, suggesting a short - term multi/empty trend in a relatively balanced state with poor operability on the current market [1] - Iron Ore: ☆☆☆, meaning a short - term multi/empty trend in a relatively balanced state with poor operability on the current market [1] - Coke: ☆☆☆, showing a short - term multi/empty trend in a relatively balanced state with poor operability on the current market [1] - Coking Coal: ☆☆☆, indicating a short - term multi/empty trend in a relatively balanced state with poor operability on the current market [1] - Ferrosilicon: ★★☆, representing a clear upward trend and the market is fermenting [1] - Silicomanganese: The rating is not clearly given in the provided content Core Views - The steel market has weak market sentiment, but there is cost support below, and the overall market continues the range - bound pattern. The iron ore market is expected to be range - bound in the short term. The coke and coking coal markets are likely to be in a range - bound state after the price corrects the discount. The silicomanganese and ferrosilicon markets are recommended to try long positions at low prices [1][2][3][5][6][7] Summary by Related Catalogs Steel - The steel futures market declined and then rebounded today. The apparent demand for thread steel decreased this week, while production increased slightly and inventory continued to decline. The demand for hot - rolled coil recovered, production increased slightly, and the de - stocking accelerated, but the pressure still needs to be relieved. The supply pressure is gradually easing, and the steel mill profits are marginally improving. The decline in blast furnace production has slowed down, and molten iron has stabilized. The overall domestic demand in the downstream industry is still weak, and steel exports remain high. The market sentiment is still weak, and the market continues the range - bound pattern [1] Iron Ore - The iron ore futures market was strongly range - bound today. The global shipment is strong, and it is expected to remain at a high level. The domestic arrival volume is also strong, and the port inventory has continued to increase significantly. The terminal demand in the off - season is at a low level, but molten iron has stabilized at a low level this week. The steel mill inventory is at a low level, and there is a certain restocking expectation. The fundamentals of iron ore are relatively loose, and the short - term market trend is expected to be range - bound [2] Coke - The coke price was range - bound during the day. There is still an expectation of a fourth round of price cuts, which is expected to be implemented after New Year's Day. The coking profit is average, and the daily production has slightly decreased. The coke inventory has slightly increased. The overall carbon element supply is abundant, and the downstream demand for raw materials still has resilience, but the steel mills still have a strong sentiment of pressing prices. The coke futures price is at a premium, and after the price corrects the discount, it still faces certain fundamental pressure. The price is likely to be range - bound [3] Coking Coal - The coking coal price was mainly range - bound during the day. The production of coking coal mines has slightly decreased. The overall carbon element supply is abundant, and the downstream demand for raw materials still has resilience, but the steel mills still have a strong sentiment of pressing prices. The coking coal futures price is at a discount, and after the price corrects the discount, it still faces certain fundamental pressure. The price is likely to be range - bound [5] Silicomanganese - The silicomanganese price was strongly range - bound during the day. Driven by the rebound of the futures market, the spot price of manganese ore has increased. There is a structural problem with the manganese ore port inventory. The demand for iron and steel has decreased seasonally. The weekly production and inventory of silicomanganese have slightly decreased. It is recommended to try long positions at low prices [6] Ferrosilicon - The ferrosilicon price was strongly range - bound during the day. There is an increasing expectation of coal mine supply guarantee, and there is an expectation of a decline in power costs and semi - coke prices. The demand for iron and steel has rebounded to a high - level range. The export demand has decreased, but the overall demand still has resilience. The ferrosilicon supply has decreased significantly, and the inventory has slightly decreased. It is recommended to try long positions at low prices [7]

| 材产业期现日报 | 投资咨询业务资格:证监许可 【2011】1292号 | | | 問敏波 | Z0010559 | | | --- | --- | --- | --- | --- | --- | --- | | 2025年12月26日 | | | | | | | | 钢材价格及价差 | | | | | | | | 品种 | | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | | 3310 | 3320 | -10 | 203 | | | 螺纹钢现货(华北) | | 3170 | 3170 | 0 | 63 | | | 3260 | 螺纹钢现货(华南) | | 3260 | 0 | 153 | | | 螺纹钢05合约 | | 3127 | 3136 | -d | 183 | | | 螺纹钢10合约 | | 3172 | 3173 | -1 | 138 | | | 螺纹钢01合约 | | 3107 | 3121 | -14 | 203 | | | 热卷现货(华东) | | 3280 | 3270 | 10 | -2 | 元/口屯 | | 热卷现货(华北) | | 3180 | ...

Group 1 - The core viewpoint of the news is that the tightening of customs clearance has led to a continued increase in soybean meal prices in the domestic market [1][3]. - The Dalian soybean meal futures market has shown an upward trend, with the main contract 2605 opening higher and closing at 2760 yuan, an increase of 32 yuan [2]. - Domestic soybean meal spot prices have risen by 20-40 yuan per ton, driven by favorable weather conditions for soybean growth in Brazil and strong expectations for soybean production [3]. Group 2 - The Dalian corn futures market has also experienced a rise, with the main contract 2603 opening at 2191 yuan and closing at 2222 yuan, an increase of 33 yuan [4]. - Domestic corn prices have shown slight adjustments, with procurement prices remaining stable in Shandong, while the selling progress in North China is nearing 40% [5]. - The market sentiment for corn is bullish, with recent high demand for imported corn and expectations of breaking the current stalemate in the market [5].

（文章来源：每日经济新闻） 每经AI快讯，12月26日，沪铜期货主力合约日内大涨4%，现报99110元/吨。 ...

Group 1 - The main contract for rapeseed meal futures experienced a rebound, reaching a peak of 2403.00 yuan, with a current price of 2396.00 yuan, reflecting a 2.70% increase [1] - Market sentiment for rapeseed meal is cautious, with participants adopting a wait-and-see approach, primarily following the trends of soybean meal [2] - The supply of rapeseed meal is expected to be tight in the first quarter, alleviating inventory pressure and showing some resilience compared to soybean meal [2] Group 2 - The rapeseed meal market is currently in a phase of range-bound fluctuations, influenced by the movements of soybean meal and awaiting the outcome of anti-dumping rulings on Canadian canola imports [2] - Current demand for rapeseed meal is entering a seasonal lull, with low inventory levels providing support for prices, while ongoing trade negotiations between China and Canada introduce uncertainty [2]

Report Overview - The report is a commodity options daily report dated December 25, 2025, covering agricultural products, energy chemicals, black metals, and metals [1]. 1. Agricultural Products Futures Market - Corn (c2603) closed at 2189, down 7, with a trading volume of 261,112 (down 91,811) and an open interest of 997,444 (up 10,708) [1]. - Other products like bean meal, rapeseed meal, etc., also had their respective price movements, trading volumes, and open interest changes [1]. Option Market - Corn's option volume was 54,315 (down 3,441) for the main contract, with a PCR of 0.3358 (down 0.0305) [3]. - Similar data was provided for other agricultural products' options [3]. Option Quantification Indicators - Corn's main contract (c2603) had a remaining trading days of 38, a flat - volatility of 9.66% (up 0.39%), and a 60 - day quantile of 46.67% [4]. - Other products also had their specific option quantification data [4]. 2. Energy Chemicals Futures Market - PTA (ta2605) closed at 5152, up 58, with a trading volume of 1,612,553 (down 120,477) and an open interest of 1,409,564 (up 88,099) [5]. - Other energy chemical products had different price, volume, and open - interest changes [5]. Option Market - PTA's option volume for the main contract was 514,719 (down 30,260), with a PCR of 0.4282 (down 0.075) [6]. - Other products' option data was also presented [6][7]. Option Quantification Indicators - PTA's main contract (ta2602) had 11 remaining trading days, a flat - volatility of 27.55% (up 1.54%), and a 60 - day quantile of 98.33% [8]. - Other energy chemical products had their own option quantification indicators [8]. 3. Black Metals Futures Market - Iron ore (i2605) closed at 778.5, down 1.0, with a trading volume of 145,809 (down 70,468) and an open interest of 567,104 (up 13,387) [9]. - Other black metal products had their price, volume, and open - interest changes [9]. Option Market - Iron ore's option volume for the main contract was 40,033 (down 20,001), with a PCR of 1.517 (up 0.0749) [9]. - Other products' option data was provided [9]. Option Quantification Indicators - Iron ore's main contract (i2602) had 16 remaining trading days, a flat - volatility of 14.9% (up 0.2%), and a 60 - day quantile of 5.0% [10]. - Other black metal products had their option quantification data [10]. 4. Metals Futures Market - Gold (au2602) closed at 1008.76, down 5.92, with a trading volume of 220,136 (down 131,165) and an open interest of 182,179 (down 4,619) [11]. - Other metal products had different price, volume, and open - interest changes [11]. Option Market - Gold's option volume for the main contract was 56,343 (down 71,581), with a PCR of 0.3379 (down 0.3789) [12]. - Other products' option data was also included [12]. Option Quantification Indicators - Gold's main contract (au2602) had 20 remaining trading days, a flat - volatility of 22.53% (down 2.78%), and a 60 - day quantile of 63.33% [13]. - Other metal products had their specific option quantification indicators [13].

国内期货主力合约涨跌不一，铂涨超8%，碳酸锂、沪银涨超6%，氧化铝涨超4%，国际铜、沪铜涨超 3%，菜粕涨近3%。跌幅方面，焦煤、焦炭跌超2%，甲醇、螺纹钢跌超1%。 国内期货主力合约涨跌不一，铂涨超8%，碳酸锂、沪银涨超6%，氧化铝涨超4%，国际铜、沪铜涨超 3%，菜粕涨近3%。跌幅方面，焦煤、焦炭跌超2%，甲醇、螺纹钢跌超1%。 ...

油料日报 | 2025-12-26 花生出货压力依存，盘面震荡运行 策略 中性 风险 无 大豆观点 市场分析 期货方面，昨日收盘豆一2605合约4125.00元/吨，较前日变化+19.00元/吨，幅度+0.46%。现货方面，食用豆现货基 差A05+115，较前日变化-19，幅度32.14%。 市场资讯汇总：东北市场昨日大豆出现上涨，普调40元/吨，主因产区农户余粮不足惜售，贸易商当前也是持货待 涨。黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.12元/斤；黑龙江双鸭山宝清市场国标一等蛋白 39%蛋白中粒塔粮装车报价2.08元/斤；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.08元/斤； 黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.25元/斤；黑龙江黑河嫩江市场国标一等蛋白 41%蛋白中粒塔粮装车报价2.26元/斤；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.28元/斤。南 方产区大豆大稳小动，主因高品质豆稀缺。今日南方产区杂花豆，蛋白42-43%，安徽淮北百善报价2.65元/斤；河 南周口报价2.60元/斤。销区市场目前以随用随采为主，目前库存 ...