Report Summary 1. Market Performance on December 18, 2025 - A - share market: The Shanghai Composite Index rose 0.16% to 3876.37 points, the Shenzhen Component Index fell 1.29% to 13053.97 points, and the Chi - Next Index dropped 2.17% to 3107.06 points, with a turnover of 1655.5 billion yuan, a decrease of 155.7 billion yuan from the previous day [1] - Index futures: The CSI 300 Index fluctuated narrowly, closing at 4552.79, down 27.08 [2] 2. Commodity Futures 2.1 Coke and Coking Coal - Coke: The weighted index was strong, closing at 1697.5, up 89.8. Spot supply increased slightly, and steel mills' coke inventory rose significantly. As of December 11, 45 sample steel mills' coke inventory was 231.6 million tons, up 9.5% from mid - November. Steel mills' consumption decreased due to more blast furnace overhauls and declining hot metal production [2][4] - Coking coal: The weighted index was trending stronger, closing at 1107.4 yuan, up 62.5. As of December 15, the price had dropped by over 200 yuan/ton. Coking plants' profit margins increased, but they faced inventory pressure due to weak seasonal demand from steel mills and tight railway transportation at the end of the year [3][5] 2.2 Zhengzhou Sugar - The Zhengzhou Sugar 2605 contract declined on December 18. The US Department of Agriculture predicted that the global sugar production in the 2025/26 season would increase by 8.3 million tons (4.6%) to 1.89318 billion tons, consumption would increase by 1.1% to a record 1.77921 billion tons, and the ending inventory would decline by 2.9% to 41.188 million tons [5][6] 2.3 Rubber - Shanghai Rubber futures closed slightly lower on December 18. Thailand's southern rainfall was forecast to decrease from December 17 - 23, and the spot price in Southeast Asia declined. Tire factories'开工 rate decreased, with semi - steel tire sample enterprises' capacity utilization at 70.01% (down 0.13 percentage points month - on - month and 8.67 percentage points year - on - year) and full - steel tire sample enterprises' at 63.61% (down 0.94 percentage points month - on - month and up 3.72 percentage points year - on - year) [6] 2.4 Soybean Meal - CBOT soybeans continued to weaken. As of November 27, US soybean export sales were 1.116 million tons. Brazil's soybean planting was almost finished with good weather. Brazil's December soybean export was expected to be 3.57 million tons. In the domestic market, the M2605 main contract closed at 2747 yuan/ton, down 0.33%. The supply of imported soybeans was abundant, and the soybean meal inventory was high [6] 2.5 Live Pigs - The LH2603 main contract closed at 11435 yuan/ton, up 0.75%. The supply of live pigs was abundant due to high slaughtering willingness. With the approaching of the southwest curing peak, short - term consumption demand increased [6] 2.6 Palm Oil - The palm oil futures price rebounded on December 18 but faced strong resistance. Malaysia lowered its January reference price of crude palm oil and the export tariff to 9.5% [6][7] 2.7 Shanghai Copper - Shanghai Copper futures oscillated at a high level on December 18. The supply side had low copper concentrate processing fees and limited increase in smelting production, while the demand side was affected by high prices, with social inventory accumulating slightly [7] 2.8 Cotton - The Zhengzhou Cotton main contract closed at 13965 yuan/ton at night on December 18. China imported 120,000 tons of cotton in November 2025, up 9.4% year - on - year, and 890,000 tons from January - November, down 64% year - on - year [7] 2.9 Iron Ore - The Iron Ore 2605 main contract rose 1.63% to 777.5 yuan on December 18. The shipment volume from Australia and Brazil increased, the arrival volume rebounded, and the port inventory continued to accumulate, with the iron ore market in a supply - increase and demand - weak pattern [7] 2.10 Asphalt - The Asphalt 2602 main contract rose 0.68% to 2952 yuan on December 18. The capacity utilization rate decreased slightly, the inventory reduction slowed down, and the market was in a supply - demand double - weak pattern [7] 2.11 Logs - The Logs 2603 main contract closed at 778 on December 18. The spot prices in Shandong and Jiangsu were stable. Attention should be paid to spot - end support, import data, inventory changes, and market sentiment [7][8] 2.12 Steel - On December 18, rb2605 was at 3125 yuan/ton and hc2605 was at 3277 yuan/ton. The coking coal production rebounded, and the steel market was in a weak balance in the off - season. With the rebound of raw material prices, steel prices were expected to oscillate slightly stronger [8] 2.13 Alumina - The ao2601 contract was at 2553 yuan/ton on December 18. The alumina market had a supply surplus, and the inventory was at a high level. Some producers' maintenance or exit led to a technical rebound in futures prices, but the overall trend was still weak [9] 2.14 Shanghai Aluminum - The al2602 contract was at 21955 yuan/ton on December 18. High prices suppressed terminal demand, and the actual spot trading was insufficient. The domestic electrolytic aluminum social inventory remained at a historical low due to transportation problems in the northwest [9] 3. Investment Suggestions - For soybean meal, track South American weather and soybean arrival volume [6] - For live pigs, focus on the inventory of breeding sows, the slaughtering rhythm of large - scale pig enterprises, and the progress of curing consumption [6] - For logs, pay attention to spot - end price, import data, inventory changes, and macro - market sentiment [7][8]

观点 伊朗装置开始停车，港口内地共振反弹，基差小幅走强，卸货慢，港口连续两周去库，浮仓很多，预计后期回归 累库，11月伊朗发 运110w，预计12-1月进口下降较难，盘面01给进口无风险套机会，认为01终点仍是高库存，偏向逢高 做15反套。 甲醇聚烯烃早报 研究中心能化团队 2025/12/19 | 甲 醇 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 动力煤期 | | 江苏现货 华南现货 | 鲁南折盘 | 西南折盘面 | 河北折盘 | 西北折盘 | CFR中国 | CFR东南 | | 进口利润 主力基差 | 盘面MTO | | | 货 | | | 面 | | 面 | 面 | | 亚 | | | 利润 | | 2025/12/1 2 | 801 | 2092 | 2070 | 2440 | 2465 | 2395 | 2565 | 243 | 317 | 1 | 20 | - | | 2025/12/1 5 | 801 | 2123 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - PX has a supply gap due to high polyester operation rates, and its profit hits a new high. The market is bullish, and PXN reaches a new peak [8]. - PTA's valuation continues to rise due to tight PX supply - demand on the cost side and high polyester operation rates. It is recommended to operate in the 4500 - 4800 range and exit the 5 - 9 calendar spread [8]. - MEG is in a range - bound market as the increase in supply cannot change the future inventory build - up pattern [8]. 3. Summary by Related Catalogs Market Dynamics - PX: On December 18, 2025, the PX price rises. The PX - naphtha price spread reaches a new high in 2025. Higher margins may incentivize producers to increase output, but most Asian producers are cautious in the short term [3][5]. - PTA: Some PTA producers outside China are struggling to secure 2026 regular contracts. In mainland China, an Ineos 1.25 - million - ton PTA unit reduces operation and may shut down, with the PTA load at 73.2% as of Thursday [6]. - MEG: As of December 18, the overall ethylene glycol operation rate in mainland China rises to 71.97%, and the operation rate of ethylene glycol produced by oxalic acid catalytic hydrogenation method increases to 75.46% [6]. - Polyester: A filament unit of Sanfangxiang experiences a minor issue during the feeding process, delaying production. The domestic polyester load in mainland China remains around 91.2% as of Thursday [7]. Trend Intensity - The trend intensities of p - xylene, PTA, and MEG are all 1, indicating a neutral view [8]. Price and Margin Data - **Futures**: PX, PTA, PF, and SC futures prices rise, with PTA having the highest daily increase rate of 1.37%. MEG futures rise slightly by 0.24% [2]. - **Spot**: PX, PTA, and naphtha spot prices rise, while MEG spot price falls. The PX - naphtha spread is 282.92 dollars/ton [2]. - **Processing Margin**: The PX - naphtha spread increases by 1.5 dollars/ton, while PTA and short - fiber processing margins decrease [2].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 白糖： 消息方面，2025年11月，我国进口食糖44万吨，同比减少9.34万吨。2025年1-11月，我国进口食糖 434.16万吨；2025/26榨季（10-11月），我国进口食糖118.62万吨。现货报价方面，广西新糖报价 5270~5380元/吨，下调20~30元/吨；云南制糖集团新糖报价5150~5260元/吨，下调20元/吨；加工糖厂主 流报价区间为5650~5900元/吨，个别下调10元/吨。11月进口数据基本在市场预期之内，国内方面现货 报价不断下调，市场承压，期价已经跌破大部分企业生产成本线，但悲观情绪下仍未有止跌迹象，以空 头思路对待但避免低位追空。关注糖浆及预混粉11月进口情况。 棉花： 周四，ICE美棉上涨0.22%，报收63.57美分/磅，CF601环比上涨0.11%，报收13960元/吨，主力合约持仓 环比增加10681手至74.19万手，棉花3128B现货价格指数14750元/吨，较前一日上调35元/吨。国内市场 方面，宏观层面仍有扰动，美国CPI数据超预期降温，美元指数与美棉价格重心共振上移。美棉出口方 面，数据更 ...

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Natural Rubber - Market is in a short - term long - short stalemate. Rubber prices are expected to fluctuate within the range of 15,000 - 15,500. Supply - side support exists due to geopolitical tensions in Thailand and domestic产区停割, while demand - side growth is restricted by slow tire sales and low profits in some sectors [1]. Polyolefins - Both polyethylene and polypropylene face a situation of increasing supply and weak demand, with cost support and inventory pressure coexisting [4]. Methanol - Methanol futures are oscillating higher. The port market may be weak in the near term due to Iranian supply, while the inland market has increasing supply and demand. The 05 contract can be considered for long positions after reduced shipments [6][8]. LPG No specific overall view is provided other than presenting price, inventory, and开工率 data [12]. Pure Benzene and Styrene - Pure benzene is expected to have limited downside. The BZ2603 may oscillate between 5,300 - 5,600. Styrene has limited driving force and is expected to be weak in the short - term [14]. Polyester Industry Chain - PX: Rolling low - buying operations are recommended. - PTA: TA rolling low - buying and TA5 - 9 low - level positive spreads are suggested. - Ethylene Glycol: Short - term low - level oscillation is expected, and selling EG2605 - C - 4100 is advisable to obtain time value. - Short - fiber: It follows raw material fluctuations, and the disk processing fee can be shorted when it is high. - Polyester Bottle Chips: Selling PR2602 - P - 5500 is recommended, and the main disk processing fee is expected to fluctuate between 300 - 450 yuan/ton [15]. Crude Oil - The market is greatly affected by geopolitical factors. Brent crude should be monitored at the $60/barrel level. Attention should be paid to US - Russia talks, Russia - Ukraine negotiations, and the US - Venezuela situation [16]. Urea - The 2605 contract's main logic is the support of spring plowing fertilizer demand under high - supply pressure. Attention should be paid to whether the price can stabilize at 1,700 and the spirit of the urea meeting [18]. PVC and Caustic Soda - Caustic soda prices are expected to be weak. PVC supply is under pressure, demand is weak, and the price outlook is not optimistic. Short - term observation and shorting on rebounds are recommended [19]. Glass and Soda Ash - Soda ash: The supply - demand situation is bearish, and short - selling opportunities after rebounds should be noted. - Glass: The market has pressure, and the 01 contract will follow the delivery logic in December, while the 05 contract is expected to oscillate weakly at the bottom [20]. 3. Summaries According to Relevant Catalogs Natural Rubber - **Spot Prices and Basis**: Yunnan state - owned whole latex remained unchanged at 15,050 yuan/ton; the whole - milk basis increased by 20.59%. Thai standard mixed rubber decreased by 0.68% to 14,550 yuan/ton [1]. - **Monthly Spreads**: The 9 - 1 spread increased by 16.67%, the 1 - 5 spread increased by 15 yuan/ton, and the 5 - 9 spread decreased by 66.67% [1]. - **Fundamental Data**: In October, Thailand's production decreased by 0.29%, Indonesia's by 1.53%, and China's by a certain amount. November domestic tire production increased by 3.96%, and exports increased by 9.36% [1]. - **Inventory Changes**: Bonded - area inventory increased by 2.08%, and上期所factory - warehouse futures inventory increased by 3.87% [1]. Polyolefins - **Futures and Spot Prices**: L2601 and L2605 decreased slightly, PP2601 increased by 0.10%, and PP2605 decreased by 0.40%. Some spot prices changed slightly [4]. - **Spreads**: L15, PP15, and LP01 spreads changed to different extents [4]. - **开工率 and Inventory**: PE downstream weighted开工率 decreased by 1.28%, and some PP开工率 and inventory indicators changed [4]. Methanol - **Prices and Spreads**: MA2601 and MA2605 increased, and some spreads and basis changed [6]. - **Inventory**: Methanol enterprise inventory increased by 10.86%, while port inventory decreased by 1.26% [7]. - **开工率**: Some upstream and downstream开工率 indicators increased or decreased [8]. LPG - **Prices and Spreads**: PG2601, PG2602, and PG2603 increased, and some spreads and basis changed [12]. - **Inventory**: LPG refinery storage capacity ratio and port inventory increased [12]. - **开工率**: Some upstream and downstream开工率 indicators changed [12]. Pure Benzene and Styrene - **Prices and Spreads**: Some prices and spreads of pure benzene and styrene changed [14]. - **Inventory**: Benzene and styrene port inventories changed [14]. - **开工率**: Some开工率 indicators of the pure benzene and styrene industry chain changed [14]. Polyester Industry Chain - **Upstream and Downstream Prices**: Crude oil, PX, and polyester product prices changed to different extents [15]. - **Spreads**: PX - related spreads, PTA - related spreads, and MEG - related spreads changed [15]. - **开工率 and Inventory**: Some开工率 indicators and MEG port inventory changed [15]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC prices increased, and some spreads changed [16]. - **Refined Oil Prices and Spreads**: Some refined oil prices and spreads changed [16]. - **Refined Oil Crack Spreads**: Some refined oil crack spreads changed [16]. Urea - **Futures and Spot Prices**: Urea futures prices changed, and some spot prices changed [18]. - **Spreads and Positions**: Some spreads and positions changed [18]. - **Supply and Demand**: Domestic urea daily and weekly production, inventory, and订单天数 changed [18]. PVC and Caustic Soda - **PVC and Caustic Soda Prices**: Some prices of PVC and caustic soda changed [19]. - **Overseas Quotes and Export Profits**: Some overseas quotes and export profits of PVC and caustic soda changed [19]. - **Supply, Demand, and Inventory**:开工率, demand - side开工率, and inventory of PVC and caustic soda changed [19]. Glass and Soda Ash - **Glass and Soda Ash Prices**: Some prices of glass and soda ash changed [20]. - **Supply and Inventory**: Soda ash开工率, production, and inventory, as well as glass inventory and some related data changed [20]. - **Real Estate Data**: Some real - estate data changed [20].

Precious Metals Futures - Goldman Sachs predicts that gold prices will rise by 14% to $4,900 per ounce by December 2026, with potential upside risks [1] - On December 19, New York futures gold prices rose, breaking through $4,380 per ounce (up 0.14%), $4,390 per ounce (up 0.37%), and ultimately surpassing $4,400 per ounce, with a daily increase of 0.60% [2][3][4] - Spot gold also increased, breaking through $4,350 per ounce (up 0.29%), $4,360 per ounce (up 0.55%), and further rising to $4,370 per ounce, with a daily increase of 0.74% [5][6][7] - However, on December 18, precious metal prices experienced a pullback, with New York futures gold falling below $4,340 per ounce (down 0.78%) and spot gold below $4,310 per ounce (down 0.65%) [8][9] - Silver showed weaker performance, with New York futures silver falling below $65 per ounce (down 2.85%) and spot silver also below $65 per ounce (down 1.84%) [10][11] Base Metals Futures - Goldman Sachs reaffirms that copper prices will reach $15,000 per ton by 2035 and continues to recommend a long position in copper and a short position in aluminum for contracts expiring in December 2027 [12] Energy and Shipping Futures - In the energy market, U.S. natural gas futures prices fell over 3.00% on December 19, currently reported at $3.233 per million British thermal units, with the decline expanding to 4.00%, now at $3.199 per million British thermal units [14][15] - The EIA natural gas report shows that as of the week ending December 12, U.S. natural gas inventories totaled 35,790 billion cubic feet, a decrease of 1,670 billion cubic feet from the previous week and down 610 billion cubic feet year-on-year (a 1.7% decline), while being 320 billion cubic feet above the 5-year average (a 0.9% increase) [16] - Goldman Sachs predicts that by 2026, the average price of Brent crude oil and West Texas Intermediate crude oil will drop to $56 and $52 per barrel, respectively [17] Macroeconomic and Market Impact - The European Central Bank's policy direction is under scrutiny, with several officials indicating that the rate-cutting cycle is likely over, maintaining deposit rates at around 2% unless a significant shock occurs; however, discussions on rate hikes are considered "premature" [18][19] - The ECB also forecasts that inflation rates will be below 2% in the first quarter of 2026 and from the third quarter of 2026 to the fourth quarter of 2027 [20] - In the U.S., concerns about premature significant rate cuts were expressed, while the White House's National Economic Council director believes there is substantial room for rate cuts by the Federal Reserve [21][23] - Several banks have recently lowered U.S. dollar deposit rates, with one bank reporting a decrease of 0.05 percentage points in its latest dollar time deposit rates [24]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On December 18, equity index futures declined while TL rose; metals and energy sectors advanced, with platinum, palladium, coking coal and coke leading the gains [12][14]. - The rally of coking coal and coke may be a valuation recovery driven by fund flows amid news catalysts, following an oversold period. With the intensification of winter stockpiling, their fundamentals will continue to improve marginally, but potential pressure from high coking coal imports and unstable thermal coal prices should be noted [18][25]. - For iron ore, overseas mine shipments increased month - on - month, demand weakened, and port stocks edged up while steel mill stocks fell, with weak restocking willingness [34][35]. - MOFCOM strongly opposes the European Commission's intensive investigations against Chinese enterprises and indicates that China and the EU are conducting consultations on the electric vehicle case [39][40]. - The Guangzhou Futures Exchange was approved as a Qualified Central Counterparty, which helps enhance its international influence and promote the high - level opening - up of China's futures market [42]. Summary by Directory 1. China Futures 1.1 Overview - Financial futures: IC dropped by 0.7%, IM dropped by 0.3%, TL rose by 0.2% [12]. - Commodity futures: The top three gainers were palladium (up 7.0% with a 39.8% month - on - month surge in open interest), coking coal (up 6.1% with a 0.9% month - on - month increase in open interest), and coke (up 5.4% with a 23.4% month - on - month drop in open interest). The top three decliners were SCFIS (Europe) (down 3.1% with a 1.0% month - on - month decrease in open interest), poly - silicon (down 2.6% with an 8.9% month - on - month slide in open interest), and No.2 soybean (down 1.4% with a 35.9% month - on - month shrinkage in open interest) [13][14][15]. 1.2 Daily Raise 1.2.1 Coking Coal & Coke - On December 18th, coking coal rose by 6.1% to 1,126.5 yuan/tonne; coke climbed by 5.4% to 1,603.5 yuan/tonne. The rally may be due to news catalysts and fund flows after an oversold period [18]. - Two factors raised market expectations of tighter coal supply: the release of the "Benchmark Levels and Baseline Levels for Key Areas of Clean and Efficient Coal Utilization (2025 Edition)" and safety interviews with major coal - producing regions. However, the short - term impact on production and supply is limited. - Winter stockpiling has started. For coking coal, some coal varieties' cost - performance has become attractive, and mid - and downstream procurement enthusiasm has increased. For coke, steel mills' procurement intensity has slightly increased [22][23][24]. 1.2.2 Iron Ore - On December 18, iron ore rose 1.6% to 777.5 yuan/ton. Overseas mine shipments increased month - on - month, with Australian shipments slightly growing, Brazilian shipments increasing significantly, and non - mainstream shipments weakening. Demand weakened as iron water output dropped, and steel mills' profitability and sinter powder consumption and inventory declined. Port stocks edged up, and steel mill stocks fell with weak restocking willingness [33][34][35]. 2. China News 2.1 Macro News - MOFCOM strongly opposes the European Commission's intensive launch of FSR investigations against Chinese enterprises, which are targeted and discriminatory. China urges the EU to stop the unreasonable suppression and create a fair business environment. - China and the EU are conducting consultations on the electric vehicle case, and China is willing to resolve differences through dialogue [39][40]. 2.2 Industry News - The China Securities Regulatory Commission approved the Guangzhou Futures Exchange as a Qualified Central Counterparty, which helps enhance its international influence and promotes the high - level opening - up of China's futures market [42].

Report Industry Investment Ratings No relevant information provided. Core Views Industrial Silicon - Industrial silicon spot prices stabilized, while futures prices rose and then fell. The price is expected to remain in a low - level oscillation, with the main range between 8000 - 9000 yuan/ton. If production drops significantly, it may reach 10000 yuan/ton; if polysilicon production cuts are large and industrial silicon production cuts fall short of expectations, the price may drop to 7500 yuan/ton. [1] Polysilicon - Polysilicon futures prices continued to rise strongly, with a large premium over the spot average. The supply is excessive, and the demand is weak. The price is expected to remain in a high - level oscillation. If production cuts are significant, the futures may remain strong; if not, the high premium may converge to the spot price. [2] Tin - The supply of tin ore remains tight, and the demand in some regions shows resilience. Tin prices are expected to remain strong within the year. [4] Lithium Carbonate - The lithium carbonate market was affected by news, with the main contract rising. The fundamentals have not changed much, with both supply and demand being strong. The price may remain strong in the short - term, but there is a risk of a pullback. [5] Nickel - The nickel market was affected by Indonesian nickel ore news and macro factors. The fundamentals are relatively loose, and the price may repair slightly in the short - term, with the main reference range of 112000 - 116000 yuan/ton. [7] Stainless Steel - The stainless - steel market was affected by low valuations and nickel price rebounds. It is in a situation of weak supply and demand, and is expected to oscillate and adjust in the short - term, with the main operating range of 12200 - 12800 yuan/ton. [9] Zinc - The zinc market is affected by macro - level risk aversion. The supply is gradually changing from loose to tight, and the demand has a structural improvement. The short - term Shanghai zinc price may be stronger than the London zinc price. [13] Copper - The copper market is affected by macro factors and supply - side concerns. The price bottom has shifted up, and short - term price fluctuations may be intensified by macro events. [14] Aluminum - The alumina market has a pattern of high supply and high inventory, and the price is expected to remain in a bottom - level oscillation. The electrolytic aluminum market is expected to oscillate widely, with the main contract in the range of 21700 - 22400 yuan/ton. [17] Cast Aluminum Alloy - The cast aluminum alloy market is in a game between strong cost support and weak demand. It is expected to remain in a high - level narrow - range oscillation, with the main contract in the range of 20700 - 21400 yuan/ton. [18] Summary by Relevant Catalogs Industrial Silicon - **Spot Prices and Basis**: The prices of East China oxygen - containing SI5530, SI4210, and Xinjiang 99 silicon remained unchanged on December 17 compared to December 16. The basis of various types decreased. [1] - **Inter - month Spreads**: The inter - month spreads of most contracts changed significantly, with some showing large decreases or increases. [1] - **Fundamental Data**: National industrial silicon production decreased by 11.17%, and the national operating rate decreased by 4.84%. The production and operating rates in Yunnan and Sichuan decreased significantly, while those in Xinjiang increased slightly. [1] - **Inventory Changes**: Xinjiang, Yunnan, and Sichuan factory inventories and social inventories increased slightly, while the change in warehouse receipt inventory was zero. [1] Polysilicon - **Spot Prices and Basis**: The average prices of N - type re - feedstock and N - type granular silicon remained unchanged. The N - type material basis decreased significantly. [2] - **Futures Prices and Inter - month Spreads**: The main contract price rose, and the inter - month spreads of some contracts changed significantly. [2] - **Fundamental Data**: Weekly silicon wafer production increased by 1.67%, and monthly polysilicon production decreased by 14.48%. [2] - **Inventory Changes**: Polysilicon and silicon wafer inventories increased. [2] Tin - **Spot Prices and Basis**: The prices of SMM 1 tin and Yangtze River 1 tin increased by 1.65%. The LME 0 - 3 premium increased by 12.00%. [4] - **Inter - month Spreads**: The inter - month spreads of some contracts changed significantly. [4] - **Fundamental Data**: In October, tin ore imports increased by 33.49%, and SMM refined tin production increased by 53.09%. [4] - **Inventory Changes**: SHEF inventory, social inventory, and LME inventory increased. [4] Lithium Carbonate - **Prices and Basis**: The prices of various types of lithium carbonate and related raw materials increased to varying degrees. [5] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [5] - **Fundamental Data**: In November, lithium carbonate production and demand increased, and the inventory decreased. [5] Nickel - **Prices and Basis**: The prices of various types of nickel increased slightly, and the premium of Jinchuan nickel continued to rise. [7] - **Cost of Electrolytic Nickel**: The cost of some methods of producing electrolytic nickel changed. [7] - **New Energy Material Prices**: The price of battery - grade lithium carbonate increased, while the price of battery - grade nickel sulfate decreased slightly. [7] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [7] - **Supply, Demand and Inventory**: Chinese refined nickel production and imports decreased, while domestic inventories increased. [7] Stainless Steel - **Prices and Basis**: The spot price of stainless steel increased slightly, and the futures - spot price difference decreased. [9] - **Raw Material Prices**: The price of some raw materials remained stable, while the price of high - carbon ferrochrome increased slightly. [9] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [9] - **Fundamental Data**: Chinese 300 - series stainless steel production decreased slightly, and exports decreased significantly. [9] Zinc - **Prices and Spreads**: The price of SMM 0 zinc ingot decreased by 0.69%, and the import loss increased. [13] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [13] - **Fundamental Data**: In November, refined zinc production decreased by 3.56%, and the operating rates of some downstream industries changed. [13] - **Inventory Changes**: Chinese zinc ingot social inventory decreased, while LME inventory increased. [13] Copper - **Prices and Basis**: The price of SMM 1 electrolytic copper increased by 0.49%, and the premium decreased. [14] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [14] - **Fundamental Data**: In November, electrolytic copper production increased by 1.05%, and the operating rates of some copper - related industries decreased. [14] - **Inventory Changes**: Domestic social inventory increased, while the bonded area inventory decreased. [14] Aluminum Alumina - **Prices and Spreads**: The prices of alumina in various regions decreased slightly. [17] - **Fundamental Data**: In November, alumina production decreased by 4.44%, and the operating rate increased slightly. [17] - **Inventory Changes**: Alumina plant inventory, port inventory, and electrolytic aluminum plant alumina inventory increased. [17] Electrolytic Aluminum - **Prices and Spreads**: The price of SMM A00 aluminum increased by 0.55%. [17] - **Fundamental Data**: In November, domestic and overseas electrolytic aluminum production decreased. [17] - **Inventory Changes**: Chinese electrolytic aluminum social inventory increased slightly. [17] Cast Aluminum Alloy - **Prices and Spreads**: The prices of various types of cast aluminum alloy increased slightly. [18] - **Inter - month Spreads**: The inter - month spreads of some contracts changed. [18] - **Fundamental Data**: In November, the production of regenerated and primary aluminum alloy ingots increased, and the operating rates of related industries increased. [18] - **Inventory Changes**: The social inventory of regenerated aluminum alloy ingots decreased slightly. [18]

Core Viewpoint - The Bloomberg Grain Index increased by 0.29% to 29.1385 points, indicating a positive trend in the grain market [1] Group 1: Commodity Futures - CBOT corn futures rose by 0.79%, reflecting a bullish sentiment in the corn market [1] - CBOT wheat futures increased by 0.44%, suggesting a stable demand for wheat [1] - CBOT soybean futures fell by 0.72%, closing at $10.6125 per bushel, indicating potential challenges in the soybean sector [1] - Soymeal futures remained unchanged, while soybean oil futures decreased by 0.54%, showing mixed performance in soybean-related products [1] Group 2: Livestock Futures - CBOT lean hog futures increased by 1.30%, indicating a strong demand in the pork market [1] - Live cattle futures declined by 0.45%, suggesting some pressure in the cattle market [1] - Feeder cattle futures decreased by 0.46%, reflecting ongoing challenges in the feeder cattle sector [1]

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