1. Report Industry Investment Ratings - **Short - term adjustment**: Soybean meal, Rapeseed meal [1] - **Short - term consolidation**: Palm oil [1] - **Short - term bullish oscillation**: Soybean oil [1] - **Range - bound oscillation**: Rapeseed oil [1] - **Upside pressure**: Cotton [1] - **Short - term rebound**: Red dates [1] - **Rebound and sell short**: Live pigs [1] 2. Core Views of the Report Soybean Meal - The purchase of US soybeans has started, but the US market has doubts about the optimistic outlook for US soybean exports. Weak export shipment data has led to a consolidation of US soybeans at high levels. This week, the latest soybean and soybean meal inventories decreased month - on - month but were higher year - on - year, with short - term supply sufficient. The US Department of Agriculture's December report on US soybeans was basically flat month - on - month, and the ending stocks were also flat. There was a short - term adjustment, and there was a tendency for a stop - fall consolidation. Short - selling should be cautious [1][4]. Rapeseed Meal - Coastal oil mills have zero rapeseed inventory, zero crushing, and low imports, but port inventories are still higher year - on - year. In the off - season of consumption, spot prices are reduced to destock. There is no major expected change in the fundamentals. It follows the trend of soybean meal, with a short - term adjustment. The short - term trend is treated as a range above 2270 yuan. Attention should be paid to the subsequent progress of China - Canada trade [1][7]. Palm oil - On November, Malaysian palm oil inventory data showed a month - on - month increase, maintaining a stock - building state, and the export of Malaysian palm oil in the first 10 days of December decreased by more than 10% month - on - month. Weak data depressed the futures price, and it closed down yesterday. It is in short - term consolidation [1][10]. Soybean Oil - The domestic soybean oil inventory decreased slightly month - on - month but was still higher than the five - year average. It closed slightly down yesterday. Attention should be paid to the weather in South American soybean - growing areas. It is in a short - term bullish oscillation, and a large - range market is expected this week. Attention should be paid to the boost from the palm oil side [1]. Rapeseed Oil - Currently, coastal oil mills have zero operation, zero rapeseed inventory, and zero rapeseed imports in November. The port inventory has continued to decline month - on - month, but there is diversification in imports. The latest data on Canadian rapeseed shows that the 2025 production is higher than market expectations, with a year - on - year increase of 13.3%. Rapeseed oil rebounded technically after hitting a previous low yesterday, and the stabilization needs to be observed. It is in range - bound oscillation [1]. Cotton - The US cotton harvest is nearing the end, and Brazil has started the new - season cotton planting. The proportion of weather - related trading in the market is gradually increasing. The current price is not high, and the ICE market is expected to move in an oscillatory manner. In China, more than half of the new cotton has been inspected, and the sales have been relatively fast. The circulation of low - basis resources in the spot market has decreased, and the cost - side support has increased, but the upward adjustment of the production forecast needs to be noted. The downstream textile enterprises' cash flow has been repaired, and the demand resilience has been reflected. The narrowing of the decline in foreign trade in November has further supported the cotton price, but there is still pressure from high inventory and a dense hedging pressure area. It is under upside pressure [1][12][14]. Red Dates - At the end of the acquisition, the spot price rebound has slowed down the downward trend. With the peak of new - crop listing and the arrival of the consumption peak season, the market volatility will increase. High inventory still exerts obvious pressure on the price rebound. In a situation of loose supply and demand, a generally bearish attitude is recommended. Most of the premium caused by speculation about a large - scale production cut of new - season red dates since early June has been gradually squeezed out. The downward trend of the futures market has slowed down and is approaching the spot cost. The spot price has stopped falling under the cooling background. Short - term rebound opportunities are recommended to be observed [1][18]. Live Pigs - The short - and medium - term market supply pressure is still high, and the demand increase is limited. The spot price is difficult to support. The futures market is disturbed by epidemic prevention and control and macro - sentiment, and there is differentiation in the price difference between contracts. The contract 03 is more likely to be disturbed by short - term funds. For contract 01, the market has started to trade the expectation of the peak - season curing demand and the large - scale slaughter in the second half of the month, and the market volatility is expected to increase. For contract 01, short - term long - position risks need to be avoided. The contract 03 lacks fundamental support but has intense capital games. Attention can be paid to short - selling on rebounds and the 3 - 5 reverse - spread opportunity. Attention should be paid to the spot price follow - up and curing situation [1][21]. 3. Summaries According to Related Catalogs Soybean Meal - As of December 5, 2025, the national port soybean inventory was 937 million tons, a decrease of 20.60 million tons month - on - month and an increase of 227.49 million tons year - on - year. The soybean inventory of 125 oil mills was 715.52 million tons, a decrease of 18.44 million tons (2.51%) month - on - month and an increase of 168.49 million tons (30.80%) year - on - year. The soybean meal inventory was 116.19 million tons, a decrease of 4.13 million tons (3.43%) month - on - month and an increase of 48.14 million tons (70.74%) year - on - year. The physical inventory days of soybean meal in 50 feed enterprises were 8.49 days, an increase of 0.32 days from the previous period and 0.77 days from the same period last year. The domestic supply - demand fundamentals have changed little, the oil mill crushing volume remains relatively high, and the soybean meal de - stocking process is slow, which suppresses the rise of the spot basis [4]. Rapeseed Meal - As of December 5, the coastal area's main oil mill rapeseed inventory was 0 tons, flat month - on - month; the rapeseed meal inventory was 0.02 tons, an increase of 0.01 tons month - on - month; the unexecuted contract was 0 tons, flat month - on - month. The rapeseed meal spot market is dull, downstream enterprises' purchasing willingness is cautious, the overall trading activity is insufficient, the delivery process is slow, and the effective demand release is limited. There is no strong driver in the off - season of consumption, and it follows the trend of soybean meal [7]. Palm Oil - As of December 5, 2025 (the 49th week), the national key - area palm oil commercial inventory was 68.37 million tons, an increase of 3.02 million tons (4.62%) month - on - month and an increase of 16.70 million tons (32.32%) year - on - year. From December 1 - 10, the Malaysian palm oil export volume decreased by 16.41% compared with the same period last month. In November 2025, Malaysia's palm oil production decreased by 5.30% month - on - month, imports decreased by 36.12% month - on - month, exports decreased by 28.13% month - on - month, and inventory increased by 13.04% month - on - month [10]. Cotton - **International situation**: In the US, the new cotton harvest progress is 79%, and 123.7 million tons of new cotton have been inspected, with an inspection progress of about 40.2%. In late November, the precipitation in the main cotton - growing areas increased, which was not conducive to the harvest. In India, the daily new - cotton listing volume is 1.6 - 2.0 million tons, and nearly 4.25 million tons have been purchased under the Minimum Support Price (MSP), but there was still rainfall in the south and central regions in late November, which was not conducive to MSP purchases. In Brazil, the 2025 cotton processing progress is 73.87%, and the non - main producing areas have started sowing the 2026 new - season cotton, with expected heavy rainfall in the main producing areas by the end of November [12]. - **Domestic situation**: The new - cotton picking is basically completed, the inspection volume exceeds 495 million tons, and the sales progress is relatively fast. The total national production is expected to increase by 26 million tons to 768 million tons, and the new - season lint cost is basically locked at 14,600 - 15,000 yuan/ton. In October, the imported cotton volume was 22.3 million tons, almost flat month - on - month and 1.35 million tons higher than the same period. The national commercial inventory increased to 446 million tons, 15 million tons higher than the same period; the Xinjiang commercial inventory increased to 361 million tons, about 40 million tons higher than the same period; the inventory in the main inland provinces increased to 18.27 million tons, 0.16 million tons lower than the same period. The downstream demand has improved seasonally, the export decline in November has slowed down, and the textile and clothing export was 238.7 billion US dollars, a decrease of 5.1% year - on - year and an increase of 7.2% month - on - month [13]. Red Dates - **Supply**: The acquisition in Hotan, Qiemo, and Ruoqiang has ended, and the acquisition progress in other regions is about 80%. The prices in the producing areas are weak. In Kashgar, the acquisition of grey dates is coming to an end, with little unsold inventory, and jujube farmers have a price - holding attitude. In Aksu, the acquisition is also near the end, with a small amount of remaining inventory, and the price has risen slightly. In Alar, the acquisition is at the end, with little unsold inventory and a price increase [17]. - **Inventory**: The physical inventory of 36 sample points this week is 13,910 tons, an increase of 3,062 tons month - on - month and 270 tons lower than the same period [17]. - **Demand**: The trading in the Cui'erzhuang market is mainly for new products, and the downstream purchasing enthusiasm has increased. The demand in the Ruyifang market is average [17]. Live Pigs - **Supply**: In November, the breeding side had active slaughter, with fierce competition and high pressure on large - scale enterprises. The overall plan completion was not ideal. In December, the planned slaughter increased by 3.2%. The short - and medium - term supply pressure is high, but the long - term supply pressure is expected to gradually ease as the number of fertile sows decreased to 39.90 million in October [20]. - **Demand**: With the cooling, the curing and enema activities in the southwest region have increased, the slaughter enterprise's operating rate has rebounded, and the market has gradually entered a situation of both supply and demand growth [20].

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - The report provides comprehensive analysis and forecasts for various energy and chemical futures, including PX, PTA, MEG, rubber, etc., and gives corresponding investment suggestions based on market trends and fundamentals [2][8][9] Summaries by Related Catalogs PX, PTA, MEG - PX: High-level shock market, with cost support from rising crude oil prices and tight supply-demand situation. It's recommended to hold long PX and short BZ. There is a supply contraction expectation in the supply side, and the demand side has a certain gap under the high start - up mode of polyester. Do not chase high in the short term, and go long on dips [4][8] - PTA: High-level shock market, with cost support from PX. Hold long PX and short PTA in the 05 contract, and conduct 5 - 9 positive spreads. Be vigilant about the negative feedback of the industrial chain due to the early holiday of terminals from late December to early January [9] - MEG: Short - term support due to the postponement of the restart plan of Shenghong Refining and Chemical and the unplanned load reduction of multiple units. The price has limited downside space at 3600 yuan/ton. In the medium term, it is in a pattern of increasing supply and decreasing demand [9] Rubber - The rubber market is in a shock operation. As of December 7, 2025, the total inventory of natural rubber in Qingdao increased. The short - term price policy of most manufacturers remains stable, and the transaction has flexibility [11][12] Synthetic Rubber - The synthetic rubber market is in a range operation. As of December 10, 2025, the domestic inventory of butadiene rubber decreased, and the inventory of butadiene in East China ports also decreased. The market is in a situation of cautious price increase by suppliers and pressure on prices from downstream procurement [14][15][17] Asphalt - The asphalt market has a phased small - scale rebound due to geopolitical fluctuations. The weekly output increased this week, the factory inventory increased, and the social inventory decreased [18][28] LLDPE - The LLDPE market shows a unilateral decline, and the basis weakens again. The futures market is under pressure, the upstream sells at a reduced price, and the demand is weak. The supply in the first quarter of 2026 may increase [29][30] PP - The PP market continues to be weak. The cost support is limited, the supply - demand game of existing inventory intensifies, the demand is weak, and the profit of PDH is at a low level. Pay attention to the marginal changes of PDH devices [31][32] Caustic Soda - It is not advisable to chase short in the caustic soda market. The market has a pattern of high output and high inventory, the demand is weak, the supply pressure is large, and the cost has certain support, but the rebound is difficult [34][36] Pulp - The pulp market is in a shock - strengthening trend. The futures market trading volume increased, and the spot market has differentiation. The supply - demand pattern of the pulp and paper system is relatively loose, and it is recommended to pay attention to port inventory changes and futures market capital trends [39][41][43] Glass - The price of glass original sheets is stable. The floating glass price has minor fluctuations, the trading atmosphere in most regions is average, the demand is weak, and the supply inventory is high. Some production lines have a plan to stop production [46][47] Methanol - The methanol market is under pressure. The port inventory decreased significantly this week, but there is an expectation of inventory accumulation in December. In the medium term, the high supply pressure of the 01 contract is the main contradiction, and the price upside space is limited [50][52] Urea - The urea market is in a shock operation. The enterprise inventory decreased this week, and the demand side has a phased improvement. The price has support from the decrease of explicit inventory, but there is policy pressure above, and the price is expected to be in a shock pattern [54][55][57] Styrene - The styrene market is in a short - term shock. The pure benzene market is in the range of 5300 - 5700 yuan/ton in the short term. The downstream inventory pressure of styrene is high, and the supply pressure is not large, and the port inventory is slightly reduced [58][59] Soda Ash - The spot market of soda ash changes little. The market trend is stable, the output of enterprises is high, the new orders received are average, and the downstream demand is not so strong [62] LPG, Propylene - LPG: Wide - range shock under the disturbance of the cost side. Pay attention to the changes in CP prices and the start - up rate of related devices [65][70][71] - Propylene: There is an expectation of supply increase, and the upward driving force is limited. The start - up rate of PDH increased compared with the previous week [66] PVC - The PVC market is in a low - level shock. The price is at a historical low, and some devices have a reduction expectation due to large losses. However, in the short term, it still faces the pattern of high start - up and weak demand [74][75] Fuel Oil, Low - Sulfur Fuel Oil - Fuel oil: Continued downward trend, with the center of the disk moving down [77] - Low - sulfur fuel oil: Weakened at night, and the price difference between high - and low - sulfur in the overseas spot market rebounded slightly [77] Container Shipping Index (European Line) - The PA alliance's unexpected performance drives the sentiment to improve. The short - term capital sentiment is optimistic, and the medium - term is a shock market. It is recommended to short the 2604 contract on rallies [79][90] Short Fiber, Bottle Chip - Both short fiber and bottle chip markets face medium - term pressure. It is recommended to short the processing fee on rallies. The futures prices of short fiber and bottle chip are weak, and the spot prices are adjusted down [92][93] Offset Printing Paper - It is recommended to wait and see in the offset printing paper market. The prices in Shandong and Guangdong markets are stable, the industry start - up level is high, and the market demand is light [95][96][98] Pure Benzene - The pure benzene market is in a short - term shock. The port inventory increased, and the current reality pressure is large. There is an expectation of supply contraction after January 2026, and the demand may improve [100][101]

转自：证券时报 人民财讯12月11日电，碳酸锂期货主力合约拉升涨超4%。 转自：证券时报 人民财讯12月11日电，碳酸锂期货主力合约拉升涨超4%。 ...

目 录 1 每日观点 2 基本面/持仓数据 交易咨询业务资格：证监许可【2012】1091号 工业硅期货早报 2025年12月11日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 成本端来看，多晶硅N型料行业平均成本为38700元/吨，生产利润为12300元/吨。 供给端排产短期有所减少，中期有望恢复，需求端硅片生产持续减少，电池片生产持续减 6、预期: 少，组件生产持续减少，总体需求表现为持续衰退。成本支撑有所持稳。多晶硅2605:在 55035-56795区间震荡. 供给端来看，上周工业硅供应量为8.8万吨，环比有所减少3.29%。 需求端来看，上周工业硅需求为7.2万吨，环比减少12.19%.需求持续低迷. 多晶硅库存为29.1万吨，处于高位，硅片亏损，电池片亏损，组件盈利； 有机硅库存为43900吨，处于低位，有机硅生产利润为12 ...

宏观日报 | 2025-12-11 上游价格持续分化，关注年末下游促销进展 中观事件总览 生产行业：1）国家统计局发布数据，2025年11月份，全国居民消费价格同比上涨0.7%，环比下降0.1%；全国工业 生产者出厂价格同比下降2.2%，环比上涨0.1%。 服务行业：1）北京时间周四凌晨03:00，美联储联邦公开市场委员会(FOMC)发布了最新的利率决议，宣布降息25 个基点，将联邦基金利率目标区间降至3.50%-3.75%，符合市场"鹰派降息"预期。"点阵图"显示，决策者预计2026 年只会再降息一次，2027年再降一次，然后利率将回到3%的长期水平。美联储主席鲍威尔表示，目前利率水平处 于良好位置，可应对经济前景变化，但他未对近期是否会再次降息提供指引。鲍威尔指出："值得注意的是，自去 年9月以来，我们已累计降息175个基点，其中自今年9月以来就下调了75个基点。目前，联邦基金利率已位于中性 水平的一个大致区间，我们也处于有利位置，可以等待观察经济的进一步发展"。2）全国零售业创新发展大会12 月9日至10日在北京举行，商务部副部长盛秋平表示，"十五五"时期，要把零售业作为培育完整内需体系、做强国 内大循 ...

Group 1: Investment Ratings - All three industries (cotton, sugar, and pulp) are rated neutral [3][6][9] Group 2: Core Views - **Cotton**: In the short - term, Zhengzhou cotton is expected to continue range - bound. In the long - term, with increased domestic cotton consumption and low expected imports, cotton prices are optimistic after seasonal pressure. Attention should be paid to the target price policy for next year's cotton [3] - **Sugar**: The fundamental driving force is downward, but the current valuation is low. At the beginning of the sugar - making season, sugar mills have the intention to support prices. The short - term decline of Zhengzhou sugar is limited, but the impact of capital on the market should be watched [6] - **Pulp**: Due to the digestion of previous negative factors, the pulp futures price has risen strongly recently, but the lack of substantial improvement in supply - demand may limit its upward space. The impact of the remaining Russian needle warehouse receipts on the market should be noted [9] Group 3: Summary of Cotton Market News and Key Data - Futures: The closing price of cotton contract 2601 yesterday was 13,780 yuan/ton, up 40 yuan/ton (+0.29%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 14,830 yuan/ton, down 13 yuan/ton; the national average price was 15,004 yuan/ton, up 5 yuan/ton. The USDA's December report shows a slight decrease in global cotton production and consumption in the 2025/26 season, and a slight increase in ending inventory [1] Market Analysis - Internationally, the concentrated listing of new cotton in the Northern Hemisphere has brought supply pressure, and global textile consumption is weak, so ICE US cotton is under pressure in the short - term. In the long - term, US cotton is in a low - valuation range. Domestically, cotton production in the 2025/26 season is expected to increase. With the end of cotton harvesting in Xinjiang, supply is abundant in the short - term. The downstream demand is weak, but the spinning profit has improved and inventory pressure is acceptable [2] Group 4: Summary of Sugar Market News and Key Data - Futures: The closing price of sugar contract 2601 yesterday was 5328 yuan/ton, down 15 yuan/ton (-0.28%). Spot: The sugar price in Nanning, Guangxi was 5370 yuan/ton, down 40 yuan/ton; in Kunming, Yunnan it was 5340 yuan/ton, down 5 yuan/ton. As of now, 64 sugar mills in Guangxi have started production in the 2025/26 season, 7 less than the same period last year [3] Market Analysis - The global sugar harvest has suppressed the raw sugar market, but the short - term decline is limited. There is no sign of a reversal. Domestically, sugar production is expected to increase for the third year. Sugar mills in Guangxi have started production, and supply is increasing seasonally. The import profit from Brazil is high, and the supply pressure is high [4] Group 5: Summary of Pulp Market News and Key Data - Futures: The closing price of pulp contract 2605 yesterday was 5436 yuan/ton, up 50 yuan/ton (+0.93%). Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5500 yuan/ton, unchanged; the price of Russian softwood pulp was 5005 yuan/ton, unchanged. The import wood pulp spot market is stable, with individual price fluctuations [7] Market Analysis - Supply: Overseas pulp mills are shutting down for maintenance. Domtar has permanently closed a paper mill, and Finnforest has temporarily shut down a pulp mill. Demand: European port pulp inventories have decreased in October, but in China, terminal demand is insufficient, paper mills' operating rates are low, and port inventories are at a historical high [8]

Group 1: Industrial Silicon Market Analysis Price and Trading Information - On December 10, 2025, the industrial silicon futures price showed a volatile trend. The main contract 2601 opened at 8305 yuan/ton and closed at 8250 yuan/ton, down 185 yuan/ton (-2.19%) from the previous settlement price. The position of the main contract 2601 was 171,757 lots, and the total number of warehouse receipts was 7780 lots, an increase of 252 lots from the previous day [2]. Supply - Side Information - The spot price of industrial silicon declined slightly. The price of East China oxygen - passed 553 silicon was 9100 - 9300 yuan/ton, 421 silicon was 9500 - 9800 yuan/ton, Xinjiang oxygen - passed 553 silicon was 8600 - 8900 yuan/ton, and 99 silicon was 8600 - 8900 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable [2]. - The price of silicon coal remained stable for now, but it was expected to loosen in some regions due to the downward - trending prices of raw coal and coking coal. The average price of non - caking silicon coal in Xinjiang was about 825 yuan/ton, the price range of caking silicon coal was about 1300 - 1650 yuan/ton, the average price of silicon coal in Shaanxi was about 880 yuan/ton, in Inner Mongolia was about 1260 yuan/ton, the average price of silicon mixed coal in Gansu was about 930 yuan/ton, and the average price of granular coal was about 1050 yuan/ton [2]. Demand - Side Information - The quoted price of organic silicon DMC was 13500 - 13700 yuan/ton, and the transaction price was also in this range, up 250 yuan/ton from the previous week. As the DMC market price stabilized, the purchasing sentiment of downstream customers became more rational. Due to the weak demand in the terminal market, it would take time for the price to be fully transmitted to the terminal [3]. Strategy - The spot price was affected by the futures market and showed a weak and volatile trend. The industrial silicon futures market declined significantly due to capital sentiment, and attention should be paid to the strength of the lower support. The industrial silicon market was mainly affected by the overall commodity sentiment and policy news. If there were policies to promote capacity exit, the market might rise as the current valuation was low. For single - side trading, short - term range operation was recommended, and long positions could be considered when the price dropped significantly [4]. Group 2: Polysilicon Market Analysis Price and Trading Information - On December 10, 2025, the main contract 2601 of polysilicon futures showed a wide - range volatile trend. It opened at 56000 yuan/ton and closed at 55915 yuan/ton, with a closing price increase of 1.62% from the previous trading day. The position of the main contract was 54959 lots (68874 lots the previous day), and the trading volume was 116207 lots [5]. Supply - Demand and Inventory Information - The spot price of polysilicon weakened slightly. The price of N - type material was 49.60 - 55.00 yuan/kg, and N - type granular silicon was 49.00 - 51.00 yuan/kg. The inventory of polysilicon manufacturers and silicon wafers increased. The latest polysilicon inventory was 29.10 (a 3.38% change from the previous period), the silicon wafer inventory was 21.30GW (a 9.23% change), the weekly polysilicon output was 25800.00 tons (a 7.50% change), and the silicon wafer output was 11.95GW (a - 0.58% change). The estimated polysilicon output in December was 113500 tons, mainly due to production cuts in Inner Mongolia, and there were no major production cut plans in January [5][6]. Component Price Information - The mainstream transaction prices of components were as follows: PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.65 - 0.67 yuan/W, and N - type 210mm was 0.67 - 0.69 yuan/W [7]. Strategy - The supply and demand of polysilicon both weakened, with a significant decline in consumption and high inventory pressure. The market was affected by anti - involution policies and weak market reality. After the establishment of the platform company, attention should be paid to the implementation of production and sales restrictions. The market fluctuated greatly recently, and participants should pay attention to risk management. It was expected that the market would mainly fluctuate. For single - side trading, short - term range operation was recommended, and the main contract was expected to fluctuate in the range of 50000 - 57000 yuan/ton [8].

行业 集运指数日报 每日报告 | | | 表1：集运欧线期货12月10日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算 价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | EC2512 | 1,661.0 | 1,653.0 | 1,655.1 | 1,659.2 | -5.9 | -0.36 | 321 | 3169 | -114 | | EC2602 | 1,610.3 | 1,600.0 | 1,665.2 | 1,655.3 | 54.9 | 3.41 | 35894 | 31382 | 669 | | EC2604 | 1,074.6 | 1,073.6 | 1,080.7 | 1,083.3 | 6.1 | 0.57 | 3703 | 19219 | -159 | | EC2606 | 1,214.6 | 1,219.1 | 1,225.6 | 1,223.4 | 11.0 | 0.91 | 38 ...

液化石油气日报 | 2025-12-11 2、\t2026年1月上半月中国华东冷冻货到岸价格丙烷602美元/吨，涨6美元/吨，丁烷592美元/吨，涨6美元/吨，折合 人民币价格丙烷4689元/吨，涨45元/吨，丁烷4611元/吨，涨45元/吨。（数据来源：卓创资讯） 3、\t2026年1月上半月中国华南冷冻货到岸价格丙烷596美元/吨，涨7美元/吨，丁烷586美元/吨，涨7美元/吨，折合 人民币价格丙烷4642元/吨，涨53元/吨，丁烷4564元/吨，涨53元/吨。（数据来源：卓创资讯） 在原油端弱势运行的背景下，LPG外盘表现相对坚挺，叠加高贴水支撑到岸成本。但国内市场表现相对偏弱，昨 日局部现货价格涨跌互现。其中，华东醚后碳四价格小幅反弹，但与民用气依然维持倒挂状态，对盘面定价形成 一定压制。就LPG基本面来看，虽然近期海外供应边际收紧，但外盘价格的上涨挤压了下游化工利润，弹性需求 受到抑制。中期来看，LPG整体供需格局并未逆转，中东与北美供应将延续增长态势，而下游化工需求受制于利 润增长动力不足，市场整体将延续供过于求的状态。往前看，LPG盘面短期存在一定支撑，但上行驱动有限，未 来供应恢复后将再度面临 ...

农产品日报 | 2025-12-11 出栏压力延续，猪价偏弱震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11310元/吨，较前交易日变动-140.00元/吨，幅度-1.22%。现货方面，河南地区 外三元生猪价格11.27元/公斤，较前交易日变动+0.01元/公斤，现货基差 LH03-40，较前交易日变动+150；江苏地 区外三元生猪价格 11.44元/公斤，较前交易日变动+0.04元/公斤，现货基差LH03+130，较前交易日变动+180；四 川地区外三元生猪价格11.83元/公斤，较前交易日变动+0.17元/公斤，现货基差LH03+520，较前交易日变动+310。 据农业农村部监测，12月10日"农产品批发价格200指数"为129.46，比昨天上升0.25个点，"菜篮子"产品批发价格指 数为132.21，比昨天上升0.29个点。全国农产品批发市场猪肉平均价格为17.88元/公斤，比昨天上升1.8%；牛肉66.12 元/公斤，比昨天下降0.6%；羊肉62.73元/公斤，比昨天上升0.4%；鸡蛋7.50元/公斤，比昨天上升1.5%；白条鸡18.00 元/公斤，比昨天上升0.3%。 市 ...