Group 1 - Domestic commodity futures closed with PTA and PX rising over 3% [1] - SS and short fibers increased by more than 2% [1] - Apples and coke saw gains exceeding 1% [1] Group 2 - Iron ore and cotton experienced slight increases [1] - Aluminum oxide and rapeseed oil fell by over 2% [1] - Palm oil and soybean oil declined by more than 1% [1] - Urea and live pigs saw minor decreases [1]

Group 1 - The core viewpoint of the news is that domestic commodity futures closed mostly higher on December 18, with significant gains in various sectors [1] Group 2 - The main contract for palladium hit the limit up, indicating strong demand and market confidence [1] - Coking coal rose over 6%, while coking and platinum increased by more than 5%, reflecting positive trends in these commodities [1] - Silver in Shanghai rose by over 3%, and other commodities like glass and caustic soda saw increases of more than 2% [1] - PTA and urea experienced gains of over 1%, while PVC and zinc in Shanghai saw slight increases [1] Group 3 - On the downside, the shipping index for Europe fell by more than 3%, indicating potential challenges in the shipping sector [1] - Polysilicon dropped by over 2%, and commodities like apples and soybean meal fell by more than 1%, suggesting some market volatility [1] - Sugar and plastic experienced slight declines, reflecting mixed performance across different commodity categories [1]

期货研究报告 宝城期货豆类油脂早报（2025 年 12 月 18 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。 投资咨询业务资格：证监许可【2011】1778 号 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 核心逻辑：近期豆类市场外盘承压、内盘震荡，核心矛盾在于全球供应宽松预期与国内成本支撑的博 弈。美豆期价在触及七周新低后小幅反弹，但整体情绪仍受制于供应压力。一方面，中国对美国大豆 的采购步伐不及市场预期；另一方面，南美新季大豆丰产前景明确，巴西即将开始收割，全球大豆供 应宽松格局未改，限制了美豆的反弹空间。国内市场则表现出"近强远弱"的分化特征。高企的库存 和疲软的需求压制了上行空间。短期豆粕期价震荡偏弱运行。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 参考 ...

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 消息方面，巴西12月前两周出口糖和糖蜜160.08万吨，较去年同期的116.29万吨增加43.79万吨，增幅 37.65%；日均出口量为16.01万吨。2024年12月，巴西糖出口量为283.37万吨，日均出口量为13.49万 吨。现货报价方面，广西新糖报价5310~5410元/吨，下调20~30元/吨；云南制糖集团新糖报价 5180~5300元/吨，下调20~30元/吨；加工糖厂主流报价区间为5670~5900元/吨，部分下调30~40元/吨。 原糖方面，并无新驱动，北半球两大主产国正常生产，印度暂时并无新增出口施压糖价，仍以区间行情 对待。国内现货价格继续下调，市场情绪脆弱，盘面大幅下行后产业承压，悲观情绪下，暂无止跌迹 象，仍需时间释放情绪。保持空头思路，但避免低位追空。 白糖： 消息方面，巴西12月前两周出口糖和糖蜜160.08万吨，较去年同期的116.29万吨增加43.79万吨，增幅 37.65%；日均出口量为16.01万吨。2024年12月，巴西糖出口量为283.37万吨，日均出口量为13.49万 吨。现货报价方面，广西新糖报价53 ...

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 17 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。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中期为两周至一月(以前一日夜盘收盘价为基准) 品种 短期 中期 日内 观点参考 核心逻辑概要 <点击目录链接，直达品种 策略解析> 豆粕 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 进口大豆成本，进口到港节 奏，油厂开工节奏，库存压力 豆油 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 美豆成本支撑，美国生物燃 料政策，美豆油库存，国内 大豆成本支撑，供应节奏， 油厂库存 棕榈 2605 震荡 偏弱 震荡 震荡 偏弱 震荡偏弱 马棕产量和出口，印尼生柴 和出口政策，欧盟相关政策 变化，国内到港和库存，替代 需求 3.震荡偏强/偏弱只针对日内观点，短期和中 ...

早盘速递 2025/12/16 5.俄罗斯矿业巨头诺里尔斯克镍业公司（Nornickel）周一表示，已将今年镍供应过剩预测上调一倍，并将2026年的预测上调 了一倍多。在金属市场评估报告中，这家全球最大的钯生产商和主要的精炼镍生产商表示，预计今年镍供应过剩量将达到24万 吨，高于7月份预测的12万吨。该公司还表示，已将明年的供应过剩预测上调至27.5万吨，高于此前预测的13万吨。 板块表现 重点关注 尿素、碳酸锂、铂、沥青、原油 夜盘表现 -4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00 板块涨跌幅（%） -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% -2.50% -2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% 1.50% 2.00% 商品期货主力合约夜盘涨跌幅 涨跌幅 增仓比率（右轴） 非金属建材, 2.53% 贵金属, 32.75% 油脂油料, 8.72% 软商品, 3.08% 有色, 24.29% 煤焦钢矿, 10.86% 能源, 2.61% 化工, 10.28% 谷物, 1.36% ...

宝城期货橡胶早报-2025-12-16 品种晨会纪要 期货研究报告 晨会纪要 投资咨询业务资格：证监许可【2011】1778 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2605 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，沪胶震荡企稳 | | 合成胶 | 2602 | 震荡 | 震荡 | 偏强 | 偏强运行 | 多空分歧出现，合成胶震荡企稳 | 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%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.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—商品期货能源化工板块 沪胶（RU） 日内观点：偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：随着国内云南和海南天胶产区逐渐临近停割季，未来国产全乳胶供应预期逐渐下降 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core View - The soybean and oil market shows a pattern of near - strong and far - weak, with the core logic being the game between the current tight balance and the long - term loose expectation [5]. - The short - term trends of soybean meal, palm oil, and soybean oil futures prices are all expected to be weakly volatile [5][7]. 3. Summary of Each Variety According to the Catalog 3.1 Soybean Meal (M) - **View**: Short - term, medium - term, and intraday views are all weakly volatile, with a reference view of weakly volatile [5]. - **Core Logic**: The soybean market maintains a near - strong and far - weak pattern. The US soybeans are weakly volatile, and China's slow procurement cannot offset the export squeeze effect of Argentina's tariff reduction. Brazil's soybean harvest expectation dominates the long - term discount structure. The domestic near - month price support remains, but the root cause of the far - month weakness is unresolved. The supply of the 05 contract after March next year is expected to be loose, and short - term fluctuations depend on spot inventory reduction and policy regulation [5][6]. 3.2 Palm Oil (P) - **View**: Short - term, medium - term, and intraday views are all weakly volatile, with a reference view of weakly volatile [5][7]. - **Core Logic**: The oil market shows a pulse - type rebound rather than a trend reversal, driven by short - covering and technical repair. Palm oil lags behind the rebound, affected by Malaysia's palm oil. The increase in inventory pressure in December in Malaysia still weighs on palm oil prices. Future attention should be paid to Indonesia's biodiesel policy and the procurement rhythm of major importers [7]. 3.3 Soybean Oil - **View**: Short - term, medium - term, and intraday views are all weakly volatile, with a reference view of weakly volatile [5]. - **Core Logic**: Influenced by US soybean cost support, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [5].

（责任编辑：王治强 HF013） 每经AI快讯，12月12日，国内商品期货市场夜盘开盘涨跌不一，沪金涨1.66%，沪银涨1.35%，沪 铜跌0.04%，沪铝跌0.34%，螺纹跌近1%，铁矿跌0.99%，焦煤跌1.8%，玻璃跌1.16%，原油跌0.23%。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1: Metal Market Performance - The domestic commodity futures market saw a strong performance in the metal sector on December 12, with the China Securities Commodity Futures Price Index closing at 1513.74 points, up 7.88 points or 0.52% from the previous trading day [1] - Tin prices surged, with Shanghai tin rising 4.54% to over 330,000 yuan per ton, driven by supply disruptions and geopolitical uncertainties in tin-producing regions [2] - Precious metals also experienced significant gains, with silver prices reaching a historical high of over 15,000 yuan per kilogram, influenced by strong demand and market dynamics [3] Group 2: Energy and Chemical Sector Weakness - The energy and chemical sectors faced collective weakness, with liquefied petroleum gas (LPG) dropping over 4.55%, marking a significant decline due to increased inventory and weak demand [4] - Oil prices remained under pressure, with the international oil market experiencing a supply surplus, leading to a drop in domestic crude oil prices to their lowest since late October [5] - The red date market also saw a notable decline, with prices falling below 9,000 yuan per ton, attributed to a combination of weak downstream demand and sufficient supply [5]