1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoint of the Report - The zinc market is currently influenced by a mix of bullish and bearish factors, causing the Shanghai zinc price to fluctuate widely. In the short term, the expected reduction in domestic smelter production and the continuous decline in domestic social inventories support the zinc price. However, the weakening consumption and continuous inventory build - up overseas put pressure on the LME zinc price, which in turn affects the Shanghai zinc price. Traders should focus on the start - up of domestic smelters and macro factors [5]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategy 3.1.1 Trading Logic - **Supply - side**: In the mining sector, domestic zinc concentrate processing fees have stabilized. The import window for zinc concentrate has reopened, and the price difference between imported and domestic zinc concentrates has narrowed, reducing the smelters' enthusiasm for domestic zinc concentrates. The trading volume of imported zinc ore has been light recently. On the smelting side, the reduction in zinc concentrate processing fees and lower zinc prices have shrunk the profits of most domestic smelters, and there is an expected further increase in the reduction of domestic refined zinc production in December [5]. - **Demand - side**: The operating rate of galvanized enterprises has continued to decline, while the operating rates of die - casting and zinc oxide enterprises are acceptable. Domestic refined zinc consumption has gradually weakened as the consumption season approaches [5]. - **Inventory**: As of December 18, the total zinc ingot inventory in seven major regions monitored by SMM was 122,200 tons, a decrease of 6,100 tons from December 11 and 3,500 tons from December 15. The continuous decline in domestic inventories provides some support for the zinc price [5]. 3.1.2 Trading Strategy - **Single - side trading**: The zinc price is expected to fluctuate widely. - **Arbitrage trading**: It is recommended to wait and see [5]. 3.2 Market Data - The report mentions aspects such as spot premiums, basis in major consumption areas, absolute prices, monthly spreads, trading volume, and open interest of Shanghai zinc, as well as social inventories, bonded area inventories, LME inventories, LME cancelled warrant ratios, and LME inventory distribution by region, but no specific numerical analysis is provided [7][13][16][17]. 3.3 Fundamental Data 3.3.1 Zinc Ore Supply - **Global and Domestic Production**: From January to October 2025, global zinc concentrate production was 10.4892 million tons, a year - on - year increase of 737,600 tons or 7.56%. Overseas zinc concentrate production was 7.0222 million tons, a year - on - year increase of 532,600 tons or 8.21%, and Chinese zinc concentrate production was 3.467 million tons, a year - on - year increase of 205,000 tons or 6.28%. In November, domestic zinc concentrate production was 311,400 tons, a month - on - month decrease of 2.86% and a year - on - year increase of 5.24%. It is expected that December production will increase by 2.76% month - on - month to 320,000 tons [28]. - **Raw Material Inventory**: As of November, domestic smelter raw material inventory increased by 0.48 days year - on - year to 20.8 days, but has been decreasing month by month recently. The inventory of zinc concentrates in major domestic ports increased by 12,000 tons month - on - month to 312,000 tons [28][43]. 3.3.2 Zinc Ore Import - **Import Volume**: In October 2025, the import volume of zinc concentrates was 340,900 tons (physical tons), a month - on - month decrease of 32.56% (164,500 physical tons) and a year - on - year increase of 2.97%. From January to October, the cumulative import volume of zinc concentrates was 4.3489 million tons (physical tons), a cumulative year - on - year increase of 36.59%. In November, the import volume is expected to recover [30]. - **Import Source**: In October 2025, the top three import sources were Peru (95,700 physical tons, accounting for 28.1%), Australia (49,800 physical tons, accounting for 14.6%), and Russia (32,400 physical tons, accounting for 9.5%) [30]. 3.3.3 Domestic Ore Supply - Overall, domestic ore supply has decreased, and imported zinc concentrates are expected to decline. It is expected that the supply of domestic zinc concentrates in November may decrease [42]. 3.3.4 Zinc Ore Processing Fees - In December, the monthly processing fee for domestic Zn50 zinc concentrates was 2,000 yuan/ton. On December 19, the weekly processing fee for domestic Zn50 zinc concentrates was 1,600 yuan/metal ton, and the SMM imported zinc concentrate index was adjusted down by 0.43 US dollars/dry ton to 50.13 US dollars/dry ton [47]. 3.3.5 Global Refined Zinc Production - From January to October 2025, global refined zinc production was 11.5147 million tons, a year - on - year increase of 159,500 tons or 1.4%; consumption was 11.3905 million tons, a year - on - year increase of 102,900 tons or 0.91%. There was a cumulative surplus of 124,200 tons. In October, global refined zinc production was 1.2187 million tons, a year - on - year increase of 9.76%, and demand was 1.2193 million tons, a year - on - year increase of 3.76%, with a shortage of 600 tons [51]. 3.3.6 Domestic Refined Zinc Supply - **Smelter Operating Rate**: In November, the operating rate of domestic refined zinc enterprises was 87.1%, a month - on - month decrease of 3.06%. Large - scale enterprises had an operating rate of 91.56%, a month - on - month increase of 0.55%; medium - scale enterprises had an operating rate of 85.83%, a month - on - month decrease of 7.23%; small - scale enterprises had an operating rate of 76.05%, a month - on - month decrease of 4.81% [54]. - **Production Volume**: In November, SMM's domestic refined zinc production was 595,200 tons, a month - on - month decrease of 3.56% and a year - on - year increase of 16.75%. It is expected that December production will be 570,900 tons, a month - on - month decrease of 4.08% and a year - on - year increase of 10.49% [55]. 3.3.7 Zinc Ingot Import and Export - **Import**: In October 2025, the import volume of refined zinc was 18,800 tons, a month - on - month decrease of 16.94% and a year - on - year decrease of 67.39%. From January to October, the cumulative import volume was 277,000 tons, a cumulative year - on - year decrease of 26.63%. - **Export**: In October, the export volume of refined zinc was 8,500 tons, with a net import of 10,300 tons. The export volume is expected to increase in December, which will alleviate the domestic surplus situation to some extent [58][59]. 3.3.8 Downstream Consumption - **Primary Processing**: The operating rate of galvanized enterprises has continued to decline, while the operating rates of die - casting and zinc oxide enterprises are acceptable. The report also mentions the raw material and finished product inventories of primary processing enterprises, but no specific data is provided [5][66][67]. - **End - use Industries**: The report covers real - estate construction data, infrastructure investment, domestic automobile production, and domestic white - goods production, but specific numerical analysis is not provided [73][84][94][97].

新浪合作大平台期货开户 安全快捷有保障 截至收盘，小麦期货上涨0.25美分到2美分不等，其中3月期约上涨2美分，报收509.75美分/蒲式耳；5月 期约上涨1.75美分，报收520.50美分/蒲式耳；7月期约上涨2美分，报收531.75美分/蒲式耳。 成交最活跃的3月期约交易区间在505.50美分到511.25美分。 周五，基准期约的成交量估计为55,489手，上个交易日为78,301手。空盘量为282,393手，上个交易日为 279,680手。 （来源：博易大师） （来源：南方小麦网） 原标题：CBOT小麦微涨，但周线下跌3.7% 来源：南方小麦网 周五，芝加哥期货交易所（CBOT）软红冬小麦期货收盘略微上涨，基准期约收高0.4%，主要受到俄乌 冲突的支持。 ...

期货合约是由期货交易所统一制定的标准化远期交易协议，明确了在未来特定时间和地点交割一定数量 和质量标的资产的各项条款。作为期货交易的核心载体，理解其基本要素是掌握期货交易规则、识别交 易风险的基础，以下对期货合约的主要要素进行客观说明。 标的资产是期货合约的核心基础，指合约对应的商品或金融工具。商品类标的资产包括农产品、工业金 属、能源产品等，金融类标的资产涵盖股票指数、国债、外汇等。标的资产的类型与质量标准由交易所 明确规定，直接决定合约的交易属性与交割要求，不同标的资产的合约在规则上存在差异。 最小变动价位与合约代码也是重要要素。最小变动价位是价格变动的最小单位，影响交易价格的精度； 合约代码是合约的唯一标识，由标的简称、交割月份等组成，方便市场参与者快速识别特定合约。 以上信息由金融界利用AI助手整理发布。金融界是专业的金融信息服务平台，致力于为用户提供全 面、准确的财经资讯与市场信息，覆盖期货、股票、债券等多个金融领域，助力用户深入理解金融市场 规则与产品特性。 免责声明： 本文内容根据公开信息整理生成，不代表发布者及其关联方的官方立场或观点，亦不构成任何形式的投 资建议。请您对文中关键信息进行独立核 ...

Report Overview - **Date**: December 19, 2025 - **Researcher**: Zhang Xiaojun - **Contact**: 0371 - 65617380 - **Qualification**: F0242716 (Futures Practitioner), Z0011864 (Futures Trading Consultant) Report Key Points Corn - **Report Industry Investment Rating**: Not provided - **Core View**: Corn prices face both support and pressure, and are seeking to verify support levels [4] - **Summary by Category** - **Important Information**: On the 19th, deep - processing enterprise purchase prices in the northeast and north China rose slightly; north - south port prices were stable with a slight increase; corn futures warehouse receipts decreased by 627 lots; the wheat - corn price difference in Shandong narrowed; in November 2025, corn imports reached a yearly high, with cumulative imports from January - November down 86.08% year - on - year, and cumulative imports from October - November up 67.27% year - on - year; the bid - invitation sales of imported corn by CGSCC had a 100% transaction rate [4][5] - **Market Logic**: Short - term, prices oscillate due to seasonal selling pressure and support from farmers' reluctance to sell and downstream inventory building; medium - term, seasonal selling pressure remains before the Spring Festival, and policy grain auctions may provide supply next year; long - term, the pricing logic is import substitution and planting costs, with policy orientation being key [5] - **Trading Strategy**: Maintain a range - trading approach in the medium - to - long - term. Currently, suggest waiting or short - term trading. For the 2601 contract, support is at 2200 - 2220; for the 2603 contract, support is at 2180 - 2190. Consider low - buying opportunities if support holds [6] Pig - **Report Industry Investment Rating**: Not provided - **Core View**: After the Winter Solstice stocking, the supply pressure of pigs is emerging [9] - **Summary by Category** - **Important Information**: On the 19th, the national average pig price fell; the number of sows in October 2025 was below 40 million; the number of piglets from January - September increased, with a decrease in October; the average slaughter weight of pigs increased; the fat - lean price difference was stable; and the number of pig futures warehouse receipts remained unchanged [9] - **Market Logic**: Short - term, the end of Winter Solstice stocking has led to a price decline. Medium - term, supply is expected to increase until March next year, with relief starting from April. Long - term, supply pressure exists until September next year, and may ease after that if sow inventory continues to decline [10] - **Trading Strategy**: The 2601 contract follows the basis - repair logic; the 2603 contract returns to range - trading; far - month contracts trade on the expected difference in capacity reduction. If sow inventory continues to decline, consider low - buying opportunities after September next year. Provide support and pressure levels for each contract [11] Egg - **Report Industry Investment Rating**: Not provided - **Core View**: The egg market has a weak current situation but strong expectations, with near - month contracts being weak and far - month contracts being strong [16] - **Summary by Category** - **Important Information**: On the 19th, egg spot prices were stable with a slight increase; inventory increased significantly; the price of old hens decreased; the number of laying hens in November decreased month - on - month and increased year - on - year, and is expected to decline further in December [16] - **Market Logic**: Short - term, egg prices are in a low - range, and focus on downstream consumption and inventory. Medium - term, egg supply pressure remains, and the upward momentum of spot prices is limited. Long - term, the increasing scale of egg production may limit price increases, and wait for over - culling to drive capacity reduction [17] - **Trading Strategy**: Wait for short - selling opportunities in near - month contracts after inventory accumulation. In the medium - to - long - term, focus on whether low prices can drive culling and capacity reduction. Currently, supply pressure exists before the second quarter next year, and whether the second quarter can be a turning point depends on first - quarter culling [18]

| | 申银万国期货研究所 陆甲明 （从业编号F3079531 交易咨询号Z0015919） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | lujm@sywgqh.com.cn 021-50583880 | | | | | | | | | | | LL | | | PP | | | | | 1月 | 5月 | 9月 | 1月 | 5月 | 9月 | | | 前日收盘价 | 6433 | 6476 | 6514 | 6202 | 6279 | 6303 | | 期 | 前2日收盘价 | 6439 | 6479 | 6514 | 6196 | 6254 | 6287 | | 货 | 涨跌 | -6 | -3 | 0 | 6 | 25 | 16 | | 市 | 涨跌幅 | -0.09% | -0.05% | 0.00% | 0.10% | 0.40% | 0.25% | | 场 | 成交量 | 56414 | 420481 | 9818 | 68916 | 330436 | 8421 | | | 持仓量 | 105482 | ...

投资咨询业务资格：证监许可【2012】669号 能源化⼯组研究团队 中信期货研究|能源化⼯策略⽇报 2025-12-19 地缘仍扰动原油市场，化⼯预期⼒量开 始主导 美国劳工统计局周四公布的数据显示，剔除波动性较大的食品和能源 的核心消费者价格指数(CPI)11月同比上涨2.6%，同比增速创2021年初以 来最低，持续数月顽固的物价压力有所缓和。CPI公布后，美国股指期货 扩大涨幅，美债收益率和美元走低。受元旦和新年假期的临近，原油成交 略降，这可能会放大价格波动。美国如何制裁俄罗斯，迫使后者愿意进行 和平谈判，以及委内瑞拉的原油供应受影响程度，这是近期影响油价的关 键变量。 板块逻辑： 随着大部分化工主力逐步从01合约转向05合约，预期交易将慢慢成为 主线，因当前距离05合约有近半年的时长。化工实际需求逐步进入淡季， 开工在冬季通常处于较高开工，化工05合约当前更是一种偏震荡态势。即 使春季检修规模较大，当前的高库存如何消化，春节期间下游停工又会有 新的累库，这部分压力如何缓解，这些都会加大05的波动率。苯乙烯周度 自身开工环比增2.4%，下游开工下降2-3%不等；PTA自身开工环比持平， 下游聚酯维持在9 ...

1. Report's Industry Investment Rating - All recommended investment stances for corn, live pigs, and eggs are "wait - and - see" [1][3] 2. Report's Core View - For corn, in the short - term, the spot price fluctuates due to a mix of long and short factors, and the progress of farmers' grain sales should be monitored; in the medium - term, there is seasonal selling pressure before the Spring Festival after New Year's Day, and the upside of the spot price is limited, with a wide - range trading approach recommended; in the long - term, the pricing logic is import substitution plus planting cost, with a focus on policy guidance [1] - For live pigs, in the short - term, the approaching Winter Solstice boosts short - term stocking sentiment, but the upward space of pig prices is limited due to supply pressure; in the medium - term, the expected increase in supply before March next year restricts price increases, and the supply pressure may ease from April; in the long - term, supply pressure exists before September next year and may weaken after September if sow inventory continues to decline [1][3] - For eggs, in the short - term, egg prices operate in a low - level range, and attention should be paid to downstream consumption and inventory changes; in the medium - term, the supply pressure of eggs has not been fully released, and the continuous upward momentum of the spot is limited; in the long - term, the continuous expansion of egg - laying hen farming scale may limit the upward space driven by chicken culling [3] 3. Summary by Related Catalogs Corn 3.1.1. Market Review - Last night, the corn futures fluctuated within a narrow range. As of the night - session close, the 2603 contract fell 0.27% to 2190 yuan/ton [1] 3.1.2. Important Information - The purchase prices of deep - processing enterprises in China were mainly weak and stable yesterday. The average purchase price in Northeast China was 2115 yuan/ton, unchanged from the previous day, and that in North China was 2271 yuan/ton, down 3 yuan/ton from the previous day [1] - The prices at north - south ports were slightly weaker and stable yesterday. The purchase price of second - grade corn with 15% moisture at Jinzhou Port was 2240 - 2250 yuan/ton, unchanged from the previous day, and the bulk grain transaction price at Shekou Port was 2400 yuan/ton, down 20 yuan/ton from the previous day [1] - On December 18, the number of corn futures warehouse receipts decreased by 1163 lots to 53277 lots compared with the previous trading day [1] - On December 18, the wheat - corn price difference in Shandong was 220 yuan/ton, narrowing by 10 yuan/ton from the previous day [1] - China's corn imports in November 2025 totaled 560,000 tons, the highest this year. The cumulative imports from January to November were 1.87 million tons, a year - on - year decrease of 86.08%; the cumulative imports from October to November in the 2025/26 season were 920,000 tons, a year - on - year increase of 67.27% [1] 3.1.3. Market Logic - In the short - term, the spot price fluctuates due to a mix of long and short factors, and the progress of farmers' grain sales should be monitored; in the medium - term, there is seasonal selling pressure before the Spring Festival after New Year's Day, and the upside of the spot price is limited. The auction of policy - sourced grains in the second quarter next year may form an effective supply; in the long - term, the pricing logic is import substitution plus planting cost, with a focus on policy guidance [1] 3.1.4. Trading Strategy - Adopt a range - trading approach in the medium - and long - term; currently, it is recommended to wait and see or focus on short - term trading. The support levels for the 2601 contract are 2200 - 2220, and those for the 2603 contract are 2180 - 2190 [1] Live Pigs 3.2.1. Market Review - Yesterday, live pig futures fluctuated weakly. The 2603 contract fell 1.18% to 11325 yuan/ton [1] 3.2.2. Important Information - The national average price of live pigs was 11.7 yuan/kg yesterday, up 0.1 yuan/kg from the previous day. It is expected that the pig prices will rise and fall mixed this morning [1] - According to official data, the inventory of reproductive sows in October 2025 was 39.9 million, falling below 40 million for the first time in 17 months [1] - The number of new - born piglets increased month - on - month from January to September this year (only decreased in July), indicating an increasing trend in live pig slaughter before March next year; the number of new - born piglets decreased month - on - month in October, and the supply pressure may ease from April next year [1] - As of December 18, the average slaughter weight of live pigs was 124.47 kg, an increase of 0.09 kg from the previous week [1] - On December 18, the price difference between fat and standard live pigs was 0.35 yuan/jin, unchanged from the previous day [1] - On December 18, the number of live pig futures warehouse receipts remained unchanged at 823 lots [1] 3.2.3. Market Logic - In the short - term, the approaching Winter Solstice boosts short - term stocking sentiment, but the upward space of pig prices is limited due to supply pressure; in the medium - term, the expected increase in supply before March next year restricts price increases, and the supply pressure may ease from April; in the long - term, supply pressure exists before September next year and may weaken after September if sow inventory continues to decline [1][3] 3.2.4. Trading Strategy - The 2601 contract follows the basis - repair logic of spot trading, and attention should be paid to the impact of warehouse receipt quantity on the market; the 2603 contract's pressure has been verified and returns to range operation; the far - month contracts trade the expected difference in capacity reduction driven by policies. If the sow inventory continues to decline, low - buying opportunities after September next year can be considered [3] - The pressure level for the 2601 contract is 11400, and the support level moves down to 11000; the pressure levels for the 2603 contract are 11500 - 11600, and the short - term support level returns to 11200; the pressure level for the 2605 contract is 12000, and the support level is 11800; the pressure levels for the 2607 contract are 12700 - 12800, and the support level is 12500; the pressure level for the 2609 contract is 13600, and the short - term support level is 13400. Attention should be paid to the direction after the range breakout [3] Eggs 3.3.1. Market Review - Yesterday, egg futures showed a pattern of near - term weakness and far - term strength. The 2602 contract fell 0.48% to 2916 yuan/500KG [3] 3.3.2. Important Information - The spot price of eggs was mainly stable with a slight increase yesterday. The average price in the main production areas was 3.04 yuan/jin, up 0.01 yuan/jin from the previous day, and that in the main sales areas was 3.4 yuan/jin, unchanged from the previous day [3] - The inventory was slightly increased and stable yesterday. The average inventory in the national production link was 1.01 days, an increase of 0.01 days from the previous day, and the inventory in the circulation link was 1.12 days, unchanged from the previous day [3] - In terms of culled chickens, the average price of Hy - Line brown old hens in the mainstream market was 3.94 yuan/jin, unchanged from the previous day. As of December 18, the weekly culling age of old hens was 486 days, unchanged from the previous week [3] - According to Zhuochuang Information, the inventory of laying hens in November was about 1.352 billion, a month - on - month decrease of 0.52% and a year - on - year increase of 5.30%. The theoretical estimated inventory of laying hens in December is 1.345 billion, a month - on - month decrease of 0.52% [3] 3.3.3. Market Logic - In the short - term, egg prices operate in a low - level range, and attention should be paid to downstream consumption and inventory changes; in the medium - term, the supply pressure of eggs has not been fully released, and the continuous upward momentum of the spot is limited; in the long - term, the continuous expansion of egg - laying hen farming scale may limit the upward space driven by chicken culling [3] 3.3.4. Trading Strategy - Previously, it was continuously suggested to pay attention to the trading opportunities of the near - month contracts to collect the premium after the price increase. Currently, it is recommended to wait for the confirmation of inventory accumulation again and then consider short - selling opportunities for the near - month contracts. In the medium - and long - term, it is necessary to focus on whether the chicken culling behavior driven by low prices can continue and whether the culling intensity can start the actual capacity reduction, and then determine the trading direction for next year. Currently, it is difficult to effectively clear the capacity before the second quarter next year, and the supply pressure still exists. Whether the second quarter can be a turning point depends on the chicken culling situation in the first quarter [3]

一、AI 全流程助攻，交易决策快人十倍 期货交易拼的不仅是速度，更是精准度 —— 新浪财经 APP 的 "喜娜 AI 助手"，堪称交易者的 "智能大 脑"。 它能 30 秒拆解万字财报，自动提炼影响期货品种的核心数据：比如美国 CPI 报告发布后，AI 瞬间标注 "通胀超预期或压制贵金属"，并同步关联沪金、纽期银的行情波动区间。对专业交易者更实用的是 AI 策略工厂：内置 200 个因子库，支持 Python 策略回测，输入 "原油跨期套利" 关键词，就能生成历史胜 率数据，避免盲目试错。 就连风险控制都能智能前置：当你的沪铜持仓面临强平风险，AI 会结合现货升贴水、主力席位变动发 送预警，还附带永安期货的风控建议。有短线交易者实测："以前算保证金要查 5 个网页，现在 AI 一键 算出最优持仓比例，开盘前就能做好预案。" 二、社区生态破局，一手信息直连市场 期货市场的盈利机会，往往藏在 "数据之外的细节" 里 —— 新浪财经 APP 的期货社区，正是微观信息 的 "集散地"。 这里聚集了 82% 的认证分析师和产业人士：钢厂贸易商实时分享螺纹钢库存变化，种植户播报大豆长 势，甚至有港口从业者晒出原油到港清单 ...

期货交易的胜负，往往藏在 "差一秒" 的行情里 —— 而新浪财经 APP 的行情功能，堪称期货投资者的 "全球雷达"。 它直接打通了国内外 10 大核心交易所数据通道：国内上期所、郑商所等四大所的主力合约实时更新， 外盘纽约商品交易所的原油、伦敦金属交易所的铂钯同步呈现。更关键的是数据速度：依托分布式技术 架构，行情延迟低至毫秒级，即便凌晨美原油突发跳涨，也能第一时间推送提醒，避免错过开盘良机。 对交易者更实用的是专业工具包：K 线图可叠加 MACD、布林带等 10 余种指标，自选合约支持主力连 续显示，独家的 "持仓分析" 能实时追踪纽期铂、沪铜等品种的主力席位增减。就像老投资者说的："以 前看外盘要切软件，现在一个 APP 里能盯完国内外品种，主力动向看得明明白白。" 一、行情全到无死角，毫秒级响应抓准波动节奏 二、资讯快且有深度，信息差里挖盈利机会 期货市场从来是 "信息战"，新浪财经 APP 的资讯能力正是破局关键。其核心优势在于 "快、全、专" 的 三重保障： 7×24 小时不间断的资讯团队，能第一时间捕捉美联储降息、OPEC + 减产等关键消息 ——2025 年 12 月 美联储降息 25BP 的 ...

敬请阅读末页的重要说明 期货研究 | | 至 1.31 万吨；再生铅开工率因原料到货不佳下滑至 45.4%，成品库存止跌回升。需求端，铅蓄电池开工率微 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 升至 74.64%，汽车蓄电池更换需求因天气转冷而向好，但企业采购多维持刚需。库存方面，五地铅锭社会库 | | | | | | | | | | | | | 存略降至 2.05 万吨，但沪铅 2512 合约临近交割，存在交仓导致显性库存累积的可能。价格方面，伦铅受 LME | | | | | | | | | | | | | 高贴水拖累重心下移，国内现货流通货源预计收紧，对价格形成一定支撑。原料端，铅精矿市场成交清淡， | | | | | | | | | | | | | 加工费持稳，银价高企对成本构成支撑。 | | | | | | | | | | | | | 交易策略：区间操作，高抛低吸。 | | | | | | | | | | | | | 风险提示：1. 交割后库存 ...