Core Viewpoint - The construction of a national unified market is a strategic initiative aimed at facilitating domestic circulation, breaking regional barriers, optimizing resource allocation, and enhancing the resilience of industrial and supply chains, with the futures and spot markets playing a crucial role in this process [2]. Group 1: Market Integration and Innovation - Shandong Port Group's investment holding company has aligned with national strategic deployments, focusing on futures-spot integration innovation to enhance market functions and strengthen collaborative empowerment [2]. - The company has achieved a comprehensive futures-spot market system, becoming the first in the nation to implement a full license layout, integrating clearing houses, futures companies, risk management subsidiaries, delivery centers, and spot trading centers [2]. Group 2: Supply Chain Solutions - To address liquidity pressures faced by LPG clients, the company has developed a sales-based procurement model utilizing port inventory and electronic warehouse receipts, successfully activating 21,400 tons of LPG inventory [3]. - The company has explored a comprehensive service model for the rubber industry, helping partners save over 10% in production costs annually by eliminating intermediary trade markups and using futures tools to mitigate price volatility risks [3]. Group 3: Risk Management and Cost Reduction - The company has created an integrated supply chain service plan to manage risks associated with iron ore price fluctuations and variable import costs, effectively lowering overall costs for enterprises [4]. - A collaboration with Xinhua News Agency has led to the establishment of a commodity index system that provides authoritative price benchmarks, enhancing market monitoring and risk prevention capabilities [4]. Group 4: Technological Advancements - The company has launched the "Port Cloud Warehouse" electronic warehouse receipt service platform, leveraging advanced technologies like blockchain and big data, facilitating over 21 billion yuan in financing for clients [5]. - Regular cross-border RMB settlement for crude oil transactions has been established, promoting international market connectivity and resource allocation efficiency [5]. Group 5: Future Development and Strategic Goals - The company aims to continue enhancing its service capabilities and deepen futures-spot integration to support the construction of a national unified market and contribute to high-quality economic development [6].

作为全国首个大宗商品资源配置枢纽建设省份，浙江再出关键举措。近日，浙江省政府办公厅印发《打造大宗商品期现一 体化场外市场推进大宗商品资源配置枢纽建设实施方案》（下称《方案》），于2025年12月1日正式施行。 《方案》以六大任务、26条具体举措构建期现联动生态，明确分阶段发展目标，助力浙江从大宗商品"贸易大省"向"资源配 置强省"转型，推动实体经济与金融市场深度融合。 锚定双阶段目标 构建期现融合长效机制 《实施方案》设定了清晰的阶梯式发展路径：到2027年末，全省大宗商品现货交易规模稳步增长，一批贴合产业需求的大 宗商品价格指数将完成研究发布，为市场定价提供"浙江参考"；到2030年末，现货交易规模持续扩大，价格指数影响力辐射全 国乃至亚太地区，形成与浙江石化、钢材等优势产业高度适配的成熟期现结合模式，期现一体化场外市场对产业链供应链的赋 能作用全面彰显，基本建成国内领先的大宗商品资源配置枢纽。 这一目标与浙江自贸试验区大宗商品资源配置枢纽建设一脉相承。此前国务院批复的相关建设方案已推动浙江形成59项制 度创新案例，此次《方案》的落地，将进一步完善"交易+物流+金融+数据"的全链条服务体系，巩固浙江在大宗商 ...

Market Overview - Global commodity prices mostly increased, with international oil prices showing active performance; ICE Brent crude futures rose by 1.04%, and NYMEX WTI crude futures also increased by 1.04% [1] - Precious metal futures saw significant gains, with COMEX gold futures up by 0.45% and COMEX silver futures rising sharply by 4.13% [1] - London base metals collectively rose, with LME copper increasing by 1.25% and LME aluminum up by 2.27% [1] Policy and Regulatory Developments - Six departments jointly released an implementation plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with the formation of three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [2] - The Guangxi Futures Exchange announced that platinum futures will be listed on November 27, 2025, with a base price of 405 yuan per gram for various contracts, while palladium futures will also be listed on the same date with a base price of 365 yuan per gram [2] - Zhejiang Province issued a plan to build an integrated off-market trading hub for bulk commodities, aiming for steady growth in spot trading scale by the end of 2027 and an expanded influence of commodity price indices by the end of 2030 [2] Commodity Insights - Recent weak economic data from the U.S. has increased the probability of a Fed rate cut in December, with the dollar index falling to 99.59; this has led to fluctuations in precious metals, particularly a significant rise in COMEX silver [4] - Domestic electrolytic aluminum prices saw a slight decline, averaging 21,390 yuan per ton, down by 50 yuan per ton, influenced by weak external markets and geopolitical tensions in East Asia [4] - The aluminum market is expected to remain volatile, with a projected trading range of 21,000 to 21,600 yuan per ton, as supply disruptions and macroeconomic shifts are anticipated [5] Livestock Market - The short-term outlook for the pig market indicates a phase of strong supply and weak demand, with prices expected to remain low; attention is needed on the impact of short-term stockpiling on market sentiment [6] - The mid-term forecast suggests an increase in pig supply due to the number of new piglets, which may limit price increases; however, if disease impacts are excluded, supply is expected to continue until September next year [6] - Long-term, a significant decrease in the number of breeding sows may ease supply pressure after September next year, presenting potential low-buy opportunities if the trend continues [6]

Core Viewpoint - The Zhejiang Provincial Government has issued a plan to establish an integrated off-market trading platform for bulk commodities, aiming to enhance resource allocation and trading efficiency in the region [1] Group 1: Trading Platform Development - The plan includes the construction of a spot trading platform, which will be developed in phases based on the integration of existing platforms like the Zhejiang International Oil and Gas Trading Center [1] - The platform will operate under a unified leadership, structure, accounts, operations, standards, and team [1] Group 2: Trading Volume and Product Focus - There is an emphasis on increasing trading volume on the spot trading platform, particularly focusing on refined oil and chemical bulk commodities [1] - The platform will also expand its business scope to include steel, plastics, and rubber, which are identified as advantageous products [1] Group 3: Encouragement for Industry Leaders - Leading enterprises in the petrochemical sector are encouraged to establish sales zones on the spot trading platform [1] - The plan includes exploring cooperation on national reserve iron ore rotation business, subject to approval from relevant national authorities [1] Group 4: Integration with Futures Market - The initiative aims to explore integrated development between spot and futures markets [1] - The establishment of a basis quotation area on the spot trading platform is proposed, along with the introduction of real-time market data from futures exchanges [1] - There is a focus on expanding the coverage and scale of delivery warehouses for key trading varieties in collaboration with futures exchanges [1]

Core Viewpoint - The Zhejiang Provincial Government has issued a plan to enhance the integration of spot and futures markets for bulk commodities, aiming to establish a resource allocation hub for these commodities [1] Group 1: Strategic Initiatives - The plan emphasizes connecting domestic commodity futures exchanges and deepening strategic cooperation with the Shanghai Futures Exchange [1] - It promotes innovative models such as stable price orders to enhance market stability [1] Group 2: Market Development - The initiative aims to deepen the linkage between spot trading platforms and commodity futures exchanges, fostering new models for futures and spot integration [1] - Support is provided for collaboration with commodity futures exchanges on delivery warehouses for iron ore and other commodities [1]

人民财讯11月26日电，浙江省人民政府办公厅近日印发《打造大宗商品期现一体化场外市场推进大宗商 品资源配置枢纽建设实施方案》，其中提出，推动现货交易平台交易增量持续增长。巩固以成品油、化 工类大宗商品为核心的交易板块，常态化开展线上交易。聚焦钢材、塑料、橡胶等优势品种拓展业务范 围。鼓励石化领域龙头企业在现货交易平台开设销售专区。在获得国家相关主管部门批准的前提下，探 索开展国储铁矿石轮动业务合作。 ...