新能源及有色金属日报 | 2026-01-06 资金与情绪推动，碳酸锂价格维持强势 市场分析 2026-01-05，碳酸锂主力合约2605开于125000元/吨，收于129980元/吨，当日收盘价较昨日结算价变化7.74%。当日 成交量为343623手，持仓量为515292手，前一交易日持仓量490194手，根据SMM现货报价，目前基差为-4360元/ 吨（电碳均价-期货）。当日碳酸锂仓单20281手，较上个交易日变化0手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价117000-122000元/吨，较前一交易日变化1000元/吨，工业级碳酸 锂报价115000-119000元/吨，较前一交易日变化1500元/吨。6%锂精矿价格1568美元/吨，较前一日变化18美元/吨。 昨日碳酸锂跳空高开高走并放量增仓，主要是受到资金与情绪的推动，2025年下半年碳酸锂价格半年翻倍的强势 表现延续了市场多头预期，2026年首个交易日新多资金积极入场，且有色金属板块整体走强带动风险偏好提升， 推动价格突破前期震荡区间;技术面则呈现大阳线突破形态，均线多头排列吸引技术面资金跟进，尽管未能顺利突 破13万元/吨关口，但未改变供 ...

日期 2025 年 12 月 31 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 行业 锌期货日报 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2601 | 23060 | 23335 | 23385 | 23060 | 115 | 0.50 | 11254 | -2476 | | 沪锌 | 2602 | ...

行业 锌期货日报 日期 2025 年 12 月 30 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2601 | 23130 | 23200 | 23425 | 22980 | 90 | 0.39 | 13730 | -3358 | | 沪锌 | 2602 | ...

Group 1: Report Title and Main Topics - The report focuses on the silicon ferroalloy (silicon iron and ferromanganese) market, with titles "Silicon Iron: A Large Number of Warehouse Receipts Registered, Pay Attention to Position Risk" and "Ferromanganese: Cost Bottom Support, Wide - Range Fluctuation" [2][3] Group 2: Analyst Information - The analyst is Li Yafei (Investment Consultation Qualification Number: Z0021184), and the contact person is Jin Yuanyuan (Futures Qualification Number: F03134630) [3] Group 3: Fundamental Data Futures Market - Silicon iron 2603 contract closed at 5448 yuan/ton, down 8 yuan from the previous trading day, with a trading volume of 316,787 and an open interest of 217,611; silicon iron 2605 contract closed at 5408 yuan/ton, down 2 yuan, with a trading volume of 11,427 and an open interest of 33,842 - Ferromanganese 2601 contract closed at 5636 yuan/ton, up 6 yuan, with a trading volume of 120,736 and an open interest of 384,812; ferromanganese 2605 contract closed at 5698 yuan/ton, up 6 yuan, with a trading volume of 22,886 and an open interest of 117,466 [3] Spot Market - The summary price of silicon iron FeSi75 - B in Inner Mongolia was 5150 yuan/ton; the price of ferromanganese FeMn65Si17 in Inner Mongolia was 5520 yuan/ton; the price of manganese ore Mn44 lump was 41.0 yuan/ton - degree, up 0.3 yuan; the price of semi - coke small material in Shenmu was 820 yuan/ton [3] Price Spreads - The spot - futures price spread of silicon iron (spot - 03 futures) was - 298 yuan/ton, up 8 yuan; the spot - futures price spread of ferromanganese (spot - 01 futures) was - 116 yuan/ton, down 6 yuan - The near - far month price spread of silicon iron 2603 - 2605 was 40 yuan/ton, down 6 yuan; the near - far month price spread of ferromanganese 2601 - 2605 was - 62 yuan/ton, unchanged - The cross - variety price spread of ferromanganese 2603 - silicon iron 2603 was 204 yuan/ton, up 10 yuan; the cross - variety price spread of ferromanganese 2605 - silicon iron 2605 was 290 yuan/ton, up 8 yuan [3] Group 4: Macro and Industry News - On November 25th, the price range of 72 silicon iron in Shaanxi was 5050 - 5150 yuan/ton, in Ningxia was 5100 - 5200 yuan/ton (down 25 yuan), in Qinghai was 5100 - 5200 yuan/ton, in Gansu was 5100 - 5200 yuan/ton (down 50 yuan), and in Inner Mongolia was 5100 - 5200 yuan/ton; the price range of 75 silicon iron in Shaanxi was 5700 - 5750 yuan/ton, in Ningxia was 5600 - 5700 yuan/ton, in Qinghai was 5600 - 5650 yuan/ton, in Gansu was 5600 - 5700 yuan/ton, and in Inner Mongolia was 5650 - 5700 yuan/ton. The FOB price of 72 silicon iron was 1020 - 1040 US dollars/ton (down 10 US dollars), and the FOB price of 75 silicon iron was 1090 - 1120 US dollars/ton (down 10 - 20 US dollars) - The northern quotation of 6517 ferromanganese was 5500 - 5600 yuan/ton, and the southern quotation was 5600 yuan/ton [3] Group 5: Trend Intensity - The trend intensity of silicon iron is 0, and the trend intensity of ferromanganese is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The supply and demand of coking coal and coke are both increasing. The peak demand season and pre - holiday restocking by downstream enterprises support the price - holding confidence in the raw material market. The futures market maintains a wide - range volatile operation, and investors should pay attention to position - holding risks before the holiday [2] Group 3: Summary by Relevant Catalogs Market Performance - In the past two days, the prices of coking coal and coke futures have been fluctuating weakly, driving the overall sector to weaken. On the spot market, coal prices in many places have remained stable after a continuous small - scale rebound. Due to increased costs, coke enterprises in many places plan to raise coke prices for the first time [2] Fundamental Analysis - Tangshan is affected by environmental protection policies and requires enterprises to prepare for hard emission - reduction measures before the end of September. However, most of the production restrictions are voluntary, and the actual implementation of production cuts is average. The daily average pig iron output last week increased by 13,400 tons to 2.4236 million tons, and the consumption of raw materials remains at a high level. Steel mills are generally profitable, and in the short - term, as the National Day holiday approaches, the downstream restocking enthusiasm is high, and the inventory of coking coal and coke is further transferred from upstream to downstream [2] Supply - side Situation - At the coal mine end, the production of previously resumed coal mines in Linfen, Shanxi has returned to normal, and the output has continued to rise. Coupled with the increased production of a large mining group in Qinyuan, Changzhi, the output has increased significantly. The daily average output of clean coal last week was 772,000 tons, a month - on - month increase of 11,000 tons and a year - on - year decrease of 26,000 tons. It is expected that the output of coal mines in the main producing areas of Shanxi will not fluctuate much this week, but some coal mines have reported that there will be a short - term shutdown for maintenance during the National Day holiday, and the output may decline slightly during this period [2]