1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - The overall market on Thursday showed a widespread decline. The A - share market was affected by factors such as the Fed's interest rate cut and corporate earnings reports, and it may continue to explore the bottom on Friday. The bond market continued to repair, with the long - end performing stronger. In the agricultural product market, different varieties had different trends, with some showing potential for a rebound and some in a state of shock. The black metal market was affected by factors such as raw material prices and policies, and steel prices were weakly volatile. The non - ferrous metal market was generally driven by the weakening of the US dollar, with some metals rising. The energy and chemical market was under pressure from supply and demand, and most varieties showed a weakening trend [19][22][28]. 3. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - On Thursday, the market fell across the board. The Shanghai Composite Index and other major indices declined, and stock index futures also followed the decline of the spot market. The Fed's interest rate cut and corporate earnings reports affected market sentiment. On Friday, the A - share market may explore the bottom due to inertia, and it is recommended to wait for the market to oversell and then go long on the dips. Consider IM\IC futures - spot arbitrage when the discount widens, and use bullish spreads for options [19][20][21]. Treasury Bond Futures - On Thursday, treasury bond futures closed up across the board. The central economic work conference's statements on fiscal and monetary policies weakened the probability of an unexpected fiscal policy next year and made policy rate cuts still expected. It is recommended to partially take profits on long positions in TL contracts on rallies and pay attention to potential futures - spot arbitrage opportunities in TF contracts [22][23]. Agricultural Products Protein Meal - CBOT soybean index rose slightly, and the US soybean export sales data showed some changes. In the context of a potentially large harvest in South America, international soybeans have a limited upside, but the domestic soybean meal may have a phased rebound due to factors such as profit losses. It is recommended to lay out a small number of long positions, narrow the MRM spread, and sell wide - straddle options [27][28]. Sugar - International sugar prices were oscillating at a low level, and domestic sugar prices also showed a similar trend. Brazil's sugar production was approaching the end of the season, and the supply pressure was gradually easing. In China, although the new sugar season had an increasing production, the high production cost provided some support. It is recommended to build long positions on the dips, wait and see for arbitrage, and sell put options at low levels [31][33]. Oilseeds and Oils - The external market of oils showed different trends. Malaysian palm oil had a risk of inventory accumulation, while domestic soybean oil was gradually reducing inventory, and rapeseed oil was expected to continue to reduce inventory. It is recommended to conduct short - term long - short trading in a band - trading manner, and wait and see for arbitrage and options [35][36]. Corn/Corn Starch - The external market of corn stabilized, while the domestic northeast corn price was weak, and the port price declined. The 03 corn contract was expected to be weakly volatile. It is recommended to go long on the dips for the 03 contract on corrections, go long on the 05 and 07 contracts on long - term declines, conduct 3 - 7 corn reverse arbitrage, and wait and see for options [39][40]. Live Pigs - The spot price of live pigs was generally stable, but the overall supply pressure still existed. It is recommended to mainly hold short positions, wait and see for arbitrage, and sell wide - straddle options [41][42]. Peanuts - The peanut spot price was stable, and large - scale oil mills started to purchase. The 01 peanut contract may have a downward space. It is recommended to lightly go short on the 01 peanut contract on rallies, conduct 1 - 5 peanut reverse arbitrage, and sell pk603 - C - 8200 options [44][46]. Eggs - Egg prices were mainly stable. The recent reduction in the number of culled chickens had eased the supply pressure. It is recommended to expect the near - term contracts to oscillate in a range and consider building long positions on the far - term contracts on the dips, wait and see for arbitrage and options [47][49]. Apples - The apple inventory was low, and the fundamentals were strong. It is recommended that the apple price may oscillate at a high level, conduct long 1 and short 10 arbitrage, and wait and see for options [52][53]. Cotton - Cotton Yarn - The external market of cotton was weak, but the domestic new cotton sales were good, and there were positive factors such as a possible reduction in the planting area in Xinjiang next year. It is recommended to go long on the dips, wait and see for arbitrage and options [56][58]. Black Metals Steel - Affected by raw materials such as coal and coke, steel prices were weakly volatile. Although the steel inventory continued to decline, the demand was affected by the season. It is recommended that the steel price will continue to be weakly volatile, short the coil - coal ratio and the coil - rebar spread on rallies, and wait and see for options [62][63]. Coking Coal and Coke - Mongolia planned to increase coal exports, and the market expected a weak trend. The coking coal price continued to decline, and the spot price was also weak. It is recommended that the double - coking futures will continue to be weakly volatile [65][66]. Iron Ore - The supply of iron ore was generally stable, and the domestic demand for steel products was weak. It is recommended to adopt a bearish view on iron ore, wait and see for arbitrage and options [72][73]. Ferroalloys - For ferrosilicon, the cost had some support, but the demand was under pressure. For ferromanganese, the cost was rising, but the demand was also weak. It is recommended that ferroalloys will oscillate at the bottom, wait and see for arbitrage, and sell out - of - the - money straddle option combinations [74][75]. Non - Ferrous Metals Gold and Silver - Affected by the weakening of the US dollar, gold and silver prices rose. It is recommended to hold long positions in gold and silver based on the 5 - day moving average, wait and see for arbitrage, and buy out - of - the - money call options for silver [77][78]. Platinum and Palladium - Driven by the weakening of the US dollar and the bullish trend of precious metals, platinum and palladium showed a phased upward trend. It is recommended to go long on platinum on the dips based on the 5 - day moving average, wait and see for palladium, conduct long platinum and short palladium arbitrage, and buy out - of - the - money call options [81][82]. Copper - The copper price reached a new high due to the weakening of the US dollar. Although the supply was tight in 2026, the downstream demand was insufficient. It is recommended that the copper price will be strongly volatile, pay attention to inter - period positive arbitrage opportunities, and wait and see for options [84][88][89]. Alumina - The alumina price was weak due to slow warehouse receipt digestion and high inventory. It is recommended that the alumina price will continue to be weak, wait and see for arbitrage and options [91][93]. Electrolytic Aluminum - Driven by macro and micro factors, the aluminum price rebounded. It is recommended that the aluminum price will be strongly driven by the macro - fundamentals, wait and see for arbitrage and options [97][98]. Cast Aluminum Alloy - Affected by the market sentiment, the aluminum alloy showed a strong trend. The spot market was weak, and the demand was weakening. It is recommended that the aluminum alloy will be strong along with the sector, wait and see for arbitrage and options [98][101]. Zinc - The zinc price was strongly volatile due to the reduction of domestic social inventory. It is recommended to hold long positions and wait and see for arbitrage and options [103][104]. Lead - The lead price oscillated in a range. The domestic supply of secondary lead had a reduction expectation, but the consumption was gradually weakening. It is recommended to try short positions on rallies [107][108]. Nickel - The nickel price oscillated downward due to the oversupply situation. It is recommended that the nickel price will continue to decline, wait and see for arbitrage, and sell out - of - the - money call options [109][111][112]. Stainless Steel - Affected by the decline of the nickel price, the stainless steel price oscillated at a low level. It is recommended that the stainless steel price will oscillate at a low level, wait and see for arbitrage [113][114]. Industrial Silicon - Affected by the air pollution warning in Xinjiang, the industrial silicon price may be adjusted in the short term. It is recommended to stop losses on short positions, and aggressive investors can participate in short - term long positions, conduct long polysilicon and short industrial silicon arbitrage, and stop losses on selling out - of - the - money call options [115]. Polysilicon - Although the downstream demand was under pressure, the polysilicon enterprises had a strong willingness to support the price. It is recommended to buy on corrections, wait and see for arbitrage, and buy both call and put options [116][117]. Lithium Carbonate - The lithium carbonate price was running at a high level, but there was a pressure of inventory accumulation in the medium term. It is recommended to buy after a sufficient correction in the medium term, wait and see for arbitrage, and sell out - of - the - money call options on rallies [119][120]. Tin - Due to the escalation of the conflict in the Democratic Republic of the Congo, the tin price rose strongly. It is recommended that the tin price will be strong in the near future, wait and see for options [120][122]. Shipping Container Shipping - The spot freight rate showed some improvements. The 02 contract had incorporated some price - increase expectations and was expected to oscillate at a high level in the short term. It is recommended to partially take profits and partially hold long positions in the EC2602 contract and wait and see for arbitrage [125][126]. Energy and Chemicals Crude Oil - The crude oil supply - demand pressure was difficult to change, and the price oscillated weakly. It is recommended to be bearish on the short - term trend, the domestic gasoline is neutral, the diesel is weak, and the crude oil inter - month spread is weak, and wait and see for options [128][129]. Asphalt - The asphalt price was affected by the decline of crude oil prices and was expected to be weakly volatile. It is recommended that the BU2602 contract will oscillate weakly, wait and see for arbitrage, and sell out - of - the - money call options for the BU2602 contract [131][132][133]. Fuel Oil - The low - sulfur fuel oil supply was frequently disturbed by device changes, and the high - sulfur fuel oil was expected to be weakly stable. It is recommended that the fuel oil price will be weakly volatile, the low - sulfur cracking is neutral, the high - sulfur cracking is weak, and wait and see for options [134][136][137]. PX & PTA - The PX supply was abundant, and the PTA had an expectation of inventory accumulation. It is recommended that the PX & PTA price will be weakly volatile, conduct PTA1 and 5 contract reverse arbitrage, and sell both options [138][139][140]. BZ & EB - The pure benzene supply was stable and the demand decreased, and the benzene - styrene basis weakened. It is recommended that the price will be weakly volatile, wait and see for arbitrage and options [141][143][144]. Ethylene Glycol - The ethylene glycol inventory had a de - stocking pressure, and the price was falling. It is recommended that the price will be weakly volatile, wait and see for arbitrage, and sell out - of - the - money call options [145][146]. Short - Fiber - The short - fiber supply - demand situation was weak, and the processing fee was under pressure. It is recommended that the price will be weakly volatile, wait and see for arbitrage, and sell out - of - the - money call options [147][148]. Bottle Chips - The bottle chips supply - demand was relatively loose, and the processing fee lacked an upward drive. It is recommended that the price will be weakly volatile, wait and see for arbitrage, and sell out - of - the - money call options [150]. Propylene - The propylene inventory was high, and the price was under pressure. It is recommended to go short on rallies, wait and see for arbitrage, and sell call options [151][153]. Plastic PP - The PE capacity utilization rate was stable, and the PP production increased. It is recommended to wait and see for the L 2605 and PP 2605 contracts, pay attention to the pressure at recent high points, conduct long L2605 and short PP2605 arbitrage, and wait and see for options [154][155][156]. Caustic Soda - The caustic soda price was weak due to the large supply and weak demand. It is recommended that the price will be in a weak trend, wait and see for arbitrage and options [159][160]. PVC - The PVC price continued to decline due to the increase in supply and weak demand. It is recommended that the price will have difficulty in rebounding, wait and see for arbitrage and options [162][163][164]. Soda Ash - The soda ash supply increased and the demand decreased, and the price was weakening. It is recommended that the price will continue to be weak in the medium - long term, pay attention to the opportunity of short soda ash and long glass spread in the 05 contract, and wait and see for options [165][166][167]. Glass - The glass price oscillated downward due to the weak fundamental situation. It is recommended that the price will be in a weak trend, pay attention to the strategy opportunity of short soda ash and long glass in the 05 contract, conduct reverse arbitrage of 1 - 5 contracts, and wait and see for options [168][169][170]. Methanol - The methanol price continued to decline. It is recommended to go short on the 01 contract in the short term, pay attention to the 5 - 9 positive arbitrage, and wait and see for options [172][173]. Urea - The urea trading volume increased, but the futures price continued to decline. It is recommended that the price will be weakly volatile in the short - and medium - term, and pay attention to policy changes [174][175]. Pulp - The pulp spot price was strong, but the demand was mainly rigid. It is recommended to wait and see, and aggressive investors can try short positions based on the previous high, wait and see for arbitrage and options [176][178][179]. Logs - The log fundamentals were weakening. It is recommended to pay attention to the opportunity of going long on the 03 contract, gradually take profits on the 1 - 3 reverse arbitrage, and wait and see for options [181][183]. Offset Printing Paper - The supply pressure of offset printing paper remained high, and the transmission of high pulp prices was less than expected. It is recommended to conduct short operations, wait and see for arbitrage, and sell OP2602 - C - 4100 options [184][185][187]. Natural Rubber - The Thai rubber water - cup price difference continued to weaken, and the tire production increased month - on - month. It is recommended to try short positions on the RU 05 contract, hold long positions on the NR 02 contract, hold the RU2605 - NR2605 spread, and wait and see for options [188][190][191]. Butadiene Rubber - The high - cis butadiene rubber production decreased year - on - year and month - on - month. It is recommended to hold long positions on the BR 02 contract, hold the BR2602 - NR2602 spread, and wait and see for options [192][193][195].

Metal Market - Domestic base metals experienced a general increase, with the exception of zinc and nickel, which fell by 0.3% and 0.91% respectively. Tin led the gains with a rise of 1.02%, while copper increased by 0.8% [1] - Aluminum oxide futures dropped by 1.4%, reaching a historical low of 2462 yuan/ton, while casting aluminum futures rose by 0.36% [1] - Lithium carbonate futures surged by 3.97%, polysilicon futures increased by 1.32%, and industrial silicon futures rose by 0.06% [1] - In the black metal sector, iron ore, rebar, and hot-rolled coil all fell by over 1%, with iron ore down 1.3% [1] - Internationally, most base metals saw increases, except for nickel, which fell by 0.05% [1] Precious Metals - As of 15:03, COMEX gold rose by 0.32%, while COMEX silver surged by 2.16%, reaching a new high of $63.25/ounce [1] - Domestic gold and silver also saw increases, with Shanghai gold up 0.21% and Shanghai silver up 3.07%, the latter reaching a record of 14665 yuan/kg [1] Macro Environment - The People's Bank of China conducted a net withdrawal of 62.2 billion yuan through reverse repos, maintaining the operation rate at 1.40% [3] - The World Bank raised its 2025 economic growth forecast for China by 0.4 percentage points, citing supportive fiscal and monetary policies [3] - Jilin Province's planning document emphasized the need to manage risks in real estate, local government debt, and small financial institutions [3] Oil Market - As of 15:03, both WTI and Brent crude oil prices fell by 0.6% and 0.61% respectively, amid ongoing attention to peace talks in Ukraine [5] - The EIA reported a decrease in U.S. crude oil inventories by 1.812 million barrels to 425.69 million barrels, while gasoline and distillate inventories increased [5]

| | | | | | | 三十六年 - 文艺 - 一夜 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 2025/12/11 | 国贸期货出品 ITG国贸期货 | | | | | | | | | 投资咨询业务资格: 证监许可[2012] 31号 | | | | | | | | | 执业证号 黑色金属研究中心 投资咨询证号 | | | | | | | | | 张宝慧 F0286636 Z0010820 | | | | | | | | | 黄志鸿 F3051824 Z0015761 | | | | | | | | | 董子勖 F03094002 Z0020036 | | | | | | | | | 薛夏泽 F03117750 Z0022680 | | | 远月合约收盘价 | RB2610 | HC2610 | 12609 | J2605 | JM2609 | 7000 - 1000 | | | (元/吨) | | | | | | 6000 800 | | | 12月10日 | 3149.00 | 3292. 00 | 745 ...

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 ...

1. Report's Industry Investment Rating - No information provided about the industry investment rating. 2. Core Viewpoints - Steel products are expected to fluctuate weakly, with attention on macro - level disturbances. The supply - demand of five steel products shows a weakening trend, with pressure on furnace materials. Plate products have prominent inventory - reduction pressure, which restricts price increases and the willingness to hold goods. Iron - water production decline has a negative impact on cost support [1]. - Silicon iron and manganese silicon prices will follow the black - metal sector to fluctuate, with insufficient driving forces. Due to weakening steel prices, shrinking steel - mill profits, and reduced iron - water production, the direct demand for alloys is expected to decline. Although alloy - factory profits are poor, production remains relatively high, leading to supply over - capacity and inventory accumulation [2]. - For coking coal and coke, futures prices have dropped significantly, and there is no significant positive news from major meetings this week. On the spot side, a second round of coke price cuts is expected, and coking - coal auctions are weak. On the futures side, prices have hit new lows after breaking key positions, and the market sentiment is pessimistic [2]. - Iron ore faces significant upward pressure. In the short - term, port arrivals are increasing, and in the medium - term, inventory is expected to continue to rise under the pressure of reduced iron - water production. The decline in steel - mill profitability has affected production intentions, and the inventory pressure makes it difficult for the price to break through the upper limit of the oscillation range [2]. 3. Summary by Related Catalogs Futures Market - **Prices and Fluctuations**: On December 9th, for far - month contracts, RB2610 closed at 3111.00 yuan/ton (down 59.00 yuan, - 1.86%), HC2610 at 3258.00 yuan/ton (down 51.00 yuan, - 1.54%), etc. For near - month contracts (main contracts), RB2605 closed at 3079.00 yuan/ton (down 49.00 yuan, - 1.57%), HC2605 at 3252.00 yuan/ton (down 47.00 yuan, - 1.42%), etc [1]. - **Spreads and Ratios**: On December 9th, the cross - month spread of RB2605 - 2610 was - 32.00 yuan/ton, the volume - to - rebar spread was 173.00 yuan, the rebar - to - ore ratio was 4.06, etc [1]. Spot Market - **Steel Products**: On December 9th, Shanghai rebar was priced at 3240.00 yuan/ton (down 20.00 yuan), Tianjin rebar at 3140.00 yuan/ton (down 30.00 yuan), etc. Shanghai hot - rolled coil was 3230.00 yuan/ton (down 40.00 yuan), Hangzhou hot - rolled coil was 3270.00 yuan/ton (down 30.00 yuan), etc [1]. - **Raw Materials**: On December 9th, Qingdao Port's Super Special Powder was 667.00 yuan/ton (down 3.00 yuan), Ganqimaodu's coking refined coal was 1170.00 yuan/ton, etc [1]. Investment Strategies - **Steel Products**: Adopt a low - level oscillation approach for single - side trading; conduct rolling operations for hot - rolled coil futures - cash arbitrage or use options for procurement and sales [2]. - **Silicon Iron and Manganese Silicon**: Investment clients can short - sell on rallies, and industrial clients can use accumulated - strike options to protect their spot positions [2]. - **Coking Coal and Coke**: Temporarily adopt a wait - and - see strategy [2]. - **Iron Ore**: Hold short positions [2].

黑色商品日报 黑色商品日报（2025 年 12 月 10 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨天螺纹盘面继续下跌，截止日盘螺纹 2605 合约收盘价格为 3079 元/吨，较上一交易收盘价格 下跌 44 元/吨，跌幅为 1.41%，持仓增加 11.6 万手。现货价格继续下跌，成交回落，唐山地区迁安普方坯 | 窄幅整理 | | | 价格下跌 10 元/吨至 2940 元/吨，杭州市场中天螺纹价格下跌 30 元/吨至 3180 元/吨，全国建材成交量 | | | | 9.26 万吨。中央政治局会议指出明年经济工作要加大逆周期和跨周期调节力度，相对 2024 年会议未再提 | | | | "超常规"，但提了"跨周期"，或预示 2026 年将会更加注重存量政策效应的释放，增量政策加码的可能 | | | | 性有所降低。煤焦价格近日连续下跌，钢厂利润扩大，对黑色系商品走势形成拖累。预计短期螺纹盘面仍 | | | | 窄幅整理运行为主。 | | | 铁矿石 | 昨日铁矿石期货主力合约 i2605 价格有所下跌，收于 757.5 元/吨，较前 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The geopolitical news - driven rebound in oil prices has limited space and sustainability, and there is a downward drive for oil prices in the medium - to - long - term. Gold and silver markets are affected by US economic data and Fed meetings, and it's not advisable to chase high prices for precious metals before gold breaks through the previous high resistance. The prices of various metals, energy, chemicals, and agricultural products are influenced by factors such as supply - demand relationships, policy changes, and weather conditions, showing different trends of rise, fall, or shock [2][3]. Summary by Related Categories Energy - **Crude Oil**: Peace in the Russia - Ukraine conflict may lead to the lifting of sanctions on Russian companies and the release of restricted oil supplies. The US oil production is expected to set a larger - than - expected record. The market is concerned about the IEA's December report. The oil price rebound has mostly been reversed, and there is a greater expectation of inventory accumulation in the first quarter of next year, with a downward drive for oil prices in the medium - to - long - term [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The fuel oil market is influenced by multiple factors and follows the trend of crude oil. High - sulfur fuel oil supply is expected to be loose in the medium - term, and the demand drive is limited. Low - sulfur fuel oil supply pressure is relieved, but the demand lacks highlights. The overall supply - demand pattern is loose, and the short - term is expected to continue the shock pattern [19]. - **Asphalt**: Some refineries in Hebei have launched winter storage contracts, and the price is higher than market expectations. Some refineries in Shandong have switched to producing residue oil, and the supply has tightened, driving the market price up slightly. The decline of BU following the drop in crude oil prices is limited [20]. Metals - **Precious Metals**: The number of job openings in the US in October increased, silver reached a new high, and the gold - silver ratio continued to decline. The market focuses on the Fed meeting, and it's not advisable to chase high prices for precious metals before gold breaks through the previous high resistance [3]. - **Base Metals** - **Copper**: The copper price adjusted overnight, and some positions took profits when the Fed cut interest rates in December. The market is concerned about the adjustment, and some long positions can be held after taking partial profits [4]. - **Aluminum**: The Shanghai aluminum price fluctuated narrowly overnight. The medium - term upward trend remains unchanged, but the short - term fundamental contradiction is limited, and the overbought situation in the technical aspect is being repaired [5]. - **Zinc**: The long positions took profits at high prices, and the Shanghai zinc price tested the annual line support. The domestic zinc ingot output is expected to decrease in December, and the short - term inventory accumulation pressure is not large. The Shanghai zinc price is expected to rebound following the external market in the short - term, with a resistance level at 23,500 yuan/ton [8]. - **Lead**: The low price of lead reduces the willingness of holders to deliver to the warehouse. The inventory in the exchange is low, and there is no obvious squeeze - out risk in the near - term. The downstream demand is mainly for rigid procurement at low prices [9]. - **Tin**: The tin price fluctuated overnight. The Shanghai tin price continued to reduce positions and fell below the moving average. Options strategies can be considered [9]. - **Nickel**: No relevant content provided. - **Manganese Silicon**: The price fluctuated. The manganese ore spot price increased, and the port inventory has a structural problem. The silicon - manganese production decreased slightly, and the inventory increased slowly [16]. - **Silicon Iron**: The price fluctuated. The market expects a decrease in coal supply, which may lead to a decline in power costs and blue - carbon prices. The demand has some resilience, and the supply decreased slightly, with the inventory decreasing slightly [17]. - **Ferrous Metals** - **Iron Ore**: The global iron ore shipment increased, and the domestic arrival decreased. The port inventory continued to accumulate. The demand is in the off - season, and the steel mills' profitability is poor. The iron ore price has a downward pressure in the medium - to - long - term, but there may be short - term fluctuations [13]. - **Coke**: The market expects a second - round price cut for coke. The coking profit is average, and the daily output increased slightly. The inventory decreased slightly, and the price is expected to fluctuate weakly [14]. - **Coking Coal**: The output of coking coal mines decreased slightly, and the spot auction price mainly decreased. The total inventory increased slightly, and the price is expected to fluctuate weakly [15]. - **Steel (Rebar & Hot - Rolled Coil)**: The steel price stabilized overnight. The demand for rebar decreased in the off - season, and the output and inventory decreased. The supply and demand of hot - rolled coil both decreased, and the inventory decreased slowly. The steel mills' profitability is poor, and there is a possibility of further production cuts. The black - series products are under pressure in the short - term, and the market is sensitive to macro - policies [12]. Chemicals - **Polycrystalline Silicon**: The polycrystalline silicon futures strengthened significantly, driven by the news of the establishment of a polycrystalline silicon consortium. The short - term upward expectation exists, but it needs policy verification to break through the upper limit of the range [10]. - **Industrial Silicon**: The price of industrial silicon broke through the previous low. The production reduction effect in the southwest region weakened, and the demand from the organic silicon and polycrystalline silicon industries decreased. The price may continue to decline, but it may be supported at the 8,000 - yuan/ton level [11]. - **Urea**: The urea price decreased slightly. The compound fertilizer enterprises increased their production, and the inventory of urea production enterprises decreased last week. The supply is still abundant, and the market is expected to fluctuate and adjust [21]. - **Methanol**: The methanol price continued to decline at night. The inventory at the port is expected to remain high, and the supply along the coast is sufficient. The short - term supply - demand pattern is difficult to improve significantly, and the price is expected to fluctuate weakly within the range [22]. - **Pure Benzene**: The pure benzene price continued to decline. The port inventory increased, but the supply - demand pressure may be relieved in the future. Attention should be paid to the oil price trend [23]. - **Styrene**: The crude oil price decreased, and the pure benzene price may fluctuate within a range, which is difficult to drive the styrene price up. However, the supply - demand structure of styrene has not weakened and may support the price [24]. - **Polypropylene, Plastic & Propylene**: The propylene production enterprises' sales are smooth, but the price increase momentum is insufficient. The polyethylene supply is abundant, and the downstream demand is mainly for rigid procurement. The supply pressure of polypropylene is controllable, but the downstream demand is in the off - season [25]. - **PVC & Caustic Soda**: The PVC price continued to decline. The supply pressure may be relieved if the enterprises are forced to overhaul. The export situation has improved, but the domestic demand is weak. The caustic soda price continued to decline, with high supply and low demand, and the industry inventory is under pressure [26]. - **PX & PTA**: The PX and PTA prices fell at night. The PX load decreased slightly, and the PTA output increased slightly. The terminal weaving load continued to decline. The PX is expected to be strong in the medium - term, and the PTA processing margin is expected to be repaired [27]. - **Ethylene Glycol**: The ethylene glycol market was boosted by the news of device shutdowns. The supply increased, and the demand decreased seasonally, resulting in significant inventory accumulation pressure. The long - term pressure still exists [28]. - **Short - Fiber & Bottle - Chip**: The short - fiber load is high, and the inventory increased slightly. The long - term supply - demand pattern is relatively good. The bottle - chip demand is weak, and the production capacity is in surplus, with the price mainly driven by costs [29]. Agricultural Products - **Soybean & Soybean Meal**: The US soybean data in the December USDA report remained unchanged. The South American weather has improved, which is beneficial to soybean growth. The domestic soybean and soybean meal inventories decreased. The strategy is to wait and see the South American weather, and consider going long if the weather deteriorates [33]. - **Soybean Oil & Palm Oil**: The US soybean supply - demand balance sheet remained unchanged in December. Argentina will reduce the export tax on soybeans and their products. The market expects the palm oil inventory in Malaysia to increase. The short - term view is that the prices of soybean oil and palm oil will fluctuate within a range [34]. - **Rapeseed Meal & Rapeseed Oil**: The rapeseed market is facing the supply impact of new crops. The supply is at its loosest stage, and the demand lacks positive factors. The domestic rapeseed inventory is decreasing, and the import is diversified. The short - term price is expected to be weak [35]. - **Soybean No. 1**: The domestic soybean price is in a sideways shock adjustment. The policy will auction imported soybeans. The short - term US soybean price is in a callback, and the medium - term price is expected to be strong. Attention should be paid to the domestic soybean spot and policy [36]. - **Corn**: The Dalian corn futures continued to decline in a shock pattern. The US corn export data increased, and the short - term price is expected to be strong. The supply of high - quality corn in the Northeast is tight, and there is a supply - demand mismatch. The short - term 01 contract may decline, and the 03 and 05 contracts can be considered for long - positions after the decline [37]. - **Live Pig**: The live pig 03 contract rebounded slightly, and the far - month contracts were weak. The impact of the epidemic on the pig supply is expected to be limited. The industry needs to reduce inventory, and the pig price may have a second - bottoming in the first half of next year [38]. - **Egg**: The egg futures price dropped significantly, and the spot price increased. The 01 contract price is expected to be weak due to the convergence of futures and spot prices. The far - month contracts have reached a short - term high [39]. - **Cotton**: The US cotton price increased slightly. The domestic cotton sales progress is fast, but the downstream orders are weak, which limits the cotton price. The operation strategy is to wait and see [40]. - **Sugar**: The US sugar price fluctuated. The sugar production in India and Thailand is expected to be good. The domestic sugar production in Guangxi in the 25/26 season is expected to be good [41]. - **Apple**: The apple futures price fluctuated at a high level. The cold - storage apple sales are average, and the price is strong. The short - term price is strong, but the far - month contracts may face inventory pressure [42]. - **Wood**: The wood futures price fluctuated. The supply is expected to decrease, and the demand is in the off - season, but the port delivery increased last week. The low inventory supports the price, and the operation strategy is to wait and see [43]. - **Paper Pulp**: The paper pulp futures price decreased at night. The port inventory decreased, and the new - year contract may face less warehouse - receipt pressure. The price is expected to fluctuate within a range, and the operation strategy is to wait and see or conduct short - term operations [44]. Others - **Container Shipping Index (European Line)**: Maersk's pricing strategy is cautious, and the downward freight rate center is expected to be around $2400 - 2500/FEU. The loading rate is increasing, but the market lacks strong driving factors. The short - term futures price is expected to fluctuate [18]. - **Stock Index**: The A - share market was mixed, and the stock index futures closed down. The market is waiting for the Fed's interest - rate decision. The A - share market is expected to be strong in a shock pattern, and investors can increase positions slightly at low prices after the uncertainty is relieved [45]. - **Treasury Bond**: The treasury bond futures fluctuated and adjusted. The interest - rate bond yields decreased. The market is still cautious, and investors can participate in the rebound of some oversold varieties after the liquidity is restored [46].

1. Report's Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - For the stock index, although there is uncertainty at the end of the year due to some funds cashing in on their profits, the policy support for the capital market remains unchanged. In the short - term, focus on the December Politburo meeting and the Central Economic Work Conference, and in the long - term, the idea is mainly to go long on dips [4]. - For treasury bonds, the market is expected to be volatile overall under the background of weak domestic demand recovery and improving inflation expectations, and pay attention to the impact of stock - bond linkage and liquidity [6]. - For precious metals, the December Fed interest - rate meeting may be a potential negative factor for the strong international silver price. It is recommended to take profits on silver at an appropriate time [7]. - For non - ferrous metals, most metal prices are expected to be supported in the short - term, but there are also differences. For example, zinc has limited upside potential in the medium - term, while nickel may be range - bound in the short - term [10][15][18]. - For black building materials, steel is expected to continue to oscillate at the bottom, and iron ore is expected to be in a wide - range oscillation [30][32]. - For energy chemicals, rubber can be considered for short - term long positions on dips; oil prices are recommended for a low - buying and high - selling range strategy and short - term waiting; other chemicals have different supply - demand situations and corresponding strategies [50][52]. - For agricultural products, different products have different outlooks. For example, for live pigs, keep an anti - arbitrage idea; for eggs, be aware of the over - valuation of the contract; for soybean meal, it is expected to oscillate [73][75][78]. 3. Summary by Relevant Catalogs 3.1 Macro Finance Stock Index - **Market Information**: Premier Li Qiang emphasized expanding domestic demand. A "polysilicon platform company" was established, Alibaba set up a C - end business group for Qianwen, and Zhongke Shuguang and Haiguang Information will hold an investor briefing on terminating major asset restructuring [2]. - **Strategy**: Be cautious at the end of the year but optimistic in the long - term, and pay attention to important meetings [4]. Treasury Bonds - **Market Information**: On Tuesday, the prices of main contracts of TL, T, TF, and TS changed, and there were relevant news about the economy and bond issuance. The central bank had a net withdrawal of funds [5]. - **Strategy**: The market is expected to be volatile, and pay attention to the driving effect of new policy - based financial instruments and the debt balance limit increment on the fourth - quarter growth [6]. Precious Metals - **Market Information**: Gold and silver prices rose. The dovish stance of the potential Fed chair candidate drove the precious metals market, and Trump will conduct the last round of Fed chair interviews [7]. - **Strategy**: The Fed interest - rate meeting may be a negative factor for silver. It is recommended to take profits on silver and pay attention to the price ranges of gold and silver [7]. 3.2 Non - Ferrous Metals Copper - **Market Information**: Before the Fed interest - rate meeting, the dollar index rebounded, the domestic equity market weakened, and copper prices declined. LME copper inventory increased, and the domestic basis changed [9]. - **Strategy**: Copper prices are expected to remain high in the short - term, and pay attention to inventory changes and macro events [10]. Aluminum - **Market Information**: Due to the approaching Fed interest - rate meeting, market sentiment turned cautious, and aluminum prices fell. Inventory and other indicators changed [11]. - **Strategy**: Aluminum prices are expected to be supported, and pay attention to the price ranges [12]. Zinc - **Market Information**: Zinc prices fell. There were changes in inventory, basis, and other indicators [13]. - **Strategy**: In the short - term, zinc prices are expected to be strong following copper and aluminum, but the medium - term upside is limited [15]. Lead - **Market Information**: Lead prices fell. There were changes in inventory, basis, and other indicators [16]. - **Strategy**: Lead prices are expected to be strong in the short - term due to low domestic delivery inventory and a positive non - ferrous sector atmosphere [16]. Nickel - **Market Information**: Nickel prices were weak. Spot premiums and cost prices changed [17]. - **Strategy**: Nickel prices may be range - bound in the short - term, and pay attention to the price ranges [18]. Tin - **Market Information**: Tin prices fell. There were supply and demand issues, such as supply concerns and weak traditional demand [19]. - **Strategy**: After the release of macro risks, tin prices may strengthen. It is recommended to wait and see [20]. Lithium Carbonate - **Market Information**: The spot price index of lithium carbonate rose slightly, and the futures price fell [21]. - **Strategy**: There is no clear trend direction in the short - term. It is recommended to wait and see and pay attention to the lithium - battery sector [21]. Alumina - **Market Information**: Alumina prices fell. There were changes in basis, inventory, and other indicators [22]. - **Strategy**: It is recommended to wait and see in the short - term. Pay attention to supply - side policies and ore policies [23][24]. Stainless Steel - **Market Information**: Stainless steel prices fell slightly. There were changes in inventory, basis, and other indicators [25]. - **Strategy**: High inventory pressure remains. Focus on the actual implementation of steel mill production cuts [25]. Cast Aluminum Alloy - **Market Information**: Cast aluminum alloy prices fell. There were changes in inventory, basis, and other indicators [26]. - **Strategy**: Prices may follow aluminum prices, with support from the cost side and pressure from demand and delivery [27]. 3.3 Black Building Materials Steel - **Market Information**: Rebar and hot - rolled coil prices fell. There were changes in inventory, basis, and other indicators [29]. - **Strategy**: Steel prices are expected to oscillate at the bottom, and pay attention to the winter storage price and macro factors [30]. Iron Ore - **Market Information**: Iron ore prices fell slightly. There were changes in inventory, basis, and other indicators [31]. - **Strategy**: Iron ore prices are expected to oscillate widely, with a downward pressure in the range [32]. Glass and Soda Ash - **Market Information**: Glass prices fell. There were changes in inventory, basis, and other indicators. Soda ash prices fell slightly, and there were changes in inventory and other indicators [33][35]. - **Strategy**: For glass, maintain a bearish view; for soda ash, the market is expected to be weakly oscillating, and maintain a cautious and bearish view [34][35]. Manganese Silicon and Ferrosilicon - **Market Information**: Manganese silicon prices fell slightly, and ferrosilicon prices rose slightly [36]. - **Strategy**: Pay attention to the macro situation and the price changes of manganese ore and electricity. Manganese silicon has a poor supply - demand situation, while ferrosilicon has a balanced supply - demand [37][38]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices fell, and polysilicon prices rose [39][41]. - **Strategy**: Industrial silicon prices are expected to be weak, and polysilicon prices are expected to fluctuate widely in the range [40][42][43]. 3.4 Energy Chemicals Rubber - **Market Information**: Rubber prices were weakly sorted. There were potential positive factors and different views on the rise and fall [45][46]. - **Strategy**: Adopt a neutral - to - bullish idea, and consider short - term long positions on dips and hold hedging positions [50]. Crude Oil - **Market Information**: Crude oil and related refined oil prices fell. There were changes in inventory [51]. - **Strategy**: Do not be overly bearish on oil prices in the short - term. Adopt a low - buying and high - selling range strategy and wait and see in the short - term [52]. Methanol - **Market Information**: Methanol prices changed, and there were changes in basis and spread [53]. - **Strategy**: The market is expected to be sorted at a low level, and it is recommended to wait and see [53]. Urea - **Market Information**: Urea prices changed, and there were changes in basis and spread [54]. - **Strategy**: Urea prices are expected to build a bottom in an oscillatory manner. Consider long positions at low prices [54][55]. Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene fell. There were changes in basis, spread, and other indicators [56]. - **Strategy**: Consider going long on non - integrated styrene profits when the inventory inflection point appears [57]. PVC - **Market Information**: PVC prices fell. There were changes in basis, spread, and other indicators [58]. - **Strategy**: Adopt a short - selling strategy when the price rises, as the supply is strong and the demand is weak [59]. Ethylene Glycol - **Market Information**: Ethylene glycol prices fell. There were changes in basis, spread, and other indicators [60]. - **Strategy**: The supply - demand situation is expected to be weak in the medium - term, and pay attention to the risk of a rebound [61]. PTA - **Market Information**: PTA prices fell. There were changes in basis, spread, and other indicators [62]. - **Strategy**: Pay attention to the opportunity of going long on dips based on the expected trading [63]. p - Xylene - **Market Information**: PX prices fell. There were changes in basis, spread, and other indicators [64]. - **Strategy**: PX is expected to accumulate inventory slightly in December. Pay attention to the opportunity of going long on dips [66]. Polyethylene (PE) - **Market Information**: PE prices fell. There were changes in basis, spread, and other indicators [67]. - **Strategy**: Go short on the LL1 - 5 spread when the price rises [68]. Polypropylene (PP) - **Market Information**: PP prices fell. There were changes in basis, spread, and other indicators [69]. - **Strategy**: Wait for the change in the supply - surplus pattern at the cost side in the first quarter of next year, which may support the market [70]. 3.5 Agricultural Products Live Pigs - **Market Information**: Pig prices were half - stable and half - rising. The supply and demand were in a stalemate [72]. - **Strategy**: Keep an anti - arbitrage idea, and gradually shift from shorting the near - term contract to going long on the far - term contract [73]. Eggs - **Market Information**: Egg prices were mostly stable with a few rising. The market trading was smooth [74]. - **Strategy**: Be aware of the over - valuation of the egg contract [75]. Soybean Meal and Rapeseed Meal - **Market Information**: CBOT soybean prices fell. Domestic soybean meal prices fell slightly, and the trading volume was good [76]. - **Strategy**: Soybean meal prices are expected to oscillate [78]. Oils and Fats - **Market Information**: Malaysian palm oil export data was poor, and the Argentine soybean export tax was reduced. Domestic oil prices fell [79]. - **Strategy**: Try to go long on palm oil on dips [80]. Sugar - **Market Information**: Sugar futures prices oscillated, and spot prices were stable [81]. - **Strategy**: Be bearish on the international sugar price in the long - term, and wait and see in the short - term [84]. Cotton - **Market Information**: Cotton futures prices oscillated, and spot prices fell slightly [85]. - **Strategy**: It is unlikely for cotton prices to have a unilateral trend [87].

1. Report's Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Steel: Narrow - range consolidation. Although steel exports are at a high level and macro - policies have a positive impact, the sharp decline in coking coal and coke prices drags down the market [1]. - Iron ore: Volatility. The supply from Australia is rising while that from Brazil is falling, iron - water production is decreasing, and inventories are accumulating [1]. - Coking coal: Weak volatility. The supply increase is limited, the actual market demand is insufficient, and the downstream mainly makes rigid - demand purchases [1]. - Coke: Weak volatility. The coke output is increasing, and the terminal consumption demand is average, with the impact of weather on transportation [1]. - Manganese silicon: Volatility. The cost is high, production is decreasing, demand is to be boosted, and inventory is accumulating [1][3]. - Ferrosilicon: Volatility. The cost is high, supply reduction is limited, and the market expectation is weak [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Steel**: The closing price of the rebar 2605 contract was 3123 yuan/ton, down 34 yuan/ton (1.08% decline), and the position increased by 0.3 million hands. Spot prices declined slightly. In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. The cumulative export from January to November was 10771.7 million tons, a year - on - year increase of 6.7% [1]. - **Iron ore**: The closing price of the iron ore futures main contract i2605 was 760.5 yuan/ton, down 8.5 yuan/ton (1.1% decline). Australian shipments rebounded, Brazilian shipments decreased, iron - water production decreased, and inventories increased [1]. - **Coking coal**: The closing price of the coking coal 2605 contract was 1093.5 yuan/ton, down 46.5 yuan/ton (4.08% decline), and the position increased by 24153 hands. The supply increase was limited, and the actual market demand was insufficient [1]. - **Coke**: The closing price of the coke 2601 contract was 1537 yuan/ton, down 48 yuan/ton (3.03% decline), and the position increased by 1550 hands. The coke output increased, and the terminal consumption demand was average [1]. - **Manganese silicon**: The main contract price of manganese silicon was 5736 yuan/ton, down 0.42%. The production cost was high, the weekly output decreased by 3.5% for 5 consecutive weeks, and the inventory of 63 sample enterprises reached a new high [1][3]. - **Ferrosilicon**: The main contract price of ferrosilicon was 5444 yuan/ton, down 0.69%. After the electricity price adjustment in November, the production reduction intention increased. The inventory of 60 sample enterprises reached a new high [3]. 3.2 Daily Data Monitoring - **Contract spreads**: For example, the 1 - 5 month spread of rebar was - 6.0, and the 5 - 10 month spread was - 41.0 [4]. - **Basis**: The basis of the rebar 01 contract was 163.0, and that of the 05 contract was 157.0 [4]. - **Spot**: The Shanghai rebar spot price was 3280.0 yuan/ton, down 10.0 yuan/ton [4]. - **Profit and spreads**: The rebar's on - disk profit was 27.0, and the long - process profit was - 29.1. The spread between hot - rolled coil and rebar was 168.0 [4]. 3.3 Chart Analysis - **Main contract prices**: There are price trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon from 2020 - 2025 [6][7][8][9][11][14]. - **Main contract basis**: There are basis trend charts of rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [16][17][18][20][21][22][23]. - **Inter - period contract spreads**: There are spread trend charts of different contracts for rebar, hot - rolled coil, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [25][27][31][33][34][37][38]. - **Inter - variety contract spreads**: There are spread trend charts of main contracts such as hot - rolled coil - rebar spread, rebar - iron ore ratio, rebar - coke ratio, etc. [42][44][45]. - **Rebar profit**: There are profit trend charts of rebar's on - disk profit, long - process profit, and short - process profit [48][49][52]. 3.4 Black Research Team Members Introduction - Qiu Yuecheng: Assistant Director and Black Research Director of Everbright Futures Research Institute, with nearly 20 years of experience in the steel industry [54]. - Zhang Xiaojin: Director of Resource Product Research at Everbright Futures Research Institute, with rich industry honors [54]. - Liu Xi: Black researcher at Everbright Futures Research Institute, good at fundamental supply - demand analysis [54]. - Zhang Chunjie: Black researcher at Everbright Futures Research Institute, with experience in investment and futures - spot trading [55].

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Steel products are in a range-bound oscillation, waiting for new drivers. One can focus on hot-rolled coil opportunities by realizing profits through spot-futures positions [2]. - For ferrosilicon and silicomanganese, the sentiment has improved, and prices are oscillating. Investment clients can short them on rallies, and industrial clients can use accumulative options to protect spot exposures [2]. - For coking coal and coke, futures have fallen significantly, and there is no incremental positive news from major meetings this week. It is advisable to wait and see for now [2]. - For iron ore, there is significant upward pressure. Hold existing short positions [2]. Group 3: Summary by Relevant Catalogs Futures Market - On December 8, the closing prices of far-month contracts for RB2610, HC2610, 12605, J2605, and JM2609 were 3164.00 yuan/ton, 3302.00 yuan/ton, 760.50 yuan/ton, 1690.50 yuan/ton, and 1161.50 yuan/ton respectively, with changes of -34.00 yuan, -33.00 yuan, -11.00 yuan, -72.50 yuan, and -64.50 yuan, and percentage changes of -1.06%, -0.99%, -1.43%, -4.11%, and -5.26% [1]. - The closing prices of near-month contracts (main contracts) for RB2605, HC2605, 12601, J2601, and JM2605 were 3123.00 yuan/ton, 3291.00 yuan/ton, 778.50 yuan/ton, 1537.00 yuan/ton, and 1093.50 yuan/ton respectively, with changes of -41.00 yuan, -34.00 yuan, -9.00 yuan, -94.50 yuan, and -71.50 yuan, and percentage changes of -1.30%, -1.02%, -1.14%, -5.79%, and -6.14% [1]. - The cross-month spreads for RB2605 - 2610, HC2605 - 2610, 12601 - 2605, J2601 - 2605, and JM2605 - 2609 on December 8 were -41.00 yuan/ton, -11.00 yuan/ton, 18.00 yuan/ton, -153.50 yuan/ton, and -68.00 yuan/ton respectively, with changes of -130 yuan, -6.00 yuan, -2.00 yuan, 1.50 yuan, and -4.50 yuan [1]. - The spread/ratio/profit indicators such as coil - rebar spread, rebar - ore ratio, coal - coke ratio, rebar futures profit, and coking futures profit on December 8 were 168.00 yuan, 4.01, 1.41, 12.23 yuan, and 82.65 yuan respectively, with changes of 5.00 yuan, -0.01, 0.02, 1.55 yuan, and 13.85 yuan [1]. Spot Market - On December 8, the spot prices of Shanghai rebar, Tianjin rebar, Guangzhou rebar, Tangshan billet, and Platts Index were 3260.00 yuan/ton, 3170.00 yuan/ton, 3500.00 yuan/ton, 2950.00 yuan/ton, and 105.75 respectively, with changes of -10.00 yuan, -10.00 yuan, -60.00 yuan, -20.00 yuan, and -1.35 [1]. - The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, Guangzhou hot - rolled coil, billet - product spread, and Rizhao Port PB on December 8 were 3270.00 yuan/ton, 3300.00 yuan/ton, 3290.00 yuan/ton, 310.00 yuan/ton, and 786.00 yuan/ton respectively, with changes of -10.00 yuan, -10.00 yuan, -20.00 yuan, 10.00 yuan, and -3.00 yuan [1]. - The spot prices of some other products on December 8, including a certain product with unclear name, another product with unclear name, Ganqimao coal, Qingdao Port quasi - first - grade coke, and Qingdao Port PB, were 670.00 yuan/ton, 720.00 yuan/ton, 1170.00 yuan/ton, -1630.00 yuan/ton, and 786.00 yuan/ton respectively, with changes of -6.00 yuan, -6.00 yuan, -20.00 yuan, 0.00 yuan, and -3.00 yuan [1]. Basis - The basis for HC main contract, RB main contract, a certain main contract, J main contract, and JM main contract on December 8 were -21.00 yuan/ton, 137.00 yuan/ton, 4.00 yuan/ton, 250.69 yuan/ton, and 106.50 yuan/ton respectively, with changes of 19.00 yuan, 24.00 yuan, 1.00 yuan, -48.00 yuan, and 26.50 yuan [1].