每经AI快讯，周四，LME金属期货普遍收涨，LME期铜收涨41美元，报11778美元/吨。LME期铝收涨 10美元，报2916美元/吨。LME期锌收跌10美元，报3064美元/吨。LME期铅收涨4美元，报1964美元/ 吨。LME期镍收涨249美元，报14641美元/吨。LME期锡收涨652美元，报42927美元/吨。 ...

分品种来看，金属板块的整体强势进一步延续。尽管多晶硅、碳酸锂有所降温，但基本金属日内全线走高，兼具贵金属和工业金属属性的银、 铂、钯强势不减。同时，国际油价低位反弹带动能化板块情绪回暖，加上煤炭市场利多消息影响下焦煤大幅反弹，工业品日内几乎普涨。相比 之下，农产品板块持续弱势，一二号黄大豆、生猪等收盘再跌超1%。玉米、鸡蛋、白糖等也均不同程度下跌。 多晶硅冲高回落 集运欧线承压跌超3% 虽然铂钯继续强势冲高，但多晶硅市场18日却出现降温。尽管17日夜盘时段多晶硅仍惯性冲高并尝试再度挑战62000元／吨关口，但多重因素 综合作用下，期价关口遇阻明显，18日午盘时段更是减仓回落，终盘收跌2.6%。尽管近期无论是"反内卷"预期的强化，还是国家能源局表态 2026年持续提高新能源供给比重，都对多晶硅供需前景构成利好。但眼下多晶硅市场高库存和弱需求基本面未改也是事实，弱现实与强预期的 博弈强烈，加上交易所隔夜提示市场风险引发市场对监管动作的担忧，均加大了短期多晶硅市场降温的压力。在此背景下，多晶硅盘面上多头 获利了结的迹象明显。行情数据显示，随着18日午盘期价震荡回落，多晶硅主力合约持仓显著下降，截至收盘当日净减仓超1 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Nickel**: On December 11, the main nickel futures contract on the Shanghai Futures Exchange fluctuated downward. The spot market trading was weak, and the basis premium widened. The nickel fundamentals are weak with inventory pressure. After the price correction, nickel prices are expected to remain in a low - level oscillation. The recommended trading strategy is to wait and see [1][2]. - **Stainless Steel**: On December 11, the main stainless - steel futures contract fluctuated within a range. The spot market trading was average, and the basis premium widened. Although the cost side is stabilizing, the fundamentals are loose. Stainless - steel prices are expected to oscillate at a low level. The recommended trading strategy is to wait for short - selling opportunities [2]. 3. Summary by Related Catalogs Nickel Market - **Futures Prices**: The closing prices of Shanghai nickel futures contracts (near - month, consecutive - one, consecutive - two, consecutive - three) decreased compared to the previous day. For example, the near - month contract closed at 115,400 yuan/ton, down 750 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of Shanghai nickel futures was 120,019 lots, a decrease of 13,204 lots. The open interest of the active contract was 106,302 lots, an increase of 3,719 lots [2]. - **Inventory**: The inventory of Shanghai nickel futures decreased by 296 tons to 33,939 tons. The LME registered warehouse receipts decreased by 243,702 tons to 244,494 tons, and the total LME inventory decreased by 240 tons to 253,092 tons [2]. - **Spot Prices**: SMM 1 electrolytic nickel average price was 118,850 yuan/ton, down 300 yuan. The price of 1 Jinchuan nickel was 122,825 yuan/ton, down 250 yuan [2]. - **Supply and Demand**: SMM expects the HPM of Indonesian domestic - trade nickel ore to decline in the second half of December. The supply of nickel ore is sluggish, and the price is flat. In December, domestic nickel - iron production decreased, and Indonesian production also declined. On the demand side, ternary material production decreased, stainless - steel plant production decreased, and alloy and electroplating demand was stable [2]. Stainless - Steel Market - **Futures Prices**: The closing prices of Shanghai stainless - steel futures contracts (near - month, consecutive - one, consecutive - two, consecutive - three) decreased compared to the previous day. For example, the near - month contract closed at 12,260 yuan/ton, down 15 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of Shanghai stainless - steel futures was 69,415 lots, a decrease of 10,516 lots. The open interest was 64,258 lots, a decrease of 7,223 lots [2]. - **Inventory**: The Shanghai stainless - steel futures inventory decreased by 120 tons to 61,378 tons. The 300 - series social inventory last week was 621,000 tons, a decrease of 9,500 tons [2]. - **Spot Prices**: The average price of 304/2B coil - cut edge (Wuxi) was 13,200 yuan/ton, unchanged. The average price of 316L/2B coil (Wuxi) was 23,775 yuan/ton, unchanged [2]. - **Supply and Demand**: In December, stainless - steel production decreased, especially the 300 - series. Terminal demand was weak. The price of high - nickel pig iron increased, and the price of high - carbon ferrochrome was flat [2].

Core Viewpoint - LME metal futures experienced a general increase on December 12, with notable price movements across various metals [1] Group 1: Price Movements - LME copper rose by $316, closing at $11,872 per ton [1] - LME aluminum increased by $33, reaching $2,900 per ton [1] - LME zinc saw a rise of $122, ending at $3,204 per ton [1] - LME lead gained $8, closing at $1,988 per ton [1] - LME nickel decreased by $26, settling at $14,626 per ton [1] - LME tin surged by $1,747, closing at $41,751 per ton [1]

（文章来源：每日经济新闻） 每经AI快讯，12月11日，上期所基本金属期货夜盘收盘涨跌不一，沪铜涨0.32%，氧化铝涨0.20%，沪 铝涨0.18%，沪铅涨0.12%，不锈钢跌0.24%，沪锌跌0.26%，沪锡跌0.51%，沪镍跌0.72%。 ...

工业硅日报 工业硅&多晶硅日报（2025 年 12 月 10 日） 工业硅日报 一、研究观点 点评 9 日工业硅震荡偏弱，主力 2601 收于 8340 元/吨，日内跌幅 3.47%，持仓 减仓 1816 手至 18.5 万手。百川工业硅现货参考价 9603 元/吨，较上一交易 日下调 45 元/吨。最低交割品#421 价格跌至 8850 元/吨，现货升水扩至 510 元/吨。多晶硅震荡偏强，主力 2601 收于 55610 元/吨，日内涨幅 3.45%，持仓减仓 10493 手至 68874 手；多晶硅 N 型复投硅料价格持稳在 52350 元/吨，最低交割品硅料价格持稳在 52350 元/吨，现货对主力贴水扩 至 3310 元/吨。工业硅厂进一步减产但不及下游采购跌量，当前成交集中 在套保单或未交付前期订单，工业硅短期难见趋势。光伏产业链自下而上 延续高库存、降排产逻辑，降价情绪未向上蔓延。交易所提保限仓且针对 交割品进行扩容，缓解挤仓压力。近月仓单增长较慢，盘面虚实偏高给予 当前近月支撑，谨慎盲目追空。 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 二、日度数据监测 | | ...

新能源及有色金属日报 | 2025-12-09 基本面无亮点，镍不锈钢低幅震荡 镍品种 市场分析 2025-12-08日沪镍主力合约2601开于117900元/吨，收于118030元/吨，较前一交易日收盘变化0.23%，当日成交量为 124513（+17296）手，持仓量为111585（-6051）手。 期货方面：昨日沪镍主力合约表现符合高库存下的弱势震荡特征，价格在117,500-118,500元/吨区间窄幅波动，最 终小幅收涨 0.23%。技术面处于 20 日均线附近的弱平衡状态，基本面供需矛盾依然突出，高库存压制明显。宏观 面美联储降息及国内重要会议利好，带动大宗商品价格整体偏强。 镍矿方面：Mysteel方面消息，镍矿市场较为平静，镍矿价格维稳运行。市场基本处于有价无货，亟待北部矿山新 一轮招标出货。菲律宾方面，矿山多履行前期订单出货为主。下游镍铁价格略有回探，国内工厂多需年前备库， 部分铁厂刚需补库，对原料镍矿采购压价心态或将放缓。印尼方面，12月(一期)内贸基准价走跌0.52-0.91美元/湿吨， 内贸升水方面，主流升水去至+25，升水区间多在+25-26。整体镍矿内贸价格有所下跌。 现货方面：金 ...

有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 2025 年 12 月 8 日 铜铝周报 专业研究·创造价值 沪铜持续增仓上行 核心观点 铜：铜价增仓上行，突破历史高位，上行动能较强 上周，沪铜主力合约价格突破 9 万元/吨，伦铜价格也站上 1.1 万 美元/吨，两者均创下历史新高。这轮强劲上涨是供给紧缩、宏观预 期与金融资金共同驱动的结果。本轮行情最根本的驱动来自上游"矿 荒"。今年全球多个主要铜矿因事故、停产等因素大幅减产，导致铜 精矿供应紧张。在此背景下，宏观政策催化推动了铜价向上突破。 11 月下旬以来，市场对美联储 12 月降息的预期升温，营 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On December 8, the manganese - silicon 2603 contract was reported at 5736, down 0.42%. Fundamentally, inventory is rising rapidly, production continues to decline slightly at a high level, and inventory has increased for 10 consecutive weeks. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the short - term trend is expected to be volatile. [2] - On December 8, the ferrosilicon 2603 contract was reported at 5444, down 0.69%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, and inventory is at a neutral level. Technically, the daily K - line is below the 20 and 60 - day moving averages, and the short - term trend is expected to be weakly volatile. [2] Group 3: Summary According to Related Catalogs Futures Market - The closing price of the SM main contract was 5,736.00 yuan/ton, down 22.00; the closing price of the SF main contract was 5,444.00 yuan/ton, down 30.00. [2] - The SM futures contract holdings were 630,635.00 hands, down 2347.00; the SF futures contract holdings were 470,877.00 hands, up 9618.00. [2] - The net holdings of the top 20 in manganese - silicon were - 26,105.00 hands, up 9574.00; the net holdings of the top 20 in ferrosilicon were - 24,866.00 hands, up 4937.00. [2] - The SM 5 - 1 month contract spread was 48.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was 24.00 yuan/ton, down 10.00. [2] - The SM warehouse receipts were 24,528.00, up 3321.00; the SF warehouse receipts were 13,368.00, down 220.00. [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,500.00 yuan/ton, down 20.00; the price of Guizhou manganese - silicon FeMn68Si18 was 5520.00 yuan/ton, down 20.00. The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,260.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,160.00 yuan/ton, down 20.00. The price of Yunnan manganese - silicon FeMn68Si18 was 5550.00 yuan/ton, unchanged. The price of Ningxia ferrosilicon FeSi75 - B was 5,200.00 yuan/ton, down 30.00. [2] - The weekly average of the manganese - silicon index was 5531.00 yuan/ton, up 32.00; the SF main contract basis was - 244.00 yuan/ton, unchanged. The SM main contract basis was - 236.00 yuan/ton, up 2.00. [2] Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% in the northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1250.00 yuan/ton, unchanged; the price of semi - coke (medium grade in Shenmu) was 870.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 451.30 million tons, up 13.00 million tons. [2] Industry Situation - The weekly start - up rate of manganese - silicon enterprises was 36.71%, down 1.38; the weekly start - up rate of ferrosilicon enterprises was 33.80%, up 0.39. [2] - The weekly supply of manganese - silicon was 187,950.00 tons, down 6825.00 tons; the weekly supply of ferrosilicon was 108,800.00 tons, up 1600.00 tons. [2] - The semi - monthly inventory of manganese - silicon manufacturers was 375,500.00 tons, up 7500.00 tons; the semi - monthly inventory of ferrosilicon manufacturers was 72,640.00 tons, up 810.00 tons. [2] - The monthly inventory days of manganese - silicon in national steel mills was 15.84, up 0.14; the monthly inventory days of ferrosilicon in national steel mills was 15.80, up 0.13. [2] - The weekly demand for manganese - silicon in the five major steel types was 116,591.00 tons, down 5136.00 tons; the weekly demand for ferrosilicon in the five major steel types was 18,766.10 tons, down 893.90 tons. [2] Downstream Situation - The weekly start - up rate of blast furnaces in 247 steel mills was 80.14%, down 0.93; the weekly capacity utilization rate of blast furnaces in 247 steel mills was 87.06%, down 0.90. [2] - The monthly crude steel output was 7199.70 million tons, down 149.31 million tons. [2] Industry News - The real - estate market is in the transition from building houses to filling houses with people, industries, and business forms. The "price anchor" of real estate is returning from the financial yield under the investment attribute to the use value of property space under the residential attribute. [2] - In November, the railway department transported 184 million tons of coal, a year - on - year increase of 0.3%, including 128 million tons of thermal coal. [2] - In November, China imported 4405.3 million tons of coal and lignite, a month - on - month increase of 5.5%. From January to November, the cumulative import was 43167.6 million tons, a year - on - year decrease of 12.0%. [2] - In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. From January to November, the cumulative export was 10771.7 million tons, a year - on - year increase of 6.7%. [2] Viewpoint Summary - Manganese - silicon: The Inner Mongolia spot profit was - 285 yuan/ton; the Ningxia spot profit was 370 yuan/ton. The final price of silicon - manganese in Hebei Iron and Steel Group in November was 5820 yuan/ton, unchanged from the previous month. [2] - Ferrosilicon: The Inner Mongolia spot profit was - 270 yuan/ton; the Ningxia spot profit was 565 yuan/ton. The tender price of 75B ferrosilicon in Hebei Iron and Steel in November was 5680 yuan/ton, up 20 yuan/ton from the previous round. [2]

（来源：策略优基基） 昨天（12月3日），白银悄悄干了件大事，盘中价格一举冲上58美元/盎司。又刷新了历史记录。然而就 在几天前，芝加哥商品交易所（CME）及旗下芝加哥期货交易所（CBOT）于2025年11月28日突发重大 技术故障，期货和期权交易全部暂停交易。 这个时间点很微妙，就在交易所宕机几分钟前，白银期货价格快速拉升，突破了54美元的高位。虽然官 方解释是技术故障，但不少市场人士猜测，这背后可能是空头交割困难引发的逼空压力——当多头同时 掌控现货和可交割仓单，传统期货定价机制就开始失灵了。 其实今年白银的涨幅已高达103%，涨幅把"顶流"黄金都远远甩在了身后。 一方面，全球货币政策转向宽松的预期不断升温。市场普遍认为12月将开启降息周期，再加上美元走 弱、实际利率下行，自然利好所有贵金属，今年所有贵金属板块都嗨了。而白银作为黄金的小弟，自然 跟着沾光。然而这个小弟还有一个隐藏的身份，它还是工业界的"香饽饽"。 白银的独特之处在于，它不只是金融资产，更是实实在在被"用掉"的工业原料。它正在从传统的贵金属 角色，转型为绿色科技时代不可或缺的战略资源。 光伏电池要用银浆，5G基站离不开导电银粉，新能源汽车的 ...