| | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 年变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1645.00 | 0.00 | 0.00 | 70.00 | 5.45% Peak Downs | 214.00 | 0.00 | 7.00 | 4.30 | -2.00 | | 原煤口岸库提价 | 1000.00 | -8.00 | -40.00 | -140.00 | -5.66% Goonyella | 213.00 | 0.00 | 8.00 | 3.30 | -3.00 | | 沙河驿蒙5# | 1500.00 | -10.00 | -50.00 | 30.00 | -4.46% 盘面05 | 1167.50 | -21.00 | -16.00 | -173.00 | -11.25% | | 安泽主焦 | 1580.00 | 0.00 | -80.00 | -20.00 | 0.00% 盘面09 | 1235.00 | -1 ...

2025 年 11 月 27 日 股指期货将震荡整理 白银期货将震荡偏强 黄金、多晶硅、 碳酸锂期货将偏强震荡 螺纹钢、铁矿石期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货大概率将震荡整理：IF2512 阻力位 4521 和 4539 点，支撑位 4457 和 4439 点；IH2512 阻力位 2977 和 2990 点，支撑位 2959 和 2952 点；IC2512 阻力位 7000 和 7054 点，支撑位 6871 和 6827 点；IM2512 阻 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 焦煤主力合约 Jm2601 收于 1084.5，环比日盘开盘下跌 0.14%；焦炭主力合约 J2601 收 | | --- | --- | --- | --- | | | | | 于 16 ...

（来源：国元期货研究） 来源：国元期货研究 国内主要期货品种日度涨跌幅 截至2025年11月26日 截至2025年11月26日15:00收盘，国内期货主力合约涨跌不一，花生涨近4%，多晶硅涨近3%，玻璃、沪 银涨近2%，碳酸锂、尿素、生猪涨超1%。跌幅方面，集运欧线跌近8%，聚丙烯（PP）、焦炭、焦 煤、塑料、燃油跌超1%。 截至2025年11月26日23:00收盘，国内期货主力合约涨多跌少，甲醇、玻璃涨超1%，苯乙烯、纯苯、对 二甲苯、BR橡胶、橡胶小幅上涨。跌幅方面，沥青跌超1%，焦炭、纸浆小幅下跌。 【股指】 品种预测合集 | 偏多 | 玉米、原油、原木、鸡蛋、玻璃、尿素、甲醇 | | --- | --- | | 中性 | 沪锡、沪金、菜籽油、PE、橡胶、PTA、MEG、PX、PVC、PP、铁矿石、螺 纹钢、热卷、白糖、棉花、花生、生猪、沪银、沪铝、沪铝、沪锌、多晶硅、碳酸 锂、工业硅、沪铜、沪铝、沪镍、IF、IC、烧碱、TL、焦煤、焦炭、纯碱、苹 果 | | 偏空 | 豆粕、菜粕、豆油、棕榈油 | 1、美国9月零售销售在8月未修正的0.6%增幅之后，仅上涨0.2%，增幅低于预期的0.2%，显示在关税推 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas risk appetite continues to recover, while both domestic stocks and bonds are weak. The US economic data shows structural differentiation, with the market pricing an 85% probability of a December interest rate cut by the Fed. In China, policies aim to boost consumption, but the A - share market is expected to be weakly volatile in the short - term, and the bond market lacks a clear direction [2][3]. - Precious metals are expected to be strong in the short - term due to the strengthening of interest rate cut expectations. Copper prices are likely to remain high and volatile, aluminum prices are expected to be favorable, alumina will continue its weak trend, and other metals and industrial products also have their respective market trends based on supply - demand and macro - economic factors [4][5][7]. 3. Summary by Relevant Catalogs 3.1 Macroeconomics - Overseas: US data is structurally differentiated. Initial jobless claims dropped to 216,000, but continuing claims rose to 1.96 million. Durable goods and core capital goods orders in September increased by 0.5% and 0.9% respectively. The Fed's Beige Book shows weak consumption and stagnant economic activity. The market prices an 85% probability of a December interest rate cut, with the US dollar index falling and copper, gold, and crude oil prices rising [2]. - Domestic: Six ministries including the Ministry of Industry and Information Technology issued a plan to develop e - commerce and integrate AI into the consumer goods industry. The A - share market is expected to be weakly volatile in the short - term, and the bond market lacks a clear direction. The 10Y and 30Y treasury bond yields are 1.83% and 2.19% respectively [3]. 3.2 Precious Metals - International precious metal futures generally rose on Wednesday. COMEX gold futures rose 0.45% to $4196.10 per ounce, and COMEX silver futures soared 4.13% to $53.76 per ounce. Weak US economic data and the possible Fed chair change support interest rate cut expectations. The probability of a December interest rate cut is 85%. Short - term, gold and silver prices are expected to be strongly volatile. Platinum and palladium futures can be bought at low prices [4][5]. 3.3 Copper - On Wednesday, Shanghai copper futures rose, and LME copper approached the $11,000 resistance level. The spot market had weak trading. The Fed's Beige Book shows weak consumer spending and rising input costs. US PPI data is mild, and overseas institutions predict a decline in core PCE. Chile's Codelco raised the long - term copper price for China in 2026. Copper prices are expected to remain high and volatile, with resistance at $11,000 - $11,200 [6][7]. 3.4 Aluminum - On Wednesday, Shanghai aluminum futures rose slightly, and LME aluminum rose 2.25%. Aluminum ingot and aluminum rod inventories decreased. US economic data shows labor market resilience but also potential weakness. The market's expectation of Fed easing remains unchanged. Aluminum prices are expected to be favorable [8][9]. 3.5 Alumina - On Wednesday, alumina futures fell 0.37%. The supply - demand situation has limited changes, and the oversupply suppresses prices. The futures price is below the average cost, and the price is expected to be weakly volatile [10]. 3.6 Cast Aluminum - On Wednesday, cast aluminum alloy futures fell slightly. The aluminum price has stabilized, and the cast aluminum market is in a state of stop - falling and shock. The supply of scrap aluminum is tight, and the cost provides good support [11]. 3.7 Zinc - On Wednesday, Shanghai zinc futures rose at night. The spot market was weak. The decrease in the number of initial jobless claims in the US reduced interest rate cut expectations, but the UK's tax - increase plan weakened the US dollar, which is beneficial to zinc prices. The supply pressure is gradually improving, but the market lacks the power for continuous rise, and zinc prices are expected to be widely volatile [12]. 3.8 Lead - On Wednesday, Shanghai lead futures were weakly volatile. The decline of LME lead dragged down Shanghai lead. The reopening of the lead ingot import window suppresses prices, but cost support and regional supply shortages limit the decline. Lead prices are expected to be weakly volatile [13]. 3.9 Tin - On Wednesday, Shanghai tin futures rose at night. The weakening of the US dollar and the political instability in the DRC support tin prices. However, the downstream's acceptance of high - priced raw materials is low, and inventory is expected to increase. With the approaching Fed meeting, the market sentiment may fluctuate, so be cautious about chasing up prices [14]. 3.10 Industrial Silicon - On Wednesday, industrial silicon futures were narrowly volatile. The supply is shrinking, and the demand is weak. The social inventory has risen, and the futures price is expected to be weakly volatile [15][16]. 3.11 Lithium Carbonate - On Wednesday, lithium carbonate prices were widely volatile. The raw material prices rose, and the main contract has switched to 2605. The market has a strong long - short game, and lithium prices are expected to be widely volatile [17]. 3.12 Nickel - On Wednesday, nickel prices were volatile. The market expects an 82% probability of a December interest rate cut by the Fed. The spot market has good inquiry enthusiasm but limited trading volume. The macro - environment may boost nickel prices in the short - term [18]. 3.13 Soda Ash and Glass - On Wednesday, soda ash futures were volatile, and glass futures were strongly volatile. The supply of glass is shrinking, but the demand is weak, and inventories are rising. The supply of soda ash is tightening, but the demand is difficult to improve significantly. Prices are expected to be low and volatile [19]. 3.14 Steel (Rebar and Hot - Rolled Coil) - On Wednesday, steel futures rebounded. The cost is weakening, and the demand is expected to be weak. The supply pressure is increasing, and steel prices are expected to be weakly volatile [20][21]. 3.15 Iron Ore - On Wednesday, iron ore futures were adjusted. The demand is weak due to steel mill losses and production cuts. The supply pressure remains high, and iron ore prices are expected to be under pressure [22]. 3.16 Coking Coal and Coke - On Wednesday, coking coal and coke futures were weakly volatile. The online auction of coking coal had a high flow - rate, and the spot price was weak. The supply is stable, the demand is weak, and prices are expected to be weakly volatile [23]. 3.17 Industrial Data - The report provides trading data of various metal futures on November 26, including closing prices, price changes, trading volumes, and open interests. It also shows the changes in inventory, spot prices, and other data of different metals, such as copper, nickel, zinc, etc. [24][25][28]

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-27） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：煤矿端维持正常生产，因事故停产煤矿近日已复产，产量逐步恢复，炼焦煤供应紧张的局 面有所缓解。下游焦企采购炼焦煤态度偏谨慎，贸易商减少市场参与，煤矿出货压力显现，新成交不佳。 线上竞拍成交延续小幅下跌，市场心态有所转弱，矿方继续小幅下调焦煤报价；中性 2、基差：现货市场价1315，基差230.5；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：下游焦钢按需采购，钢厂亏损较大， ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 11 月 27 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2601 | 震荡 | 震荡 | 震荡 偏强 | 震荡思路 | 供应支撑趋缓，焦煤偏弱运行 | | 焦炭 | 2601 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 成本端支撑不足，焦炭低位震荡 | 期货研究报告 （仅供参考，不构成任何投资建议） 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 参考观点：震荡思路 核心 ...

Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/11/27 Macro News: China issued a the "Implementation Plan on Enhancing the Adaptability Between Supply and Demand of Consumer Goods to Further Promote Consumption". Futures Prices: On Nov 26th, equity index futures showed mixed performance while CGB futures declined; commodities displayed divergence, ...

期货研究报告 宝城期货品种套利数据日报（2025 年 11 月 27 日） 一、动力煤 | 商品 | | | | | | 动力煤 | （元/吨） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 | 基差 | | | | 5月-1月 | | | 9月-1月 | | 9月-5月 | | 2025/11/26 | 17 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/25 | 21 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/24 | 32 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/21 | 32 . | 6 | 0 . | 0 | | | 0 | 0 . | 0 . | 0 | | 2025/11/20 | 32 . | 6 | 0 | 0 | . | | 0 | 0 . | 0 . | 0 | 投资咨询业务资格：证监许可【2 ...

2025年11月27日 商 品 研 究 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：下游需求空间有限，估值偏高 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：交易情绪偏弱，宽幅震荡 | 5 | | 锰硅：矿端价格坚挺，宽幅震荡 | 5 | | 焦炭：宽幅震荡 | 7 | | 焦煤：宽幅震荡 | 7 | | 原木：弱势震荡 | 8 | 国 泰 君 安 期 货 研 究 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 2025 年 11 月 27 日 铁矿石：下游需求空间有限，估值偏高 张广硕 投资咨询从业资格号：Z0020198 zhangguangshuo@gtht.com 【基本面跟踪】 铁矿石基本面数据 | | | | 昨日收盘价(元/吨) | 涨跌(元/吨) | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 期货 | I 2601 | | 797. 0 | 3.0 | 0. 38% | | | | | | 昨日持仓(手) | 持仓变动(手) | | | ...