早上好，来看一些最新消息。 现货白银、LME期铜创新高 美股三大指数连续第五个交易日集体收涨，纳指涨0.65%，道指涨0.61%，标普500指数涨0.54%。纳指本周累计上涨4.91%，本月累跌1.51%；道指本周累 涨3.18%，本月累涨0.32%；标普500指数本周累涨3.73%，本月累涨0.13%。标普500指数创五个月来最大单周涨幅，实现连续七个月上涨。 金属价格周五飙升，现货白银和LME期铜创纪录新高。现货白银价格一度跃升5.7%，至每盎司56.46美元。COMEX白银期货3月合约涨6.49%，报每盎司 57.085美元。伦敦期铜一度上涨2.5%，至每吨11210美元附近。 "预计今年11月碳酸锂去库在1.2万吨附近，明年1月可能转为累库，而今年12月是从去库向累库转化的时间窗口，去库逐渐放缓符合预期。"陈婧认为，当 前市场开始交易12月的基本面格局。从12月的最新排产数据看，电池和三元正极排产环比持平或小幅增加。但理论上年末企业会维持低库存，因资金较为 紧张，高价之下较难出现大规模采购。受高价刺激，四季度非洲矿发运积极，南美盐湖产量提升。因此，12月份碳酸锂基本面或有边际宽松的预期。 "从需求看， ...

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Report Information - Report Title: Carbonate Lithium Futures Daily Report [1] - Date: November 28, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - The carbonate lithium futures price rose and then fell, with the decline expanding at the end of the session, closing at 95,850. The spot price increased by 500 to 93,300. The prices of Australian ore, mica, 6F, ternary and lithium iron electrolytes, ternary materials, and lithium iron materials all increased. The short - term carbonate lithium futures price is expected to be supported by the spot price, with limited downward space, but it is difficult to break the previous high after the emotional release [11]. Summary by Directory 1. Market Review and Operation Suggestions - Carbonate lithium futures showed a trend of rising and then falling, with the closing price at 95,850. The spot price rose to 93,300. The prices of upstream and downstream products in the industrial chain continued to increase. The futures market has large fluctuations due to emotions, and the futures price is at a premium to the spot price. The short - term futures price is supported by the spot price, with limited downward space and difficult to break the previous high [11]. 2. Industry News - Critical Resources expanded the land holding area of its Mavis Lake project by 25% to over 400 square kilometers, strengthening its position in the emerging lithium corridor in north - western Ontario. It has identified 8 million tons of inferred mineral resources with a Li2O content of 1.07% and completed over 58,000 meters of drilling [12]. - At the 2025 Second China International Lithium Industry Conference, it was shown that the energy storage market has become the core growth pole of lithium demand. The global energy storage new - installed capacity in 2025 is expected to reach 268GWh, a year - on - year increase of 48%, with a compound growth rate of over 20% in the next decade. The carbonate lithium price has rebounded to over 90,000 yuan/ton, and the inventory days have dropped to a nearly three - year low of 32 days. The supply - demand pattern has turned to a tight balance. Some companies are accelerating the layout of solid - state batteries. The industry predicts that the global lithium demand will reach 2 million tons of carbonate lithium equivalent in 2026, and the price center may continue to rise [12][13]

Core Insights - The article highlights significant capital inflows into commodity futures, particularly in precious metals and certain industrial metals, indicating a bullish sentiment in these sectors [1] Group 1: Capital Inflows - Major inflows were observed in silver (1.461 billion), gold (1.088 billion), tin (0.324 billion), lithium carbonate (0.295 billion), and copper (0.268 billion) [1] - The non-ferrous metals and financial sectors showed a net inflow, with a focus on silver, gold, tin, lithium carbonate, and copper [1] Group 2: Capital Outflows - Significant outflows were noted in rebar (0.291 billion), apples (0.269 billion), coking coal (0.178 billion), glass (0.166 billion), and vegetable oil (0.158 billion) [1] - The chemical, black, and agricultural products sectors experienced net outflows, particularly in rebar, apples, coking coal, glass, and vegetable oil [1] Group 3: Sector Analysis - The overall commodity futures market showed a substantial inflow, with a particular emphasis on the non-ferrous metals sector [1] - Attention is drawn to the outflow of alumina, which is contrary to the trend in other non-ferrous metals [1] - The financial sector is highlighted for its focus on the Shanghai 50 stock index futures and 10-year government bond futures [1]

Core Insights - The article highlights the growth and transformation of Haitong Futures over the past 20 years, emphasizing its role as a leading player in China's futures market and its commitment to serving the real economy [1][2][14] Group 1: Company Development - Haitong Futures was established in 2005 and has evolved from near bankruptcy to a top-tier futures company, marking a significant milestone in the Chinese futures market [1] - The company aims to become a "first-class domestic and internationally influential financial derivatives comprehensive service provider" [3] - As of October 2025, Haitong Futures has conducted over 200 "insurance + futures" and OTC options projects, covering 21 provinces and benefiting over 130,000 farmers [2] Group 2: Strategic Focus - Haitong Futures emphasizes compliance and risk management, having not experienced any major risk events in its 20 years of operation [2] - The company integrates ESG principles into its development strategy, focusing on social responsibility and sustainable growth [2] - The firm is committed to enhancing its service quality and efficiency through a customer-centric approach, utilizing technology to improve client interactions [5][6] Group 3: Business Collaboration - Haitong Futures actively collaborates with its parent company, Guotai Junan, to enhance service offerings and operational efficiency [3] - The company has established a comprehensive business system that combines spot and futures trading, both online and offline, to better serve its clients [7] Group 4: Innovation and Technology - The company has invested in digital transformation, launching AI applications and a unified account management platform to enhance customer experience [12] - Haitong Futures has developed a strong IT team that supports its digital initiatives and improves operational efficiency [12] Group 5: Research and Development - The research team at Haitong Futures provides tailored solutions and insights to clients, enhancing customer loyalty and engagement [13] - The firm has achieved recognition in the industry for its research capabilities, winning multiple awards for its research team [13] Group 6: Future Outlook - Haitong Futures is positioned to leverage new opportunities in the evolving futures market, driven by industry upgrades and regulatory changes [14] - The company aims to continue its growth trajectory by adhering to its core values of responsibility, innovation, and excellence [14]

Report Summary 1. Market Performance - As of the close on November 27, domestic futures main contracts showed mixed performance. Platinum rose over 6%, Shanghai silver rose over 3%, eggs and Shanghai tin rose over 2%, and palm oil rose nearly 2%. Palladium, soybean meal, glass, peanuts, and industrial silicon rose over 1%. On the downside, lithium carbonate fell nearly 2%, and asphalt and short - fiber fell over 1%. CSI 300 Index Futures (IF) main contract fell 0.11%, SSE 50 Index Futures (IH) main contract fell 0.11%, CSI 500 Index Futures (IC) main contract fell 0.34%, and CSI 1000 Index Futures (IM) main contract fell 0.08%. 2 - year Treasury Bond Futures (TS) main contract rose 0.01%, 5 - year Treasury Bond Futures (TF) main contract fell 0.01%, 10 - year Treasury Bond Futures (T) main contract fell 0.06%, and 30 - year Treasury Bond Futures (TL) main contract fell 0.01% [5][6] - In terms of capital flow, as of 15:19 on November 27, among domestic futures main contracts, Shanghai silver 2602 had an inflow of 3.12 billion yuan, Shanghai gold 2602 had an inflow of 2.146 billion yuan, and Shanghai tin 2601 had an inflow of 668 million yuan. On the other hand, rebar 2601 had an outflow of 578 million yuan, apple 2601 had an outflow of 528 million yuan, and coking coal 2601 had an outflow of 464 million yuan [6] 2. Commodity Analysis Copper - Copper opened high and moved low, showing a slightly stronger oscillation. US initial jobless claims decreased by 6,000 to 216,000 in the week ending November 22, lower than the expected 225,000. The Grasberg mine in Indonesia is expected to resume production in the second quarter of next year. The long - term contract negotiation for copper smelting is ongoing, with the rough smelting and refining fees remaining stable. Refined copper imports decreased month - on - month, but domestic copper supply is relatively abundant. The inventory of Shanghai Futures Exchange copper has been accumulating, and there is no shortage of supply for now. The 770th document has not been implemented yet, and the operation of recycled copper rod enterprises is cautious. After the copper price dropped last week, downstream purchases increased. In October 2025, China's copper product output was 2.004 million tons, down over 10% month - on - month and 3.3% year - on - year. Recently, the copper inventory of the Shanghai Futures Exchange has declined after reaching a high, and the inventory pressure has eased but is still high year - on - year. With the increasing probability of the Fed's interest rate cut, the copper price has rebounded. If the positive factors do not materialize, the copper price may decline slightly [8] Lithium Carbonate - Lithium carbonate opened low and moved high, with a decline during the day. The average price of battery - grade lithium carbonate was 93,300 yuan/ton, up 500 yuan/ton from the previous trading day, and the average price of industrial - grade lithium carbonate was 90,850 yuan/ton, up 450 yuan/ton. As of October 2025, the lithium carbonate output was 89,300 tons, an increase of 5,790 tons from the previous month. As of November 26, the weekly operating rate was 75.34%, 16.04% higher year - on - year. The price of spodumene increased, and the supply of lithium from salt lakes is affected by the season. In October, the domestic output of energy - storage batteries was 54.3 GWh, a month - on - month increase of 3.04%. The expected production of lithium iron phosphate in November is 405,600 tons, a 2.5% month - on - month increase. In October, the production and sales of new energy vehicles were 1.772 million and 1.715 million respectively, up 21.1% and 20% year - on - year. After being stimulated by industry news, the futures price rose and then fell. The sustainability of downstream energy - storage orders is questionable, and the price has been fluctuating weakly in the past two days. It is recommended to operate with caution [10] Crude Oil - On November 2, eight OPEC+ countries decided to increase production by 137,000 barrels per day in December, the same as the October and November increase plans, and suspend production increase in the first quarter of next year. The OPEC+ eight - country meeting will be held on November 30. This will increase the crude oil supply pressure in the fourth quarter but relieve the pressure in the first quarter of next year. The peak season for crude oil demand has ended. EIA data shows that the increase in US refined oil inventories exceeded expectations, and the increase in US crude oil inventories also exceeded expectations due to increased net imports. The overall oil inventory has increased slightly. US crude oil production is near the historical high. However, the number of active US oil drilling platforms decreased by 12, increasing the expectation that low oil prices will limit US crude oil production growth. The sanctions imposed by the US and the West have not affected Russia's oil production. The Trump administration is trying to promote a cease - fire between Russia and Ukraine, and Zelensky said he will continue to negotiate the peace plan with the US. The risk premium of Russian crude oil has declined, but it is difficult to reach a peace agreement in the near term. The military confrontation between the US and Venezuela has intensified, raising concerns about supply disruptions in Venezuela and Libya. With the end of the consumption peak season, the decline of the US ISM manufacturing index in October, and the unclear prospect of US interest rate cuts, the market is worried about crude oil demand. OPEC+ is accelerating production increase, and the Middle East's exports are increasing. The crude oil market is in a supply - surplus pattern. It is expected that the crude oil price will fluctuate at a low level [11][13] Asphalt - The asphalt operating rate decreased by 4.2 percentage points to 24.8% last week, lower than the same period last year. In November, the domestic asphalt production is expected to be 2.228 million tons, a decrease of 454,000 tons (16.9%) month - on - month and 274,000 tons (11.0%) year - on - year. The operating rates of asphalt downstream industries showed mixed performance last week, with the road asphalt operating rate remaining flat at 34%, restricted by funds and weather. In the Northeast region, asphalt production increased, and sales volume increased significantly after price cuts. The national sales volume increased by 15.28% to 246,000 tons, at a slightly low level. The inventory - to - sales ratio of asphalt refineries remained flat, near the lowest level in recent years. The sanctions on Russia have not affected its oil production, and the promotion of a cease - fire between Russia and Ukraine has led to a decline in oil prices. A fire in Venezuela's Jose industrial area shut down a 200,000 - barrel - per - day distillation unit, and the discount of diluted asphalt has widened under the US military threat. Shandong Shengxing and other refineries will stably produce asphalt this week, and the asphalt operating rate will increase. With the decline in northern temperatures, road construction is coming to an end, and the demand will further weaken. The increase in southern projects is limited, and the overall demand is dull. The basis of Shandong asphalt has remained at a neutral level, and the market is cautious. It is expected that the asphalt futures price will fluctuate weakly [14] PP - The downstream operating rate of PP increased by 0.29 percentage points to 53.57%, at a relatively low level in the same period over the years. The operating rate of the main downstream woven products of PP remained flat at 44.24%, and the orders decreased slightly compared with the previous year. On November 27, there were few changes in the maintenance devices, and the operating rate of PP enterprises remained at around 83%, at a slightly low - to - neutral level. The production ratio of standard - grade drawn products remained at around 31%. The de - stocking of petrochemical enterprises slowed down in November, and the current petrochemical inventory is at a slightly high - to - neutral level in the same period over the years. The sanctions on Russia have not affected its oil production, and the promotion of a cease - fire between Russia and Ukraine has led to a decline in oil prices. The new production capacity of 400,000 tons per year of PetroChina Guangxi Petrochemical was put into operation in mid - October, and the number of maintenance devices has decreased recently. The downstream is at the end of the peak season, the follow - up of orders such as woven products is limited, the price of BOPP film has declined, and there is a lack of large - scale centralized procurement in the market, which has limited support for the market. Traders generally offer discounts to stimulate sales. With supply surplus and weakening cost support, it is expected that PP will fluctuate weakly [15][16] Plastic - On November 27, there were few changes in the maintenance devices, and the operating rate of plastic enterprises remained at around 89%, at a neutral level. As of the week ending November 21, the downstream operating rate of PE increased by 0.20 percentage points to 44.69%. The agricultural film is still in the peak season, with stable orders, at a neutral level in the same period over the years. The raw material inventory of agricultural film has increased slightly again, and the orders of packaging film have increased slightly. The overall downstream operating rate of PE is still at a relatively low level in the same period over the years. The de - stocking of petrochemical enterprises slowed down in November, and the current petrochemical inventory is at a slightly high - to - neutral level in the same period over the years. The sanctions on Russia have not affected its oil production, and the promotion of a cease - fire between Russia and Ukraine has led to a decline in oil prices. The new production capacity of 500,000 tons per year of ExxonMobil (Huizhou) LDPE and 700,000 tons per year of PetroChina Guangxi Petrochemical was recently put into operation. The operating rate of plastic has decreased slightly. The agricultural film is at the end of the peak season, with stable orders but the peak season is not as good as expected. With the temperature drop, the demand in the north has begun to decrease, and the price of agricultural film has started to decline. It is expected that the downstream operating rate will decline. Downstream enterprises have low purchasing willingness, mainly for rigid demand. Traders are cautious about the future market and generally offer discounts to sell actively. With the overall unchanged supply - demand pattern and weakening cost support, it is expected that plastic will continue to fluctuate weakly in the near term [17] PVC - The price of calcium carbide in the upstream northwest region is stable. Currently, the operating rate of PVC increased by 0.32 percentage points to 78.83%, still at a relatively high level in the same period over the years. The downstream operating rate of PVC continued to decline slightly, still at a low level although higher than the past two years. India has terminated the BIS policy on PVC, alleviating the concern about China's PVC exports to India. The anti - dumping duty is also likely to be cancelled, and PVC exports increased last week through price cuts. However, the December quotes of Formosa Plastics in Taiwan, China generally decreased by $30 - 60 per ton. The social inventory increased slightly last week and is still high, with great inventory pressure. From January to October 2025, the real estate market is still in the adjustment stage, with significant year - on - year declines in investment, new construction, and completion areas. The year - on - year growth rates of investment, sales, new construction, and completion have further declined. The weekly sales area of commercial housing in 30 large and medium - sized cities increased week - on - week but is still at the lowest level in the same period over the years. The real estate market needs time to improve. The comprehensive profit of chlor - alkali is still positive, and the operating rate of PVC is higher than in previous years. The new production capacity of 400,000 tons per year of Tianjin Bohua is operating at full capacity, and 300,000 tons per year of Gansu Yaowang and 300,000 tons per year of Jiaxing Jiahua are operating at low capacity after trial operation. There are no actual policies in the PVC industry yet, and most old devices have been upgraded through technological transformation. The elimination of old devices and the solution of over - capacity problems in the petrochemical industry are macro - policies that will affect the future market. The maintenance of production enterprises such as Henan Lianchuang is about to end, the futures warehouse receipts are still at a high level, the cancellation of India's BIS policy has limited impact, the December quotes of Formosa Plastics in Taiwan, China have decreased, and the decline in coking coal and other futures prices has dampened market sentiment. Recently, PVC has been fluctuating weakly [18][19] Coking Coal - Coking coal opened low and moved low, showing a weak performance during the day. In the spot market, the mainstream price in the Shanxi market (Jiexiu) was 1,380 yuan/ton, unchanged from the previous trading day, and the self - pick - up price of Mongolian No. 5 coking coal was 1,000 yuan/ton, down 8 yuan/ton from the previous trading day. According to Mysteel statistics, the utilization rate of the approved production capacity of 523 coking coal mines was 86.01%, a month - on - month decrease of 0.93%. The customs clearance volume of Mongolian coal is at a high level, and the daily customs clearance vehicle number at the Ganqimaodu Port may increase next week. However, there is still an expectation of production reduction and shutdown at the end of the year, and it is expected that the production will decrease month - on - month next month. The mine inventory has increased significantly. In terms of downstream demand, the operating rate of steel mills and the molten iron output increased last week, with the daily molten iron output at 236,280 tons, a 0.25% month - on - month decrease, and the profit of steel mills continued to weaken. It is expected that the operating rate will continue to decline seasonally. The decline trend of coking coal has slowed down in the past two days. It is expected that the future fundamentals will show a pattern of weak supply and demand. The market situation also needs to pay attention to the winter storage situation at coal ports, and it will mainly fluctuate weakly in the short term [20] Urea - The futures price of urea opened high and moved high, showing an increase during the day. The market situation has improved slightly, with prices rising. After the low - price quotes rebounded, the order receiving is still good. The ex - factory price of small - particle urea from urea factories in Shandong, Henan, and Hebei ranges from 1,580 to 1,610 yuan/ton, a rebound of about 10 yuan/ton, with the high - end quotes in Hebei. Fundamentally, the daily output is significantly higher than the same period over the years. Before the seasonal shutdown of gas - based devices, the daily output of upstream factory devices will remain at a high level. The current daily output data is about 6% higher than last year. The compound fertilizer factories are still operating. After the production of winter - storage fertilizers, the production load is gradually increasing. Although the pre - order situation has been poor recently, the pending orders are still sufficient. It is expected that the operating rate will continue to increase next week. The operating rate of compound fertilizer factories increased by 2.45 percentage points this period. Since the price increase recently, the downstream terminal purchasing speed has increased, and the purchasing enthusiasm has increased significantly. With the reserve demand, the inventory has been decreasing for several weeks, with a 5.1% week - on - week decline this week. Overall, both supply and demand are increasing. The urea price is fluctuating strongly at a low level, with both upward and downward price pressures. The futures price will mainly fluctuate in a narrow range. The current demand is mainly reserve - type demand, with limited sustainability. It is necessary to pay attention to the downstream acceptance after the price increase [21][22]

国内期货主力合约多数上涨，铂涨近7%，钯涨近3%，沪银涨超2%，沪锡、工业硅、鸡蛋涨近2%，玻 璃、棕榈油、豆油、尿素涨超1%。跌幅方面，集运欧线、短纤、沥青、碳酸锂跌超1%。 ...

每经AI快讯，11月27日，碳酸锂期货主力合约日内跌幅达2%，报95500元/吨。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 ...

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 ...

（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 ...