<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达期货：</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">政策转向，多空或持续胶着</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘表现：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-tab-count: 2"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN></FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收盘</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-tab-count: 1"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">站跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨幅</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">道琼斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>11382.09<SPAN style="mso-spacerun: yes"> </SPAN>19.68<SPAN style="mso-spacerun: yes"> </SPAN>0.17% <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">纳斯达克</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>2591.46<SPAN style="mso-spacerun: yes"> </SPAN>12.11<SPAN style="mso-spacerun: yes"> </SPAN>0.47%<SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">标普</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">500<SPAN style="mso-spacerun: yes"> </SPAN><SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>1224.71<SPAN style="mso-spacerun: yes"> </SPAN>3.18<SPAN style="mso-spacerun: yes"> </SPAN>0.26%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">富时</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">100<SPAN style="mso-spacerun: yes"> </SPAN>5745.32<SPAN style="mso-spacerun: yes"> </SPAN>-22.24<SPAN style="mso-spacerun: yes"> </SPAN>-0.39%<SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">德国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">DAX<SPAN style="mso-spacerun: yes"> </SPAN>6947.72<SPAN style="mso-spacerun: yes"> </SPAN>-9.89<SPAN style="mso-spacerun: yes"> </SPAN>-0.14%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">法国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CAC40<SPAN style="mso-spacerun: yes"> </SPAN>3750.55<SPAN style="mso-spacerun: yes"> </SPAN>3.51<SPAN style="mso-spacerun: yes"> </SPAN>0.09%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">C0MEX</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">黄金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>1405.4<SPAN style="mso-spacerun: yes"> </SPAN>16.8<SPAN style="mso-spacerun: yes"> </SPAN>1.22%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">NYMEX</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>89.83<SPAN style="mso-spacerun: yes"> </SPAN>1.09<SPAN style="mso-spacerun: yes"> </SPAN>1.23%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>79.15<SPAN style="mso-spacerun: yes"> </SPAN>-1.09<SPAN style="mso-spacerun: yes"> </SPAN>1.35%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">小结：尽管</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非农就业报告令人大失所望，但投资者们认为利空就业数据将促使国会采取措施来刺激经济增长，及其分析师对就业数据表示怀疑，认为报告数据今后可能会被上调。因此，周五美国股市低开高走，最终小幅收高，大盘实现三连阳。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">我国明年货币政策将变宽松为稳健</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">尚福林：进一步完善上市公司退出机制</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3. </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">胡锦涛：加强房地产市场调控</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4. </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">发改委：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CPI</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">不会“破五”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">．美就业数据欠佳</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元汇率下滑</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">持仓分析：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">本周期指呈震荡走势，本周以来，多空主力一改上周减仓策略，双方采取针锋相对的增仓策略，其中空头增仓幅度较大，空头主力重夺优势。主力持仓动向向市场传达两点信号，一是，因受到紧缩货币的担忧，后市仍不被看好；二是，因政策仍不明朗，市场风险加大，在套利机会不多的情况下，主力做空期指意在套保，规避现货（股票、基金等）下跌风险。整体而言，本周多空主力均采取增仓策略，双方分歧加大。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达研究院观点：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1012</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约收盘报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3175</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，预计</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1012</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期货合约的区间在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3195-3145</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">之间运行，如上方冲破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3195</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点可以介入单多，止损下设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点；如下方破点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3145</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">可以小空，止损上设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点。如在区间内窄幅震荡，可以高空低多的策略。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约名称</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">强阻力位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">阻力位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">支撑位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">强支撑位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">HS300<SPAN style="mso-spacerun: yes"> </SPAN>3190<SPAN style="mso-spacerun: yes"> </SPAN><SPAN style="mso-spacerun: yes"> </SPAN>3175<SPAN style="mso-spacerun: yes"> </SPAN>3135<SPAN style="mso-spacerun: yes"> </SPAN>3115<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1012<SPAN style="mso-spacerun: yes"> </SPAN>3220<SPAN style="mso-spacerun: yes"> </SPAN>3195<SPAN style="mso-spacerun: yes"> </SPAN>3145<SPAN style="mso-spacerun: yes"> </SPAN>3115<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1101<SPAN style="mso-spacerun: yes"> </SPAN>3250<SPAN style="mso-spacerun: yes"> </SPAN>3225<SPAN style="mso-spacerun: yes"> </SPAN>3170<SPAN style="mso-spacerun: yes"> </SPAN>3140<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1103<SPAN style="mso-spacerun: yes"> </SPAN>3295<SPAN style="mso-spacerun: yes"> </SPAN>3275<SPAN style="mso-spacerun: yes"> </SPAN>3225<SPAN style="mso-spacerun: yes"> </SPAN>3195<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">IF1106<SPAN style="mso-spacerun: yes"> </SPAN>3350<SPAN style="mso-spacerun: yes"> </SPAN>3330<SPAN style="mso-spacerun: yes"> </SPAN>3285<SPAN style="mso-spacerun: yes"> </SPAN>3255<SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">农产品</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">棉花</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘走势：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">ICE</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期棉收于涨停</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">,</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">受投机基金买盘提振</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">,</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">但成交清淡，分析师对上涨能否持续态度谨慎。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月棉花上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分，收报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">132.34</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、美国农业部</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(USDA)</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">最新公布的棉花出口销售报告显示，截至</SPAN><st1:chsdate Year="2010" Month="11" Day="25" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">25</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周，美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010-11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花净销售</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">266,000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2011-12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花净销售</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">269,000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包。当周美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010-11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花出口装船</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">183,700</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、一家行业组织的发言人称，估计澳大利亚</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010/11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花播种面积料较上年度增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">150%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，因受棉花价格上涨和播种条件改善等影响。澳洲棉花的发言人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">David Bone</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">称，澳洲农户在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010/11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花播种面积料自去年的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">200,000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">公顷增加至逾</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">500,000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">公顷。澳大利亚为全球第三大棉花出口国。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：棉花指数</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">328</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">价格为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">26351</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上一交易日上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">102</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单库存：交易所注册仓单为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">55</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，有效预报为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">89</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。（每张对应棉花</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">40</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨）。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">主产区天气：受强冷空气影响，未来三天，长江中下游以北地区气温将下降</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">～</SPAN><st1:chmetcnv w:st="on" UnitName="℃" SourceValue="10" HasSpace="False" Negative="False" NumberType="1" TCSC="0"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，新疆北部、甘肃西部、内蒙古西部和东南部、华北北部和东部、黄淮东北部等地的部分地区降温幅度可达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">14</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">～</SPAN><st1:chmetcnv w:st="on" UnitName="℃" SourceValue="16" HasSpace="False" Negative="False" NumberType="1" TCSC="0"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">16</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；未来三天，新疆大部、内蒙古中东部、黑龙江大部、吉林东部等地有小到中雪或雨夹雪，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日新疆塔城、阿勒泰、伊犁河谷、北疆沿天山一带等地有大雪，部分地区有暴雪。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：印度限制棉纱出口的消息提振市场，投机基金买盘推动美棉强势上扬，连续收于涨停；短期国内政策调控仍对棉花上行空间构成压制；现货价格小幅回升，纺企开始小批量采购，成交量有所增加。郑棉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1109</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">继续收涨，期价突破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">26000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线，有望上抽</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">周均线压力，延续震荡走势。操作上，短多交易</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">,</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">关注</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">周线压力。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">油脂</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：对阿根廷作物遭受干旱威胁的持续担忧推动油粕期</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">价上涨，美豆油跟随大豆走高，主力</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月合约收于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">53.45</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；因交易商担心供应或出现短缺，且谷物市场走坚带动棕榈油</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">价格，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">BMD</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">棕榈油连续第五日走高，主力</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月合约收高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">16</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">令吉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3516</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">令吉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息：基本面上，国际方面，美国统计局数据显示，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国豆油库存总计为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">32.39</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿磅，低于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">33.58</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿磅；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">ITS</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> SGS</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">出口数据显示，马来西亚出口水平依然保持良好，优于之前</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">市场预期。国内方面，在国家加强调控的背景下，各大交易所</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">纷纷提高保证金与手续费，对于大户加强监管；商务部数据显</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">示，近期国内食用油价格出现回落。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货：受期货市场本周震荡走升影响，本周油脂现货价格</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">与上周相比小幅提高，沿海四级豆油约为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9400-9600</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；港</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">口棕榈油报价集中在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8700-9000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；国内四级菜油出厂价格</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">处于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9600-10200</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨水平。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单：豆油，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6119</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张；棕榈油，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张；菜油，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5300</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张；均无</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">变化。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：在外盘大幅走高、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">BMD</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">棕榈油连创新高的新高的</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">情况下，国内油脂继续震荡走高；同时，市场对于国家调控仍</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">有忧虑。建议下周关注外盘表现，谨慎持多，预计豆油</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9800- 10000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近将是政策压力位置。对于谨慎投资者，根据历</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份走势，可进行豆油棕榈油之间价差缩小套利。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">白糖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">由于市场方面担心包括巴西、印度、澳大利亚、印度尼西亚在内的一些主要产糖国食糖产量达不到预期使本来就已经处于较</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">低水平的全球食糖库存量难以得到提升，周五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">ICE</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">糖市原糖期货价格连续第三个交易日上涨，近期合约的丈夫更超过了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> /</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅。当日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1103</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价暴涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">105</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">+3.7%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">），收于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">29.50</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅，盘中</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1003</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价一度冲击了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">29.69</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅的高点；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 1105</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价同时暴涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">86</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点（</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">+3.3%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">），以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">26.71</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅报收。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基本面消息：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2010</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份巴西的食糖出口依然保持强劲势头，当月的食糖出口量已从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">306.6</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨增至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">315.2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、湛江桉树遭重创，部分土地或转种甘蔗</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内现货：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内现货小幅下调，南宁报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">（新糖）。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存仓单（张）：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1042</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，有效预报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1632</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内主产区天气：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今天白天到晚上，桂林、柳州、河池、百色、来宾、贺州市多云转阴天有小雨，我区其它地区多云到阴天有分散小雨。</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">南宁市：今天白天到晚上，多云转阴有分散小雨，东北风</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2-3 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级，最高气温</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃，最低气温</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">13</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">郑糖盘面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">技术上，郑糖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1109</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约短期处于多空均衡状态，量能继续萎缩，市场处于观望居多。短期预计将处于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日均线与</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日均线间</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">震荡运行，可于此区间短线操作。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">大豆豆粕</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、临储大豆拍卖结束，全部流拍；黑龙江大豆拍卖成交</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5.5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨，成交均价在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3772</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，成交状况不理想。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、阿根廷大豆产区迎来降雨，有利于播种。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：美豆期价延续反弹，美元疲软和对南美地区天气的担忧支撑期价走高到三周以来的高点。美豆</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月收盘在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1300.25</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分，上涨了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 20.5</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内现货：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> 1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、黑龙江大豆市场价格能在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3840</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨左右。但是农户的惜售态度并没有变化，对于后期价格上涨预期仍旧较强。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、豆粕现货报价平稳，目前价格能在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3400-3450</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，昨天大幅提价后成交情况一般。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">盘面分析：周五盘面延续了昨天的反弹势头，资金在连续的流出后，今天小幅增仓，期价也摆脱隔夜美盘走低的影响，走势开始显现出偏强的特征。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">操作建议：盘面反弹，虽然豆粕资金继续流出，但大豆和豆油持仓小幅增加，同时期价走出反弹，这说明市场多头力量有所回升，后期期价有望继续呈现震荡反弹格局。操作上，建议趋势操作者多单持有，小幅加仓。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">5 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">谷物早盘提示：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：受小麦上涨及美元疲软支撑，周五<SPAN lang=EN-US>CBOT</SPAN>玉米期货市场收高。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1</SPAN>、中国<SPAN lang=EN-US>2010</SPAN>年全国粮食总产量为<SPAN lang=EN-US>54,641</SPAN>万吨，增产<SPAN lang=EN-US>2.9%--</SPAN>统计局；<SPAN lang=EN-US>2</SPAN>、全球<SPAN lang=EN-US>2010/11</SPAN>年度优质小麦供应可能不足；<SPAN lang=EN-US>3</SPAN>、越南上调大米出口底价至每吨<SPAN lang=EN-US>540</SPAN>美元。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：目前鲅鱼圈港口玉米收购价格已降至<SPAN lang=EN-US>2000</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，再降<SPAN lang=EN-US>10</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，三个港口平舱价格在<SPAN lang=EN-US>2050-2070</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，仍有走弱趋势，贸易商收购及发货热情依旧不高；广东港口今日<SPAN lang=EN-US>15%</SPAN>水分玉米主流成交价在<SPAN lang=EN-US>2160-2170</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，水分偏高玉米成交价在<SPAN lang=EN-US>2120-2150</SPAN>元<SPAN lang=EN-US>/</SPAN>吨不等，价格暂时稳定，<SPAN lang=EN-US>12</SPAN>月中旬大船运费将明显下跌，约在<SPAN lang=EN-US>65-70</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，较前期下跌<SPAN lang=EN-US>15-20</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，运费的下跌可给贸易商让出一部分利润；郑州强筋小麦出库价<SPAN lang=EN-US>2350</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，持平；江西九江早稻收购价<SPAN lang=EN-US>2080</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，水分≤<SPAN lang=EN-US>13.5%</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存方面：玉米仓单为<SPAN lang=EN-US>990</SPAN>张，郑州强麦仓单为<SPAN lang=EN-US>5516</SPAN>张，早籼稻仓单为<SPAN lang=EN-US>6041</SPAN>张。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：<SPAN lang=EN-US>c1109</SPAN>合约下方<SPAN lang=EN-US>2250</SPAN>一线支撑较强，但上方压力明显，短期或延续窄幅震荡；<SPAN lang=EN-US>WS1105</SPAN>合约期价上行动能不足，下方<SPAN lang=EN-US>2550</SPAN>一线形成有力支撑，短期震荡思路对待；<SPAN lang=EN-US>ER1105</SPAN>合约下方<SPAN lang=EN-US>2300</SPAN>一线支撑较好，但上方空间受到限制，建议观望为主。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">金属产品<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">铜</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：周五伦铜为连续第五日收涨，尾盘涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.39%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8739</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，因美元走软提振，目前铜价处于均线之上运行，上涨趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息方面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非农就业人口增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.9</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万人，预估为增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">14</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万人，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月修正后为增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">17.2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万人。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月制造业指数为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">55</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，预估为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">54.8,10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">54.3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：上海现铜报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">64050-64400</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，下跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">50</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">225</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，小幅扩大；内外比价为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7.47-7.54</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，比值波动较大，因沪铜日内波动较大。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">LME</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">铜库存增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1200</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">353625</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，注销仓单占库存比为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8.51%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，较昨日小幅减少，据历史数据显示，注销仓单占比在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">5%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">之下的话，伦铜库存增加的可能性较大，目前的水平表明库存还将有减少的空间。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五伦铜受美元走软提振，尾盘继续收涨，为连续第五日上涨。但周五公布的美国非农数据差于预期，且其</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月失业率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">9.8%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，意外上升，表明美国就业市场依旧疲软，在一定程度上打压了市场此前对美国经济的乐观情绪。周五伦铜库存小幅增加，但其较高的注销仓单占库存比暗示后期库存仍有减少的空间，期铜整体基本面较好，预计今日市场会继续消化美国就业数据，铜价有回调压力，但并不妨碍其继续上涨，因此建议投资者耐心持有多头，如有回调可继续买入。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">钢材</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：</SPAN><FONT face="Times New Roman"><st1:chmetcnv w:st="on" UnitName="mm" SourceValue="8" HasSpace="False" Negative="False" NumberType="1" TCSC="0"><SPAN lang=EN-US style="FONT-SIZE: 12pt">8mm</SPAN></st1:chmetcnv><SPAN lang=EN-US style="FONT-SIZE: 12pt"> Q235</SPAN></FONT><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">高线上海报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4660</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，</SPAN><FONT face="Times New Roman"><st1:chmetcnv w:st="on" UnitName="mm" SourceValue="20" HasSpace="False" Negative="False" NumberType="1" TCSC="0"><SPAN lang=EN-US style="FONT-SIZE: 12pt">20mm</SPAN></st1:chmetcnv><SPAN lang=EN-US style="FONT-SIZE: 12pt"> HRB400</SPAN></FONT><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">螺纹钢上海报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4820</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(1)</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">“十一五”超额淘汰落后产能逾亿吨</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">钢铁业进展一般</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(2) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">政治局会议：实施积极财政政策和稳健的货币政策</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">(3) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">节能减排目标完成</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">钢铁业复产在即</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> (4) </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">印度</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">63.5%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">粉矿</SPAN><st1:chsdate Year="2010" Month="12" Day="3" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">CIF</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">参考报价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">171-173</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存：上海交易所螺纹钢仓单日报为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">30002</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，持平。线材仓单日报为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，持平。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">小结：周五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">RB1105</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约增仓上行，美元回落继续支撑商品走强，另外国家计划明年将建千万套保障性住房提振钢市信心。操作上建议多头思维，前期多单止赢移至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4700</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">锌、铝</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：周五，伦锌冲高回落，日线收十字星，电</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约收报于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2225</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，跌幅</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.71%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；伦铝承压走低，盘中受到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日均线支撑，电</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约收报于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2326</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，跌幅</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.23%</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">内外盘比价情况：锌内外比价最高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8.36</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，最低</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8.16</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，铝内外比价位于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">6.95-7.17</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">之间。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息方面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非农就业人数仅增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">3.9</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2.</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美国</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月工厂订单月比下降</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0.9%<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：上海现货</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">0#</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">锌报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">17600-17700</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上交易日上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">200</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">435-</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">335</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1#</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">锌报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">17550-17650</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">200</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">485-</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">385</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">A00 </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">铝报在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">16000-16040</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，贴水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">-</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">升水</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">30</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存方面：本周上期所锌现货库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">293995</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1580</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，期货库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">220004</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2478</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。铝现货库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">443814</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">18226</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，期货库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">317064</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12329</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">LME</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">锌库存最新库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">632175</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1475</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">LME</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">铝库存最新库存为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4285500</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周增加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1375</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：基本面上，虽陆续有减产消息传来，然供求过剩的局面尚未改变，现货市场成交仍显清淡。资金面上，沪铝主力合约前</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">名净空单在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">7000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手左右；沪锌前</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">名净空单维持在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1.7</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万手以上。技术显示，市场走势犹豫，沪锌强于沪铝。操作建议：沪锌目标位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">18800</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，可在此位置附近获利离场；沪铝多单离场；未入场者暂时选择观望或日内交易。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">4</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">黄金<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜黄金大幅飙升，再度回到<SPAN lang=EN-US>1400</SPAN>之上，其离历史高点仅一步之遥。其中<SPAN lang=EN-US>COMEX12</SPAN>黄金涨<SPAN lang=EN-US>1.22%</SPAN>至<SPAN lang=EN-US>1405.4</SPAN>美元<SPAN lang=EN-US>/</SPAN>盎司。目前金价处于均线组之上运行，上涨趋势明显。<SPAN lang=EN-US> <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1.</SPAN>美国<SPAN lang=EN-US>11</SPAN>月非农就业人口增加<SPAN lang=EN-US>3.9</SPAN>万人，预估为增加<SPAN lang=EN-US>14</SPAN>万人，<SPAN lang=EN-US>10</SPAN>月修正后为增加<SPAN lang=EN-US>17.2</SPAN>万人。<SPAN lang=EN-US>2.</SPAN>美国<SPAN lang=EN-US>11</SPAN>月制造业指数为<SPAN lang=EN-US>55</SPAN>，预估为<SPAN lang=EN-US>54.8,10</SPAN>月为<SPAN lang=EN-US>54.3</SPAN>。<SPAN lang=EN-US>3.12</SPAN>月<SPAN lang=EN-US>3</SPAN>日<SPAN lang=EN-US>SPDR</SPAN>基金黄金持有量减少<SPAN lang=EN-US>0.41</SPAN>吨至<SPAN lang=EN-US>1298.03</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：上海黄金<SPAN lang=EN-US>9999</SPAN>报<SPAN lang=EN-US>298.99</SPAN>元<SPAN lang=EN-US>/</SPAN>克，下跌<SPAN lang=EN-US>0.31</SPAN>元<SPAN lang=EN-US>/</SPAN>克，跌幅为<SPAN lang=EN-US>0.1 % <o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：周五黄金受益于美元走软而大幅飙升，回至<SPAN lang=EN-US>1400</SPAN>美元<SPAN lang=EN-US>/</SPAN>盎司之上，目前金价运行于均线组之上，表明金价涨势良好。周五美国公布的<SPAN lang=EN-US>11</SPAN>月非农就业数据仅增加<SPAN lang=EN-US>3.9</SPAN>万人，远远差于预期增加的<SPAN lang=EN-US>14</SPAN>万人，且其<SPAN lang=EN-US>11</SPAN>月失业率为<SPAN lang=EN-US>9.8%</SPAN>，意外上升，表明美国就业市场依旧疲软，市场开始担忧美国经济是否能持续复苏，黄金的避险需求因此有所提高，另外印度对黄金的实物需求有所增加，给力黄金上涨。后期金价有望继续上冲，测试历史高点，建议投资者继续持有多头。<B style="mso-bidi-font-weight: normal"><SPAN lang=EN-US><o:p></o:p></SPAN></B></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: center" align=center><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">化工品<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">1</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">连塑</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、塑木地板新型建材起步</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">发展前景被业界看好</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes"> </SPAN>2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、今年国产乙烯首次生产跑赢消费</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：上周五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">LLDPE</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货价格继续保持平稳。扬子石化</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">DFDA-7042</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">11000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。市场成交不活跃。亚洲乙烯也止涨回稳，东北亚报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1109</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">——</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1111</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，东南亚乙烯报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1053</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">——</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1055</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，均与昨日持平。市场成交仍维持低位。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存数据：交易所仓单报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">26484</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，较昨日减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五连塑反弹受阻，但下方接盘仍较为有力，显示反弹有望延续。基本面上，国际原油连续反弹，亚洲乙烯价格走势坚挺，中石油、中石化增产柴油，降低乙烯产量令市场供应略微趋紧，这些因素对连塑形成一定的支撑。且经过前期连续回落，预计连塑短期有反弹要求。此波反弹受原油的影响较大，其自身基本面并未有明显改善，预计反弹的高度将较为有限。操作上，若短期快速上冲至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12000</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元上方，可设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12100</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">——</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">12200</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线为止损位，试探性建立空仓。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p><FONT face="Times New Roman"> </FONT></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2 PVC<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、节能减排临近收尾</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">电石市场报价略显混乱；</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、乌海中联大型氯碱项目开工。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：上周五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货价格小幅回升，华东地区乙烯法</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8850</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，华东电石法</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8400</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，均较昨日上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">50</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元。市场成交略有好转。电石价格继续保持平稳，西北电石报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4400</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，华东电石报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">4800</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，无涨跌。市场成交一般。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存数据：交易所仓单报</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">26484</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，较昨日减少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt"><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman"> </FONT></SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">反弹受阻，增仓回落，显示上方压力已开始显现。基本面上，原油连续反弹及电石价格坚挺对</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">形成一定的成本支撑。但货币政策进一步收紧，加息预期不断及现货价格连续回落则在一定程度上打压了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">的反弹空间，预计后市</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">将维持弱势震荡格局，操作上，短线投资者可在期价上冲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8350</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线时试探性建立空仓。若突破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><FONT face="Times New Roman">8400</FONT></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线则止损。中线投资者手中空单可继续谨慎持有。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 12pt"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">3 PTA<o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息面：<SPAN lang=EN-US>1</SPAN>、<SPAN lang=EN-US>NYMEX</SPAN>原油续创<SPAN lang=EN-US>25</SPAN>个月高位<SPAN lang=EN-US>,</SPAN>因美元走弱及取暖油大涨。<SPAN lang=EN-US>NYMEX 1</SPAN>月原油期货上涨<SPAN lang=EN-US>1.19</SPAN>美元，报收<SPAN lang=EN-US>9.19</SPAN>美元<SPAN lang=EN-US>/</SPAN>桶。<SPAN lang=EN-US>2</SPAN>、远东石化两套产能各为<SPAN lang=EN-US>60</SPAN>万吨<SPAN lang=EN-US>/</SPAN>年的<SPAN lang=EN-US>PTA</SPAN>装置运行基本正常，装置开工负荷升至<SPAN lang=EN-US>8</SPAN>成左右，产品全部执行合同用户，目前厂家货源供应仍较紧张。<SPAN lang=EN-US> 3</SPAN>、江浙地区短纤市场行情暂稳，市场主流报价在<SPAN lang=EN-US>14800-17000</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，商谈重心维持在<SPAN lang=EN-US>12800-13800</SPAN>元<SPAN lang=EN-US>/</SPAN>吨附近。下游观望情绪较浓，实际成交稀少。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货价格：华东<SPAN lang=EN-US>PTA</SPAN>市场行情趋稳，市场报盘维持在<SPAN lang=EN-US>9300</SPAN>元<SPAN lang=EN-US>/</SPAN>吨附近，询盘相对减弱，市场主流商谈在<SPAN lang=EN-US>9200-9250</SPAN>元<SPAN lang=EN-US>/</SPAN>吨内展开，实盘稀少。亚洲<SPAN lang=EN-US>PTA</SPAN>现货市场行情暂稳，台产货报盘在<SPAN lang=EN-US>1180</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近，实际商谈在<SPAN lang=EN-US>1165-1170</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近展开，韩产货主流商谈在<SPAN lang=EN-US>1145-1150</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨附近，市场买盘清淡。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-spacerun: yes"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存数据：交易所仓单为<SPAN lang=EN-US>18834</SPAN>张，较上一交易日减少<SPAN lang=EN-US>268</SPAN>张，有效预报<SPAN lang=EN-US>1886</SPAN>张。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt; TEXT-INDENT: 24pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：原油持续上涨涨对<SPAN lang=EN-US>PTA</SPAN>市场有所提振；现货市场维持在<SPAN lang=EN-US>9300</SPAN>一线，市场询盘较弱，整体成交清淡。江浙涤丝有所趋稳，但下游织造开机率逐渐走低，聚酯工厂实际追高意向不强。<SPAN lang=EN-US>PTA1105</SPAN>合约冲高回落，期价上行至<SPAN lang=EN-US>9600</SPAN>关口后有所回落，预计以震荡走势为主。操作上，短多交易。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">4 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">燃料油<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国际市场：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"> <SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>3</SPAN>日，纽约商业交易所<SPAN lang=EN-US>(NYMEX)</SPAN>原油期货结算价再创近两年新高，因美元走软而且市场担心全球石油供应吃紧的提振作用强于美国疲软就业数据带来的不利影响。<SPAN lang=EN-US>NYMEX</SPAN>原油期货一月合约结算价涨<SPAN lang=EN-US>1.19</SPAN>美元至每桶<SPAN lang=EN-US>89.19</SPAN>美元，涨幅<SPAN lang=EN-US>1.4%</SPAN>，创<SPAN lang=EN-US>2008</SPAN>年<SPAN lang=EN-US>10</SPAN>月<SPAN lang=EN-US>7</SPAN>日以来主力合约收盘价新高。该合约盘中一度升至<SPAN lang=EN-US>89.25</SPAN>美元。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">全球首个焦炭期货望年底在中国推出<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">截至<SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>1</SPAN>日当周新加坡燃料油库存降至<SPAN lang=EN-US>2038.8</SPAN>万桶<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">期货方面<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-tab-count: 1"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">上海期货交易所<SPAN lang=EN-US>FU1103</SPAN>成交及持仓前<SPAN lang=EN-US>20</SPAN>总排名，持买单总计<SPAN lang=EN-US>25667</SPAN>手，增持<SPAN lang=EN-US>5338</SPAN>手；持卖单总计<SPAN lang=EN-US>35523</SPAN>手，增持<SPAN lang=EN-US>3680</SPAN>手。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-tab-count: 1"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">截止本周四，新加坡高硫<SPAN lang=EN-US>180CST</SPAN>现货平均价格为<SPAN lang=EN-US>503.11</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨，较上周平均价<SPAN lang=EN-US> 488.33</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨涨<SPAN lang=EN-US>14.78</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨，涨幅为<SPAN lang=EN-US>3.02%</SPAN>。华南黄埔市场船用混调<SPAN lang=EN-US>180CST</SPAN>周均价格在<SPAN lang=EN-US>4586</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，较上周下跌<SPAN lang=EN-US>8</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，环比下跌<SPAN lang=EN-US>0.17%</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 12pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘方面近期利空消息逐步散尽，利多逐步露出头角，但由于需求方面的压制，整体市场暂未保持稳定，燃料油期货市场温和走高，建议投资者关注整数关口压力，与期现价差逐步拉扩，多单可逢高逐步减持操作，下周初或将在<SPAN lang=EN-US>4830-4900</SPAN>区域震荡。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><o:p> </o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">5 </SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">天然橡胶<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘表现：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><st1:chsdate Year="2010" Month="12" Day="3" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">12</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月<SPAN lang=EN-US>3</SPAN>日</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">，纽约商业交易所<SPAN lang=EN-US>(NYMEX)</SPAN>原油期货结算价再创近两年新高，因美元走软而且市场担心全球石油供应吃紧的提振作用强于美国疲软就业数据带来的不利影响。<SPAN lang=EN-US>NYMEX</SPAN>原油期货一月合约结算价涨<SPAN lang=EN-US>1.19</SPAN>美元至每桶<SPAN lang=EN-US>89.19</SPAN>美元，涨幅<SPAN lang=EN-US>1.4%</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">TOCOM</SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">橡胶市场鉴于东南亚方面供应仍偏紧，价格走高，部分贸易商上在前期下跌过程中并未买入日胶，近期逐步涌入市场，报收<SPAN lang=EN-US>370,</SPAN>。<SPAN lang=EN-US>4</SPAN>日圆<SPAN lang=EN-US>/</SPAN>千克。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">印度<SPAN lang=EN-US>2010/11</SPAN>年天然橡胶产量料降至<SPAN lang=EN-US>85</SPAN>万<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">泰国<SPAN lang=EN-US>USS3</SPAN>橡胶现货价格<SPAN lang=EN-US>12</SPAN>月<SPAN lang=EN-US>3</SPAN>日上涨<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">盘面情况：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-tab-count: 2"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">上海期货交易所<SPAN lang=EN-US>RU1105</SPAN>成交及持仓前<SPAN lang=EN-US>20</SPAN>总排名，持买单总计<SPAN lang=EN-US>37291</SPAN>手，增持<SPAN lang=EN-US>531</SPAN>手；持卖单总计<SPAN lang=EN-US>30696</SPAN>手，减持<SPAN lang=EN-US>255</SPAN>手。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体"><SPAN style="mso-tab-count: 1"> </SPAN></SPAN><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">上海天然橡胶市场，据悉现货市场云南国营标一胶市场参考报价在<SPAN lang=EN-US>32100-32200</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右，海南标一胶参考报价在<SPAN lang=EN-US>32000-32100</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右，越南<st1:chmetcnv w:st="on" UnitName="l" SourceValue="3" HasSpace="False" Negative="False" NumberType="1" TCSC="0"><SPAN lang=EN-US>3L</SPAN></st1:chmetcnv>胶参考报价在<SPAN lang=EN-US>29800</SPAN>元<SPAN lang=EN-US>/</SPAN>吨左右，现货贸易商报价随之上行，但下游仍是随用随买，整体成交量未见改善<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 12pt; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">天气方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
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