Market Overview - As of January 7, coking coal futures showed a strong upward trend, with the near-month contract rising by 51.5 (+4.75%) to 1135.0 and the main contract increasing by 68.0 (+6.2%) to 1164.0 [1] Supply - As of December 31, the capacity utilization rate of 88 sampled coal mines was 79.76%, down by 2.89% month-on-month, with raw coal production at 805.56 million tons per week, a decrease of 29.17 million tons week-on-week [2] - The inventory of raw coal stood at 222.15 million tons, up by 17.5 million tons week-on-week, while the production of premium coal was 410.26 million tons per week, down by 17.43 million tons week-on-week [2] Demand - As of December 31, the average daily output of coke from independent coking plants was 62.7 million tons, with a slight increase of 0.1 million tons week-on-week [3] - The average daily pig iron output was 227.43 million tons, up by 0.85 million tons week-on-week, with a blast furnace operating rate of 78.94%, an increase of 0.62% [3] Inventory - As of December 31, the total inventory of coking coal (including mines, washing plants, coking plants, steel mills, ports, and terminals) increased by 59.7 million tons to 4104.3 million tons [4] - The inventory at 523 mines rose by 1.5 million tons to 528.8 million tons, while the inventory at 314 washing plants increased by 1.6 million tons to 531.6 million tons [4] Market Sentiment - The strong rise in coking coal futures was noted, with the main contract hitting the limit up. However, the spot prices in Shanxi showed weak performance, and the trading environment remains cautious with high auction failure rates [5] - The supply side is seeing a slight recovery in daily coal production as mines resume operations, but sales remain sluggish, leading to inventory accumulation [5] - On the demand side, steel mills are experiencing reduced losses, and pig iron production is stable, although coking profits are declining, leading to a slight decrease in operational rates [5] Policy and Strategy - The main policy focus remains on ensuring coal supply for power plants, with reports indicating that 26 coal mines in Shaanxi may be removed from the supply guarantee list, reducing capacity by 19 million tons, pending verification [5] - The strategy suggests a wait-and-see approach until policy confirmations are made, with an emphasis on arbitrage opportunities between coking coal and coke [5]

【现货方面】 1月7日，PTA期货震荡收涨，现货市场商谈氛围尚可，贸易商商谈为主，少量聚酯工厂有补货，现货基 差偏强。个别主流供应商出货。本周在05贴水45附近商谈成交，月中在05贴水40附近成交，价格商谈区 间在5020~5160，1月底在主流05贴水40有成交。主流现货基差在05-41。 【利润方面】 1月7日，PTA现货加工费至331元/吨附近，TA2603盘面加工费364元/吨，TA2605盘面加工费350元/吨。 【供需方面】 供应：截止1月4日，独山能源250万吨重启，中泰120万吨重启后低负荷运行，威联化学250万吨装置提 负，PTA负荷在78.1%。 需求：截至1月4日，装置重启与检修并存，聚酯负荷至90.8%附近。1月6日，涤丝价格中心局部调整， 产销个体分化。当前工厂权益库存相对较低，近期产销不足的情况下，库存小幅攀升为主。若是原料端 暂稳，考虑后期放假因素，短期价格还是持稳为主。关注后期放假和检修计划。 【行情展望】 随着PTA加工费修复，1季度PTA装置检修不确定性增加，近期部分装置供应回归，而下游聚酯春节前 后季节性降负，使得PTA1季度累库预期增强，且高供应弱需求且高亏损下1月聚酯 ...

Core Viewpoint - The iron ore market is experiencing fluctuations driven by macroeconomic factors, with a notable increase in the main iron ore futures contract and a corresponding rise in spot prices, indicating a complex interplay between supply and demand dynamics [7]. Supply - Global iron ore shipments have slightly decreased but remain at historically high levels, with total shipments down by 4.63 million tons to 32.137 million tons. Shipments from Australia and Brazil totaled 27.427 million tons, a decrease of 3.169 million tons [5]. - The shipment volume from Australia to China was 16.153 million tons, down by 2.523 million tons [5]. Demand - The average daily pig iron production is 2.2743 million tons, showing a slight increase of 0.085 million tons. The blast furnace operating rate is at 78.94%, up by 0.62%, and the capacity utilization rate is 85.26%, an increase of 0.32 percentage points [4]. - Steel mill profitability has improved to 38.1%, an increase of 0.87 percentage points [4]. Inventory - As of January 2, the inventory at 45 ports is 159.7089 million tons, an increase of 0.41 million tons. Steel mill imported ore inventory rose by 0.086 million tons to 89.4654 million tons [6]. Market Outlook - The iron ore market is expected to transition from a state of supply-demand balance to a scenario of both supply and demand weakness, with high inventory levels exerting downward pressure on prices while low inventory levels at steel mills provide some support [7]. - Short-term price fluctuations are anticipated, with a reference range of 770-840, influenced by macroeconomic sentiment, policy expectations, and steel mill replenishment rhythms [7].

Market Overview - The US dollar index is trading around 98.722, while spot silver opened at $78.24/oz and is currently around $78.74/oz [1] - On January 7, the dollar index rose by 0.14% to close at 98.736, while spot silver fell by 3.74% to $78.17/oz due to profit-taking by traders [1] - Spot gold experienced a decline of 0.86%, closing at $4455.27/oz, and platinum dropped by 5.76% to $2299.50/oz [1] Silver Market Analysis - On January 7, silver ETF holdings decreased by 18.33 tons to 16099.83 tons [1] - The silver market opened at $81.256, reached a high of $82.764, and then fell to a low of $76.323 before closing at $78.146, indicating a significant technical adjustment [3] - Current trading strategies suggest short positions at $81 with stop-loss at $81.3, targeting levels of $80, $79.2, $78.5, and $78, with potential support at $77.3 and $76.3 [3] Economic Indicators - The US ADP employment numbers for December increased by 41,000, which is below the market expectation of 47,000 [2] - Traders have reduced bets on the European Central Bank's monetary policy, with expectations for the first interest rate hike pushed to March 2027 [2] - Key economic data to watch includes US initial jobless claims and the Challenger job cuts report scheduled for January 8 [4]

摘要今日周四(1月8日)亚盘时段，伦敦金目前交投于998.84元/克附近，截至发稿，伦敦金最新报1001.51 元/克，涨幅0.00%，最高上探至1003.87元/克，最低触及998.94元/克。目前来看，伦敦金短线偏向看涨 走势。 今日周四(1月8日)亚盘时段，伦敦金目前交投于998.84元/克附近，截至发稿，伦敦金最新报1001.51元/ 克，涨幅0.00%，最高上探至1003.87元/克，最低触及998.94元/克。目前来看，伦敦金短线偏向看涨走 势。 泽连斯基透露，乌美正就冲突中两大难点——领土(顿涅茨克地区)和扎波罗热核电站归属重新磋商，希 望与特朗普尽快会晤，寻求美国对乌15年以上安全保障提议的回应，并敦促美加大对俄施压。 此外，泽连斯基称，美欧的政治意愿尚未转化为有法律约束力的承诺，乌方拒绝接受俄核心要求(割让 顿涅茨克、放弃扎波罗热核电站)，强调谈判中不会再作新让步。 【最新伦敦金行情解析】 黄金小时线呈现圆弧底的形态，而且底部收下影线，大阳线支撑着，这是明显的多头形态，k线始终还 是站稳均线的，目前4430-4450是交易密集区，也是夯实底部信号的形态，继续看4490-4500。 【要闻速递 ...

Group 1 - The latest price of gold futures on January 8, 2026, is 1002.18 CNY per gram [2] - The opening price for gold futures was 999.40 CNY per gram, while the previous closing price was 998.90 CNY per gram [2] - The highest price reached today was 1004.94 CNY per gram, and the lowest was 995.20 CNY per gram [2]

Group 1 - The latest price of gold futures in New York is reported at 4456.60 USD per ounce on January 8, 2026 [2] - The opening price for gold futures was 4467.10 USD per ounce, with a previous closing price also at 4467.10 USD [2] - The highest price recorded today was 4475.20 USD per ounce, while the lowest was 4451.60 USD per ounce [2]

Group 1 - The core factors influencing the Japanese yen include concerns over Japan's fiscal situation, rising risk appetite, and uncertainty regarding the timing of the next interest rate hike by the Bank of Japan, which continues to exert pressure on the yen's exchange rate [1] - The Japanese Cabinet recently approved a record annual budget of 122.3 trillion yen, raising concerns about fiscal sustainability and impacting market sentiment towards the yen [1] - Market risk appetite remains relatively high, diminishing the yen's appeal as a traditional safe-haven currency, while there is significant disagreement among investors regarding the timing of the Bank of Japan's next interest rate hike [1] Group 2 - The Bank of Japan's policy direction has not fundamentally changed, with the Governor indicating that as long as economic and inflation trends align with expectations, the central bank will continue to pursue interest rate hikes [2] - The hawkish stance from the Bank of Japan has led to a rise in Japanese government bond yields, narrowing the interest rate differential between Japan and other major economies, which has made market participants more cautious about aggressive short positions on the yen [2] Group 3 - The US dollar's upward momentum is limited by ongoing expectations for future interest rate cuts by the Federal Reserve, leading to a more conservative approach among dollar bulls [3] - Investors are awaiting key macroeconomic data from the US, including ADP private sector employment data and the non-farm payroll report, which will be crucial for assessing the dollar's future trajectory [3] Group 4 - Technically, the USD/JPY pair is showing a strong oscillating pattern, with key support at 156.15, which corresponds to the 100-period moving average on the 4-hour chart [4] - The MACD indicator shows a gradual decrease in bearish momentum, while the RSI is in a neutral zone, indicating a current state of consolidation in the market [4] - Key price levels include 156.10 as a critical support level, with potential for a new downward trend if breached, while resistance is focused around 157.15, which could open further upward movement if surpassed [4]

二、中国人民财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月31日，安康金融监管分局发布批复称，《关于中国人民财产保险股份有限公司安康市分公司 江南营销服务部变更营业场所的请示》(安人保财险发〔2025〕98号)收悉。经审核，现批复如下： 一、同意中国人民财产保险股份有限公司安康市分公司江南营销服务部将营业场所变更为：陕西省安康 市汉滨区育才路72号。 ...

摘要周三(1月7日)欧洲时段，现货黄金震荡下行，日内跌约0.85%，现交投于4455美元附近。市场消化 美国对委内瑞拉军事行动后，风险偏好升温引发大宗商品获利回吐。但特朗普吞并格陵兰岛威胁及对哥 伦比亚、墨西哥的对抗言论，令地缘风险持续发酵，限制金价跌幅。美联储降息预期升温致美元未能延 续涨势，支撑无息资产黄金。交易商观望，等待周五非农等关键数据指引方向。 周三(1月7日)欧洲时段，现货黄金震荡下行，日内跌约0.85%，现交投于4455美元附近。市场消化美国 对委内瑞拉军事行动后，风险偏好升温引发大宗商品获利回吐。但特朗普吞并格陵兰岛威胁及对哥伦比 亚、墨西哥的对抗言论，令地缘风险持续发酵，限制金价跌幅。美联储降息预期升温致美元未能延续涨 势，支撑无息资产黄金。交易商观望，等待周五非农等关键数据指引方向。 【要闻速递】 美方对委内瑞拉采取军事行动并逮捕总统马杜罗，引发全球关注。周一马杜罗在纽约联邦法院否认指 控，称自己合法当选;美方称将暂时"管理"委局势，新任总统罗德里格斯则释放缓和信号，愿在框架下 合作。对峙与对话交织，令市场风险判断陷入模糊。在此不确定性下，资金未撤离黄金市场，反而将其 视为避险触发点。黄 ...