1月21日盘中，短纤期货主力合约偏强震荡，最高上探至6518.00元。截止发稿，短纤主力合约报6500.00 元，涨幅1.06%。 短纤期货主力涨超1%，对于后市行情如何，相关机构该如何评价？ 短纤企业负荷偏高，库存低位，基差偏强；但下游订单弱，利润薄，以消化原料备货为主，1月中旬后 将陆续放假，绝对价格随原料波动。市场传短纤行业自律减产的消息，但盘面主要跟随成本波动为主， 春节前后关注下游备货节奏。 新湖期货：短纤绝对价格关注成本 上一交易日，短纤现货方面工厂报价多维稳，半光1.4D主流报价在6600~6650区间。期货跟随原料大幅 上涨，现货大多维稳走货，工厂成交好转，贸易商及期现商优惠缩小，成交一般，半光1.4D主流商谈重 心多在6350~6550区间。直纺涤短顺畅，平均产销102%。需求方面，纯涤纱、涤棉纱维稳，销售一般， 库存维持。近期织造终端季节性回落趋势明显，而短纤供应仍然维持高位，供需预计边际转弱，利润有 所承压，绝对价格关注成本。 机构 核心观点 国投安信期货 短纤盘面主要跟随成本波动为主 新湖期货 短纤绝对价格关注成本 国投安信期货：短纤盘面主要跟随成本波动为主 ...

需求方面，正信期货分析称，周末全国大部将经历冷暖大逆转，另外在冷空气影响下多地将迎来雨雪天 气，将导致养殖端出栏难度增加。同时，进入1月下旬，春节氛围渐浓，下游备货陆续启动对猪价或有 支撑。 对于后市走势，建信期货表示，生猪供应有望保持小幅增加的态势，二育压栏同比依然偏高，目前市场 反馈疫情暂维持季节性零星发生，无延续扩散表现，同时节后进入消费淡季，03合约震荡偏弱为主。 1月21日，国内期市农副产品板块涨跌互现。其中，生猪期货盘中低位震荡运行，截至发稿主力合约小 幅下跌1.29%，报11465.00元/吨。 现货方面，据五矿期货介绍，昨日国内猪价普遍下跌，局部稳定，河南均价落0.18元至13.35元/公斤， 四川均价持平于13.02元/公斤。 供应端，国新国证期货指出，春节前养殖端出栏节奏或将加快，部分养殖主体或将2月出栏猪源提前至 本月出栏。国家统计局数据显示生猪供应仍处于高位，产量去化较为偏慢，生猪及猪肉均呈现供应宽松 的格局。 ...

1月21日，国内期市黑色金属板块多数飘绿。其中，不锈钢期货主力合约开盘报14410.00元/吨，今日盘 中高位震荡运行；截至发稿，不锈钢主力最高触及14895.00元，下方探低14185.00元，涨幅达2.16%附 近。 目前来看，不锈钢行情呈现震荡上行走势，盘面表现偏强。对于不锈钢后市行情将如何运行，相关机构 观点汇总如下： 广州期货表示，印尼镍矿政策预期大幅抬升镍铁成本，而不锈钢需求表现乏力，印尼镍矿配额落地情况 仍具有不确定性，短期不锈钢价格或呈现区间宽幅震荡，主力合约主要运行区间参考13600-14600元/ 吨，警惕多头情绪退潮或政策不及预期带来回调风险。 国贸期货指出，不锈钢原料价格反弹，钢厂排产增加，库存逐步去化，不锈钢短期高位震荡运行；中长 期关注多镍空不锈钢套利。 齐盛期货分析称，不锈钢成本端受镍铁及矿价上行支撑明显，尤其是印尼内贸矿价格预期大幅上涨，进 一步强化成本刚性。随着利润边际修复，1月排产或出现小幅回升，但整体增量有限。需求端仍处于季 节性淡季，下游采购意愿偏弱，对价格形成一定压制。库存方面，当前社会库存尚未出现明显累积，但 在淡季背景下后续仍有增加压力，而仓单维持低位对市场形成一 ...

摘要周三(1月21日)亚市尾盘，格陵兰岛事件，风险还在外溢；继美国向欧洲8国开征关税，欧洲也在反 击。你来我往，就差兵戎相见了。因避险局势升温，昨天黄金轻松突破并站上4700美元，白银也冲破95 美元。现在是格陵兰岛事件影响，一旦伊朗事件爆发或者爆发其他地缘局势冲突，黄金白银将继续飞 天。 周三(1月21日)亚市尾盘，格陵兰岛事件，风险还在外溢；继美国向欧洲8国开征关税，欧洲也在反击。 你来我往，就差兵戎相见了。因避险局势升温，昨天黄金轻松突破并站上4700美元，白银也冲破95美 元。现在是格陵兰岛事件影响，一旦伊朗事件爆发或者爆发其他地缘局势冲突，黄金白银将继续飞天。 【技术分析】 现货黄金：尽管金价连续暴涨后技术面严重超买，但在地缘局势持续发酵的背景下，我们维持看涨观 点，同时警惕高位获利盘的短暂砸盘风险。本周市场焦点转向美国PCE及个人支出数据，这将直接影响 1月降息预期。当前行情处于典型的逼空阶段，特征为"涨时难回调，跌时易变脸"。以4765-70为多空强 弱分界线，站稳则延续强势；关键防守位于4745-50，一旦失守需防范止损盘引发的跳水。上行目标依 次看向4825-35(今日重点)、4870及历史 ...

北京时间1月21日14:46，金投网行情中心数据显示：内盘黄金期货上涨，截至发稿沪金主力最新报 1094.72元/克，日内涨幅达3.92%，盘中沪金主力合约一度强势突破1100元整数关口，日内涨超4%，续 创历史新高，本月累涨超10%，今日开盘价1063.00元/克，最高价1101.92元/克，最低价1060.10元/克， 成交量334332.00手，上一交易日沪金主力收盘于1053.38元/克，基差为-6。 【技术分析】 沪金主力日线MACD指标释放看多信号，KDJ指标释放看多信号，RSI释放看多信号。 COMEX黄金日线MACD指标释放看多信号，KDJ指标释放看多信号，RSI释放看多信号。 打开APP，查看更多高清行情>> 外盘黄金期货同步走高，COMEX黄金价格最新报4861.70美元/盎司，日内涨幅达1.94%，上一交易日收 盘于4769.10美元/盎司，今日开盘价4767.50美元/盎司，最高价4891.10美元/盎司，最低价4761.50美元/ 盎司，成交量92977.00手。 ...

Group 1 - The current trading price of London silver is around $94.33 per ounce, showing a decrease of 0.25% from the opening price of $94.64, with a daily high of $95.48 and a low of $93.33, indicating a short-term bearish trend [1] - The World Silver Association projects that by 2030, the demand for silver in photovoltaic solar energy will reach 12,000 tons annually, nearly doubling from 2025 levels; the automotive sector's silver demand is expected to rise from 2,566 tons in 2025 to 2,926 tons by 2031, a growth of 14% [1] - The demand for silver from AI servers and GPU infrastructure is estimated to be between 1,000 tons and 2,000 tons in 2025, with an expected annual growth rate of 20% to 25% over the next decade [1] Group 2 - Despite strong demand growth, global silver mine production has been declining since reaching a peak of nearly 28,000 tons in 2016, maintaining around 26,000 tons annually over the past five years, while secondary silver recovery from waste electrical components contributes approximately 6,000 tons per year [1] - The annual silver supply deficit has exceeded 4,000 tons for the past five years, highlighting a significant supply-demand imbalance in the market [1] - Recent announcements from leading Chinese photovoltaic companies, Longi Green Energy and JinkoSolar, indicate a shift towards using cheaper base metals to replace some silver, which could impact industrial demand for silver [2]

摘要今日周三(1月21日)亚盘时段，现货黄金最新报价为1089.34元/克，较前一交易日上涨22.52元，涨幅 2.11%，日内呈现强势上扬走势。当日开盘价报1066.67元/克，盘中最高触及1090.83元/克，最低下探至 1065.39元/克。 今日周三(1月21日)亚盘时段，现货黄金最新报价为1089.34元/克，较前一交易日上涨22.52元，涨幅 2.11%，日内呈现强势上扬走势。当日开盘价报1066.67元/克，盘中最高触及1090.83元/克，最低下探至 1065.39元/克。 【要闻速递】 两名民主党参议员就司法部对美联储主席鲍威尔的刑事调查发起国会首次正式回应，要求特朗普政府官 员保存并提供相关文件。 马萨诸塞州参议员伊丽莎白.沃伦与伊利诺伊州参议员迪克.德宾(分别为参议院监督美联储和司法部的民 主党首席成员)，周二致信司法部长帕姆.邦迪及联邦住房金融局局长比尔.普尔特(后者深度参与白宫对 央行的施压)，要求提交调查成型过程中的协调文件，并称"这项调查似乎是严重的权力滥用"。普尔特 此前称对此不知情，联邦住房金融局发言人表示司法部事务不在其职责范围，司法部未置评，白宫亦未 回应。 民主党人将此 ...

Group 1 - Gold prices surged to $4,861.01 per ounce, marking a 2.07% increase, with a peak of $4,870.41 and a low of $4,756.81, driven by heightened geopolitical tensions between the US and Europe [1] - The market's risk aversion was intensified by President Trump's aggressive stance on Greenland, which could potentially lead to a trade war with Europe and threaten NATO unity [1] - Trump's warning of imposing tariffs up to 200% on French wine and champagne if they obstruct US interests has caught European leaders off guard, prompting calls for the EU to reduce dependence on the US [1] Group 2 - Analysts noted that Trump's actions have led to a loss of trust in the US, with investors selling off US assets, including the dollar and long-term bonds, in favor of gold [2] - The dollar experienced its largest single-day drop in over a month, with the US stock market indices also seeing significant declines, indicating a broader sell-off of US assets [2] - Market participants are closely monitoring upcoming events, including the Supreme Court's review of Trump's attempt to remove a Federal Reserve governor and the Federal Reserve meeting scheduled for January 27-28, where rates are expected to remain unchanged [2] Group 3 - The gold market opened at $4,672.30, initially retracing to a low of $4,659.20 before rallying due to safe-haven demand, closing at $4,763.60 [3] - Technical indicators suggest a bullish outlook for gold, but caution is advised due to clear overbought signals, with specific price levels identified for potential adjustments and stop-loss placements [3] - Target prices for gold are set at various levels, including $4,745, $4,752, $4,763, $4,772, $4,785, and the $4,800 mark [3]

Core Viewpoint - The gold futures market is experiencing a strong performance, with the main contract rising significantly, indicating increased demand for gold as a safe-haven asset amid geopolitical tensions and economic uncertainties [1]. Market Developments - The Shanghai Futures Exchange announced adjustments to the trading limits and margin requirements for gold futures contracts starting January 22, 2026, which may impact trading strategies and market dynamics [2]. - The Polish central bank has approved a plan to purchase up to 150 tons of gold, increasing the country's reserves to 700 tons, reflecting a trend of central banks accumulating gold [2]. - Bridgewater Associates' founder Ray Dalio warned that Trump's policies could lead to a "capital war," driving investors towards gold as a hedge against declining confidence in U.S. assets due to trade tensions and rising deficits [2]. Institutional Perspectives - New Century Futures noted that heightened geopolitical risks and concerns over international trade, particularly related to Trump's tariffs on Greenland, are increasing demand for gold as a safe haven. Expectations of two interest rate cuts by the Federal Reserve later this year further support gold prices [4]. - Guotai Junan Futures highlighted the focus on the Greenland situation, with Denmark's pension fund withdrawing from U.S. Treasury markets, suggesting that challenges to global order may weaken confidence in dollar assets, maintaining a bullish outlook on precious metals [4].

Market Overview - On January 21, synthetic rubber futures showed a volatile upward trend, with the main contract rising significantly by 2.86% to 11,850.0 yuan/ton [1] - In the Shanghai market, high-grade polybutadiene rubber prices increased by 100-150 yuan/ton compared to the previous trading day, indicating a tentative rise in pricing [1] - As of January 20, the Dalian Commodity Exchange reported a decrease in the inventory of butadiene rubber futures to 24,330 tons, down by 1,700 tons from the previous trading day [1] Institutional Insights - Nanhua Futures noted a decline in butadiene production, with upstream profits expanding. Although polybutadiene production remains high, weak spot prices are compressing profits. Rising overseas butadiene prices provide some support for polybutadiene rubber prices. The market is expected to remain volatile under pressure, with a potential stabilization in the short term, but external macro risks such as tariffs should be monitored [3] - Ruida Futures highlighted that domestic polybutadiene production facilities have seen minimal shutdowns, maintaining high supply levels. Strong demand for butadiene and rumors of export transactions have significantly increased production costs. However, downstream resistance to high prices has led to notable discrepancies in negotiations. Both production and trade inventories have increased, and while production profits are under pressure, there are no signs of supply reductions. The operating rate of domestic tire manufacturers has improved significantly week-on-week, with expectations for stable production schedules [3]