1. Report Industry Investment Rating - The investment rating for the copper sector is "oscillating bullish" [1] 2. Core View of the Report - The core driver for copper prices breaking through historical highs is the concern about potential US tariffs on refined copper, which has led to a shift in global copper liquidity towards the US. Statements from the Fed Chair have also re - priced inflation and policy independence, benefiting metals with strong financial attributes like copper [1] 3. Summary by Relevant Catalogs Market Quotes - The night - session closing price of the main Shanghai copper contract CU2603 was 106,900 yuan/ton, a 4.38% increase from the previous night - session closing price. The second - main contract CU2604 closed at 107,170 yuan/ton, with a 4.34% increase. As of 06:00, the COMEX copper main contract HGH26E closed at 6.282 US dollars/pound (equivalent to 96,197 yuan/ton after exchange - rate conversion), up 4.75% from the previous trading day. The LME copper main contract CA03ME closed at 13,705 US dollars/ton (equivalent to 95,195 yuan/ton after exchange - rate conversion), with a 4.73% increase [1] Important Information - Southern Copper's CFO expects the company's copper production to be 91.14 million tons in 2026, slightly over 90 million tons in 2027, lower than the 95.43 million tons in 2025 due to declining ore grades at major Peruvian mines [1] - Zambia's copper production in 2025 was about 89.03 million tons, an 8% increase from 82.55 million tons in 2024, but it failed to reach the 100 - million - ton target [1] - Deutsche Bank predicts that copper prices will reach a peak of 13,000 US dollars per ton in the second quarter and then decline in the second half of the year as production at major mines may increase [1] - A CITIC Securities research report states that the upward trend of copper - clad laminate prices is clear, with a potential gross - margin increase of over 10 percentage points, and is optimistic about the performance and stock - price elasticity of related leading companies [1] Market Logic - The fear of US tariffs on refined copper has caused a change in global copper liquidity. LME copper inventory in Europe has dropped from nearly 7 million tons to less than 1.4 million tons since April, while COMEX copper inventory has risen from less than 100,000 short tons to over 570,000 tons since April. Fed Chair Powell's statements have led to a re - pricing of inflation and policy independence, benefiting metals with strong financial attributes [1] Trading Strategy - There is currently no trading strategy provided [1]

格林大华期货钢矿期货月报 从业资格：F0276812 2026年1月30日 钢矿月报 更多精彩内容 请关注 格林大华期货 官方微信 研究员：纪晓云 联系方式：010-56711796 期货从业资格证号：F3066027 期货交易咨询号：Z0011402 2.2 供需逻辑 热卷：3300-3350 轻仓试多，3450-3500止盈；3450上方轻仓试空，止损3500。 铁矿：730-750轻仓试多，800上方止盈；830以上轻仓试空，止损 900。 多螺纹空热卷（春节后往往给出机会），价差100-120布局，止盈200附近，止损70。 数据来源： 格林大华期货研究院整理 请务必阅读文后免责声明 Ø 宏观：两会前稳增长预期升温，地产托底政策落地效果待验证，环保和安全常态化，粗钢"稳增长+精准调控"，无强 限产但也难大幅增产。 Ø 成材端：2月春节放假上下游均停工，供需双弱；3月复工复产，铁水回升，但地产新开工仍弱，基建、制造业需求好于 建筑用钢，板材强成材弱格局延续。 Ø 铁矿端：2-3月通常无飓风和雨季强干扰，为传统发货旺季，发运量环比回升。此外西芒杜等新矿2026年逐步放量，补 充供应增量。国产矿供给弹性不足 ...

市场快讯 -- 交易所持续严监管,多头止盈碳酸锂下行压力增加 基本面来看,根据市场数据,2月电池厂排产仍表现 出淡季不淡现象,根据富宝资讯,截止2026年1月29 日,当周碳酸锂产量2.24万吨,环比-0.44%,截止 2026年1月29日,碳酸锂库存10.48万吨,环增0.2% (增加约210吨),目前下游仍有备货需求,供需维 本周交易所再次发布市场风险提示函并持续进行市 场指导,调控市场过热,市场提前交易预期价格冲 高后,交易所意在平抑过度投机。叠加春节假期临 近,多头平仓离场意愿增强,盘面下行压力增加。 注意下方13.6万元/吨第一支撑位,13万元/吨第二 风险提示:春节假期临近,关注交易所政策,做好 格林大华期货研究院 证监许可【2011】1288号 > 碳酸锂 2026年1月30日 持紧平衡。 很支撑位。 仓位管理。 研究员:王琛 从业资格 F0276812 交易咨询:Z0021310 联系方式:wangchen@greendh.com ● 截止1月30日收盘,碳酸锂主力合约收盘价148200元 /吨跌停,日内减仓2.8万手,近三个交易日累计减 仓4.9万手,持仓量37.37万手。 ...

Group 1: Report Industry Investment Rating - The investment rating for the steel industry is "oscillation" [1] Group 2: Core View of the Report - On Thursday, rebar and hot-rolled coils closed higher, and continued to rise in the night session. The supply and inventory of the five major steel products increased this week, while demand decreased. With the approaching of the Spring Festival, downstream steel demand has gradually shrunk, and the market speculation sentiment is poor. The winter storage policy has been gradually implemented, but merchants generally lack confidence in winter storage. The market expects the steel price to be stable after the festival [1] Group 3: Summary by Relevant Content Market Review - On Thursday, rebar and hot-rolled coils closed higher and continued to rise in the night session [1] Important Information - This week, the supply of the five major steel products was 8.2317 million tons, a week-on-week increase of 35,800 tons or 0.4%; the total inventory was 12.7851 million tons, a week-on-week increase of 214,300 tons or 1.7%; the weekly apparent consumption was 8.0174 million tons, a month-on-month decrease of 1.0% [1] - In 2025, China's stainless steel crude steel output was 40.8681 million tons, an increase of 1.427 million tons or 3.62% year-on-year [1] - According to the latest production schedule report of the three major white goods released by Industrial Online, the total production schedule of air conditioners, refrigerators, and washing machines in February 2026 was 23.79 million units, a decrease of 22.1% compared with the actual production performance of the same period last year [1] - Mysteel surveyed the Spring Festival shutdown situation of 95 independent electric arc furnace steel mills. Most of them will shut down in February, with the most (44, accounting for 47.83%) shutting down from February 1st to February 8th. The remaining 9 steel mills will shut down one after another after February 8th, and the latest one will shut down on February 15th [1] Market Logic - On Thursday, steel spot prices rose, and commodities generally increased. This week, the output and inventory of the five major steel products increased, while demand decreased. Rebar output and inventory both increased, and rebar continued to accumulate inventory. Hot-rolled coil output increased while inventory decreased. As the Spring Festival approaches, downstream steel demand has gradually shrunk, and the market speculation sentiment is poor. The winter storage policy has been gradually implemented, but merchants generally lack confidence in winter storage. Most downstream infrastructure and housing construction enterprises lack the willingness to replenish inventory before the festival. Nearly 70% of enterprises will stop work 5 - 10 days before the festival, and nearly 60% of enterprises plan to resume work 10 - 15 days after the festival. There will be few new projects after the festival, and the market will still be dominated by ongoing projects. Downstream enterprises are relatively rational about the market performance after the festival. 66.67% of enterprises expect the steel price to remain stable after the festival, 21.57% are bearish, and only 11.76% think the price will rise compared with before the festival [1] Trading Strategy - Short-term oscillation. The support level for the rebar main contract is 3,050, and the resistance level is 3,200 [1]

格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 30 日星期五 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | 铁矿: | 【行情复盘】 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Morning session notice 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 COMEX 黄金期货涨 1.32%报 5410.80 美元/盎司，COMEX 白银期货涨 1.98%报 115.78 | | --- | --- | --- | --- | | | | | 美元/盎司。沪金主力合约下跌 1.38%报 1202元/克，沪银主力合约上涨 2.1%报30358 元/千克。 【重要资讯】 | | | | | 1、截至 1 月 29 日，全球最大黄金 ETF--SPDR Gold Trust 持仓较上日减少 3.43 吨， 当前持仓量为 1086.53 吨。全球最大白银 ETF--iShares Silver Trust 持仓较上日 减少 112.76 吨，当前持仓量为 15523.36 吨。 | | | | | 2、据 CME"美联储观察"：美联储到 3 月降息 25 个基点的概率为 13.4%，维持利 | | | | | 率不变的概率为 8 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 30 日星期五 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日焦煤主力合约 Jm2605 收于 1165.0 元/吨，环比日盘开盘上涨 2.69%；焦炭主力合约 | | --- | --- | --- | --- | | | | | J2605收于 1723.0 元/吨，环比日盘开盘上涨 2.32%。昨日夜盘，焦煤主力合约收于 1193.0 元/吨，环比日盘收盘上涨 2.40%，焦炭主力合约收于 1756.5 元/吨，环比日盘收盘上涨 1.94%。 | | | | | 【重要资讯】 | | | | | 1、1 月 28 日，河北、天津地区部分钢厂对焦炭采购价格进行首轮上调，湿熄焦上调 50 | | | | | 元/吨，干熄焦上调 55 元/吨，2026 年 1 月 30 日零点执行。 | | | | | 2、本 ...

联系方式：0371-65617380 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 昨日夜盘玉米期货震荡偏强，截至夜盘收盘主力合约2603合约涨幅0.66%，收于228 | | | | | 8元/吨。 | | | | | 【重要资讯】 | | | | | 1、中国粮油商务网监测数据显示昨日深加工企业报价涨跌互现、窄幅波动。东北地 | | | | | 区企业收购价2197元/吨，较前一日跌2元/吨；华北地区收购均价2288元/吨，较前 | | | | | 一日涨4元/吨。 | | | | | 2、中国粮油商务网监测数据显示昨日南北港口价格稳定。锦州港15%水二等玉米收 | | | | | 购价2290-2300元/吨，较前一日持平；蛇口港玉米成交价2410元/吨，较前一日持平 | | | | | 。 | | | | | 3、仓单方面，大商所数据显示截至1月29日，玉米期货仓单数量较前一交易日减少2 | | | | | 300手，累计52045手。 | | | | | 4、售粮进度方面，中国粮油商务网监测数 ...

Morning session notice Morning session notice 早盘提示 早盘提示 更多精彩内容请关注格林大华期货官方微信 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 30 日星期五 研究员： 刘洋 从业资格： F3063825 交易咨询资格：Z0016580 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 周四国债期货主力合约开盘集体高开，早盘上涨后横盘，午后有所回落，截至收盘 | | | | | | | | | | | | | | | | 30 | 年期国债期货主力合约 | TL2603 | 上涨 | 0.07%，10 | 年期 | T2603 | 上涨 | 0.06%，5 | 年期 ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 30 日 星期五 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、美联储主席鲍威尔表示，通胀风险已经在一定程度上消退，就业风险可能正趋 | | | | | 于稳定，加息并非任何人对下一步行动的基本假设。关税的大部分影响已经传导至 | | | | | 经济，预计关税通胀将在 2026 年年中消退。他还说，不会置评美元走势。 | | | | | 2、美国财长贝森特认为，美国贸易逆差缩小应该会自动让美元随着时间的推移走 | | | | | 强，称"强美元政策意味着设定正确的基本面，如果我们有健全的政策，资金就会 | | | | | 流入"；美联储主席人选仍有四位。 | | | | | 3、特斯拉 Q4 财报电话会上 CE ...