投资咨询业务资格:证监许可【2012】31号 铂把数据日报 国贸期货研究院 贵金属与新能源研究中心 投资咨询号: Z0013700 从业资格号:F3023916 2026/2/24 本报告中的信息均源于公开可获得的资料，国贸税货力求准确可靠，但不对上述信息的准确性及完整性做任何保证。本报告不拘成个人投资建议, 免 责 也未针对个别投资者持来的投资目标、财务状况或需要，投资者需自行判断本报告中的任何意见或建议是否符合其特定状况，据此投资，责任自负 声明 。本报告仅向特定客户推送、未经国贸期货授权许可，任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权、我司将视情况追究法律 责任。 期市有风险,入市需谨慎。 ITC 国贸期货 世界500强投资和212 国贸期货股份有限公司 成为一流的衍生品综合服务商 ITG国贸期货 | | | | 白素娜 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标名称 | 现值 | 前値 | 涨跌幅 | 800 | 主要图表 - 期货收益价(活跃合约):铂 | | | | | 铂期货 ...

uplied Volstility Surfax Time to MatuGty ITC 国贸期货 投资咨询业务资格:证监许可【2012】31号 世界500强投资公司 国贸期货股份有限公司 成为一流的衍生品综合服务商 IIC 国贸期货 HN AV ATE H F 投资咨询号: Z0000116 国留斯特研究 2026/2/12 从业资格号:F0251925 金融衍生品中心 李泽 数据来源: Wind,国贸期货研究院 行情回顾 指数 收盘价 涨跌幅 (%) 成交额(亿元) 成交量(亿) 3088. 4571 0. 03 1140. 86 36. 85 上证50 4713. 8185 173. 39 沪深300 -0. 22 4334. 29 273. 23 中证1000 8239. 513 -0. 13 4380. 65 中金所股指期权成交情况 期权成交量 期权持仓量 认购期权 认沽期权 认购期权 认沽期权 持仓量 日成交量 指数 持仓量 持仓量 (万张) 成交量 成交量 PCR (万张) PCR 上证50 2. 04 1. 29 0. 75 0. 58 8. 30 5.04 3. 26 0. 65 沪深300 ...

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content. 2. Core Views of the Report - For steel, with the holiday approaching, the spot market is closed, the futures price is oscillating weakly, and the market's expectation for the post - holiday period is not ideal. It is suggested to wait and see on the single - side, and the hot - rolled coil positive spread can be rolled for operation [2]. - For ferrosilicon and silicomanganese, the supply and demand are both weak, while policies and costs are favorable for prices. It is recommended to hold an empty or light position during the long holiday due to many uncertainties [3][7]. - For coking coal and coke, the atmosphere in the pre - holiday commodity market has warmed up. It is advised to cash in the spot before the holiday and consider closing out the speculative short positions [5][7]. - For iron ore, the replenishment is basically over, and the price is expected to oscillate before the holiday. In the medium and long term, there is obvious upward pressure, and medium - and long - term investors are suggested to enter short positions at the pressure level [6][7]. 3. Summary by Related Catalogs Futures Market - On February 11, for far - month contracts (RB2610, HC2610, etc.), the closing prices,涨跌值, and涨跌幅 varied. For example, RB2610 closed at 3103.00 yuan/ton with a涨跌值 of 0.00 and a涨跌幅 of 0.00%. For near - month contracts (RB2605, HC2605, etc.), similar data were presented, such as RB2605 closing at 3054.00 yuan/ton with a涨跌值 of - 2.00 and a涨跌幅 of - 0.07%. The跨月价差,价差/比价/利润 also had corresponding values and changes on that day [1]. Spot Market - On February 11, the spot prices of various products (Shanghai thread steel, Tianjin thread steel, etc.) were reported, along with their changes. For instance, the Shanghai thread steel price was 3210.00 yuan/ton with a涨跌值 of 0.00. The price and change of the hot - rolled coil, billet, and other products were also provided [1]. Steel - The spot market is closed during the approaching holiday. The futures price is oscillating weakly, reflecting a not - so - optimistic market expectation for the post - holiday period. The iron - water production is stable before the holiday and has the potential to resume production later. The downstream replenishment is nearly over. The start of post - holiday construction demand should be noted. The single - side strategy suggests waiting and seeing, and the hot - rolled coil positive spread can be rolled for operation. For large spot exposure, selling hedging or options can be used to reduce risks [2]. Ferrosilicon and Silicomanganese - The terminal demand has seasonally weakened as downstream terminals shut down. The overall demand is flat, with weak and stable direct demand. The alloy plant profit is under pressure, and the production and start - up rate have decreased compared to the same period last year, with production remaining stable. There is still pressure of over - supply in the medium term. The inventory is oscillating, and there is pressure from warrant sales. Policy benefits and cost support are favorable for prices. The manganese ore price from overseas mines has risen, and the cost of double - silicon has increased. Stimulus policies are beneficial at the turn of the year, and industrial policies such as "dual - carbon", energy - consumption dual - control, and anti - involution policies affect supply and cost [3]. Coking Coal and Coke - On the spot side, the market trading atmosphere has become cold as the holiday approaches. Most coking coal auctions in the producing areas have declined. The downstream procurement has slowed down, and the inventory at the Ganqimaodu port is still relatively high. On the futures side, non - ferrous and precious metals show signs of strengthening again, and the market sentiment has warmed. Since the black market has fallen to the lower edge of the oscillation range and there are only a few trading days before the holiday, it is recommended to build a position. If there were short positions before, it is advised to close them. Fundamentally, it is the off - season, the industrial data is weak, the steel supply is relatively stable, the demand has weakened seasonally, and the inventory has accumulated, but there is no excessive spot selling pressure [5]. Iron Ore - The steel - mill replenishment is basically over before the holiday. Due to the low iron - water level and the steel - mill's low - inventory strategy, the replenishment was not stronger than expected, and the iron - ore price did not rebound strongly during the replenishment period. The price is expected to oscillate before the holiday. After the holiday, attention should be paid to whether the Australian weather affects the supply rhythm, and the impact of the Australian hurricane on the price is more about providing a better short - selling point after a rebound. In the medium and long term, there is obvious upward pressure on iron ore, and medium - and long - term investors are suggested to enter short positions at the pressure level [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the short - term, precious metal prices are expected to continue to fluctuate within a stable range, and investors are advised to pay attention to US CPI data. During the long Spring Festival holiday, investors are recommended to hold light positions to avoid risks from overseas market fluctuations. [6] - In the long - term, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization wave, the allocation demand of global central banks, institutions, and residents is expected to continue. The price center of precious metals still has room to rise, and long - term strategies suggest buying on dips. [6] 3. Summary by Relevant Catalogs 3.1 Price Tracking - **2.11 vs 2.10 Price Changes**: On February 11, compared with February 10, London gold spot rose 0.8% to $5064.52 per ounce, London silver spot rose 2.7% to $83.45 per ounce, COMEX gold rose 0.9% to $5088.90 per ounce, COMEX silver rose 2.9% to $83.23 per ounce, AU2602 rose 0.8% to 1133.00 yuan per gram, AG2602 rose 4.0% to 20505.00 yuan per kilogram, AU (T + D) rose 0.8% to 1126.49 yuan per gram, and AG (T + D) rose 4.0% to 19949.00 yuan per kilogram. [5] - **2.11 vs 2.10 Spread/Ratio Changes**: The gold TD - SHFE active spread rose 9.2% to - 6.51 yuan per gram, the silver TD - SHFE active spread rose 4.9% to - 556 yuan per kilogram, the gold internal - external spread (TD - London) rose 8.9% to - 4.16 yuan per gram, the silver internal - external spread (TD - London) fell 16.2% to - 977 yuan per kilogram, the SHFE gold - silver ratio fell 3.1% to 55.25, the COMEX gold - silver ratio fell 2.0% to 61.15, the AU2604 - 2602 spread fell 5.1% to 2.60 yuan per gram, and the AG2604 - 2602 spread fell 23.4% to - 439 yuan per kilogram. [5] 3.2 Position Data - **2.10 vs 2.9 Position Changes**: On February 10, compared with February 9, the gold ETF - SPDR decreased 0.03% to 1079.32 tons, the silver ETF - SLV increased 0.16% to 16216.45052 tons, the non - commercial long positions of COMEX gold decreased 14.91% to 214508 contracts, the non - commercial short positions increased 4.71% to 48904 contracts, the non - commercial net long positions decreased 19.37% to 165604 contracts, the non - commercial long positions of COMEX silver decreased 10.56% to 38883 contracts, the non - commercial short positions decreased 34.22% to 13006 contracts, and the non - commercial net long positions increased 9.17% to 25877 contracts. [5] 3.3 Inventory Data - **2.11 vs 2.10 Inventory Changes**: On February 11, compared with February 10, the SHFE gold inventory remained unchanged at 105072.00 kilograms, the SHFE silver inventory increased 5.79% to 342102.00 kilograms, the COMEX gold inventory decreased 0.18% to 35229811 troy ounces, and the COMEX silver inventory decreased 1.07% to 386273025 troy ounces. [5] 3.4 Interest Rates/Exchange Rates/Stock Market - **2.11 vs 2.10 Interest Rates/Exchange Rates/Stock Market Changes**: On February 11, compared with February 10, the US dollar/Chinese yuan central parity rate fell 0.03% to 6.94, the US dollar index rose 0.01% to 96.87, the 2 - year US Treasury yield fell 0.86% to 3.45%, the 10 - year US Treasury yield fell 1.42% to 4.16%, the VIX rose 2.48% to 17.79, the S&P 500 fell 0.33% to 6941.81, and NYWEX crude oil fell 0.34% to 64.20. [5] 3.5 Market Review - On February 11, the main contract of Shanghai gold futures closed up 0.56% to 1130.4 yuan per gram, and the main contract of Shanghai silver futures closed up 1.88% to 20944 yuan per kilogram. [5] 3.6 Influencing Factor Analysis - The uncertainty of the Middle East geopolitical situation has increased, and safe - haven demand and continued gold purchases by global central banks have pushed up precious metal prices. However, the unexpectedly strong US January non - farm payrolls report has shifted the market's expectation of the Fed's first interest rate cut from June to July, strengthening the US dollar index and pressuring precious metal prices. [6] - For silver, the relatively high London spot silver lease rate, the decline in New York inventory, and the low - level inventory of the Shanghai Futures Exchange limit the downward space of silver prices. But due to the inflow of imported silver into the market and weak pre - holiday market demand, the domestic silver price is continuously at a discount to the overseas price, and the monthly spread of silver futures has also narrowed. [6]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Short - term pre - holiday stock index is expected to be in a strong sideways trend, accumulating strength for further upward movement. Long - term long positions in stock index futures should be held [1] - Asset shortage and weak economy are beneficial for bond futures, but the central bank has recently warned about interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1] - Copper prices may be in a sideways and slightly upward trend; aluminum prices are likely to maintain a sideways movement; there are low - buying opportunities for alumina; zinc prices are expected to move sideways, and it is advisable to wait and see; nickel prices are in a strong sideways trend in the short - term, and long - term high global nickel inventory may still have a suppressing effect. Stainless steel futures are in a strong movement, and short - term low - buying is recommended [1] - Precious metal prices are expected to stabilize and move in a sideways range in the short - term. Platinum and palladium are expected to continue wide - range fluctuations [1] - For industrial silicon, the northwest is increasing production while the southwest is reducing it. For polysilicon, it is recommended to wait and see. For lithium carbonate, there is a need for a correction [1] - For steel products such as rebar and hot - rolled coil, it is not recommended to hold unilateral speculative positions during the holiday. For iron ore, it is not advisable to chase long at the current position. For black metals like manganese silicon and ferrosilicon, the situation is a combination of weak reality and strong expectations. For soda ash, the price is under pressure in the medium - term. For coking coal and coke, it is advisable to seize the opportunity of the price increase on the futures market to cash out the physical goods or establish a cash - and - carry arbitrage position [1] - For palm oil, it is recommended to wait and see before the holiday. For soybean oil, it is expected to move sideways in the short - term. For rapeseed oil, the subsequent supply contradiction is expected to ease. For cotton, the market is currently in a situation of "having support but no driving force". For sugar, the short - term fundamentals lack continuous driving force. For corn, it is recommended to wait and see in the short - term, and the market is expected to maintain a range - bound movement. For soybeans, it is recommended to pay attention to the low - buying opportunity of M2609 [1] - For pulp, it is advisable to wait and see. For logs, the futures price has an upward driving force [1] - For fuel oil and asphalt, the short - term supply - demand contradiction is not prominent and they follow crude oil. For rubber products such as natural rubber and BR rubber, the short - term is in a wide - range fluctuation, and BR rubber has an upward expectation in the long - term. For PTA and short - fiber, the downstream PTA industry is strong. For ethylene and glycol, the ethylene producers plan to maintain the operating rate of cracking units, and the glycol price is waiting at a low level. For pure benzene, the import demand is weak. For styrene, the spot price is supported. For water hyacinth, the upside space is limited. For methanol, it is a situation of long - short entanglement. For PP, the supply pressure is relatively large. For PVC, the future expectation is relatively optimistic. For LPG, the demand side is short - term bearish, suppressing the upward movement of the futures price [1] - For the container shipping European line, the pre - holiday freight rate has peaked and declined. The airlines are still cautious about trial resumption of flights and are expected to have a strong willingness to stop the price decline and raise prices after the off - season in March [1] 3. Summaries by Related Catalogs Macro - finance - Stock index futures: Short - term pre - holiday is expected to be in a strong sideways trend, and long - term long positions should be held [1] - Bond futures: Asset shortage and weak economy are beneficial, but the central bank has warned about interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1] Non - ferrous metals - Copper: Pre - holiday downstream demand is weak, but copper prices may be in a sideways and slightly upward trend as market sentiment improves [1] - Aluminum: Industrial driving force is limited, and pre - holiday market risk - aversion sentiment has increased. Aluminum prices may maintain a sideways movement [1] - Alumina: Domestic operating capacity has decreased, and there are disruptions in the supply of a large - scale alumina enterprise in North China. Pay attention to low - buying opportunities [1] - Zinc: The cost center is stabilizing, and market sentiment has stabilized. Zinc prices are expected to move sideways, and it is advisable to wait and see [1] - Nickel: The US non - farm payrolls exceeded expectations, and market sentiment fluctuated. Indonesia's nickel ore quota policies have increased concerns about future supply. Short - term nickel prices are in a strong sideways trend, and there are high - inventory pressures in the long - term. It is recommended to pay attention to low - buying opportunities [1] - Stainless steel: Supply - side disturbances have emerged again, and macro sentiment is fluctuating. Stainless steel futures are in a strong movement. Short - term low - buying is recommended [1] - Tin: The short - term market sentiment has stabilized, but the price fluctuation is still large. In the short - term high - volatility situation, investors should pay attention to risk management and profit protection [1] Precious metals and new energy - Precious metals: The US non - farm payrolls in January were strong, and the interest - rate cut expectation was postponed. Due to high geopolitical uncertainties in the Middle East, precious metal prices are expected to stabilize and move in a sideways range in the short - term [1] - Platinum and palladium: The US non - farm payrolls in January were strong, and the US dollar index rebounded, suppressing the upward trend. However, fundamentals and key minerals support the prices, so they are expected to continue wide - range fluctuations in the short - term [1] - Industrial silicon: The northwest is increasing production, while the southwest is reducing it. The production schedules of polysilicon and organic silicon in December have decreased [1] - Polysilicon: It is recommended to wait and see [1] - Lithium carbonate: It is the off - season for new energy vehicles, but the energy - storage demand is strong. The price has increased significantly and needs a correction [1] Black metals - Rebar and hot - rolled coil: Spot trading is close to suspension, and futures prices are moving sideways. It is not recommended to hold unilateral speculative positions during the holiday. It is advisable to participate in the market by going long on the basis [1] - Iron ore: There is sector rotation, but there is obvious upward pressure. It is not advisable to chase long at the current position [1] - Manganese silicon and ferrosilicon: It is a combination of weak reality and strong expectations. Energy consumption dual - control and anti - involution may have an impact on supply [1] - Soda ash: It follows glass, and the medium - term supply - demand is more relaxed, so the price is under pressure [1] - Coking coal: It is the off - season for black metals, and the pre - holiday inventory replenishment is almost over. The futures market is more affected by capital sentiment. It is advisable to seize the opportunity of price increase on the futures market to cash out the physical goods or establish a cash - and - carry arbitrage position [1] - Coke: The logic is the same as that of coking coal [1] Agricultural products - Palm oil: The MPOB monthly report data has a bullish expectation difference, but the subsequent fundamentals still have pressure, which has little impact on the futures market. It is recommended to wait and see before the holiday [1] - Soybean oil: Supported by the strong movement of US soybeans, the South American weather is normal, and it is difficult to have weather - related speculation. More attention should be paid to the Sino - US soybean trade situation [1] - Rapeseed oil: The anti - dumping final ruling result of Canadian rapeseed has been released. After March, the tariff is expected to be adjusted to about 15%. Some oil mills have started purchasing, and the subsequent supply contradiction is expected to ease [1] - Cotton: The domestic new - crop harvest is expected to be good, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate is low, but the yarn mill inventory is not high, and there is a rigid demand for inventory replenishment. The cotton market is currently in a situation of "having support but no driving force" [1] - Sugar: There is a global surplus, and the domestic new - crop supply has increased. The short - term fundamentals lack continuous driving force, and attention should be paid to the change in the capital side [1] - Corn: Affected by the import restriction news, the futures market is strong. It is recommended to wait and see in the short - term. After the holiday, attention should be paid to the selling pressure of on - the - ground grain in the production area. The overall market is expected to maintain a range - bound movement [1] - Soybeans: The expected increase in US soybean exports has boosted the US futures market, but the decline in Brazilian basis has partially offset the impact. The domestic futures market is weaker than the overseas market. It is recommended to pay attention to the low - buying opportunity of M2609 [1] Others - Pulp: There are disturbances on the supply side, but the demand side has weakened after inventory replenishment. It is advisable to wait and see when the commodity market sentiment fluctuates greatly [1] - Logs: The spot price of logs has increased, the arrival volume in February has decreased, and the overseas quotation is expected to rise, so the futures price has an upward driving force [1] Energy and chemical industry - Fuel oil: OPEC+ has suspended production increase until the end of 2026, the Middle East geopolitical situation is uncertain, and the commodity market sentiment has cooled. The short - term supply - demand contradiction is not prominent, and it follows crude oil [1] - Asphalt: The short - term supply - demand contradiction is not prominent, following crude oil. The 14th Five - Year Plan rush - work demand is likely to be falsified, the supply of Ma瑞 crude oil is sufficient, and the asphalt profit is high [1] - Natural rubber: The raw material cost has strong support, the commodity market sentiment fluctuates, the pre - holiday downstream demand has weakened, and the futures - spot price difference has expanded to the same - period high [1] - BR rubber: The cost - end butadiene has strong bottom support, the profit of private butadiene rubber plants is still in a loss, the expectation of maintenance and production reduction has increased, the butadiene inventory is decreasing, and the high inventory of butadiene rubber is a potential negative factor. The short - term futures market is expected to fluctuate widely, and there is an upward expectation in the long - term [1] - PTA: The PX - mixed xylene price difference has narrowed to $150, PX maintains fundamental resilience during the high - level correction, and the downstream PTA industry is strong. The domestic PTA production in January is expected to reach a new high, and there is no production - reduction plan for the Spring Festival, and there is no new PTA production capacity throughout the year [1] - Ethylene and glycol: The production profit rate of naphtha cracking has declined, several Korean ethylene producers plan to maintain the operating rate of cracking units in February, and the glycol price is waiting at a low level [1] - Pure benzene: The inventory is high, and the import demand is weak. The US - Asia price difference is $88, which is not enough to open the arbitrage window [1] - Styrene: The Asian styrene price and economic situation are recovering, supported by supply tightening, unexpected Middle East shutdowns, surging export demand, and rising cost - end prices [1] - Water hyacinth: The export sentiment has eased slightly, the domestic demand is insufficient, and the upside space is limited. There is support from anti - involution and the cost end [1] - Methanol: Affected by the Iranian situation, the future import is expected to decrease, but the downstream negative feedback is obvious. It is a situation of long - short entanglement [1] - PP: The supply pressure is relatively large due to high operating load, the downstream improvement is less than expected, the price has returned to a reasonable range, and crude oil is in a slightly upward trend [1] - PVC: The global production capacity put into operation in 2026 is small, and the differential electricity price in the northwest region is expected to be implemented, forcing the elimination of PVC production capacity. The future expectation is relatively optimistic, but the current fundamentals are poor, and the export rush has slowed down stage by stage [1] - LPG: The February CP price has risen, and the March purchase is still relatively tight. The Middle East geopolitical conflict has cooled down, the short - term risk premium has declined, and the overseas cold - wave driving logic has gradually slowed down. The domestic PDH operating rate has declined, and the demand side is short - term bearish, suppressing the upward movement of the futures price [1] Shipping - Container shipping European line: The pre - holiday freight rate has peaked and declined. Airlines are still cautious about trial resumption of flights and are expected to have a strong willingness to stop the price decline and raise prices after the off - season in March [1]

投资咨询业务资格:证监许可【2012】31号 ITC国贸期货 委员干干 国贸期货研究院 黄向岚 农产品研究中心。 200 豆粕-菜粕 -5 485 盘面价差(主力) 200 01/24 02/24 08/22 09/22 10/23 11/23 12/24 03/26 升贴水-连续信 产地 美元兑人民币汇率 涨跌 盘面榨利(元/吨) (美分/蒲) E西 95. 00 10 6.8790 125 2025年大豆CNF升贴水走势图-连续月 (美分/蒲式耳) 2025年进口大豆瓣面毛利 (元/吨) 巴西1月 巴西2月 一巴西3月 巴西1月 巴西2月 - 巴西3月 == ==== 巴西4月 ===== 巴西6月 ===== 巴西7月 ===== 巴西8月 ----- 巴西7月 ====·巴西8月 ==== 巴西5月 -- 巴西6月 -- 巴西5月 400 国际数据 100 -200 50 25/2/0 your and and and on the production of the program and not 2011 108/08/ Blog/ 6/09/0 -6/07/0 9/01/2 -6/06/ ali ...

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - On February 11th, platinum and palladium prices generally showed a strong trend. In the short - term, prices are expected to continue a wide - range fluctuation pattern, and investors are advised to hold light positions during the holiday. In the long - term, due to different supply - demand prospects, it is recommended to allocate platinum unilaterally at low prices or focus on the [long platinum, short palladium] arbitrage strategy [5] Group 3: Summary by Directory Domestic Prices (Yuan/gram) - Platinum futures主力收盘价 rose 2.54% to 551.15 yuan/gram, platinum spot (99.95%) rose 1.48% to 548 yuan/gram, and platinum basis (spot - futures) dropped 226.00% to - 3.15 yuan/gram [5] - Palladium futures主力收盘价 rose 2.34% to 439.1 yuan/gram, palladium spot (99.95%) rose 0.69% to 436.5 yuan/gram, and palladium basis (spot - futures) dropped 158.43% to - 2.6 yuan/gram [5] International Prices (15:00, US dollars) - London spot platinum rose 2.32% to 2119.1 US dollars, London spot palladium rose 1.61% to 1743.165 US dollars [5] - NYMEX platinum rose 2.44% to 2130 US dollars, NYMEX palladium rose 1.85% to 1758.5 US dollars [5] 15:00 Internal and External Price Differences (Yuan/gram, Tax - included) - The difference between Guangzhou platinum and London platinum rose 11.37% to 16.56 yuan/gram, and the difference between Guangzhou platinum and NYMEX platinum rose 7.90% to 13.81 yuan/gram [5] - The difference between Guangzhou palladium and London palladium dropped 83.12% to - 0.65 yuan/gram, and the difference between Guangzhou palladium and NYMEX palladium dropped 31.76% to - 4.52 yuan/gram [5] Platinum - Palladium Price Ratio - The price ratio of platinum to palladium on the Guangzhou Futures Exchange increased by 0.0024 to 1.2552, and the London spot platinum - to - palladium price ratio increased by 0.0084 to 1.2157 [5] Inventory (Troy Ounces) - NYMEX platinum inventory dropped 2.10% to 186,863 ounces, and NYMEX palladium inventory remained unchanged at 583,369 ounces [5] Positions - NYMEX total platinum positions dropped 7.37% to 73,590, and non - commercial net long platinum positions dropped 5.86% to 13,106 [5] - NYMEX total palladium positions dropped 9.51% to 17,304, and non - commercial net long palladium positions rose 65.64% to 1,133 [5]

投资咨询业务资格：证监许可【2012】31号 航运衍生品数据日报 国贸期货研究院 能源化工研究中心 卢钉毅 数据来源：Clarksons、Wind 论 逻辑: 从现货运价端来看,马士基已发布 3 月第一周欧洲航线运价,报价维持 2000 美元，维持 2 月水平,船司此前 提出的 3 月涨价预期并未兑现。马士基延续稳健务实的定价策略,行业内其余船司及航运联盟大概率初期同步跟进 该定价水平;若春节后货量复苏力度偏弱,现货运价存在进一步下调可能,整体运行节奏或与 2025年同期相仿。 本周春节前最后一个交易周,新挂牌合约成交活跃度偏低。后续需重点关注其他船司 3 月运价的跟进情况、节后货 量修复进度,以及前期港口拥堵所引发的运力被动空班变动。短期盘面维持区间震荡格局。 投资咨询号: Z0021177 从业资格号: F03101843 2026/2/12 | | 运价指数 | 上海出口集装箱运价 | 中国出口集装箱运价 | SCFI-美西 | SCFIS-美西 | SCFI-美东 | SCFI-西北欧 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report. 2. Core View of the Report - Pulp futures lack a clear trading logic before the holiday, and the spot market transactions are stagnant, so it is expected to fluctuate at a low level [5]. 3. Summary According to Relevant Contents 3.1 Pulp Price Data - **Futures Prices (Yuan/ton) on February 11, 2026**: SP2601 was 5428 with a daily increase of 0.22% and a weekly decrease of 1.67%; SP2609 was 5280 with a daily increase of 0.57% and a weekly decrease of 1.75%; SP2605 was 5236 with a daily increase of 0.65% and a weekly decrease of 1.65% [5]. - **Spot Prices (Yuan/ton) on February 11, 2026**: Coniferous pulp Silver Star was 5250 with no daily change and a weekly decrease of 1.32%; Coniferous pulp Russian Needle was 5050 with no daily change and a weekly decrease of 0.98%; Hardwood pulp Goldfish was 4580 with no daily change and a weekly decrease of 0.43% [5]. - **Outer - plate Quotes (US dollars/ton)**: Chilean Silver Star was 710, up 1.43% month - on - month; Chilean Star was 590, up 3.51% month - on - month; Chilean Venus was 620, with no month - on - month change [5]. - **Import Costs (Yuan/ton)**: Chilean Silver Star was 5802, up 1.42% month - on - month; Chilean Star was 4830, up 3.47% month - on - month; Chilean Venus was 5073, with no month - on - month change [5]. 3.2 Pulp Fundamental Data - **Import Volume (10,000 tons)**: In December 2025, coniferous pulp was 77.8, up 7.31% month - on - month compared to November; hardwood pulp was 135.2, down 23.40% month - on - month compared to November [5]. - **Pulp Shipment Volume to China (1000 tons) in November 2025**: It was 178, up 3.00% month - on - month [5]. - **Domestic Production Volume (10,000 tons)**: Hardwood pulp production volume from January 8 - February 5, 2026, fluctuated around 24 - 25.2; Chemimechanical pulp production volume fluctuated around 23.7 - 23.9 [5]. - **Pulp Port Inventory (10,000 tons)**: As of February 5, 2026, it was 218.2, up 1.3 from the previous period and 0.6% higher month - on - month. The inventory has been increasing for five consecutive weeks [5]. - **Futures Delivery Warehouse Inventory (10,000 tons)**: As of February 5, 2026, it was 14.2 [5]. - **Finished Paper Production Volume (10,000 tons)**: From January 8 - February 5, 2026, double - offset paper production volume fluctuated around 18.7 - 21.1; coated paper production volume fluctuated around 8.3 - 8.5; tissue paper production volume fluctuated around 28.66 - 29.87; kraft linerboard production volume fluctuated around 33.1 - 38.4 [5]. 3.3 Supply, Demand, and Inventory Analysis - **Supply Side**: In February, Chile's Arauco Company's coniferous pulp offer was 710 US dollars/ton, unchanged; hardwood pulp Star's offer was 600 US dollars/ton, up 10 US dollars/ton; natural pulp Venus's offer was 620 US dollars/ton, unchanged [5]. - **Demand Side**: The pulp demand has been stable recently, the finished paper price is stable, and the production volume has increased slightly this week [5]. - **Inventory Side**: As of February 5, 2026, the inventory of Chinese mainstream pulp ports continued to increase, and the port sample inventory has been in an increasing trend for five consecutive weeks [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The sentiment in the commodity market has declined. PX maintains fundamental resilience during its high - level correction. Due to the geopolitical risks in Iran, there are still risks in crude oil prices. The downstream PTA industry remains strong, with China's PTA production in January expected to reach a new high and no production cut plan for the Spring Festival. With no new PTA production capacity throughout the year, existing facilities will operate at full capacity to meet the growing polyester demand, providing a solid demand foundation for PX. The PX supply remains tight, with limited global effective capacity release. The PX - mixed xylene toluene spread remains around $150, and although the PX - naphtha spread has fallen to $335/ton, it is still at a healthy level. Domestic PTA maintains high - level operation, domestic demand has declined, and the production cuts of polyester factories have a limited negative feedback on PTA. Bottle chip profits are expanding, while short - fiber profits are declining [2] Group 3: Summary by Related Catalogs Price Changes - PTA spot price increased from 5140 to 5180, a change of 40; MEG inner - market price increased from 3623 to 3652, a change of 29; PTA closing price increased from 5230 to 5260, a change of 30; MEG closing price increased from 3733 to 3764, a change of 31; 1.4D direct - spun polyester staple fiber price increased from 6585 to 6590, a change of 5; short - fiber basis decreased from 52 to 16, a change of - 36; 3 - 4 spread increased from - 74 to - 66, a change of 8; polyester staple fiber cash flow increased from 240 to 246, a change of 6; 1.4D imitation large - chemical fiber price remained at 5300; the spread between 1.4D direct - spun and imitation large - chemical fiber increased from 1285 to 1290, a change of 5; East China water bottle chip price increased from 6270 to 6275, a change of 5; hot - filling polyester bottle chip price increased from 6270 to 6275, a change of 5; carbonated - grade polyester bottle chip price increased from 6370 to 6375, a change of 5; outer - market water bottle chip price increased from 840 to 845, a change of 5; bottle chip spot processing fee decreased from 662 to 623, a change of - 39; T32S pure polyester yarn price remained at 10700; T32S pure polyester yarn processing fee decreased from 4115 to 4110, a change of - 5; polyester - cotton yarn 65/35 45S price remained at 16800; cotton 328 price increased from 15710 to 15765, a change of 55; polyester - cotton yarn profit decreased from 1496 to 1472, a change of - 24; primary three - dimensional hollow (with silicon) price remained at 7290; hollow staple fiber 6 - 15D cash flow decreased from 482 to 438, a change of - 44; primary low - melting - point staple fiber price remained at 7895 [2] Market Conditions - Short - fiber: The main short - fiber futures rose 42 to 6654. In the spot market, the prices of polyester staple fiber production factories were mainly stagnant, the prices of traders fluctuated within a range, downstream demand was weak, and on - site transactions were sluggish. The price of 1.56dtex*38mm semi - bright natural white (1.4D) polyester staple fiber in the East China market was 6470 - 6700 yuan for cash on delivery, tax - included self - pick - up; in the North China market, it was 6590 - 6820 yuan for cash on delivery, tax - included delivery; in the Fujian market, it was 6550 - 6750 yuan for cash on delivery, tax - included delivery. Bottle chip: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 6280 - 6360 yuan/ton, with the average price rising 20 yuan/ton compared to the previous working day. The futures prices of PTA and bottle chips fluctuated warmly. Most supply - side offers were raised, the market's spot supply was tight, downstream terminal demand was relatively weak, and the market negotiation focus increased [2] Operating Rates and Sales Ratios - The direct - spun short - fiber load (weekly) increased from 86.77% to 88.84%, a change of 2.07%; the polyester staple fiber sales ratio decreased from 38.00% to 31.00%, a change of - 7.00%; the polyester yarn startup rate (weekly) increased from 70.00% to 70.32%, a change of 0.32%; the recycled cotton - type load index (weekly) decreased from 55.44% to 54.81%, a change of - 0.63% [3]