商 品 研 究 多晶硅：区间盘整 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,755 | 40 | 25 | 415 | | | | Si2605成交量（手） | 269,300 | -176,275 | -1,832 | -54,210 | | | | Si2605持仓量（手） | 238,877 | -827 | 21,585 | 53,606 | | | | PS2605收盘价（元/吨） | 49,995 | -1,305 | -8,650 | - | | | 工业硅、多晶硅期货市场 | PS2605成交量（手） | 42,510 | -3,740 | 25,355 | - | | | | PS2605持仓量（手） | 48,830 | -2,113 | -25,741 | - | | | | 工业硅：近月合约对连 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On January 12, all four major index futures contracts for the current month rose, with IF up 0.67%, IH up 0.34%, IC up 2.56%, and IM up 3.23%. The total trading volume of index futures rebounded, indicating increased trading enthusiasm among investors. The A - share market had a significant rally with large trading volume, and the Hong Kong stock market also rose strongly. Meanwhile, some stocks in the commercial aerospace and AI sectors issued risk warnings [1][2][6] 3. Summary by Relevant Catalogs 3.1. Index Futures Data Tracking - **IF Series**: The closing prices of IF2601, IF2602, IF2603, and IF2606 all increased, with the highest increase of 0.84% for IF2606. The trading volume of IF2602, IF2603, and IF2606 increased, while that of IF2601 decreased. The total trading volume of IF increased by 7750 lots, and the total open interest increased by 2755 lots [1][2] - **IH Series**: The closing prices of IH2601, IH2602, IH2603, and IH2606 all increased, with the highest increase of 0.39% for IH2606. The trading volume of IH2602 and IH2603 increased, while that of IH2601 decreased. The total trading volume of IH increased by 340 lots, and the total open interest decreased by 1098 lots [1][2] - **IC Series**: The closing prices of IC2601, IC2602, IC2603, and IC2606 all increased, with the highest increase of 3.18% for IC2606. The trading volume of all contracts increased. The total trading volume of IC increased by 14458 lots, and the total open interest decreased by 7660 lots [1][2] - **IM Series**: The closing prices of IM2601, IM2602, IM2603, and IM2606 all increased, with the highest increase of 4.07% for IM2606. The trading volume of all contracts increased. The total trading volume of IM increased by 50774 lots, and the total open interest increased by 9639 lots [1][2] 3.2. Top 20 Member Position Changes in Index Futures - **IF Contracts**: For IF2601, both long and short positions decreased; for IF2602, long positions increased by 2736 and short positions increased by 2472; for IF2603, long positions increased by 810 and short positions increased by 899; for IF2606, long positions increased by 1406 and short positions increased by 1748 [5] - **IH Contracts**: For IH2601, both long and short positions decreased; for IH2603, long positions increased by 341 and short positions increased by 107; for IH2606, long positions increased by 117 and short positions increased by 260. Data for IH2602 was not disclosed [5] - **IC Contracts**: For IC2601, both long and short positions decreased; for IC2602, long positions increased by 1571 and short positions increased by 1972; for IC2603, both long and short positions decreased; for IC2606, long positions increased by 1352 and short positions increased by 2678 [5] - **IM Contracts**: For IM2601, both long and short positions decreased; for IM2602, long positions increased by 3891 and short positions increased by 4238; for IM2603, long positions increased by 3217 and short positions increased by 4104. Data for IM2606 was not disclosed [5] 3.3. Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1, indicating a neutral - to - slightly - bullish trend [6] - **Important Drivers**: On January 12, the A - share market had a large - volume rally. The Shanghai Composite Index achieved 17 consecutive positive days, setting a new high in over 10 years, with a daily trading volume of 3.64 trillion yuan, a record high. Northbound capital trading volume reached 3989.80 billion yuan, the third - highest since the inter - connection mechanism was launched. The Hong Kong stock market also had a significant increase, with the Hang Seng Index up 1.44%, the Hang Seng Tech Index up 3.1%, and the Hang Seng China Enterprises Index up 1.9% [6][7]

1. Report Industry Investment Rating - No information provided about the report industry investment rating 2. Core Viewpoints - The downstream's rush to export supports propylene, and the cost support for PP is relatively strong [1] - The overall fundamental support for PP at the end of the year is limited, and attention should be paid to the marginal changes in PDH units under the deep - loss of PDH profits [2] 3. Content Summaries by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of PP2605 yesterday was 6560, with a daily increase of 0.71%, trading volume of 602441, and a decrease of 614 in positions [1] - **Basis and Spread Changes**: The basis of the 05 contract yesterday was - 180 (compared to - 214 the day before), and the 05 - 09 contract spread was - 47 (compared to - 49 the day before) [1] - **Important Spot Prices**: In North China, the spot price was 6280 yuan/ton yesterday (6250 yuan/ton the day before); in East China, it was 6380 yuan/ton (6300 yuan/ton the day before); in South China, it was 6400 yuan/ton (6360 yuan/ton the day before) [1] 3.2 Spot News - The spot sales are tightened, and traders have a strong willingness to hold prices. The prices of some scarce grades have increased slightly. The year - end demand is difficult to be sustainable, the continuity of buying is questionable, and the warehouse receipts remain at a high level. The US dollar price of PP is stable, overseas suppliers' enthusiasm for offering to China is low, and the downstream continues to make rigid purchases with little improvement in trading [1] 3.3 Market Condition Analysis - **Cost Side**: Crude oil and propane prices are strong, and there is a valuation differentiation within olefins. The internal and upstream profit - end valuations of PE are higher than those of PP [2] - **Supply Side**: There is no new production before the 2605 contract, and the game between existing supply and demand intensifies [2] - **Demand Side**: The follow - up of new downstream orders weakens, and downstream factories' procurement remains cautious, resulting in weak demand [2] 3.4 Trend Intensity - The trend intensity of PP is 0 [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The report indicates that the kinetic energy of US soybeans is limited, and the soybean oil market will mainly operate within a certain range [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: The closing prices and price changes of palm oil, soybean oil, and rapeseed oil futures are presented. For example, the closing price of palm oil (day session) is 8,724 yuan/ton with a 0.48% increase, and the closing price of soybean oil (day session) is 7,994 yuan/ton with no change [2]. - **Trading Volume and Open Interest**: The trading volume and open - interest changes of palm oil, soybean oil, and rapeseed oil futures are provided. For instance, the trading volume of palm oil futures is 512,074 lots, with an increase of 145,968 lots [2]. - **Spot Prices**: The spot prices of palm oil (24 - degree in Guangdong), first - grade soybean oil in Guangdong, and fourth - grade imported rapeseed oil in Guangxi, along with their price changes, are given. For example, the spot price of palm oil in Guangdong is 8,650 yuan/ton, with a decrease of 30 yuan/ton [2]. - **Basis and Spreads**: The basis of palm oil, soybean oil, and rapeseed oil in different regions, as well as various spreads such as the spread between rapeseed oil and palm oil futures, are presented [2]. 3.2 Macro and Industry News - **Malaysian Palm Oil**: From January 1 - 10, 2026, Malaysian palm oil exports increased by 17.65% compared to the same period last month. The yield decreased by 20.49% during this period, and the inventory in December 2025 increased by 7.58% month - on - month [3][5]. - **Global Soybeans**: In the 2025/26 season, global soybean production increased by 3.1 million tons to 425.7 million tons. As of December 1, 2025, the total US soybean inventory was 3.29 billion bushels, a year - on - year increase of 6% [5]. - **US Soybean and Soybean Oil**: The 2025/2026 US soybean planting area is expected to increase by 100,000 acres, and the soybean production is expected to increase by 9 million bushels. The US soybean oil production is expected to decrease by 210 million pounds, and the ending inventory is expected to increase by 26 million pounds [6][7]. - **Brazilian Soybeans**: As of last Thursday, the harvesting rate of Brazilian 2025/26 soybeans was 0.6%, compared to 0.3% in the same period last year [8]. 3.3 Trend Intensity The trend intensity of palm oil and soybean oil is 1 [9].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The rubber market is expected to experience wide - range fluctuations [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - The data source for fundamental information is Longzhong Information, Flush iFinD, and Guotai Junan Futures Research [2] 3.2 Trend Intensity - The trend intensity of rubber is 0, with a range of [- 2,2]. - 2 means most bearish and 2 means most bullish [2] 3.3 Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 568,200 tons, a month - on - month increase of 3.62% (19,800 tons). Bonded area inventory was 93,500 tons, an increase of 6.14%, and general trade inventory was 474,700 tons, an increase of 3.13% [3][4] - The inbound rate of Qingdao's natural rubber sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points. For general trade warehouses, the inbound rate decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [4] - Tire companies' production schedules vary. Some semi - steel tire companies' foreign trade orders have increased significantly, leading to a notable increase in capacity utilization, while some full - steel tire companies face inventory pressure, limiting their capacity utilization. Overall sales pressure remains [4]

2026 年 1 月 13 日 集运指数（欧线）：关注开舱指引；04 轻仓试空 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | 【基本面跟踪】 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 表 | 1：集运指数（欧线）基本面数据 | | | | | | | | | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | | 持仓变动 昨日成交/持仓 | 前日成交/持仓 | | 期 货 | EC2602 | 1,748.0 | 1.03% | 16,668 | 13,344 | -4,359 | 1.25 | 0.64 | | | EC2604 | 1,280.8 | 11.30% | 64,695 | 37,092 | 8,071 | 1.74 | 0.47 | | | | 本 期 | | 2026/1/12 | | ...

1. Report Industry Investment Ratings Not provided in the content. 2. Report's Core View The report provides a comprehensive analysis of various futures commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc., and gives investment ratings and trend outlooks for each commodity [2][4]. 3. Summary by Related Catalogs Precious Metals - **Gold**:避险情绪回升，趋势强度为1 [2][5] - **Silver**:快速拉升，趋势强度为1 [2][5] - **Platinum**:窄幅震荡，趋势强度为0 [2][26] - **Palladium**:区间震荡，趋势强度为0 [2][26] Base Metals - **Copper**:现货走强，支撑价格，趋势强度为1 [2][8] - **Zinc**:震荡偏强，趋势强度为1 [2][12] - **Lead**:LME库存减少，支撑价格，趋势强度为0 [2][15] - **Tin**:震荡走强，趋势强度为1 [2][17] - **Aluminum**:偏强运行，趋势强度为1 [2][24] - **Alumina**:逢高寻卖点，趋势强度为0 [2][24] - **Cast Aluminum Alloy**:强于电解铝，趋势强度为1 [2][24] - **Nickel**:产业与二级资金博弈，宽幅震荡运行，趋势强度为0 [2][30] - **Stainless Steel**:镍铁抬升震荡重心，盘面博弈印尼政策，趋势强度为0 [2][31] Energy - **Crude Oil**:未提及具体观点，但原油价格上涨对部分化工品有支撑作用 [65][68] - **Fuel Oil**:弱势延续，下方仍有支撑，趋势强度为0 [2][54] - **Low-Sulfur Fuel Oil**:转入震荡，外盘现货高低硫价差持续反弹，趋势强度为0 [2][54] Chemicals - **Para-Xylene (PX)**:单边高位震荡市，趋势强度为1 [2][63] - **PTA**:多PX空PTA，趋势强度为1 [2][63] - **MEG**:低位反弹，估值下方空间有限，趋势强度为1 [2][63] - **Rubber**:宽幅震荡，趋势强度为0 [2][73] - **Synthetic Rubber**:上方压力逐步增加，趋势强度为0 [2][76] - **LLDPE**:标品排产部分回切，区域现货补空延续，趋势强度为0 [2][79] - **PP**:下游抢出口支撑丙烯，PP成本支撑偏强，趋势强度为0 [2][82] - **Caustic Soda**:偏弱震荡，趋势强度为 -1 [2][85] - **Pulp**:宽幅震荡，趋势强度为0 [2][90] - **Glass**:原片价格平稳，趋势强度为0 [2][95] - **Methanol**:高位震荡，趋势强度为0 [2][99] - **Urea**:短期回调，中期偏强，趋势强度为0 [2][104] - **Styrene**:短期震荡，趋势强度为0 [2][107] - **Soda Ash**:现货市场变化不大，趋势强度为0 [2][111] - **LPG**:短期供应偏紧，地缘扰动偏强，趋势强度为0 [2][115] - **Propylene**:现货供需收紧，趋势偏强，趋势强度为0 [2][116] - **PVC**:偏弱震荡，趋势强度为 -1 [2][124] Agricultural Products - **Palm Oil**:报告利空落地，原油反弹推涨油脂，趋势强度为1 [2][63] - **Soybean Oil**:美豆动能有限，单边区间为主，趋势强度为1 [2][63] - **Soybean Meal**:USDA报告偏空，或跟随美豆回调，趋势强度为 -1 [2][169] - **Soybean**:USDA报告影响，或调整震荡，趋势强度为0 [2][169] - **Corn**:关注现货，趋势强度为0 [2][172] - **Sugar**:区间整理，趋势强度为0 [2][176] - **Cotton**:延续调整态势，趋势强度为0 [2][181] - **Egg**:现货盈利，远月情绪转弱，趋势强度为0 [2][187] - **Live Pig**:需求存负反馈，供应预期增量，趋势强度为 -1 [2][190] - **Peanut**:震荡运行，趋势强度为0 [2][193] Shipping - **Container Freight Index (Europe Line)**:关注开舱指引；04轻仓试空，趋势强度为0 [2][130] Fibers - **Short Fiber**:震荡偏强，多TA空PF持有，趋势强度为0 [2][147] - **Bottle Chip**:震荡偏强，月差正套持有，趋势强度为0 [2][147] Paper - **Offset Printing Paper**:逢高布空，趋势强度为 -1 [2][150] Others - **Log**:震荡反复，趋势强度为0 [2][59]

2026年01月13日 国泰君安期货商品研究晨报-绿色金融与新能源 镍：产业与二级资金博弈，宽幅震荡运行 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 观点与策略 | 镍：产业与二级资金博弈，宽幅震荡运行 | 2 | | --- | --- | | 不锈钢：镍铁抬升震荡重心，盘面博弈印尼政策 | 2 | | 碳酸锂：抢出口预期驱动，关注大幅上涨后终端需求变化 | 4 | | 工业硅：关注下游减产情形 | 6 | | 多晶硅：区间盘整 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 1 月 13 日 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 144,200 | 5,110 | 10,100 | 18,49 ...

2026年01月13日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：报告利空落地，原油反弹推涨油脂 | 2 | | --- | --- | | 豆油：美豆动能有限，单边区间为主 | 2 | | 豆粕：USDA报告偏空，或跟随美豆回调 | 4 | | 豆一：USDA报告影响，或调整震荡 | 4 | | 玉米：关注现货 | 6 | | 白糖：区间整理 | 7 | | 棉花：延续调整态势20260113 | 8 | | 鸡蛋：现货盈利，远月情绪转弱 | 10 | | 生猪：需求存负反馈，供应预期增量 | 11 | | 花生：震荡运行 | 12 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 01 月 13 日 棕榈油：报告利空落地，原油反弹推涨油脂 豆油：美豆动能有限，单边区间为主 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 ...

Report Industry Investment Ratings - Not provided in the given content Core Views - Gold: Safe-haven sentiment rebounds [2][4] - Silver: Rapid upward movement [2][4] - Copper: Strong spot market supports prices [2][7] - Zinc: Oscillating with a slight upward bias [2][10] - Lead: Decrease in LME inventory supports prices [2][14] - Tin: Oscillating upwards [2][16] - Aluminum: Bullish trend [2][23] - Alumina: Look for selling opportunities at high prices [2][23] - Cast aluminum alloy: Stronger than electrolytic aluminum [2][23] - Platinum: Narrow-range oscillation [2][25] - Palladium: Range-bound oscillation [2][25] - Nickel: Industry and secondary funds are in a tug-of-war, with wide-range oscillation [2][29] - Stainless steel: Ferronickel lifts the oscillation center, and the market is speculating on Indonesian policies [2][30] Summaries by Related Catalogs Gold - **Price Data**: Shanghai Gold 2602 closed at 1,026.28 with a daily increase of 1.97%, and its night - session closing price was 1008.54 with a 0.80% increase. Comex Gold 2602 closed at 4608.80 with a 2.00% increase [4]. - **Trading Volume and Open Interest**: Shanghai Gold 2602 had a trading volume of 238,327, a change of 77,139 from the previous day, and an open interest of 116,450, a change of - 2,836 [4]. - **Inventory**: Shanghai Gold inventory was 97,653 kg, unchanged from the previous day. Comex Gold inventory (in troy ounces, the day before) was 36,311,918, a decrease of 75,458 [4]. - **Macroeconomic and Industry News**: US December non - farm payrolls were lower than expected, but the unemployment rate decreased. The University of Michigan's January consumer confidence preliminary reading reached a four - month high. Trump threatened Iran again and was reported to have listened to military strike plans. There were reports of Trump ordering the US military to plan an "invasion" of Greenland [4][6]. Silver - **Price Data**: Shanghai Silver 2602 closed at 20957 with a daily increase of 11.92%, and its night - session closing price was 19438.00 with a 6.19% increase. Comex Silver 2602 closed at 85.155 with a 6.72% increase [4]. - **Trading Volume and Open Interest**: Shanghai Silver 2602 had a trading volume of 166,150, a decrease of 5,862 from the previous day, and an open interest of 80,173, a decrease of 6,635 [4]. - **Inventory**: Shanghai Silver inventory was 649,643 kg, an increase of 29381. Comex Silver inventory (in troy ounces, the day before) was 439,740,503, a decrease of 2,738,911 [4]. Copper - **Price Data**: Shanghai Copper's main contract closed at 103,800 with a 2.36% increase, and its night - session closing price was 103320 with a - 0.46% change. LME Copper 3M electronic trading closed at 13,172 with a 1.59% increase [7]. - **Trading Volume and Open Interest**: Shanghai Copper Index had a trading volume of 562,942, a decrease of 224,328 from the previous day, and an open interest of 694,612, an increase of 12,971. LME Copper 3M electronic trading had a trading volume of 35,741, an increase of 8,674, and an open interest of 325,000, a decrease of 446 [7]. - **Inventory**: Shanghai Copper inventory was 116,622, an increase of 5,406. LME Copper inventory was 137,225, a decrease of 1,750 [7]. - **Macroeconomic and Industry News**: Fed Chair candidate Hassett questioned Fed overspending. Trump imposed a 25% tariff on countries trading with Iran. Codelco's 2025 copper production was 1.332 million tons, slightly higher than 2024. By 2040, global copper demand is expected to surge, driven by AI and defense [7][9]. Zinc - **Price Data**: Shanghai Zinc's main contract closed at 24175 with a 0.86% increase. LME Zinc 3M electronic trading closed at 3149 with a 0.57% increase [10]. - **Trading Volume and Open Interest**: Shanghai Zinc's main contract had a trading volume of 97940, a decrease of 45287 from the previous day, and an open interest of 101478, an increase of 24845. LME Zinc had a trading volume of 11232, a decrease of 3977, and an open interest of 233254, a decrease of 397 [10]. - **Inventory**: Shanghai Zinc futures inventory was 35341, a decrease of 3533. LME Zinc inventory was 106800, a decrease of 650 [10]. - **News**: The US Department of Justice launched a "criminal investigation" into Fed Chair Powell. Hassett questioned Fed overspending [10][11]. Lead - **Price Data**: Shanghai Lead's main contract closed at 17475 with a 0.46% increase. LME Lead 3M electronic trading closed at 2046.5 with a 1.49% increase [14]. - **Trading Volume and Open Interest**: Shanghai Lead's main contract had a trading volume of 35542, a decrease of 5669 from the previous day, and an open interest of 63535, an increase of 5171. LME Lead had a trading volume of 6649, a decrease of 4916, and an open interest of 175319, a decrease of 3306 [14]. - **Inventory**: Shanghai Lead futures inventory was 16489, an increase of 301. LME Lead inventory was 221450, a decrease of 1275 [14]. - **News**: Hassett questioned Fed overspending. Trump imposed a 25% tariff on countries trading with Iran [14]. Tin - **Price Data**: Shanghai Tin's main contract closed at 376,920 with a 6.92% increase, and its night - session closing price was 383,410 with a 5.24% increase. LME Tin 3M electronic trading closed at 48,200 with a 5.47% increase [17]. - **Trading Volume and Open Interest**: Shanghai Tin's main contract had a trading volume of 282,983, an increase of 29,897 from the previous day, and an open interest of 50,635, an increase of 9,898. LME Tin 3M electronic trading had a trading volume of 1,114, an increase of 526, and an open interest of 23,240, an increase of 26 [17]. - **Inventory**: Shanghai Tin inventory was 6,333, a decrease of 96. LME Tin inventory was 5,905, an increase of 490 [17]. - **Macroeconomic and Industry News**: Apple will use Google Gemini to power its AI - enabled Siri. The US Department of Justice launched a "criminal investigation" into the Fed Chair. The China - EU electric vehicle case reached a "soft landing" [17][18][19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Data**: Shanghai Aluminum's main contract closed at 24650, with a night - session closing price of 24630. LME Aluminum 3M closed at 3191. Shanghai Alumina's main contract closed at 2866, with a night - session closing price of 2821. The cast aluminum alloy's main contract closed at 23340, with a night - session closing price of 23445 [23]. - **Inventory and Market News**: Domestic aluminum ingot social inventory was 740,000 tons, an increase of 22,000 tons. LME Aluminum inventory was 495,800 tons, a decrease of 2,000 tons. Trump imposed a 25% tariff on countries trading with Iran and expressed concerns about the Supreme Court's tariff ruling [23][24]. Platinum and Palladium - **Price Data**: Platinum futures 2606 closed at 622.80 with a 3.83% increase. Palladium futures 2606 closed at 505.10 with a 1.21% increase [25]. - **Trading Volume and Open Interest**: Shanghai Platinum trading volume was 40,554 kg, a decrease of 14,461 from the previous day, and its open interest was 39,301, a decrease of 289. Shanghai Palladium trading volume was 24.178 kg, a decrease of 16,235, and its open interest was 15,263, an increase of 239 [25]. - **Inventory**: NYMEX Platinum inventory (in ounces, the day before) was 624,755, a decrease of 260. NYMEX Palladium inventory (in ounces, the day before) was 211,306, unchanged [25]. - **Macroeconomic and Industry News**: CME will change the margin setting method for gold, silver, platinum, and palladium contracts. The White House stated that Trump did not instruct the investigation of Powell [25][28]. Nickel and Stainless Steel - **Price Data**: Shanghai Nickel's main contract closed at 144,200. The stainless - steel main contract closed at 13,855 [30]. - **Trading Volume and Industry News**: Shanghai Nickel's main contract had a trading volume of 1,083,202. The stainless - steel main contract had a trading volume of 356,984. Indonesia suspended issuing new smelting licenses, and the government planned to revise the nickel ore benchmark price formula and lower the 2026 nickel ore production target [30][31][33].