2026 年 01 月 22 日 铝：24000 一线震荡 氧化铝：反弹沽空 铸造铝合金：跟随电解铝 国 泰 君 安 期 货 研 究 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | | | | | | 11 | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | | | | | | 24155 | 205 | -440 | 2185 | 3410 | | | | 沪铝主力合约夜盘收盘价 | | | | | | 24100 | l | l | l | l | | | | LME铝3M收盘价 | | | | | | 3118 | -1 | -72 | 223 | 469 | | | | 沪铝主力合约成交量 | | | | | | 46 ...

Report Industry Investment Rating - Not provided Core View - Risk sentiment for copper has slightly recovered, supporting prices [1] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai Copper main contract was 101,280 with a daily increase of 0.05%, and the night - session closing price was 100,420 with a decrease of 0.85%. The LME Copper 3M electronic disk closed at 12,762 with a decrease of 0.27% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper Index was 443,128, an increase of 107,563 from the previous day, and the open interest was 646,503, an increase of 11,941. The trading volume of the LME Copper 3M electronic disk was 23,537, a decrease of 4,354, and the open interest was 317,000, a decrease of 8,682 [1] - **Inventory**: Shanghai Copper inventory was 145,581, a decrease of 2,612, and LME Copper inventory was 159,400, an increase of 3,100. The cancellation warrant ratio of LME Copper was 29.38%, a decrease of 1.21% [1] - **Spreads**: The LME Copper premium was 101.84, an increase of 34.29 from the previous day. The spot - to - near - month futures spread was - 180, a decrease of 30 [1] Macro and Industry News - **Macro News**: Trump mentioned Greenland as a US core security interest, reached a "framework" agreement on Greenland with NATO, and might select a new Fed Chair. He also hinted at Hasset's "exit" [1] - **Industry News**: During the "15th Five - Year Plan" period, State Grid's fixed - asset investment is expected to reach 4 trillion yuan, a 40% increase from the "14th Five - Year Plan". A Canadian company's copper and zinc mines achieved production targets, a Chilean copper - gold mine had a labor strike issue, and China's December 2025 copper - related imports had different trends [1][3] Trend Intensity - The trend intensity of copper is 0, indicating a neutral outlook [3]

| | 李亚飞 | 投资咨询从业资格号：Z0021184 | liyafei2@gtht.com | | --- | --- | --- | --- | | | 金园园（联系人） | 期货从业资格号：F03134630 | jinyuanyuan2@gtht.com | | 【基本面跟踪】 | | | | 硅铁、锰硅基本面数据 2026 年 1 月 22 日 硅铁：成本预期抬升，宽幅震荡 锰硅：原料价格微调，宽幅震荡 | | 期货合约 | 收盘价 | 较前一交易日 | 成交量 | 持仓量 | | --- | --- | --- | --- | --- | --- | | | 硅铁2603 | 5556 | 4 | 130,862 | 244,000 | | 期 货 | 硅铁2605 | 5542 | 14 | 34,581 | 85,925 | | | 锰硅2603 | 5748 | -12 | 71,649 | 204,097 | | | 锰硅2605 | 5786 | -12 | 135,360 | 332,292 | | | 项 目 | | 价 格 | 较前一交易日 | 单 位 | | | 硅铁:FeS ...

2026 年 1 月 22 日 期指：结构性行情稳定风偏 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com | | 收盘价 | 涨跌幅% | 基差 | 成交额-亿 | 成交量 | 变动 | 持仓量 | 变动 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 沪深300 | 4723.1 | ↑0.09 | | 6653.3 | | | | | | IF2602 | 4724.2 | ↑0.35 | 1.13 | 362.4 | 25500 | ↓437 | 39295 | ↓400 | | IF2603 | 4722.8 | ↑0.41 | -0.27 | 1053 | 74116 | ↓5750 | 173409 | ↓6123 | | IF2606 | 4687.8 | ↑0.45 | -35.27 | 233.3 | 16557 | ↓3056 | 66647 | ↓1616 | | IF2609 | 4632 | ↑0.49 | -91.07 | 57.9 | 4157 | ↓136 | 7462 | ↑1 ...

2026 年 01 月 22 日 短纤：短期震荡市，加工费低位运行 20260122 瓶片：短期震荡市 20260122 钱嘉寅 投资咨询从业资格号：Z0023476 qianjiayin@gtht.com 【基本面跟踪】 | | | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 短纤2602 | 6486 | 6490 | -4 | PF02-03 | -10 | -4 | -6 | | PF | 短纤2603 | 6496 | 6494 | 2 | PF03-04 | -40 | 52 | -92 | | | 短纤2604 | ୧୧3୧ | 6442 | 94 | PF主力基差 | -56 | -59 | 3 | | | 短纤主力持仓量 | 112708 | 179671 | -66963 | 短纤华东现货价格 | 6. 440 | 6. 435 | 5 | | | 短纤主力成交量 | 190842 | 190619 | 223 | 短纤产销率 | 78% | 102% ...

【宏观及行业新闻】 必和必拓公布上半年铁矿石产量创历史新高，在与中国的年度合同谈判中，该公司已接受部分铁矿石价 格的下调。（数据来源：路透社） 1 月 19 日，包头包钢板材厂炼钢作业部一个 650m³饱和水、蒸汽球罐发生爆炸，部分厂房和设备受损， 将对板材厂产线及周边受波及的产线生产造成影响。 请务必阅读正文之后的免责条款部分 1 2026 年 1 月 22 日 国 泰 君 安 期 货 螺纹钢：原料市场扰动，宽幅震荡 热轧卷板：原料市场扰动，宽幅震荡 期货研究 商 研 究 所 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 金园园（联系人） 期货从业资格号：F03134630 jinyuanyuan2@gtht.com 【基本面跟踪】 螺纹钢、热轧卷板基本面数据 | | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | | RB2605 | | 3,117 | -11 | -0.35 | | | HC2605 | | 3,286 | -2 | -0.06 | | 期 货 | ...

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Fuel oil is still strong in the short term, and its volatility continues to increase [1] - Low - sulfur fuel oil mainly follows the upward trend, and the price spread between high - sulfur and low - sulfur fuels in the overseas spot market continues to shrink [1] 3. Summary According to Relevant Catalogs 3.1 Fundamentals Tracking - **Futures Data**: - For FU2602 (price in yuan/ton), the closing price is 2,540 - 2,542 with a daily increase of 0.40%, and the settlement price is 2,545 with an increase of 0.67% - 0.87%. The trading volume is 2,319 hands with a change of - 4,286 hands, and the open interest is 3,459 hands with a change of - 1,023 hands [1] - For FU2603 (price in yuan/ton), the daily increase is 0.67%, and the settlement price is 2,544. The trading volume is 493,603 hands with a change of 158,425 hands, and the open interest is 191,653 hands with a change of - 8,180 hands [1] - For LU2602 (price in yuan/ton), the closing price is 3,063 with a daily increase of 0.03%, and the settlement price is 3,073 with an increase of 0.07%. The trading volume is 117 hands with a change of - 238 hands, and the open interest is 3,443 hands with a change of - 64 hands [1] - For LU2603 (price in yuan/ton), the closing price is 3,090 with a daily increase of 0.07%, and the settlement price is 3,084 with an increase of 0.19%. The trading volume is 61,555 hands with a change of 7,700 hands, and the open interest is 63,307 hands with a change of - 2,411 hands [1] - The total market warehouse receipts for fuel oil (FU) are 74,550 hands with no change, and for low - sulfur fuel oil (LU) are 13,000 hands with no change [1] - **Spot Price Data**: - In Singapore FOB (price in dollars/ton), the high - sulfur (3.5%S) price on January 21, 2026 is 362.8 with a daily increase of 1.94%, and the low - sulfur (0.5%S) price is 428.7 with a daily increase of 0.63% [1] - In Singapore Bunker (price in dollars/ton), the high - sulfur price on January 21, 2026 is 380.0 with a daily increase of 1.88%, and the low - sulfur price is 444.0 with a daily increase of 0.68% [1] - In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, the high - sulfur and low - sulfur prices also show different daily increases [1] - **Spread Data**: - For FU02 - 03 (price in yuan/ton), the spread is - 2, and the settlement spread has a difference of 3 compared to it [1] - For LU02 - 03 (price in yuan/ton), the spread is - 27, and the settlement spread is - 11 with a spread difference of 16 [1] - For LU02 - FU02 (price in yuan/ton), the spread is 523, and the settlement spread is 528 with a difference of 5 [1] - For other spreads like FU2602 - Singapore MOPS (3.5%S), LU2602 - Singapore MOPS (0.5%S), and Singapore MOPS (0.5%S - 3.5%S), there are also corresponding spread values and changes [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 1, and that of low - sulfur fuel oil is also 1. The trend intensity ranges from - 2 to 2, where - 2 means most bearish and 2 means most bullish [1]

2026 年 1 月 22 日 商 品 研 究 碳酸锂：拍卖价格支撑叠加供给减量预期，偏强震 荡延续 | 邵婉嫕 | 投资咨询从业资格号：Z0015722 | shaowanyi@gtht.com | | --- | --- | --- | | 刘鸿儒 | 投资咨询从业资格号：Z0023466 | liuhongru@gtht.com | 【基本面跟踪】 碳酸锂基本面数据 | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2605合约（收盘价） | 166,740 | 6,240 | 4,800 | 24,440 | 60,580 | 90,920 | | | | 2605合约（成交量） | 376,418 | -74,656 | -212,601 | -43,989 | -637,498 | 351,608 | | | | 2605合约（持仓量） | 427,928 | 12,577 | -24,655 | -78,592 | -244,783 ...

豆油：美豆题材不足，反弹高度受限 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,832 | 涨跌幅 0.96% | 收盘价 （夜盘） 8,918 | 涨跌幅 0.97% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 菜油主力 | 元/吨 元/吨 | 8,044 | 0.15% -0.01% | 8,092 | 0.60% 0.11% | | | | | 8,947 | | 8,957 | | | 期 货 | 马棕主力 | 林吉特/吨 | 4,154 | 1.44% | 4,200 | 1.11% | | | CBOT豆油主力 | 美分/磅 | 54.05 | 2.83% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 487,113 | 64618 | 445,943 | 16,765 | | | 豆油主力 | 手 | 228,261 | 610 | 727,245 | 4,626 | | | 菜油主力 | ...

LPG：取暖需求支撑，PG 走势坚挺 丙烯：现货维持紧平衡 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 2026 年 1 月 22 日 【基本面跟踪】 LPG、丙烯基本面数据 | | | 2602 | 昨日收盘价 4,161 | 日涨幅 0.48% | 夜盘收盘价 夜盘涨幅 4,182 | 0.50% | | 2602 | 4,683 | 昨日成交 较前日变动 昨日持仓 较前日变动 -7,567 | 6,131 | -2,837 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2603 | 4,069 | 0.37% | 4,104 | 0.86% | PG | 2603 | 43,015 | -11,592 | 88,100 | -2,868 | | 期货市场 | | 2604 | 4,346 | 0.58% | 4,377 | 0.71% ...