停机放假，暂停对原料的采购，纱线库存明显增加。不过市场普遍存在植棉面积调减预期，对棉价形成有 力支撑。考虑到当前长假临近，短期暂且观望为主。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 棉花(纱)产业日报 2026-02-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14790 | 45 棉纱主力合约收盘价(日,元/吨) | 20655 | 65 | | | 棉花期货前20名净持仓 ...

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 东产销数据表现一般，现货价格持稳为主，预计后市郑糖价格窄幅震荡，长假临近，注意风险控制。 数据来源第三方(同花顺、wind)，观点仅供参考，市场有风险，投资需谨慎！ 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 白糖产业日报 2026-02-12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:白糖(日,元/吨) | 5254 | -12 主力合约持仓量:白糖(日,手) | 443331 | -8525 | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The production and capacity utilization rate of styrene increased month - on - month. As the Spring Festival approaches, the EPS, PS, and UPR devices are about to reduce their loads seasonally, and downstream demand is seasonally weak. The market has entered the Spring Festival inventory accumulation stage, and the inventory pressure is not large. The integrated and non - integrated profits decreased month - on - month, but the profits are still at a relatively high level. The profits of downstream EPS, PS, and ABS are low. As the negative factors in the downstream of the industrial chain are transmitted upwards, the over - valued state of styrene is expected to be unsustainable. The EB2603 daily range is expected to be around 7340 - 7600 [2] 3. Summary Based on Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of styrene was 7453 yuan/ton, a decrease of 44 yuan; the trading volume was 356126, a decrease of 171983; the long position of the top 20 holders was 417204 hands, a decrease of 16070 hands; the net long position of the top 20 holders was - 13532 hands, an increase of 2150 hands; the short position of the top 20 holders was 430736 hands, a decrease of 18220 hands; the warehouse receipt quantity was 4402 hands, an increase of 2654 hands [2] 3.2 Spot Market - The spot price of styrene was 7608 yuan/ton, a decrease of 70 yuan. The mainstream prices in the Northeast, South, North, and East China regions were 7375 yuan/ton (an increase of 75 yuan), 7825 yuan/ton (an increase of 85 yuan), 7575 yuan/ton (unchanged), and 7615 yuan/ton (an increase of 60 yuan) respectively [2] 3.3 Upstream Situation - The intermediate price of ethylene CFR Northeast Asia was 696 US dollars/ton (unchanged), the spot price of pure benzene in Taiwan's CIF was 773.38 US dollars/ton (unchanged), the price of ethylene FD US Gulf was 399.5 US dollars/ton (a decrease of 8.2 US dollars), the FOB price of pure benzene in the US Gulf was 309 cents/gallon (a decrease of 3 cents), the FOB price of pure benzene in Rotterdam was 919 US dollars/ton (an increase of 7 US dollars), the market price of pure benzene in the South China market was 6150 yuan/ton (unchanged), the market price of pure benzene in the East China market was 6060 yuan/ton (an increase of 25 yuan), and the market price of pure benzene in the North China market was 6060 yuan/ton (unchanged) [2] 3.4 Industry Situation - The total styrene operating rate was 69.96%, an increase of 0.68 percentage points; the national styrene inventory was 157805 tons, an increase of 1965 tons; the total inventory in the East China main port was 9.62 tons, a decrease of 1.24 tons; the EPS operating rate was 56.24%, an increase of 2.98 percentage points; the ABS operating rate was 64.4%, a decrease of 1.7 percentage points [2] 3.5 Downstream Situation - The PS operating rate was 55.2%, a decrease of 0.4 percentage points; the UPR operating rate was 38%, an increase of 2 percentage points; the styrene - butadiene rubber operating rate was 83%, an increase of 0.08 percentage points [2] 3.6 Industry News - From February 6th to 12th, styrene production increased by 1.6% month - on - month to 35.65 tons, and the capacity utilization rate increased by 1.12% month - on - month to 71.08%. From January 30th to February 5th, the consumption of downstream EPS, PS, and ABS increased by 0.7% month - on - month to 26.04 tons. As of February 12th, the styrene factory inventory was 16.09 tons, an increase of 1.94% compared with last week. As of February 9th, the styrene inventory in the East China port was 9.62 tons, a decrease of 11.42% compared with last week; the styrene inventory in the South China port was 1.2 tons, unchanged compared with last week [2]

苹果产业日报 2026-02-12 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:苹果(日,元/吨) | 9739 | 138 主力合约持仓量:苹果(日,手) | 112583 | 9935 | | | 期货前20名持仓:净买单量:苹果(日,手) | 10404 | 824 | | | | 现货市场 | 甘肃静宁苹果现货价格(纸袋75#以上)(日, | 5.25 | 山东沂源苹果现货价格(纸袋75#以上)(日, 0 | 2.4 | 0 | | | 元/斤) 陕西洛川苹果现货价格(纸袋70#以上半 | | 元/斤) 山东烟台栖霞现货价格(纸袋80#以上一 | | | | | | 4.2 | 0 | 3.7 | 0 | | 上游情况 | 商品)(日,元/斤) 全国:苹果产量(年,万吨) | 5128.51 | 168.34 二级果农货)(日,元/斤) | | | | 产业情况 | | | | | | | | 水果批发价:苹果(周,元/公斤) 全国苹果冷库总 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report predicts that the Shanghai nickel will experience short - term shock adjustment, and it is necessary to pay attention to the competition around the 140,000 - yuan mark. The macro - economic situation is complex with the US non - farm report affecting interest rate cut expectations, and China's CPI and PPI showing specific changes. The supply side of the nickel industry has factors such as reduced nickel ore imports and potential supply contractions in the future, while the demand side has positive signs from stainless steel and new - energy vehicle sectors. The inventory situation shows an increase both domestically and overseas, and the market sentiment is relatively flat from a technical perspective [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 139,610 yuan/ton, with a month - on - month increase of 250 yuan/ton. The 03 - 04 month contract spread is - 220 yuan/ton, up 80 yuan/ton [3]. - The price of LME 3 - month nickel is 18,065 dollars/ton, up 515 dollars/ton. The position of the main contract of Shanghai nickel is 70,629 lots, a decrease of 5,811 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 44,735 lots, a decrease of 4,761 lots. The LME nickel inventory is 285,750 tons, unchanged [3]. - The inventory of nickel in the Shanghai Futures Exchange is 57,457 tons, an increase of 2,061 tons. The LME nickel cancelled warrants total 10,176 tons, an increase of 384 tons [3]. - The warehouse receipt quantity of Shanghai nickel is 52,027 tons, unchanged [3]. 3.2 Spot Market - The SMM1 nickel spot price is 145,350 yuan/ton, up 2,750 yuan/ton. The average spot price of 1 nickel plate in the Yangtze River is 145,450 yuan/ton, up 2,950 yuan/ton [3]. - The average price of battery - grade nickel sulfate is 33,750 yuan/ton, unchanged. The basis of the NI main contract is 5,740 yuan/ton, up 2,500 yuan/ton [3]. - The LME nickel (spot/three - month) premium is - 209.92 dollars/ton, up 2.3 dollars/ton [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 199.28 million tons, a decrease of 134.67 million tons. The total port inventory of nickel ore is 1,108.53 million tons, a decrease of 63.81 million tons [3]. - The average monthly import price of nickel ore is 75.53 dollars/ton, an increase of 3.36 dollars/ton. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3]. 3.4 Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons. The total monthly output of ferronickel is 21,400 metal tons, a decrease of 700 metal tons [3]. - The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons. The monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons [3]. 3.5 Downstream Situation - The monthly output of 300 - series stainless steel is 1.7472 million tons, a decrease of 14,500 tons. The total weekly inventory of 300 - series stainless steel is 557,200 tons, an increase of 8,200 tons [3]. 3.6 Industry News - Li Qiang proposed to comprehensively promote the scientific and technological innovation, industrial development, and enabling applications of artificial intelligence to cultivate and strengthen new productive forces [3]. - China's CPI year - on - year increase in January dropped from 0.8% to 0.2%, mainly due to the Spring Festival month shift and the expansion of energy price decline caused by international oil price changes. The year - on - year decline of PPI in January narrowed to 1.4% [3]. - The US added 130,000 non - farm jobs in January, the unemployment rate unexpectedly dropped to 4.3%, and hourly wages increased by 0.4% month - on - month [3]. 3.7 Key Points of View - Macroeconomic aspect: The US non - farm report in January was strong, suppressing the market's interest rate cut expectations. Traders postponed the expected time of the first interest rate cut from June to July. China's CPI year - on - year increase in January dropped to 0.2%, and the PPI year - on - year decline narrowed to 1.4% [3]. - Fundamental aspect: The Philippines entered the rainy season, and the nickel ore import volume showed a downward trend. Indonesia plans to significantly cut the RKAB quota next year, and the raw material contraction is expected to be transmitted in the second quarter. The ore production quota of the world's largest nickel mine, Weda Bay Nickel Mine, will be only 12 million tons this year, significantly lower than the adjusted 42 million tons in 2025 [3]. - Smelting end: The ferronickel production in Indonesia remains high, and the quantity flowing back to China is expected to increase. The domestic refined nickel production capacity is large. With the recent rise in nickel prices, there is a profit margin for production, and the refined nickel output is expected to rise again [3]. - Demand end: The profit of stainless steel plants has improved, and the production volume is expected to be at a high level. The production and sales of new - energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. The domestic nickel inventory continues to increase, and the market mainly purchases on dips, with the spot premium rising. The overseas LME inventory continues to increase, and the spot premium is lowered [3]. - Technical aspect: The position is stable, the price is adjusted, and the market sentiment is flat [3].

明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不 做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状 | | 集运指数（欧线）期货日报 | | 2026/2/12 | | | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 数据指标 | 最新 | 环比 | | | EC主力收盘价 | 1258.900 75.7↑ EC次主力收盘价 | 1566.1 | | +71.50↑ | | 期货盘面 | -307.20 +15.90↑ EC2604-EC2608价差 EC2604-EC2606价差 | -373.10 | | +30.00↑ | | EC合约基差 | 399.04 -81.00↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | 31021 -2006↓ | | | | | SCFIS（欧线）（周） | 1657.94 -134.20↓ S ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。 本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人 不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 螺纹钢产业链日报 2026/2/12 研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,050.00 | -4↓ RB主力合约持仓量(手) | 2029537 | -34123↓ | | | RB合约前20名净持仓(手) | -31281 | -3640↓ RB5-10合约价差(元/吨) | -46 | +3↑ | | | RB上期所仓单日报(日，吨) ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The I2605 contract fluctuated weakly on Thursday. Macroeconomically, the seasonally - adjusted non - farm payrolls in the US increased by 130,000 in January, far exceeding market expectations, and the expectation of interest - rate cuts slowed down. In terms of supply and demand, the shipments and arrivals of iron ore from Australia and Brazil declined, the blast furnace operating rate of steel mills was stable, the molten iron output remained below 2.3 million tons, and the iron ore port inventory reached a new high. Overall, as the Spring Festival holiday approaches, the restocking demand of steel mills weakens, and the futures price continues to consolidate within a range. Technically, the 1 - hour MACD indicator of the I2605 contract shows that DIFF and DEA rebounded at a low level with shrinking red bars. The view is for short - term trading with attention to risk control. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the I main contract was 762.00 yuan/ton, a decrease of 0.50 yuan; the position volume was 497,918 lots, a decrease of 9039 lots. - The spread between the I 5 - 9 contracts was 17 yuan/ton, a decrease of 0.50 yuan; the net position of the top 20 in the I contract was - 24481 lots, a decrease of 2098 lots. - The warehouse receipts of the I Dalian Commodity Exchange were 2,900.00 lots, with no change. - The quote of the Singapore iron ore main contract as of 15:00 was 99.6 US dollars/ton, a decrease of 0.35 US dollars. [2] 现货市场 - The price of 61.5% PB powder ore at Qingdao Port was 821 yuan/dry ton, a decrease of 2 yuan; the price of 60.5% Macfarlane powder ore at Qingdao Port was 808 yuan/dry ton, a decrease of 1 yuan. - The price of 56.5% Chaote powder ore at Jingtang Port was 723 yuan/dry ton, with no change. The basis of the I main contract (Macfarlane powder dry ton - main contract) was 46 yuan, a decrease of 1 yuan. - The 62% Platts iron ore index (previous day) was 99.95 US dollars/ton, a decrease of 0.25 US dollars. The ratio of Jiangsu scrap steel to 60.5% Macfarlane powder ore at Qingdao Port was 3.25, an increase of 0.02. - The estimated import cost was 799 yuan/ton. The global weekly iron ore shipment volume was 2,535.30 million tons, a decrease of 559.30 million tons; the weekly arrival volume at 47 ports in China was 2,455.60 million tons, a decrease of 213.60 million tons. [2] Industry Situation - The weekly iron ore inventory at 47 ports was 17,914.68 million tons, an increase of 156.42 million tons; the weekly iron ore inventory of sample steel mills was 10,316.64 million tons, an increase of 348.05 million tons. - The monthly iron ore import volume was 11,965.00 million tons, an increase of 911.00 million tons. The available days of iron ore (weekly) were 32 days, an increase of 3 days. - The daily output of 266 mines (weekly) was 38.51 million tons, a decrease of 1.05 million tons; the operating rate of 266 mines (weekly) was 61.27%, a decrease of 1.67%. - The iron concentrate inventory of 266 mines (weekly) was 39.07 million tons, a decrease of 2.71 million tons. The BDI index was 1,958.00, an increase of 76.00. - The iron ore freight rate from Tubarao, Brazil to Qingdao was 22.86 US dollars/ton, an increase of 0.51 US dollars; the iron ore freight rate from Western Australia to Qingdao was 8.417 US dollars/ton, an increase of 0.47 US dollars. [2] Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 79.55%, an increase of 0.53%; the weekly blast furnace capacity utilization rate of 247 steel mills was 85.71%, an increase of 0.26%. - The monthly domestic crude steel output was 6,818 million tons, a decrease of 169 million tons. [2] Option Market - The historical 20 - day volatility of the underlying (daily) was 15.09%, a decrease of 0.13%; the historical 40 - day volatility of the underlying (daily) was 16.60%, a decrease of 0.20%. - The implied volatility of at - the - money call options (daily) was 21.36%, an increase of 1.68%; the implied volatility of at - the - money put options (daily) was 17.09%, a decrease of 1.03%. [2] Industry News - Mysteel statistics show that the weekly output of sintered ore of 54 steel mills was 756.70 million tons, an increase of 7.60 million tons or 1.01% compared with the previous period. The sintered ore inventory was 277.04 million tons, a decrease of 10.61 million tons or 3.69% compared with the previous period. - Mysteel statistics show that the total inventory of imported sintered powder of 114 steel mills under the new caliber was 3547.77 million tons, an increase of 84.62 million tons compared with the previous period. The total daily consumption of imported sintered powder was 112.99 million tons, a decrease of 0.89 million tons compared with the previous period. The inventory - to - consumption ratio was 31.4, an increase of 0.99 compared with the previous period. [2] Key Focus - The domestic iron ore port inventory, the blast furnace operating rate and capacity utilization rate of steel mills on Friday. [2]

铝类产业日报 2026/2/12 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪铝主力合约收盘价(日,元/吨) | 23,610.00 | -50.00↓ 氧化铝期货主力合约收盘价(日,元/吨) | 2,808.00 | -34.00↓ | | | 主力-连二合约价差:沪铝(日,元/吨) | -160.00 | -15.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -138.00 | -5.00↓ | | | 主力合约持仓量:沪铝(日,手) | 159,738.00 | -14665.00↓ 主力合约持仓量:氧化铝(日,手) | 296,788.00 | -15357.00↓ | | | LME铝注销仓单(日,吨) | 44,325.00 | 0.00 库存:氧化铝:合计(周,万吨) | 308,787.00 | +43564.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） | 3,117.00 | +12.00↑ LME铝库存（日，吨） | 485,750. ...

1. Report's Investment Rating for the Industry - No information provided about the report's industry investment rating. 2. Core Viewpoints of the Report - Non - farm data exceeded expectations, weakening the expectation of interest rate cuts. London platinum and palladium oscillated weakly, and trading in the Asian session was light approaching holidays, with volatility lower than before. The market has increasing differences in interpreting non - farm data, and Fed officials still have differences in their statements. In the short term, the trend of platinum and palladium may follow that of gold and silver. If the slowdown in employment and inflation is further verified, platinum and palladium may have a phased catch - up opportunity. In the long - term, the industrial logic of platinum and palladium dominates the trading rhythm. The supply uncertainty in South Africa and Russia and the implementation of new automobile emission policies make platinum more resilient than palladium, and the "platinum - strong, palladium - weak" market may continue. The report also gives the resistance and support levels for London platinum and palladium and the expected operating ranges for the Guangzhou Futures Exchange's platinum 2606 and palladium 2606 contracts [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the platinum main contract was 544.90 yuan/gram, down 5.80 yuan; the closing price of the palladium main contract was 430.05 yuan/gram, down 6.45 yuan. The main contract holding volume of platinum was 10,387.00 lots, down 277.00 lots; the main contract holding volume of palladium was 3,179.00 lots, up 90.00 lots [2]. 3.2 Spot Market - The spot price of platinum (Pt9995) on the Shanghai Gold Exchange was 541.04 yuan/gram, down 4.34 yuan; the average spot price of palladium in the Yangtze River area was 410.00 yuan/gram, down 4.00 yuan. The basis of the platinum main contract was - 3.86 yuan/gram, up 1.46 yuan; the basis of the palladium main contract was - 20.05 yuan/gram, up 2.45 yuan [2]. 3.3 Supply - Demand Situation - The non - commercial long positions of platinum in the CFTC (weekly, contracts) were 9,966.00, down 243.00; the non - commercial long positions of palladium in the CFTC (weekly, contracts) were 3,003.00, down 342.00. The total supply of platinum in 2025 was expected to be 220.40 tons, down 0.80 tons; the total supply of palladium in 2025 was expected to be 293.00 tons, down 5.00 tons. The total demand for platinum in 2025 was expected to be 261.60 tons, up 25.60 tons; the total demand for palladium in 2025 was expected to be 287.00 tons, down 27.00 tons [2]. 3.4 Macroeconomic Data - The US dollar index was 96.93, up 0.07; the 10 - year US Treasury real yield was 1.86%, up 0.02%. The VIX volatility index was 17.65, down 0.14. The US seasonally adjusted non - farm payrolls increased by 130,000 in January, far exceeding the market expectation of 70,000. The unemployment rate was 4.3%, the lowest since August 2025, and hourly wages increased by 0.4% month - on - month, exceeding expectations. Fed officials have different views on interest rates, and traders postponed the bet on Fed rate cuts from June to July [2]. 3.5 Industry News - US President Trump said that reaching an agreement with Iran would be the "preferred" choice. According to CME's "FedWatch", the probability of the Fed cutting interest rates by 25 basis points in March was 5.9%, and the probability of keeping interest rates unchanged was 94.1%. The European Parliament voted to pass a financial assistance package for Ukraine, providing 90 billion euros in EU aid loans from 2026 to 2027, with 60 billion euros for Ukraine's defense needs [2]. 3.6 Key Areas of Concern - On March 12, at 21:30, the number of initial jobless claims in the US for the week ending February 7; at 23:00, the total number of existing home sales in the US in January; and at 21:30, the US CPI data for January [2].