沪镍产业日报 2026-02-11 增长，现货升水下调。技术面，持仓持稳价格调整，市场情绪平淡。观点参考：预计短线沪镍震荡调整， 免责声明 关注14关口争夺。 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。 | 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:沪镍(日,元/吨) | 139360 | 6010 03-04月合约价差:沪镍(日,元/吨) | -300 | -70 | | | LME3个月镍(日,美元/吨) | 17550 | 140 主力合约持仓量:沪镍(日,手) | 76440 | -3802 | ...

静，贸易商多以交付节前加工订单为主，整体资源消耗速度放缓，因此全国不锈钢社库转入季节性累库。 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 不锈钢产业日报 2026-02-11 | 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:不锈钢(日,元/吨) | 14040 | 300 03-04月合约价差:不锈钢(日,元/吨) | -105 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8958 | -2618 主力合约持仓量:不锈钢(日,手) | 32627 | -4794 | | | 仓单数量:不锈钢(日,吨) | 54551 | 421 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 530 | -5 | | | | 上游情况 | 电解镍 ...

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 螺纹钢产业链日报 2026/2/11 | 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) | 3,054.00 | +2↑ RB主力合约持仓量(手) | 2063660 | -1877↓ | | | RB合约前20名净持仓(手) | -27641 | -2495↓ RB5-10合约价差(元/吨) | -49 | -4↓ | | | RB上期所仓单日报(日，吨) | 25003 | -5107↓ HC2605-RB2605合约价差(元/吨) | 174 | +6↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,250.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,333 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | 0.00 天津 HRB400E 20MM( ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 150,260.00 | +12920.00↑ 前20名净持仓（日，手） | -105,816.00 | +9000.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 356,531.00 | +10542.00↑ 近远月合约价差（日，元/吨） | -3,400.00 | -1940.00↓ | | | 广期所仓单（日，手/吨） | 35,527.00 | -10.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 138,000.00 | +2000.00↑ 工业级碳酸锂平均价（日，万元/吨） | 134,500.00 | +2000.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -12,260.00 | -10920.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,950.00 | 0.00 磷锂铝石平均价（ ...

热轧卷板产业链日报 2026/2/11 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 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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,228 | +8↑ HC 主力合约持仓量(手) | 1552374 | +9529↑ | | | HC 合约前20名净持仓(手) | 41,665 | +8975↑ HC5-10合约价差(元/吨) | -19 | 0.00 | | | HC 上期所仓单日报(日 ...

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 达研究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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 102,180.00 | +620.00↑ LME3个月铜(日,美元/吨) | 13,163.50 | +55.50↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | -280.00 | -10.00↓ 主力合约持仓量:沪铜(日,手) | 158,550.00 | -1138.00↓ | | | 期货前20名持仓:沪铜(日,手) | -60,772.00 | -75.00↓ L ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The Shanghai copper main contract shows a volatile trend with a decrease in open interest, a premium in the spot market, and a strengthening basis. The raw material side has a tight global copper concentrate situation, and the ore price strongly supports the copper price. The supply side may see a decline in domestic copper production due to raw material shortages and holiday factors. The demand side shows increasing purchasing and inquiry sentiment from downstream buyers and rising pre - holiday restocking intentions. Domestic copper inventories are seasonally accumulating. The option market sentiment is bullish with a slightly decreasing implied volatility. The report suggests light - position short - term long trading at low prices, while controlling the rhythm and trading risks [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 101,560 yuan/ton, down 280 yuan; the LME 3 - month copper price is 13,062 US dollars/ton, down 114.50 US dollars. The main contract's inter - month spread is - 270 yuan/ton, down 60 yuan; the open interest of the Shanghai copper main contract is 159,688 lots, down 9,925 lots. The top 20 futures positions of Shanghai copper are - 60,697 lots, down 3,468 lots. The LME copper inventory is 184,300 tons, up 1,025 tons; the Shanghai Futures Exchange's cathode copper inventory is 248,911 tons, up 15,907 tons; the LME copper canceled warrants are 19,475 tons, up 175 tons; the Shanghai Futures Exchange's cathode copper warrants are 165,939 tons, down 2,856 tons; the COMEX copper inventory is 590,211 short tons, up 1,130 short tons [2] 3.2 Spot Market - The SMM 1 copper spot price is 101,725 yuan/ton, up 170 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 101,860 yuan/ton, up 250 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 44 US dollars/ton, unchanged; the average premium of Yangshan copper is 37.50 US dollars/ton, unchanged. The basis of the CU main contract is 165 yuan/ton, up 450 yuan; the LME copper cash - to - 3 - month spread is - 77.37 US dollars/ton, down 6.42 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons, up 17.80 million tons. The copper smelter's rough smelting fee (TC) is - 52.37 US dollars/kiloton, down 2.53 US dollars. The price of copper concentrate in Jiangxi is 92,190 yuan/metal ton, up 240 yuan; in Yunnan, it is 92,890 yuan/metal ton, up 240 yuan. The southern processing fee for blister copper is 2,300 yuan/ton, up 100 yuan; the northern processing fee is 1,800 yuan/ton, up 600 yuan. The output of refined copper is 132.60 million tons, up 9.00 million tons; the import volume of unwrought copper and copper products is 440,000 tons, up 10,000 tons [2] 3.4 Industry Situation - The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 68,190 yuan/ton, up 1,400 yuan; the price of 2 copper (94 - 96%) in Shanghai is 82,300 yuan/ton, up 1,500 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 222.91 million tons, up 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan, up 79.113 billion yuan. The cumulative completed investment in real estate development is 8,278.814 billion yuan, up 419.724 billion yuan. The monthly output of integrated circuits is 4,807,345,500 pieces, up 415,345,500 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 44.50%, down 0.28%; the 40 - day historical volatility is 36.57%, down 0.26%. The implied volatility of the current - month at - the - money option is 26.52%, down 0.0377%; the call - to - put ratio of at - the - money options is 1.48, down 0.0460 [2] 3.7 Industry News - President Xi Jinping inspected the National Information and Technology Innovation Park in Beijing, emphasizing the importance of scientific and technological self - reliance. The Ministry of Commerce held a symposium on automobile enterprises to promote automobile consumption. Fed's Bostic said there is doubt about the confidence in the US dollar. The US White House's Hasset said US employment growth may slow, and the market expects about 70,000 new jobs in the January non - farm payroll report [2]

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report predicts that Shanghai zinc will experience volatile adjustments, with a focus on the 24,300 - 25,000 yuan/ton range, and the upward momentum is weak [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai zinc main - contract is 24,455 yuan/ton, down 85 yuan; the 03 - 04 contract spread of Shanghai zinc is - 50 yuan/ton, down 25 yuan - The LME three - month zinc quotation is 3,382 US dollars/ton, down 1 US dollar - The total open interest of Shanghai zinc is 192,983 lots, down 1,044 lots; the net open interest of the top 20 in Shanghai zinc is - 54 lots, down 498 lots - The Shanghai Futures Exchange inventory is 70,689 tons, up 5,535 tons; the LME inventory is 106,925 tons, down 675 tons [3] 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 24,460 yuan/ton, down 200 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,170 yuan/ton, down 520 yuan - The basis of the ZN main contract is 5 yuan/ton, down 115 yuan; the LME zinc cash - 3 months spread is - 23.73 US dollars/ton, down 2.17 US dollars - The ex - works price of 50% zinc concentrate in Kunming is 21,510 yuan/ton, up 110 yuan; the price of 85% - 86% crushed zinc in Shanghai is 16,700 yuan/ton, down 50 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, down 14,700 tons; the ILZSG zinc supply - demand balance is - 7,700 tons, down 4,900 tons - The global zinc mine production is 1.0627 million tons, down 11,900 tons; the domestic refined zinc production is 675,000 tons, up 21,000 tons - The zinc ore import volume is 462,600 tons, down 53,900 tons [3] 3.4 Industry Situation - The refined zinc import volume is 8,760.85 tons, down 9,469.07 tons; the refined zinc export volume is 27,266.66 tons, down 15,548.89 tons - The social inventory of zinc is 128,000 tons, up 9,500 tons [3] 3.5 Downstream Situation - The monthly production of galvanized sheets is 2.36 million tons, up 20,000 tons; the sales volume of galvanized sheets is 2.36 million tons, down 60,000 tons - The monthly new housing construction area is 587.6996 million square meters, up 53.1326 million square meters; the monthly housing completion area is 603.4813 million square meters, up 208.942 million square meters - The monthly automobile production is 3.4115 million vehicles, down 107,500 vehicles; the monthly air - conditioner production is 21.6289 million units, up 6.6029 million units [3] 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 26.01%, up 2.43%; the historical volatility of the at - the - money option for 20 days is 38.7% - The implied volatility of the at - the - money put option for zinc is 26.01%, up 2.44%; the historical volatility of the at - the - money option for 60 days is 19.41% [3] 3.7 Industry News - The General Secretary of the Communist Party of China Central Committee stated that the key to building a modern socialist country lies in self - reliance and self - improvement in science and technology - US Treasury Secretary Bessent said that even if Wash becomes the Fed Chairman, the balance - sheet reduction will not be carried out rapidly, and the decision may require up to a one - year assessment [3]

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | | | 沪锡产业日报 2026-02-10 | 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:沪锡(日,元/吨) | 382000 | -2180 3月-4月合约收盘价:沪锡(日,元/吨) | -610 | -770 | | | LME3个月锡(日,美元/吨) | 49815 | 2660 主力合约持仓量:沪锡(日,手) | 32207 | -1418 | | | 期货前20名净持仓:沪锡(日,手) | -5664 | -141 LME锡:总库存(日,吨) | 7030 | -55 | | | 上期所库存:锡(周,吨) | 8750 | -1718 LME锡:注销仓单(日,吨) | 265 | -50 | | | 上期所仓单:锡(日,吨) | 6385 | 48 | | | | 现货市场 | SMM1#锡现货价格(日,元/吨) | 385700 | 12200 长江有色市场1#锡现货价(日,元/吨) | 3 ...

| 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:不锈钢(日,元/吨) | 13740 | 5 03-04月合约价差:不锈钢(日,元/吨) | -85 | 20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -6340 | 240 主力合约持仓量:不锈钢(日,手) | 37421 | -3978 | | | 仓单数量:不锈钢(日,吨) | 54130 | 607 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 535 | -65 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量:精炼镍及合金(月,吨) | 23861.23 | 11020.74 进口数量:镍铁(月,万吨) | 99. ...