| | | 沪镍产业日报 2026-01-26 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 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 改善，预计排产量高位；新能源汽车产销继续爬升，三元电池贡献小幅需求增量。国内镍库存增长趋势， 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 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 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。 市场逢回调采买为主，现货升水高位；海外LME库存延续增长。技术面，持仓增量高开低走，多空分歧较 大，预计宽幅偏强为主。观点参考：预计短线沪镍宽幅偏强调整，关注区间14.3-16。 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | - ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For alumina, the fundamentals may be in a stage of excessive supply and stable demand. It is recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. - For electrolytic aluminum, the fundamentals may be in a stage of stable supply and cautious demand. The aluminum price remains high due to macro - expectations. The option market sentiment is bullish, and it is also recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. - For cast aluminum alloy, the fundamentals may be in a stage of sufficient supply and weak demand. Due to cost support, the cast aluminum price remains in high - level oscillation. It is recommended to trade with a light - position short - term long strategy at low prices, while controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum Futures**: The closing price of the Shanghai aluminum main contract is 24,215.00 yuan/ton, down 75.00 yuan; the main contract position is 322,085.00 hands, down 18,490.00 hands. The spread between the main and the second - consecutive contract is - 155.00 yuan/ton, down 45.00 yuan. The LME aluminum three - month quotation is 3,173.50 US dollars/ton, up 41.00 US dollars. The LME aluminum inventory is 507,275.00 tons, down 2000.00 tons. The Shanghai - London ratio is 7.63, down 0.12 [2]. - **Alumina Futures**: The closing price of the alumina futures main contract is 2,732.00 yuan/ton, up 8.00 yuan; the main contract position is 488,440.00 hands, down 6325.00 hands. The spread between the main and the second - consecutive contract is - 138.00 yuan/ton, down 15.00 yuan [2]. - **Cast Aluminum Alloy Futures**: The closing price of the cast aluminum alloy main contract is 23,010.00 yuan/ton, up 15.00 yuan; the main contract position is 11,389.00 hands, down 5206.00 hands. The spread between the main and the second - consecutive contract is - 110.00 yuan/ton, down 80.00 yuan [2]. 3.2 Spot Market - **Aluminum Spot**: The Shanghai Non - ferrous A00 aluminum price is 24,030.00 yuan/ton, down 80.00 yuan; the Yangtze River Non - ferrous Market AOO aluminum price is 24,130.00 yuan/ton, down 140.00 yuan. The Shanghai Wumao aluminum premium/discount is - 180.00 yuan/ton, down 10.00 yuan; the LME aluminum premium/discount is - 3.75 US dollars/ton, up 15.23 US dollars [2]. - **Alumina Spot**: The alumina spot price of Shanghai Non - ferrous is 2,555.00 yuan/ton, down 5.00 yuan. The basis of alumina is - 177.00 yuan/ton, down 13.00 yuan [2]. - **Cast Aluminum Alloy Spot**: The average price (tax - included) of ADC12 aluminum alloy ingots nationwide is 24,000.00 yuan/ton, unchanged. The basis of cast aluminum alloy is 990.00 yuan/ton, down 15.00 yuan [2]. 3.3 Upstream Situation - The alumina production is 801.08 million tons, down 12.72 million tons; the alumina import volume is 22.78 million tons, down 0.46 million tons; the alumina export volume is 21.00 million tons, up 4.00 million tons. The average price of crushed raw aluminum in Foshan metal scrap is 18,650.00 yuan/ton, up 250.00 yuan; the average price in Shandong metal scrap is 18,150.00 yuan/ton, up 250.00 yuan. The import volume of aluminum scrap and fragments in China is 194,102.07 tons, up 31,482.14 tons; the export volume is 70.80 tons, down 0.73 tons [2]. 3.4 Industry Situation - The primary aluminum import volume is 189,196.58 tons, up 43,086.86 tons; the primary aluminum export volume is 37,575.30 tons, down 15,472.39 tons. The electrolytic aluminum total production capacity is 4,536.20 million tons, up 12.00 million tons; the electrolytic aluminum social inventory is 71.50 million tons, up 0.30 million tons [2]. 3.5 Downstream and Application - The aluminum product production is 613.56 million tons, up 20.46 million tons; the export volume of un - forged aluminum and aluminum products is 54.00 million tons, down 3.00 million tons. The production of recycled aluminum alloy ingots is 68.40 million tons, down 1.60 million tons; the export volume of aluminum alloy is 2.55 million tons, down 0.51 million tons [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum is 23.56%, up 0.02%; the 40 - day historical volatility is 18.88%, up 0.06%. The implied volatility of the Shanghai aluminum main contract at - the - money option is 23.97%, up 0.0385%. The call - put ratio of Shanghai aluminum options is 1.72, up 0.0027 [2]. 3.7 Industry News - In the US, the January S&P Global Manufacturing PMI preliminary value is 51.9, slightly higher than the previous value of 51.8; the services PMI preliminary value is flat at 52.5, and the composite PMI preliminary value rises slightly to 52.8, all slightly lower than expected [2]. - In the Eurozone, the January Manufacturing PMI preliminary value rebounds slightly to 49.4, still in the contraction range; the services PMI preliminary value drops to 51.9, lower than expected. In Germany, both the manufacturing and services PMIs rebound more than expected. In France, the manufacturing PMI rises to a nearly four - year high of 51, but the services PMI slows sharply to 47.9 [2]. - The National Market Operation and Consumption Promotion Work Conference emphasizes promoting the expansion and upgrading of commodity consumption, implementing the replacement of old consumer goods with new ones, and promoting large - scale consumption such as automobiles and home furnishings. It also focuses on cultivating new growth points in service consumption and new types of consumption [2]. - Jiangsu Province will continue to promote large - scale equipment updates and optimize the implementation of the replacement of old consumer goods with new ones in 2026, with specific subsidy standards for different types of products [2]. - In 2026, the automobile replacement subsidy in Chongqing is open for application, with the first - batch of funds of 185 million yuan. Consumers can get subsidies according to 8% or 6% of the new - car sales price [2]. - In Beijing, the number of new - energy vehicles exceeds 1.3 million, and the proportion of new - energy and "National V - standard" or above vehicles exceeds 80%. In 2025, Beijing implemented policies to scrap and update old trucks and large - and medium - sized buses, and made progress in the new - energy vehicle field [2].

碳酸锂产业日报 2026/1/26 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价（日，元/吨） 165,680.00 | | -15840.00↓ 前20名净持仓（日，手） | -154,659.00 | -1878.00↓ | | | 主力合约持仓量（日，手） 416,719.00 | | -22009.00↓ 近远月合约价差（日，元/吨） | -1,100.00 | +780.00↑ | | | 广期所仓单（日，手/吨） 28,646.00 | | +490.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） 181,500.00 | | +10500.00↑ 工业级碳酸锂平均价（日，万元/吨） | 178,000.00 | +10500.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） 15,820.00 | | +26340.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） 2,010.0 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2347 | 49 甲醇5-9价差(日,元/吨) | -13 | 8 | | | 主力合约持仓量:甲醇(日,手) | 855550 | 48556 期货前20名持仓:净买单量:甲醇(日,手) | -122843 | -19632 | | | 仓单数量:甲醇(日,张) | 7695 | -50 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2295 | 50 内蒙古(日,元/吨) | 1795 | 0 | | | 华东-西北价差(日,元/吨) | 450 | 20 郑醇主力合约基差(日,元/吨) | -52 | 1 | | | 甲醇:CFR中国主港(日,美元/吨) | 267 | 3 CFR东南亚(日,美元/吨) | 322 | 0 | | | FOB鹿特丹(日,欧元/吨) | 269 | -1 中国主港-东南亚价差(日,美元/吨) | -55 | 3 | | 上游情况 | NYMEX天然 ...

研究员: 陈思嘉 期货从业资格号F03118799 期货投资咨询从业证书号Z0022803 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 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪铜(日,元/吨) | 101,880.00 | +540.00↑ LME3个月铜(日,美元/吨) | 13,112.00 | -3.00↓ | | | 主力合约隔月价差(日,元/吨) | -330.00 | -130.00↓ 主力合约持仓量:沪铜(日,手) | 228,979.00 | -2458.00↓ | ...

天然橡胶产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 沪胶主力合约收盘价(日,元/吨) 沪胶5-9差(日,元/吨) | 16230 70 | -85 20号胶主力合约收盘价(日,元/吨) -25 20号胶3-4价差(日,元/吨) | 13085 -40 | -10 -10 | | 期货市场 | | | | | | | | 沪胶与20号胶价差(日,元/吨) | 3145 | -75 沪胶主力合约 持仓量(日,手) | 181216 | -8919 | | | 20号胶主力合约持仓量(日,手) | 54206 | -5672 沪胶前20名净持仓 | -43481 | 3350 | | | 20号胶前20名净持仓 | -9024 | -339 沪胶交易所仓单(日,吨) | 109870 | 0 | | | 20号胶交易所仓单(日,吨) | 55339 | 0 | | | | | 上海市场国营全乳胶(日,元/吨) 泰标STR20(日,美元/吨) | 15950 195 ...

纯苯产业日报 2026-01-26 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。 支撑与6240附近压力。 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 6078 | 22 主力结算价:纯苯(日,元/吨) | 6083 | 50 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 31197 5940 | -23869 主力持仓量:纯苯(日,手) 50 市场价:纯苯:华北市场:主流价(日,元/吨) | 32149 5940 | 306 210 | | 现 ...

回落，包装膜备货峰值已过。春节临近，下游企业陆续休假停工，PE需求或延续弱势。成本方面，美国对 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 伊朗等产油国制裁仍存，同时严寒天气可能导致美国产油量下降，国际油价有所上涨。近期市场情绪偏暖 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 ，工业品期货以涨为主、文华工业品指数涨幅显著。不过，从基本面看，塑料向上驱动有限，后市L2605谨 慎看多。 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。 塑料产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 ...

，降库主要集中在内蒙古区域，主产销区尿素企业维持弱平衡，部分企业出现小幅累库，但因东北局域需 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 求推动周边企业出货，整体带动国内尿素企业库存下降，随着春节临近，尿素企业逐渐启动收单计划，清 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 库催发货为主，尿素企业库存或仍有继续小幅去库。UR2605合约短线预计在1770-1830区间波动。 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。 尿素产业日报 2026-01-26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- ...

| | | -2000附近。 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 | 项目类别 | 数据指标 最新 | | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:烧碱(日,元/吨) | 1973 | 28 烧碱主力合约持仓量(日,手) | 262814 | -19659 | | | 期货前20名净持仓:烧碱(日,手) | -29513 | 8167 烧碱主力合约成交量(日,手) | 890541 | 206588 | | | 合约收盘价:烧碱:1月(日,元/吨) | 2441 | 30 合约收盘价:烧碱:5月(日,元/吨) | 2236 | 52 | | | 期货前20名净持仓:烧碱(日,手) | -29513 | 8167 | | | | 现货市场 | 烧碱(32%离子膜碱):山东地区(日,元/吨) | 605 | -17 烧 ...