的持续性。 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。 红枣产业日报 2026-01-08 | 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:红枣(日,元/吨) | 9075 | -75 主力合约持仓量:红枣(日,手) | 121402 | 3301 0 | | | 期货前20名持仓:净买单量:红枣(日,手) | -21004 | -573 仓单数量:红枣(日,张) | 2263 | | | | 有效仓单预报 ...

不锈钢产业日报 2026-01-08 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。 货同样不多，因此全国不锈钢社会库存维持季节性小幅下降。技术面，放量减仓价格回调，多头氛围下降 。观点参考：预计不锈钢期价高位调整，关注MA5支撑。 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 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 | 期货主力合约收盘价:不锈钢(日,元/吨) | 13675 | -210 02-03月合约价差:不锈钢(日,元/吨) | -145 | -5 62968 ...

Group 1: Report Information - Report title: Synthetic Rubber Industry Daily Report 2026-01-08 [1] Group 2: Market Data Summary Futures Market - The closing price of the main contract for synthetic rubber is 12,195 yuan/ton [2] - The open interest of the main contract for synthetic rubber decreased by 3,753 to 30,228 [2] - The 2-3 spread of synthetic rubber is -35 yuan/ton [2] - The total number of warehouse receipts for butadiene rubber decreased by 30 to 4,530 tons [2] Spot Market - The mainstream prices of BR9000 from Qilu Petrochemical, Daqing Petrochemical in Shandong, Daqing Petrochemical in Shanghai, and Maoming Petrochemical in Guangdong are 11,800 yuan/ton, 11,800 yuan/ton, 11,800 yuan/ton, and 11,850 yuan/ton respectively, with some prices increasing by 50 yuan/ton [2] - The basis of synthetic rubber is -305 yuan/ton [2] - Brent crude oil price is 59.96 US dollars/barrel, down 0.74 [2] - Naphtha CFR Japan price is 745 US dollars/ton [2] - Northeast Asian ethylene price is 1,005 US dollars/ton, up 20 [2] - Butadiene CFR China price is 532.75 US dollars/ton, down 1.5 [2] - WTI crude oil price is 55.99 US dollars/barrel, down 1.14 [2] - The mainstream market price of butadiene in Shandong increased by 150 to 9,300 yuan/ton [2] Upstream Situation - The weekly butadiene production capacity is 15.93 million tons/week, with no change [2] - The weekly butadiene capacity utilization rate increased by 0.56 percentage points to 71.17% [2] - The port inventory of butadiene decreased by 1,400 to 44,700 tons [2] - The operating rate of Shandong local refineries' atmospheric and vacuum distillation units decreased by 0.37 percentage points to 54.57% [2] - The monthly production of cis - butadiene rubber decreased by 0.75 to 13.01 million tons [2] - The weekly capacity utilization rate of cis - butadiene rubber increased by 0.5 percentage points to 76.76% [2] - The weekly production profit of cis - butadiene rubber is 334 yuan/ton [2] - The weekly social inventory of cis - butadiene rubber increased by 0.05 to 3.45 million tons [2] - The weekly manufacturer's inventory of cis - butadiene rubber decreased by 2,550 to 26,300 tons [2] - The weekly trader's inventory of cis - butadiene rubber increased by 1,490 to 7,180 tons [2] Downstream Situation - The operating rate of domestic semi - steel tires decreased by 2.7 percentage points to 69.35% [2] - The operating rate of domestic all - steel tires decreased by 2.4 percentage points to 59.55% [2] - The monthly production of all - steel tires increased by 59 to 1,301 million pieces [2] - The monthly production of semi - steel tires increased by 663 to 5,831 million pieces [2] - The inventory days of all - steel tires in Shandong are 47.05 days, with a 0.19 - day increase [2] - The inventory days of semi - steel tires in Shandong are 47.05 days [2] Group 3: Industry News - As of January 8, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 63.78%, a month - on - month decrease of 2.75 percentage points and a year - on - year decrease of 13.97 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 55.50%, a month - on - month decrease of 2.43 percentage points and a year - on - year decrease of 3.37 percentage points [2] - In December, the production of cis - butadiene rubber was 14.36 million tons, a month - on - month increase of 1.35 million tons (10.38%) and a year - on - year increase of 1.97%. The capacity utilization rate was 72.13%, a 4.65 - percentage - point increase from the previous month and a 2.68 - percentage - point decrease from the same period last year [2] - As of January 7, the domestic cis - butadiene rubber inventory was 3.31 million tons, a month - on - month decrease of 0.04 million tons (1.08%) [2] - Recently, there have been few shutdowns of domestic cis - butadiene units, supply has remained high. The cis - butadiene market has been boosted by the sharp rise in raw material prices, and the sales of production enterprises have improved, but there is some inventory waiting to be picked up after being sold, and the overall inventory level has changed little [2] Group 4: Core Viewpoints - This period, the domestic production of cis - butadiene rubber has remained at a high level. The cis - butadiene market has been boosted by the sharp rise in raw material prices, and the sales of production enterprises have improved, but the overall inventory level has changed little due to the existence of unsold inventory [2] - The continuous strength and rapid price increase of raw materials have led to a significant increase in the supply price of cis - butadiene rubber. However, due to the downstream's resistance to high prices, they may maintain rigid demand purchases. It is expected that the inventory of production enterprises and trading enterprises may increase in the short term [2] - The capacity utilization rate of domestic tire enterprises has decreased this week. Some enterprises had maintenance arrangements around the "New Year's Day" holiday, and some enterprises continued to control production during the cycle, dragging down the capacity utilization rate of sample enterprises. As the maintenance devices gradually resume, the capacity utilization rate of tire enterprises may increase slightly next week [2] - The short - term price of the br2603 contract is expected to fluctuate between 12,000 and 12,550 [2]

企业收单明显好转，报价连续上涨，但因前期尿素企业库存已经有部分增加，去库幅度有限。随着近期尿 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 素价格上涨，下游追涨趋势或有所放缓，短期尿素企业去库幅度预计有限。UR2605合约短线预计在1750-1 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 800区间波动。 免责声明 尿素产业日报 2026-01-08 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1776 | -14 郑州尿素5-9价差(日,元/吨) | 20 | -1 | | | 郑州尿素主力合约持仓量(日,手) | 232651 | -344 郑州尿素前20名净持仓 | -19358 | 7570 | | | 郑州尿素交易所仓单(日,张) | 12850 | 231 | | | | 现货市场 | 河北(日,元/吨) | 1750 | 10 河南(日,元/吨) | 1750 | ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The domestic cotton market has relatively sufficient supply as the national cotton inspection volume has exceeded 6 million tons, and the ginning mills' lint processing is nearly finished. The orders for medium - and high - count yarns from downstream textile enterprises are stable, with most enterprises making just - in - time replenishments. Some regional warehouses have seen a slight decrease in inventory, and overall outbound shipments are good, but the national commercial inventory is expected to continue increasing. - There are growing expectations of a reduction in cotton planting area in Xinjiang in 2026, and the new cycle of target price subsidies provides a bottom - line support. In the short term, the upward driving force for cotton prices remains unchanged, and potential risks and correction opportunities should be monitored. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Zhengzhou cotton main contract closed at 14,740 yuan/ton, down 295 yuan; cotton yarn main contract closed at 20,795 yuan/ton, down 255 yuan. - The net position of the top 20 in cotton futures was - 162,774 lots, an increase of 27,643 lots; the net position of the top 20 in cotton yarn futures was - 2,298 lots, an increase of 203 lots. - The main contract positions of cotton were 862,891 lots, a decrease of 62,575 lots; the main contract positions of cotton yarn were 17,043 lots, a decrease of 906 lots. - Cotton warehouse receipts were 7,189 lots, an increase of 140 lots; cotton yarn warehouse receipts were 20 lots, unchanged. - The China Cotton Price Index (CCIndex:3128B) was 15,992 yuan/ton, an increase of 208 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 21,300 yuan/ton, unchanged. [2] 3.2 Spot Market - The arrival price of imported cotton (FCIndexM:1% tariff) was 12,599 yuan/ton, down 35 yuan; the arrival price of imported pure - combed 32 - count cotton yarn was 21,059 yuan/ton, an increase of 101 yuan. - The arrival price of imported cotton (FCIndexM:sliding duty) was 13,729 yuan/ton, down 25 yuan; the arrival price of imported pure - combed 32 - count cotton yarn was 22,387 yuan/ton, an increase of 103 yuan. [2] 3.3 Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons. [2] 3.4 Industry Situation - The cotton - yarn price difference was 5,308 yuan/ton, down 208 yuan; the national industrial inventory of cotton was 850,000 tons, an increase of 65,000 tons. - The monthly import volume of cotton was 120,000 tons, an increase of 30,000 tons; the monthly import volume of cotton yarn was 150,000 tons, an increase of 10,000 tons. - The profit of imported cotton was 2,263 yuan/ton, an increase of 233 yuan; the national commercial inventory of cotton was 4.6836 million tons, an increase of 1.753 million tons. [2] 3.5 Downstream Situation - The inventory days of yarn were 26.33 days, an increase of 0.21 days; the inventory days of grey cloth were 32.34 days, an increase of 0.37 days. - The monthly output of cloth was 2.81 billion meters, an increase of 0.19 billion meters; the monthly output of yarn was 2.039 million tons, an increase of 0.038 million tons. - The monthly export value of clothing and clothing accessories was 11,593,686 thousand US dollars, an increase of 590,205.57 thousand US dollars; the monthly export value of textile yarns, fabrics and products was 12,275,733 thousand US dollars, an increase of 1,017,314.08 thousand US dollars. [2] 3.6 Option Market - The implied volatility of at - the - money call options for cotton was 15.87%, an increase of 2.74%; the implied volatility of at - the - money put options for cotton was 15.87%, an increase of 2.73%. - The 20 - day historical volatility of cotton was 9.63%, an increase of 0.32%; the 60 - day historical volatility of cotton was 7.53%, an increase of 0.27%. [2] 3.7 Industry News - As of the week of January 4, the inventory of imported cotton in major ports increased by 0.53% week - on - week, with a total inventory of 397,300 tons. Among them, the inventory in Shandong's Qingdao, Jinan ports and surrounding warehouses was 334,000 tons, a year - on - year decrease of 21.48%, the inventory in Jiangsu's Zhangjiagang port and surrounding warehouses was about 34,100 tons, and the inventory in other ports was about 29,200 tons. This week, the arrivals were mainly Brazilian and Australian cotton, and the quotas have not been issued yet, with the market in a wait - and - see mode. - The Intercontinental Exchange (ICE) cotton futures fell on Wednesday, erasing earlier gains and closing lower due to the stronger US dollar. The ICE March cotton futures contract closed down 0.21 cents, or 0.32%, at 64.85 cents per pound. - Brazil's cotton sowing progress is smooth, significantly faster than the five - year average. As of the week of December 27, 2025, the planting rate of Brazil's 2025/26 cotton was 25.1%, compared with 16.9% the previous week and a five - year average of 15.6%. [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The bond market is gradually digesting potential negatives, and sentiment has eased. In the short - term, interest rates are expected to continue in a volatile pattern due to the intersection of multiple factors. The government bond issuance scale in Q1 is expected to be roughly the same as in Q1 2025, and the specific proportion of ultra - long bond supply remains to be confirmed. The strong performance of the equity market at the beginning of the year may lead to a short - term profit - taking demand and a market consolidation, which is expected to relieve liquidity pressure. However, the fundamental support may weaken, and the necessity of further loose monetary policies in the short - term has decreased [4] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: T, TF, TS, and TL main contract closing prices increased by 0.15%, 0.09%, 0.02%, and 0.37% respectively. - **Futures Volumes**: T, TF, and TS main contract trading volumes decreased by 10,723, 262, and 12,149 respectively, while TL main contract trading volume increased by 1,357. - **Futures Spreads**: Some spreads increased (e.g., TL2603 - 2606, T2603 - 2606), while others decreased (e.g., T03 - TL03, TF03 - T03). - **Futures Positions**: T main contract open interest increased by 2,197, TF and TS main contract open interests decreased by 4,357 and 889 respectively, and TL main contract open interest decreased by 2,129 [2] 3.2 Bond Market - **CTD Bonds**: The net prices of several CTD bonds increased, such as 250018.IB (up 0.0793), 220025.IB (up 0.0642), etc. - **Active Bonds**: The yields of 3y, 5y, 7y, and 10y active bonds increased by 3.50bp, 1.25bp, 1.25bp, and 1.55bp respectively, while the 1y yield remained unchanged [2] 3.3 Interest Rates - **Short - term Rates**: Silver - pledged overnight rate decreased by 2.91bp, Shibor overnight rate increased by 0.40bp; silver - pledged 7 - day rate decreased by 5.62bp, Shibor 7 - day rate increased by 1.20bp; silver - pledged 14 - day rate increased by 1.67bp, Shibor 14 - day rate increased by 2.90bp. - **LPR Rates**: 1y and 5y LPR rates remained unchanged [2] 3.4 Open Market Operations - On January 8, the central bank will conduct 1100 billion yuan of 3 - month outright reverse repurchase operations, with 1100 billion yuan of 3 - month outright reverse repurchase maturing this month, achieving an equal - amount offset and the third consecutive month of equal - amount roll - over [2] 3.5 Industry News - China's foreign exchange reserves reached a ten - year high in December 2025, with a scale of 3357.9 billion US dollars, a month - on - month increase of 1.15 billion US dollars. Gold reserves increased by 30,000 ounces month - on - month, marking the 14th consecutive month of increase. - Eight departments including the Ministry of Industry and Information Technology issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming to achieve a safe and reliable supply of key core technologies in artificial intelligence by 2027 [2][3]

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Short-term supply pressure decreases, providing support for prices, but the demand-side boost weakens, and the supply-demand game continues, with the overall market moving in an oscillatory manner. The live hog 2603 contract closed down 0.8% on the day, with frequent short-term fluctuations and no strong trend [2] Group 3: Summary by Directory Futures Market - The closing price of the main futures contract for live hogs was 11,720 yuan/ton, a decrease of 65 yuan/ton; the main contract position was 171,271 lots, a decrease of 144 lots; the number of warehouse receipts was 918 lots, unchanged; the net long position of the top 20 futures holders was -52,290 lots, a decrease of 108 lots [2] Spot Market - The live hog price in Zhumadian, Henan was 12,900 yuan/ton, unchanged; in Siping, Jilin it was 11,900 yuan/ton, a decrease of 100 yuan/ton; in Yunfu, Guangdong it was 12,700 yuan/ton, unchanged; the main live hog basis was 1,180 yuan/ton, an increase of 65 yuan/ton [2] Upstream Situation - The monthly live hog inventory was 43,680 million heads, an increase of 1,233 heads; the inventory of breeding sows was 3,990 million heads, a decrease of 45 heads [2] Industry Situation - The year-on-year increase in CPI was 0.5%; the spot price of soybean meal in Zhangjiagang was 3,150 yuan/ton, an increase of 30 yuan/ton; the corn spot price decreased by 1.96%; the DCE pig feed cost index was 906.78, an increase of 2.78; the monthly feed output was 29,779,000 tons, an increase of 209,000 tons; the price of二元能繁母猪 was 1,429 yuan/head, unchanged; the breeding profit of purchased piglets was -48.35 yuan/head, an increase of 95.52 yuan/head; the breeding profit of self-reared live hogs was -34.59 yuan/head; the monthly pork import volume was 60,000 tons, a decrease of 10,000 tons; the average price of white-striped chickens in the main producing areas was 14.1 yuan/kg, unchanged [2] Downstream Situation - The monthly catering revenue in social consumer goods retail sales was 39.57 billion yuan; the monthly slaughter volume of designated live hog slaughtering enterprises was 60.57 million heads, an increase of 8.58 million heads [2] Industry News - According to Shanghai Ganglian's key breeding enterprise sample data, the daily live hog slaughter volume of key breeding enterprises nationwide on January 8, 2026 was 277,238 heads, an increase of 4.27% from the previous day. According to Mysteel data, the planned slaughter volume of sample enterprises in January decreased month-on-month, and the supply of fattened pigs was tight. On the demand side, it is currently the peak demand season, but after the New Year's Day stocking ended, demand declined from a small peak, and the terminal consumption's acceptance of price increases was limited [2]

Report Overview - The report is a methanol industry daily report dated January 8, 2026, provided by Ruida Futures [2] 1. Report Industry Investment Rating - Not mentioned in the report 2. Report's Core View - The MA2605 contract is expected to fluctuate in the range of 2200 - 2300 in the short - term. There is an expected reduction in imports in January, and port methanol inventory may decline from its high level. The average weekly operation rate of domestic methanol - to - olefins has slightly increased, but there is an expectation of a load reduction in the MTO industry as the maintenance plan in East China is implemented [3] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main methanol contract is 2231 yuan/ton, down 36 yuan; the 5 - 9 spread is - 4 yuan/ton, down 24 yuan. The main contract's open interest is 870199 lots, an increase of 51352 lots. The net long position of the top 20 futures holders is - 176203 lots, a decrease of 38027 lots. The number of warehouse receipts is 8205, unchanged [3] 3.2现货市场 - The price in Jiangsu Taicang is 2255 yuan/ton, up 5 yuan; in Inner Mongolia, it is 1857.5 yuan/ton, down 2.5 yuan. The East - Northwest price difference is 397.5 yuan/ton, up 7.5 yuan. The basis of the main Zhengzhou methanol contract is - 12 yuan/ton, up 31 yuan. The CFR price at the Chinese main port is 268 dollars/ton, down 1 dollar; in Southeast Asia, it is 322 dollars/ton, unchanged. The FOB price in Rotterdam is 260 euros/ton, unchanged. The price difference between the Chinese main port and Southeast Asia is - 54 dollars/ton, down 1 dollar [3] 3.3 Upstream Situation - The price of NYMEX natural gas is 3.56 dollars/million British thermal units, up 0.13 dollars [3] 3.4 Industry Situation - The inventory in East China ports is 112.33 tons, up 7.62 tons; in South China ports, it is 41.39 tons, down 1.64 tons. The import profit of methanol is - 7.86 yuan/ton, up 18.37 yuan. The monthly import volume is 141.76 tons, down 19.5 tons. The inventory of inland enterprises is 447700 tons, up 25100 tons. The methanol enterprise operation rate is 90.31%, down 0.93% [3] 3.5 Downstream Situation - The formaldehyde operation rate is 38.24%, down 4.19%; the dimethyl ether operation rate is 3.6%, down 3.49%; the acetic acid operation rate is 80.3%, up 2.71%; the MTBE operation rate is 68.01%, unchanged; the olefin operation rate is 87.46%, down 1.8%. The methanol - to - olefins profit on the futures market is - 1009 yuan/ton, up 106 yuan [3] 3.6 Option Market - The 20 - day historical volatility of methanol is 19.82%, up 0.65%; the 40 - day historical volatility is 17.9%, up 0.25%. The implied volatility of at - the - money call options is 22.19%, up 0.64%; the implied volatility of at - the - money put options is 22.19%, up 0.62% [3] 3.7 Industry News - As of January 7, the inventory of Chinese methanol sample production enterprises is 44.77 tons, up 2.51 tons (a 5.94% increase); the orders to be delivered by sample enterprises are 23.75 tons, up 2.95 tons (a 14.16% increase). The total inventory in Chinese methanol ports is 153.72 tons, up 4.08 tons. East China has accumulated inventory (up 5.72 tons), while South China has reduced inventory (down 1.64 tons). Recently, the loss of production capacity due to maintenance and production cuts in domestic methanol is more than the output of restored production capacity, resulting in a decrease in overall production [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report predicts that Shanghai Tin will undergo short - term high - level adjustments. It is necessary to pay attention to the support of MA5 and whether it can stand firm at the 350,000 - yuan mark [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 349,640 yuan/ton, a decrease of 9,410 yuan; the closing price of the February - March contract of Shanghai Tin is - 670 yuan/ton, a decrease of 120 yuan. The price of LME 3 - month tin is 44,323 US dollars/ton, a decrease of 203 US dollars. The main contract position of Shanghai Tin is 38,798 lots, a decrease of 5,171 lots. The net position of the top 20 futures of Shanghai Tin is - 370 lots, an increase of 532 lots. The total inventory of LME tin is 5,405 tons, a decrease of 15 tons. The Shanghai Futures Exchange inventory of tin is 7,936 tons, a decrease of 541 tons. The LME tin cancelled warrants are 120 tons, a decrease of 35 tons. The Shanghai Futures Exchange warrants of tin are 6,788 tons, an increase of 8 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 355,050 yuan/ton, a decrease of 900 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 352,730 yuan/ton, a decrease of 4,970 yuan. The basis of the main Shanghai Tin contract is - 3,100 yuan/ton, an increase of 4,670 yuan. The LME tin premium (0 - 3) is - 52 US dollars/ton, an increase of 13 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 11,600 tons, an increase of 2,900 tons. The average price of 40% tin concentrate is 343,050 yuan/ton, an increase of 14,000 yuan; the processing fee of 40% tin concentrate is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 347,050 yuan/ton, an increase of 14,000 yuan; the processing fee of 60% tin concentrate is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons. The import volume of refined tin is 983.25 tons, a decrease of 518.38 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 226,630 yuan/ton, a decrease of 830 yuan. The cumulative output of tin - plated sheets (strips) is 1.3901 million tons, an increase of 144,700 tons. The export volume of tin - plated sheets is 222,600 tons, an increase of 25,000 tons [3]. 3.6 Industry News - Eight departments plan to accelerate the upgrade of intelligent terminals, aiming to achieve safe and reliable supply of key core technologies in artificial intelligence in China by 2027. The Bloomberg Commodity Index will conduct its annual weight re - balancing from January 8th to 14th, and the "technical selling" of passive funds may cause a liquidity shock. In the United States, the ADP employment in December increased by 41,000, reversing the decline in November but lower than the expected increase. The JOLTS job openings in November dropped to a more - than - one - year low, and for the first time in four years, the number was less than the number of unemployed, with recruitment slowing down. The ISM Services PMI in December reached a more - than - one - year high of 54.4, indicating robust demand and a rebound in recruitment [3]. 3.7 Fundamental Analysis - On the supply side, the import supply of domestic tin ore is still relatively tight, and the tin ore processing fee remains at a low level. The resumption of production in Myanmar and the end of the rainy season have provided some incremental supply of tin ore, but the supply in other regions is still highly unstable, and the overall import volume of tin ore is still at a low level. In the smelting sector, the current tin ore raw materials are in short supply, and the raw material inventory of most enterprises is still low. Most enterprises are in a loss - making situation, and it is expected that the output of refined tin will continue to be restricted, with no year - on - year increase. In terms of imports, the export volume of Indonesia increased significantly in November, alleviating concerns about supply constraints in Indonesia, but the import window remains closed. On the demand side, downstream enterprises have been purchasing on - demand recently, the inventory has continued to decline, and the spot premium is 500 yuan/ton. The LME inventory has remained stable, and the spot premium has increased [3]. 3.8 Technical Analysis - The candlestick chart shows a lower - shadow line with a decrease in positions, and the bullish sentiment has declined [3].

免责声明 整，关注MA10支撑。 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 沪镍产业日报 2026-01-08 | 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) | 136440 | -11280 02-03月合约价差:沪镍(日,元/吨) | -150 | 380 | | | LME3个月镍(日,美元/吨) | 17655 | -775 主力合约持仓量:沪镍(日,手) | 128055 | -4897 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -65174 | -13231 LME镍:库存(日,吨) | 275634 | 20088 | | | 上期所库存:镍(周,吨) | 45544 | 1090 LME镍:注销仓单:合计(日,吨) | 11580 | ...