Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - Despite the macro - sentiment driving the futures prices to rise strongly, the overall supply - demand pattern is weak. With the recovery of Mongolian coal and mine supplies and the downstream profit pressure remaining, the short - term trend of coking coal is expected to be a wide - range oscillation [2]. - Although the coke futures price rebounded strongly intraday due to macro factors, the fundamentals have not improved significantly and lack the power for continuous growth. The short - term trend of coke is also expected to be a wide - range oscillation [2]. Group 3: Summary by Relevant Catalogs Futures Market - JM main contract closing price: 1164.00 yuan/ton, up 68.00 yuan; J main contract closing price: 1773.00 yuan/ton, up 118.00 yuan [2]. - JM futures contract open interest: 624774.00 lots, up 19678.00 lots; J futures contract open interest: 40135.00 lots, up 2067.00 lots [2]. - Net position of the top 20 coking coal contracts: - 61315.00 lots, up 14325.00 lots; net position of the top 20 coke contracts: - 1655.00 lots, down 1108.00 lots [2]. - JM 9 - 5 contract spread: 82.50 yuan/ton, up 5.50 yuan; J 9 - 5 contract spread: 78.50 yuan/ton, up 1.00 yuan [2]. - Coking coal warehouse receipts: 2500.00, up 700.00; coke warehouse receipts: - 17.00, down 17.00 [2]. Spot Market - Dry Qimantage Mongolian No. 5 raw coal: 953.00 yuan/ton; Tangshan Grade 1 metallurgical coke: 2200.00 yuan/ton [2]. - Russian prime coking coal forward spot: 159.00 US dollars/wet ton; Rizhao Port quasi - Grade 1 metallurgical coke: 1470.00 yuan/ton [2]. - Jingtang Port Australian imported prime coking coal: 1480.00 yuan/ton, down 40.00 yuan; Tianjin Port Grade 1 metallurgical coke: 1570.00 yuan/ton [2]. - Jingtang Port Shanxi - produced prime coking coal: 1650.00 yuan/ton; Tianjin Port quasi - Grade 1 metallurgical coke: 1470.00 yuan/ton [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1626.00 yuan/ton; Inner Mongolia Wuhai - produced coking coal ex - factory price: 1330.00 yuan/ton [2]. - JM main contract basis: 462.00 yuan/ton, down 68.00 yuan; J main contract basis: - 108.00 yuan/ton, down 118.00 yuan [2]. Upstream Situation - Fine coal output of 314 independent coal washing plants: 26.10 million tons, up 0.30 million tons; fine coal inventory: 319.70 million tons, down 9.30 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 0.35%, up 0.00%; raw coal output: 42679.30 million tons, up 2004.30 million tons [2]. - Coal and lignite imports: 4405.00 million tons, up 231.00 million tons; imported coking coal inventory at 16 ports: 539.48 million tons, up 21.58 million tons [2]. - Total coking coal inventory of independent coking enterprises: 1052.50 million tons, up 12.78 million tons; total coke inventory: 91.60 million tons, down 0.64 million tons [2]. - Coking coal inventory of 247 steel mills nationwide: 802.27 million tons, down 4.45 million tons; coke inventory: 643.99 million tons, up 1.79 million tons [2]. - Available days of coking coal for independent coking enterprises: 12.88 days, down 0.08 days; available days of coke for 247 steel mills: 12.10 days, up 0.09 days [2]. Industry Situation - Coking coal imports: 1073.15 million tons, up 13.82 million tons; coke and semi - coke exports: 72.00 million tons, down 1.00 million tons [2]. - Total coking coal supply: 5239.57 million tons, up 183.04 million tons; capacity utilization rate of independent coking enterprises: 71.72%, up 0.06% [2]. - Tonnage coke profit of independent coking plants: - 14.00 yuan/ton, up 4.00 yuan/ton; coke output: 4170.30 million tons, down 19.30 million tons [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide: 78.94%, up 0.62%; blast furnace iron - making capacity utilization rate: 85.26%, up 0.32% [2]. - Crude steel output: 6987.10 million tons, down 212.60 million tons [2]. Industry News - The capacity utilization rate of 314 independent coal washing plants was 35.4%, a month - on - month increase of 0.3%; the daily output of fine coal was 26.1 million tons, a month - on - month increase of 0.3 million tons; the fine coal inventory was 319.7 million tons, a month - on - month decrease of 9.4 million tons [2]. - In December, 26 construction steel production enterprises carried out production cuts and overhauls, 16 less than the previous month, and the impact on production increased month - on - month, with an estimated impact on construction steel output of 259.21 million tons, a month - on - month increase of 28.74% [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The upstream zinc ore imports are at a high level, but domestic zinc mines reduce production at the end of the year. The competition among domestic smelters for purchasing domestic ores intensifies, and both domestic and foreign processing fees decline significantly. The profits of domestic smelters shrink, and production is expected to continue to be restricted. However, the price of LME zinc has recently corrected, the SHFE - LME ratio has rebounded, and the export window may close again. [3] - On the demand side, the downstream market is gradually entering the off - season. The real estate sector is a drag, and the infrastructure and home appliance sectors are also weakening, while the automotive and other sectors have some bright spots due to policy support. The downstream market mainly purchases on - demand at low prices. Recently, zinc prices have fluctuated and adjusted, with flat trading volume and on - demand purchases. The spot premium is high and stable, and domestic inventories continue to decline. The increase in LME zinc inventories has slowed down, and the spot premium remains low. [3] - Technically, the position volume decreases while the price adjusts. The bullish sentiment is strong, but there is resistance at the upper edge of the upward channel. It is expected that SHFE zinc will adjust strongly, and attention should be paid to the 24,200 - 24,500 yuan/ton adjustment range. [3] 3. Summary by Relevant Catalogs a. Futures Market - The closing price of the SHFE zinc main contract is 24,330 yuan/ton, up 35 yuan/ton. The price difference between the 02 - 03 contracts of SHFE zinc is - 40 yuan/ton, up 10 yuan/ton. [3] - The LME three - month zinc quotation is 3,251 US dollars/ton, up 56 US dollars/ton. The total position of SHFE zinc is 225,559 lots, down 4,684 lots. [3] - The net position of the top 20 in SHFE zinc is 5,722 lots, down 1,132 lots. The SHFE zinc warehouse receipts are 0 tons, unchanged. [3] - The SHFE inventory is 69,793 tons, down 3,170 tons (weekly). The LME inventory is 105,775 tons, down 75 tons. [3] b. Spot Market - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 24,300 yuan/ton, down 40 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 24,190 yuan/ton, down 440 yuan/ton. [3] - The basis of the ZN main contract is - 30 yuan/ton, down 75 yuan/ton. The LME zinc cash - to - three - month spread is - 36.67 US dollars/ton, down 0.37 US dollars/ton. [3] - The arrival price of 50% zinc concentrate in Kunming is 21,140 yuan/ton, up 290 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 16,550 yuan/ton, unchanged. [3] c. Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons (monthly), down 14,700 tons. The ILZSG zinc supply - demand balance is 20,300 tons (monthly), down 27,600 tons. [3] - The global zinc mine production value of ILZSG is 1.0666 million tons (monthly), down 31,000 tons. The domestic refined zinc production is 665,000 tons (monthly), up 40,000 tons. [3] - The zinc ore import volume is 340,900 tons (monthly), down 164,500 tons. [3] d. Industry Situation - The refined zinc import volume is 18,836.76 tons (monthly), down 3,840.75 tons. The refined zinc export volume is 8,518.67 tons (monthly), up 6,040.84 tons. [3] - The social zinc inventory is 113,900 tons (weekly), up 5,000 tons. [3] e. Downstream Situation - The production of galvanized sheets is 2.34 million tons (monthly), up 20,000 tons. The sales volume of galvanized sheets is 2.42 million tons (monthly), up 140,000 tons. [3] - The newly started housing area is 534.567 million square meters (monthly), up 43.9531 million square meters. The completed housing area is 348.61 million square meters (monthly), up 37.3212 million square meters. [3] - The automobile production is 3.519 million vehicles (monthly), up 240,000 vehicles. The air - conditioner production is 14.204 million units (monthly), down 3.8908 million units. [3] f. Option Market - The implied volatility of at - the - money call options on zinc is 22.56% (daily), up 2.84 percentage points. The implied volatility of at - the - money put options on zinc is 22.56% (daily), up 2.84 percentage points. [3] - The 20 - day historical volatility of at - the - money zinc options is 19.26% (daily), up 1.97 percentage points. The 60 - day historical volatility of at - the - money zinc options is 12.39% (daily), up 0.58 percentage points. [3] g. Industry News - The People's Bank of China clarified its key work in 2026: increasing counter - cyclical and cross - cyclical adjustment efforts, and flexibly and efficiently using various monetary policy tools such as reserve requirement ratio cuts and interest rate cuts. [3] - The US Supreme Court has set January 9 (Friday) as the opinion release day, which means the court may rule on the legality of the US President Trump's global tariff policy on that day. [3] - Fed officials have sent different signals on the future interest - rate path. Richmond Fed President Barkin emphasized that the policy is in a "delicate balance" between dealing with rising inflation and unemployment, and interest rates have reached a neutral level. Fed Governor Milan said that the data supports further interest - rate cuts, with a possible cut of more than 100 basis points this year. [3]

| | | 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。 同比仍缺乏增量。进口方面，印尼 11 月出口量大幅增加，缓解了对印尼供应受限的担忧；不过进口窗口仍 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 保持关闭状态。需求端，近日下游按需采购，库存继续下降，现货升水500元/吨；LME库存持稳，现货升 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 水上涨。技术面，持仓增量价格上涨，多头氛围增强。观点参考：预计沪锡短期强势运行，测试前历史高 免责声明 点，上方关注36-38。 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 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 沪锡产业日报 2026-01-07 | 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( ...

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The shipping index (European Line) futures prices fluctuated on Wednesday, with the main contract EC2602 down 3.62%. The latest SCFIS European Line settlement rate index rose 3.1% week-on-week, driving up the futures prices. China's manufacturing PMI in December showed a slight recovery, and the new export orders index rose to 49, indicating a significant recovery in terminal transport demand. Spot freight rates continued to rise slowly in January. Geopolitical tensions, such as the resumption of the Israeli offensive in Gaza, supported freight rates. The eurozone economy continued to recover, and the German service industry showed strong repair. Trade war situation improvement and the arrival of the shipping peak season are conducive to the recovery of futures prices, while the short - term impact of geopolitical situation on freight rates has weakened. The freight rate market is mainly affected by seasonal demand, and investors are advised to be cautious [2]. 3. Summary by Directory 3.1 Futures Market - EC main contract closing price was 1779.10, down 66.9; EC next - main contract closing price was 1182, down 23.10. EC2602 - EC2604 spread was down 51.80; EC2602 - EC2606 spread was 356.20, down 99.50. EC contract basis was up 93.60 to 16.73. EC main contract open interest decreased by 3185 to 21811 [2]. 3.2 Spot Market - SCFIS (European Line) (weekly) rose 53.19 to 1795.83; SCFIS (US West Line) (weekly) was 1250.12, down 51.29; SCFI (composite index) (weekly) rose 103.40. CCFI (composite index) (weekly) rose 21.94; CCFI (European Line) (weekly) was 1519.06, up 45.16. The Baltic Dry Index (daily) rose 21.00; the Panamax Freight Index (daily) was 1304.00, down 11.00. The average charter price of Panamax ships remained unchanged, and that of Cape - size ships rose 870.00 to 22415.00 [2]. 3.3 Industry News - China banned the export of dual - use items to Japanese military users and military purposes. The US was discussing ways to acquire Greenland, including purchase, free association, and military means. A large number of US military planes flew to Europe, and Iran's armed forces were on high alert [2]. 3.4 Key Data - The new export orders index in China's manufacturing PMI in December rose to 49. The eurozone economy continued to recover, with Germany's service industry showing strong repair and the composite PMI above 50, and inflation continuing to decline [2]. 3.5 Spot Freight Rate - Spot freight rates in January maintained a slow - rising trend, with the early - January quotation up 400 US dollars compared to December, and the late - January preliminary quotation for large containers ranging from 2700 - 3100 US dollars [2]. 3.6 Geopolitical Situation - After a brief cease - fire at the end of 2025, the Israeli army restarted a large - scale ground offensive in the southern Gaza Strip in early 2026, and the Red Sea resumption expectation turned cold [2]. 3.7 Focus on Data - Focus on data such as the UK's December Halifax seasonally - adjusted house price index monthly rate, the eurozone's November PPI monthly rate, the eurozone's November unemployment rate, the US initial jobless claims for the week ending January 3, and the US October wholesale sales monthly rate [2].

1/7 21:15 美国12月ADP就业人数；23:00 美国11月JOLTs职位空缺 1/8 20:30 美国12月挑战者企业裁员人数 1/9 9:30 中国12月CPI、PPI 1/9 21:30 美国12月非农就业人口、失业率、劳动参与率 重点关注 股指期货全景日报 2026/1/7 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | IF主力合约（2603） | 4753.0 | -18.0↓ IF次主力合约（2601） | 4772.8 | -12.4↓ | | | IH主力合约（2603） | 3143.8 | -10.8↓ IH次主力合约（2601） | 3144.4 | -9.2↓ | | | IC主力合约（2603） | 7802.6 | +40.4↑ IC次主力合约（2601） | 7869.6 | +53.0↑ | | | IM主力合约（2603） | 7760.2 | +22.0↑ IM次主力合约（2601） | 7882.0 | +33.8↑ | | 期货盘面 | IF- ...

| 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） | 142,300.00 | +4360.00↑ 前20名净持仓（日，手） | -152,063.00 | -12737.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 506,520.00 | -28479.00↓ 近远月合约价差（日，元/吨） | -1,400.00 | +1580.00↑ | | | 广期所仓单（日，手/吨） | 25,180.00 | +2039.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 133,500.00 | +6000.00↑ 工业级碳酸锂平均价（日，万元/吨） | 130,000.00 | +5750.00↑ | | | Li₂CO₃主力合约基差（日，元/吨） | -8,800.00 | +1640.00↑ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 1,510.00 | 0.00 磷锂铝石平均价（ ...

铁矿石产业链日报 2026/1/6 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：I：铁矿石 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 | | --- | --- | --- | --- | --- | --- | | | I 主力合约收盘价（元/吨） | 801.00 | +4.00↑ I 主力合约持仓量(手) | 640,868 | +22093↑ | | 期货市场 | I 5-9合约价差（元/吨） | 21 | -1.00↓ I 合约前20名净持仓(手) ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US's tough actions against Venezuela have temporarily boosted market risk - aversion sentiment, leading to a strong performance in the precious metals market, with significant rebounds in the platinum and palladium futures contracts on both domestic and international exchanges [2]. - Platinum is expected to maintain strong resilience due to the Fed's easing expectations, the continuation of the supply - demand structural deficit, and the long - term expansion of demand expectations in the hydrogen energy economy [2]. - The demand for palladium is expected to weaken due to its over - concentration in the automotive catalyst field and the continuous popularization of new - energy vehicles. The palladium market is gradually shifting from a supply shortage to a surplus, but the bullish sentiment driven by interest - rate cut expectations may support its price, and its current low price may make it a cost - effective choice again [2]. - In the short term, the situation between the US and Venezuela increases the risk - aversion premium, attracting risk - aversion funds into the precious metals market and potentially supporting prices. In the medium to long term, the differentiation in supply - demand patterns may continue to drive the "platinum - strong, palladium - weak" market trend [2]. - For the running range, the upper resistance level for London platinum is $2400 per ounce, and the lower support level is $1900 per ounce; the upper resistance level for London palladium is $1800 per ounce, and the lower support level is $1500 per ounce [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the palladium main contract (daily, yuan/gram) is 471.90, up 23.15; the closing price of the platinum main contract (daily, yuan/gram) is 616.80, up 35.00 [2]. - The position of the platinum main contract (daily, lots) is 10387.00, down 277.00; the position of the palladium main contract (daily, lots) is 3179.00, up 90.00 [2]. 3.2 Spot Market - The average spot price of Yangtze River palladium is 605.53, up 31.88; the spot price of platinum on the Shanghai Gold Exchange (Pt9995) is 419.00, up 6.00 [2]. - The basis of the palladium main contract (daily, yuan/gram) is - 11.27, down 3.12; the basis of the platinum main contract (daily, yuan/gram) is - 52.90, down 17.15 [2]. 3.3 Supply - Demand Situation - The CFTC non - commercial long positions of palladium (weekly, contracts) are 9966.00, down 243.00; the CFTC non - commercial long positions of platinum (weekly, contracts) are 3003.00, down 342.00 [2]. - The total supply of palladium (annual, tons) in 2025 is expected to be 220.40, down 0.80; the total supply of platinum (annual, tons) in 2025 is expected to be 293.00, down 5.00 [2]. - The total demand for platinum (annual, tons) in 2025 is expected to be 261.60, up 25.60; the total demand for palladium (annual, tons) in 2025 is expected to be 287.00, down 27.00 [2]. 3.4 Macroeconomic Data - The US dollar index is 98.46, up 0.21; the 10 - year US Treasury real yield is 1.94%, up 0.01 [2]. - The VIX volatility index is 14.51, down 0.44 [2]. 3.5 Industry News - Venezuelan President Maduro made his first appearance in the US Southern District of New York Federal Court, pleading "not guilty" to the US "accusations", and was required by the US judge to appear in court again on March 17 [2]. - The US ISM manufacturing index in December 2025 slightly decreased from 48.2 to 47.9, remaining below 50 for 10 consecutive months and reaching a new low since October 2024. New orders have contracted for four consecutive months, export orders are still weak, and employment has declined for 11 consecutive months [2]. - Bank of Japan Governor Kazuo Ueda said that if the economic and price trends meet the central bank's expectations, the Bank of Japan will continue to raise interest rates. He also said that the Japanese economy achieved a moderate recovery last year despite the impact of US tariff hikes on corporate profits [2]. - Former Federal Reserve Chair Janet Yellen warned that a "fiscal dominance" scenario is brewing, where a large debt scale may force the central bank to keep interest rates low to reduce debt - servicing costs rather than focus on curbing inflation. The US Congressional Budget Office estimates that the US deficit will reach $1.9 trillion this year, and the debt - to - GDP ratio will rise to 100% and continue to climb [2]. 3.6 Key Points to Watch - The US ISM non - manufacturing PMI on January 6 at 23:00 [2] - The US ADP employment report on January 7 at 21:15 [2] - The US December non - farm payrolls report on January 9 at 21:30 [2]

| | | 免责声明 贵金属期货日报 2026/1/6 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 | 最新 | 环比 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪金主力合约收盘价（日，元/克） 19452 | 1004.980 | 10.0↑ 沪银主力合约收盘价（日，元/千克） | | +1205.00↑ | | | 主力合约持仓量:沪金(日,手) 1,752.00 | 130,227.00 | -2296.00↓ 主力合约持仓量:沪银(日,手) | | -618.00↓ | | | 主力合约成交量:沪金 | 192,491.00 | + ...

| 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) | 3,111.00 | +7↑ RB主力合约持仓量(手) | 1562948 | +14597↑ | | | RB合约前20名净持仓(手) | -3952 | +18860↑ RB5-10合约价差(元/吨) | -45 | -3↓ | | | RB上期所仓单日报(日，吨) | 78444 | 0.00 HC2605-RB2605合约价差(元/吨) | 152 | +8↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,310.00 | -10↓ 杭州 HRB400E 20MM(过磅，元/吨) | 3,395 | -10↓ | | | 广州 HRB400E 20MM(理计，元/吨) | 3,490.00 | 0.00 天津 HRB400E 20MM(理计，元/吨) | 3,150.00 | -10↓ | | | RB 主力合约基差 (元/吨) | 199.00 | -17↓ 杭 ...