1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The commodity market is experiencing intensified fluctuations, and the A - share market is in an accelerated style rotation phase. The short - term market will mainly feature structural opportunities, and the medium - term trend remains positive under policy expectations and fundamental support [2][3]. - The precious metals market has seen sharp fluctuations, and the short - term risk has increased. The current rally driven by market sentiment and speculative funds may be near its end [4][5]. - Copper prices are driven by both hedging and speculation, with the valuation rising. Short - term prices are expected to fluctuate widely at high levels, and the downward adjustment space is limited [6][7]. - Aluminum prices have shown large fluctuations at high levels due to strong profit - taking intentions. The market is dominated by sentiment, and attention should be paid to volatility risks [8][9]. - Alumina prices are stabilizing and oscillating. Supply - demand surplus pressure has slightly eased, and follow - up production capacity changes should be monitored [10]. - Cast aluminum is facing a situation of weak supply and demand, and its price movement follows the cost and oscillates at high levels [11]. - Zinc prices are running strongly, but weak demand makes it difficult to support high prices. Short - term prices are expected to be strong but with large fluctuations [12][13]. - Lead prices follow the non - ferrous metal sector. Although there is support at the bottom, the upside is limited in the short term and is expected to oscillate around 17,000 [15]. - Tin prices are expected to oscillate at high levels, with trading enthusiasm converging. The supply of tin ore has improved slightly, and the demand shows a game between weak reality and strong expectations [16]. - Steel prices are oscillating and rebounding. The market is in a situation of weak supply and demand and inventory accumulation before the holiday, and the overall trend is oscillating [17]. - Iron ore prices are following the sector's rise and rebounding. The overall supply is strong and demand is weak, and the futures price is expected to oscillate [18]. - Coking coal and coke prices are oscillating and rebounding. Supply is shrinking before the holiday, and the downstream demand is weak. The futures price is expected to oscillate [19]. - Soybean meal and rapeseed meal prices are expected to oscillate. US soybean export sales are expected to slow down, and downstream stocking demand is weakening [20][21]. - Palm oil prices are expected to oscillate strongly. The macro environment and fundamentals are favorable, and attention should be paid to whether the pressure level can be effectively broken through [22]. 3. Summaries According to Related Catalogs 3.1 Macro - Overseas: Political uncertainty and geopolitical risks in the US are rising, leading to differentiated market risk preferences and increased volatility. The US Senate's appropriation bill is blocked, and there is a risk of a partial government shutdown. The US stock market is adjusted due to concerns about AI capital expenditure returns, and the 10Y US Treasury yield is at 4.23%. The US dollar index has recovered to 96.3. Gold is oscillating at a high level, crude oil has strengthened significantly, and LME copper has reached a record high [2]. - Domestic: The A - share market closed up on Thursday with a rotation of styles. Funds returned to the dividend sector, and technology stocks led the decline. The trading volume of the two markets rebounded to 3.26 trillion yuan, and the margin trading scale reached a new high of 2.74 trillion yuan. The short - term market will mainly feature structural opportunities, and the medium - term trend is positive [3]. 3.2 Precious Metals - Prices fluctuated sharply on Thursday. COMEX gold reached a record high in the morning and then tumbled at night, while COMEX silver also reached a record high and then gave up its gains. The flash crash at night was mainly due to profit - taking after the January delivery of COMEX ended, and then prices rose again after Trump's remarks. In 2025, global gold demand exceeded 5000 tons for the first time, and investment demand increased by 84% to 2175 tons. Central bank gold purchases slowed down by one - fifth to 863 tons [4][5]. - The current rally driven by market sentiment and speculative funds may be near its end, and the short - term adjustment risk is increasing. The gold - silver ratio is expected to recover from a low level [5]. 3.3 Copper - On Thursday, the main contract of Shanghai copper oscillated and declined, and LME copper reached a high of 14,500 and then fell back to 13,700. The domestic spot market had poor trading, and downstream buyers were hesitant. LME and COMEX inventories increased [6]. - The market is affected by geopolitical risks, and the volatility will further increase. The overall metal valuation will rise in the wave of AI and global electrification transformation. A copper mine in Chile is on strike, and the mine has proposed a new labor contract [6][7]. - Short - term prices are expected to oscillate widely at high levels, and the downward adjustment space is limited [7]. 3.4 Aluminum - On Thursday, the main contract of Shanghai aluminum closed at 25,590 yuan/ton, up 2.92%, and LME aluminum closed at 3233.5 US dollars/ton, down 0.92%. Aluminum ingot and aluminum rod inventories increased [8]. - The US government faces a partial shutdown risk, and Iran will hold a military exercise. The sharp fluctuations in precious metals and copper prices at night affected market sentiment, and profit - taking intentions were strong. The market is dominated by sentiment, and attention should be paid to volatility risks [8][9]. 3.5 Alumina - On Thursday, the main futures contract of alumina closed at 2816 yuan/ton, up 1.66%. The national average spot price was 2648 yuan/ton, unchanged. The theoretical import window was open, and the warehouse receipt inventory increased [10]. - After some alumina plants reduced production, the supply - demand surplus pressure has slightly eased, but the overall supply still exceeds demand. Follow - up production capacity changes should be monitored [10]. 3.6 Cast Aluminum - On Thursday, the main futures contract of cast aluminum alloy closed at 23,850 yuan/ton, up 1.3%. Spot prices also rose. The exchange inventory increased [11]. - Affected by weakening demand, the operating rate of cast aluminum continued to decline, and consumption continued to weaken. Cast aluminum itself has few contradictions, and its price movement follows the primary aluminum and oscillates at high levels [11]. 3.7 Zinc - On Thursday, the main contract of Shanghai zinc strengthened during the day and then fell back at night, reaching a new high of 26,985 yuan/ton. The spot market maintained a small discount. Social inventories increased slightly. Some mines had positive news about production [12]. - The market is affected by the uncertainty of the Iranian situation and the rise in overseas smelting costs. Although the overall situation is favorable, weak demand makes it difficult to support high prices. Short - term prices are expected to be strong but with large fluctuations [12][13]. 3.8 Lead - On Thursday, the main contract of Shanghai lead rose during the day and then fell back at night. The spot market saw active selling by holders, and the social inventory increased slightly [15]. - Lead prices follow the non - ferrous metal sector. Although there is support at the bottom due to environmental regulations and production cuts, the upside is limited in the short term and is expected to oscillate around 17,000 [15]. 3.9 Tin - On Thursday, the main contract of Shanghai tin oscillated during the day and then fell back at night. The spot market had different price premiums. The trading enthusiasm has converged, and the main contract position has not increased significantly [16]. - The supply of tin ore has improved slightly, and the demand shows a game between weak reality and strong expectations. The medium - and long - term supply - demand situation is good. Short - term prices are expected to oscillate at high levels [16]. 3.10 Steel (Rebar and Hot - Rolled Coil) - On Thursday, steel futures oscillated and rebounded. The trading volume of the spot market was 7.3 million tons. The supply of the five major steel products increased slightly, and the inventory continued to accumulate. Many electric arc furnace steel mills will stop production during the Spring Festival [17]. - Before the holiday, steel mill maintenance increases, and the supply pressure decreases. The demand is weak, and the market is in a situation of weak supply and demand and inventory accumulation. The overall trend is oscillating [17]. 3.11 Iron Ore - On Thursday, iron ore futures oscillated and rebounded. The trading volume of the spot market was 86 million tons. Steel mill inventories increased due to pre - holiday restocking, but the daily consumption was at a low level. Overseas shipments increased slightly, and port inventories were at a high level [18]. - The overall supply is strong and demand is weak, and the futures price is expected to oscillate [18]. 3.12 Coking Coal and Coke - On Thursday, coking coal and coke futures oscillated and rebounded. The price of Shanxi main coking coal decreased, and the price of Shanxi quasi - first - grade coke increased. Many coal mines will stop production during the Spring Festival, affecting a large amount of production capacity [19]. - Supply is shrinking before the holiday, and the downstream demand is weak. Although there is still some restocking expectation before the holiday, the overall driving force is limited. The futures price is expected to oscillate [19]. 3.13 Soybean Meal and Rapeseed Meal - On Thursday, the 05 contract of soybean meal closed up 0.9%, and the 05 contract of rapeseed meal closed up 1.84%. US soybean export sales decreased significantly in the week ending January 22. Argentina's soybean sales increased, and Brazil's soybean export forecast for January 25 - 31 is 189.245 million tons [20]. - US soybean export sales are expected to slow down as China shifts its purchases to the South American market. The expected high yield in Brazil limits the upside of the market. Downstream stocking demand is weakening before the Spring Festival. Short - term prices are expected to oscillate [20][21]. 3.14 Palm Oil - On Thursday, the 05 contract of palm oil closed up 1.15%. The US dollar index is weak, and there is a risk of supply interruption in Iran, leading to a significant rise in oil prices. China has completed the customs clearance of Australian rapeseed [22]. - The macro environment and fundamentals are favorable for the oil sector. Palm oil prices are approaching the pressure level. Short - term prices are expected to oscillate strongly, and attention should be paid to whether the pressure level can be effectively broken through [22].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260129 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：1 月 FOMC 如期按兵不动，金价冲击 5600 关口 海外方面，1 月 FOMC 以 10:2 维持利率于 3.50%–3.75%，尽管米勒和沃勒主张降息， 多数委员在就业企稳、关税通胀未确认回落前，继续坚持数据依赖与政策观望。美联储维持 每月 400 亿美元短债购买，资产负债表再度扩张，至少延续至 4 月税期，呵护准备金充裕。 鲍威尔强调经济边际回稳，就业与通胀风险下降，关税通胀属一次性冲击，通胀见顶回落将 开启进一步宽松空间。贝森特重申强美元立场，称不干预汇市支撑日元，美元指数稳在 96 上方。在弱美元与地缘风险升温的共振下，贵金属涨势进入加速阶段，金价上探 5600 美元、 白银逼近 120 美元，工业金属铜、铝同步走强，油价升至去年 9 月底以来高位，主要受伊朗 局势担忧驱动。后续关注美联储主席人选进展，以及美国政府月末停摆风险。 国内方面，A 股周三震荡收涨，资金重回红利板块，金属、能源设备、石油天然气板块 领涨，两市成交额回升至 ...

商品日报 20260128 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：美元指数创四年新低，A 股宽基 ETF 持续流出 海外方面，美国 1 月消费者信心指数骤降 9.7 点至 84.5，创 2014 年以来新低，显著低 于预期，显示就业走弱与高物价压制居民支出意愿。美元指数跌至四年低位，盘中最低创下 95.5，特朗普淡化影响并暗示具备汇率干预能力，市场在美日联合干预预期下，日元近 3 日 累计升值约 4%。美国将在中东举行空军演习，地缘风险升温，油价盘中涨约 3%，黄金最高 触及 5190 美元，白银在 110 美元中枢宽幅震荡，本周关注美联储主席人选进展与 1 月 FOMC， 以及美国政府月末停摆风险。 国内方面，A 股周二低开高走，红利与价值转跌，科创板块回升，两市成交额回落至 2.92 万亿元，个股延续普跌，逾 3400 只收跌，亏钱效应小幅好转。两融规模本周走平，宽基指 数 ETF 依旧净流出，资金风险偏好回落，市场进入缩量分化阶段，短期股指上行斜率修正 中，在政策预期与基本面托底下，中期趋势仍偏积极。中国 12 月规模以上工业企业利润同 比增长 5.3% ...

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20260127 敬请参阅最后一页免责声明 1 / 12 投资咨询业务资格 沪证监许可[2015]84 号 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 主要品种观点 宏观：金属投机行情加速，A 股赚钱效应回落 海外方面，美国 11 月耐用品订单环比增长 5.3%，显著超预期并创 6 个月新高，主要由 飞机订单集中释放所致；同时核心资本品订单连续第八个月上行，指向企业设备投资修复延 续，年末经济增长韧性仍具支撑。贸易层面分化加剧：特朗普拟将对韩汽车、木材和药品关 税上调至 25%；与此同时，印欧即将官宣贸易协议，印度拟将欧盟汽车关税由最高 110%降 至 40%。金属步入加速后降温阶段：黄金突破 5100 美元后回落至 5050，白银自 117 美元回 落至 107 美元，波动率抬升，短线投机降温；铜价小幅走高。原油小幅收跌，OPEC+或继续 暂停增产，供给端短期偏稳，美元指数偏弱震荡，美股收涨。本周关注美联储主席人选进展 与 1 月 FOMC 会议节奏，以及美国政府月末停摆风险。 国内方面，A 股震荡收跌，红利与价值风格相对占 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Geopolitical risks are easing but still pose concerns. Gold prices are approaching the $5000 mark. The U.S. economy shows strength, but geopolitical uncertainties and potential changes in the Fed chairperson may affect market sentiment. Different commodities are expected to have various trends based on their respective fundamentals and macro - economic factors [2][4]. - In the domestic market, there is room for reserve requirement ratio and interest rate cuts this year, which will promote the stable development of the capital market. The A - share market is in a stage of volume contraction and differentiation, with a positive medium - term trend [3]. Summary by Related Catalogs Macro - Overseas: The Q3 2025 real GDP annualized quarterly - on - quarterly final value was slightly revised up to 4.4%, the fastest growth rate in two years, supported by strong exports, reduced inventory drag, and consumer resilience. The core PCE inflation remained at 2.9%, still above the Fed's 2% target. The 11 - month PCE price index was in line with market expectations, and the market priced the next interest rate cut in June. Geopolitical tensions have eased temporarily, but long - term concerns remain. The U.S. dollar index fell to 98.3, the 10Y U.S. Treasury yield was basically flat, and gold and silver reached new highs while copper and oil prices declined [2]. - Domestic: There is still room for reserve requirement ratio and interest rate cuts this year. The A - share market closed higher with a slight increase in trading volume. The market is in a stage of volume contraction and differentiation, with a positive medium - term trend [3]. Precious Metals - International precious metal futures prices continued to rise, with COMEX gold futures breaking through $4900 for the first time, closing up 2.09% at $4938.40 per ounce, and COMEX silver futures up 3.86% at $96.22 per ounce. Geopolitical risks and policy uncertainties have increased the demand for hedging, pushing up precious metal prices. The uncertainty of geopolitical risks and concerns about the independence of the Fed are expected to keep gold and silver prices strong [4][5]. Copper - The main contract of Shanghai copper fluctuated narrowly, and LME copper rebounded slightly. The spot market trading was poor, and the inventory increased. The Q3 2025 U.S. GDP growth rate was revised up, and geopolitical risks led to an increase in global risk - aversion sentiment. Rio Tinto's Q4 production increased by 5% year - on - year. It is expected that copper prices will enter a weak oscillation in the short term, but the downside adjustment space may be limited [6][7]. Aluminum - The main contract of Shanghai aluminum closed at 24055 yuan/ton, up 0.59%. The LME closed at $3137.5 per ton, up 0.64%. The U.S. economic data was mixed, and the geopolitical tension in Greenland eased. The inventory of aluminum ingots decreased slightly this week, but the de - stocking is expected to be difficult to continue with the arrival of the off - season. It is expected that aluminum prices will oscillate [8][9]. Alumina - The main contract of alumina futures closed at 2717 yuan/ton, up 1.8%. Overseas and domestic news has led to a rebound in alumina futures prices, but the actual supply impact is limited, and the oversupply pattern remains unchanged. It is expected that the rebound of alumina prices will not last, and it will mainly oscillate at a low level [10]. Cast Aluminum - The main contract of cast aluminum alloy futures closed at 22855 yuan/ton, up 0.62%. The consumption improvement of cast aluminum is limited, the cost decline is limited, and the supply - side start - up is stable at a low level. The supply - demand is weak on both sides, and it is expected to remain oscillating [11]. Zinc - The main contract of Shanghai zinc oscillated horizontally during the day and strengthened at night, and LME zinc closed up. The U.S. economic performance is strong, the inflation meets expectations, and the dollar falls, boosting zinc prices. The inventory decreased slightly this week, and the global zinc ore supply is expected to tighten. It is expected that zinc prices will maintain a high - level oscillation pattern [12][13]. Lead - The main contract of Shanghai lead oscillated narrowly during the day and horizontally at night, and LME lead oscillated. After the decline of lead prices slowed down, the downstream inquiry enthusiasm improved, and some enterprises started pre - holiday stockpiling. Environmental protection control in Shandong and Hebei has restricted the production of some enterprises, and the supply is expected to tighten. It is expected that lead prices will continue to oscillate stably, but the upward driving force is not strong for now [14][15]. Tin - The main contract of Shanghai tin first declined and then rose during the day and strengthened at night, and LME tin oscillated horizontally. Geopolitical concerns have dissipated, and the U.S. economic data is strong, boosting risk appetite. The terminal order demand is sluggish, the downstream purchasing willingness is not strong, and the supply has no new changes. It is expected that tin prices will continue to oscillate at a high level in the short term [16]. Steel and Iron Products - **Screw and Coil**: Steel futures oscillated. Affected by seasonal demand, market trading weakened. The output of five major steel products was stable, the apparent demand declined, and the inventory gradually increased. It is expected that steel prices will mainly oscillate [17]. - **Iron Ore**: Iron ore futures oscillated. The central bank signaled monetary easing, and there is still room for reserve requirement ratio and interest rate cuts. The supply is still at a high level, and the demand is weak in the off - season. The pre - holiday restocking expectation provides some support, and it is expected that the futures price will oscillate [18]. - **Coking Coal and Coke**: Coking coal and coke futures oscillated. The spot market sentiment was weak and stable. The supply of upstream coal mines continued to resume production, and the demand of downstream steel mills was weak. It is expected that the futures price will oscillate weakly [19]. Agricultural Products - **Soybean and Rapeseed Meal**: The soybean meal 05 contract closed up 1.50%, and the rapeseed meal 05 contract closed up 1.21%. Brazil's soybean production, export, and crushing volume are expected to increase. The precipitation in central Brazil may affect the harvest, and the drought in Argentina has led to increased speculation. It is expected that the soybean meal will oscillate and rebound in the short term [20][21]. - **Palm Oil**: The palm oil 05 contract closed up 1.59%. The export of Malaysian palm oil decreased in January, but the U.S. biodiesel policy expectation and the improvement of palm oil export and production contraction support the price. It is expected that palm oil will oscillate strongly in the short term [22].

美元承压支撑 铅价弱稳修复 核心观点及策略 铅周报 2026 年 1 月 26 日 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1/8 一、 要点 要点 上周沪铅主力期价企稳震荡。宏观面看，市场情绪围绕 美联储人选、欧美关税变化而表现反复，趋势指向不明 显，国内 2025 年完成全年经济目标，符合预期，权益 市场保持较交投热情，支撑商品市场。 要点 基本面看，铅精矿区域报价差异较大，南方地区含银铅 矿重计价系数上浮至 0.91-0.92，北方该系数维持在 0.9-0.91，铅矿加工费则保持低位弱稳状态，进口矿加 工费维持在-150 至-160 美元/吨。废旧电瓶货源偏紧， 且需求 ...

从业资格号：F0297587 投资咨询号：Z0011509 贵金属周报 金银再创新高，关注铂钯补涨行情 核心观点及策略 ⚫ 上周国际贵金属期货价格继续上攻，黄金和白银价格双双 再创历史新高。COMEX黄金期货主力合约向5000美元/盎司 的关口发起冲击，而COMEX黄金期货主力合约站上103美元 /盎司的历史新高。在金银价格屡创新高之际，铂钯期货 价格也跟涨，特别是铂金价格，NYMEX铂期货价格在上周 四周五大幅上涨，周度涨幅高达18.37%。 投资咨询业务资格 沪证监许可【2015】84 号 李婷 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 贵金属周报 | 合约 | 收盘价 | 涨跌 | 涨跌幅/% | 总成交量/手 | 总持仓量/手 | 价格单位 | | --- | --- | --- | --- | --- | ...

铜周报 2026 年 1 月 26 日 AI 和能源转型驱动，铜价偏强震荡 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 10 ⚫ 上周铜价偏强震荡，主因美国2025年第三季度GDP增速超 预期上修，11月核心PCE表现温和且消费支出稳健，特朗 普宣布调集美军舰队前往封锁伊朗令全球避险情绪进一 步发酵，金银持续新高令铜价调整空间或较为有限，此外， AI和新能源转型为精铜消费市场提供强劲驱动；基本面来 看，矿端供应偏紧格局延续，国内冶炼厂产量边际下滑， 全球显性库存继续上行，内贸现货贴上幅度扩大，近月盘 面C结构走扩。 ⚫ 整体来看，海外避险情绪的进一步发酵 ...

氧化铝周报 少量检修开启 氧化铝有望止跌 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F031122984 投资咨询号：Z00210404 何天 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1 / 7 2026 年 1 月 26 日 ⚫ 矿端，据外网媒体报道，几内亚首都科纳克里东北 约800公里处的锡吉里省一座金矿于周三发生坍 塌，造成至少6人死亡。该事件发生在多科地区， 多科为手工金矿开采区，并无铝土矿区分布，距离 最近的铝土矿主采区直线距离约520公里，对铝土 矿生产及发运暂无影响。进口矿充裕成交清淡，价 格承压。国产矿维持偏紧格局，价格震荡。供应端 国内山西、河南、广西等地皆出现小面积的检修， 开工产能较前环比回落，不过检修之后的开工产 能理论仍显过剩。海 ...

棕榈油周报 2025 年 1 月 26 日 供减需增 棕榈油震荡偏强 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 ⚫ 风险因素：产量和出口，生柴政策 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周，BMD马棕油主连涨103收于4174林吉特/吨，涨幅 2.53%；棕榈油05合约涨236收于8910元/吨，涨幅 2.72%；豆油05合约涨78收于8094元/吨，涨幅0.97%； 菜油05合约跌72收于8991元/吨，跌幅0.79%；CBOT豆油 主连涨1.42收于53.93美分/磅，涨幅2.70%；ICE油菜籽 活跃合约涨14.7收于651.8加元/吨，涨幅2.31%。 ⚫ 油脂板块震荡走强 ...