近月来看，马士基2月报价企稳、其它船司3月涨价函以及3月抢运预期，与4月淡季预期、长协价格压制等因素，共同推动04合约在1100-1250点 区间震荡。建议04保持谨慎做空，关注盘面是否出现显著溢价（向上空间更多取决于资金行为，尤其是当前基差200点，需谨防多头资金在价格 调降前的空窗期拉涨），后续重点关注MSK开舱价和地缘形势。 远月来看，建议们以逢高空10为主，主要基于淡季与出口退税取消的利空逻辑。06和08估值难锚定，合理范围内宽幅震荡，地缘犹动下建议谨慎 操作。 欧线现货情况: 本周下游正预定2月 (week7-9) 的舱位。当下船舶整体收货情况良好。 Week7价格中枢2140美金,折盘面1500点。 Week8-9MSK开舱1950美金（环比持平），其它船司报价暂时也以沿用为主。 周四, MSC宣涨欧线价格至1800/3000美金, CMA宣涨欧线至1750/3100美金。 相关新闻 2/6 以军称打击黎巴嫩境内真主党目标。以色列国防军当地时间5日发布消息称，以军当天对黎巴娜娟肉多个真主党目标实施了打击，重点摧毁了 被用于储存武器的地下隧道竖井。以军称，过去几个月来，以军在上述地点侦测到了黎巴嫩真 ...

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: February 6, 2026 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1,483.00, with no daily change. It increased by 80.00 monthly and 13.47% annually [2]. - **原煤口岸库提价**: The latest price is 1,060.00, with no daily change. It increased by 40.00 weekly, 26.00 monthly, and 15.85% annually [2]. - **沙河驿蒙5**: The latest price is 1,400.00, with no daily change. It increased by 60.00 monthly and 3.70% annually [2]. - **安泽主焦**: The latest price is 1,570.00, decreased by 30.00 daily, 70.00 weekly. It increased by 70.00 monthly and 12.14% annually [2]. - **Peak Downs**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 4.50 monthly, and increased by 25.00 annually [2]. - **Goonyella**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 5.50 monthly, and increased by 22.90 annually [2]. - **盘面05**: The latest price is 1,182.00, decreased by 17.00 daily, increased by 6.50 weekly, decreased by 22.00 monthly, and increased by 5.49% annually [2]. - **盘面09**: The latest price is 1,256.00, decreased by 20.50 daily, increased by 2.50 weekly, decreased by 19.50 monthly, and increased by 3.89% annually [2]. - **盘面01**: The latest price is 1,422.00, decreased by 16.50 daily, decreased by 8.00 weekly, increased by 258.00 monthly, and increased by 13.53% annually [2]. Inventory Data - **总库存**: The latest inventory is 4,197.93, increased by 67.69 weekly and 145.36 monthly [2]. - **煤矿库存**: The latest inventory is 264.65, decreased by 2.53 weekly, 30.36 monthly, and 30.64% annually [2]. - **港口库存**: The latest inventory is 286.38, decreased by 3.00 weekly, 14.92 monthly, and 36.82% annually [2]. - **钢厂焦煤库存**: The latest inventory is 814.36, increased by 11.12 weekly, 12.09 monthly, and decreased by 2.11% annually [2]. - **焦化焦煤库存**: The latest inventory is 1,234.79, increased by 57.08 weekly, 182.29 monthly, and 17.83% annually [2]. - **焦化产能利用率**: The latest utilization rate is 72.20, increased by 0.34 weekly, decreased by 0.49 monthly, and 1.14% annually [2]. - **焦化焦炭库存**: The latest inventory is 86.33, increased by 0.42 weekly, 0.66 monthly, and decreased by 0.58% annually [2]. Basis and Spread Data - **05基差**: The latest basis is -52.34, increased by 17.00 daily, 50.97 weekly, 56.48 monthly, and 24.71 annually [2]. - **09基差**: The latest basis is -126.34, increased by 20.50 daily, 54.97 weekly, 53.98 monthly, and decreased by 0.24 annually [2]. - **01基差**: The latest basis is -292.34, increased by 16.50 daily, 65.47 weekly, decreased by 223.52 monthly, and increased by 0.40 annually [2]. - **5 - 9价差**: The latest spread is -74.00, increased by 3.50 daily, 4.00 weekly, decreased by 2.50 monthly, and decreased by 0.16 annually [2]. - **9 - 1价差**: The latest spread is -166.00, decreased by 4.00 daily, increased by 10.50 weekly, decreased by 277.50 monthly, and increased by 2.82 annually [2]. - **1 - 5价差**: The latest spread is 240.00, increased by 0.50 daily, decreased by 14.50 weekly, increased by 280.00 monthly, and increased by 0.82 annually [2].

有色早报 研究中心有色团队 2026/02/06 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/01/30 -325 6505 233004 156851 593.62 -291.04 27.0 28.0 -89.88 174975 41800 2026/02/02 -300 5491 233004 158527 -731.31 344.73 39.0 45.0 -59.17 174675 37875 2026/02/03 -290 6127 233004 159021 -650.94 351.21 36.0 43.0 -69.40 176125 37075 2026/02/04 -275 7997 233004 159772 -1050.86 216.31 36.0 43.0 -81.84 178650 22925 2026/02/05 -225 5843 233004 160679 93.86 158.80 37.0 44.0 -77.58 18 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No relevant information provided 3. Summary of Key Points by Category Price Performance - Latest prices: London Gold at $4847.25, London Silver at $78.71, London Platinum at $2303.00, London Palladium at $1834.00, WTI Crude at $63.21, and LME Copper at $12924.00 [1] - Price changes: London Gold dropped by $137.85, London Silver by $11.88, London Platinum rose by $56.00, London Palladium by $17.00, and LME Copper dropped by $532.00 [1] - Other financial indicators: Dollar Index at 97.96 (up 0.31), Euro - US Dollar at 1.18 (unchanged), British Pound - US Dollar at 1.35 (down 0.01), US Dollar - Japanese Yen at 157.04 (up 0.13), and US 10 - year TIPS at 1.94 (unchanged) [1] Trading Data - COMEX Silver inventory at 12379.48 (down 86.51), SHFE Silver inventory at 412.46 (down 10.78), Gold ETF holdings at 1077.95 (down 4.00), and Silver ETF holdings at 16247.45 (down 122.60) [1] - Shanghai Gold Exchange Gold inventory at 506.49 (unchanged) and Shanghai Gold Exchange Silver inventory with a deferred - fee payment direction of 2 (unchanged) [1] Precious Metal Ratios - The report presents various precious metal ratios including gold - platinum ratio, platinum - palladium ratio, COMEX - London spread, gold - crude oil ratio, and gold - copper ratio over different time periods [1] Import Profits and Other Indicators - There are charts showing gold import profit, silver import profit, US Treasury bond interest rates and spreads, and their relationships with London spot gold prices [2][3][4] - Charts display inventory changes of COMEX silver, LBMA silver, SHFE silver, and Shanghai Gold Exchange silver, as well as holdings of gold and silver ETFs [3] - Charts show the positions and settlements of Shanghai Gold Exchange gold and silver, and the deferred - fee payment directions of Shanghai Gold Exchange gold and silver [3] - A chart shows the proportion of non - commercial long positions in COMEX gold and silver [3]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [2][5][7] 2. Core Views - For methanol, the situation in Iran continues to ferment, MTO shows resistance with several plant shutdowns and production cuts planned. The price is likely to be range - bound, with the MTO profit capping the upside. A bearish view or selling call options may be appropriate [2] - For plastics, the futures market fluctuates, the spot price is stable, and the basis is weak. The supply of standard products is increasing, and the supply - demand balance of LL in May is expected to face significant pressure [2] - For PP, the futures market is stable, the basis is weak. The import and export profits are negative, and the export volume declines slightly. The overall inventory is neutral, and the supply - demand balance in May and later is expected to be slightly under pressure [5] - For PVC, the basis improves slightly, the trading volume is average. The overall profit is low, the inventory is moderately high, and the long - term outlook is poor due to weak real - estate demand [6][7] 3. Summary by Different Categories Methanol - **Price Changes**: From 2026/01/30 to 2026/02/05, the price of Jiangsu spot decreased by 70, the price of South China spot decreased by 20, and the main contract basis changed from - 55 to - 35 [2] - **Market Situation**: Iran's situation affects the market, MTO plants show resistance, and the price is restricted by MTO profit [2] Plastics - **Price and Basis**: The futures price of L fluctuates, the spot price is stable, and the basis is weak. The regional basis and price differences change [2] - **Profit and Inventory**: The oil - and coal - based production profits decline, the upstream coal chemical industry and Sinopec & PetroChina reduce inventory, while the social inventory accumulates. The supply of standard products increases [2] PP - **Price and Basis**: The futures price is stable, the basis is weak, and the regional price differences change [5] - **Profit and Inventory**: The import and export profits are negative, the downstream profit improves, the supply has temporary maintenance plans, and the inventory situation is complex with overall neutrality [5] PVC - **Price and Basis**: The basis improves slightly, the trading volume is average, and the prices of raw materials and products change [6][7] - **Profit and Inventory**: The comprehensive profit is low, the upstream starts production at a moderate rate, the demand is stable, the inventory is moderately high, and the export remains stable [7]

纸浆早报 研究中心能化团队 2026/02/06 SP主力合约收盘价： 5254.00 | 日期 | 2026/02/05 | 2026/02/04 | 2026/02/03 | 2026/02/02 | 2026/01/30 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5254.00 | 5324.00 | 5276.00 | 5266.00 | 5300.00 | | 折美元价 | 660.96 | 670.20 | 664.21 | 661.49 | 666.08 | | 距上一日涨跌 | -1.31480% | 0.90978% | 0.18990% | -0.64151% | -1.63326% | | 山东银星基差 | 81 | 51 | 99 | 109 | 75 | | 江浙沪银星基差 | 136 | 66 | 114 | 124 | 90 | 以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/02/06 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/01/30 | 3160 | 3240 | 3340 | 3240 | 3450 | 3310 | | 2026/02/02 | 3120 | 3210 | 3340 | 3240 | 3400 | 3310 | | 2026/02/03 | 3120 | 3210 | 3370 | 3240 | 3400 | 3310 | | 2026/02/04 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 2026/02/05 | 3120 | 3210 | 3320 | 3240 | 3400 | 3310 | | 变化 | 0 | 0 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐 ...

| | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1485.59 | 0.00 | 54.61 | 54.61 | -4.56% 高炉开工率 | 85.47 | | -0.04 | 0.21 | 0.98% | | 河北准一干熄 | 1735.00 | 0.00 | 55.00 | 55.00 | 14.90% 铁水日均产量 | 228.58 | | 0.60 | -0.92 | 0.06% | | 山东准一干熄 | 1680.00 | 0.00 | 55.00 | 55.00 | -3.17% 盘面05 | 1744.5 | -7.00 | 4.50 | 23.50 | 1.39% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 55.00 | -4.23% 盘面09 | 1809.5 | -7.50 | 8.50 | -2.00 | 0.95% | | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalogs Price - For silicon iron, the latest prices of 72 silicon iron in different regions on February 6, 2026, are as follows: 5300 yuan in Ningxia, 5370 yuan in Inner Mongolia, 5300 yuan in Qinghai, 5300 yuan in Shaanxi, and 5750 yuan in Jiangsu and Tianjin. The price of 75 silicon iron in Shaanxi is 6000 yuan, and the export price of 72 silicon iron in Tianjin is 1055 US dollars, while that of 75 silicon iron is 1115 US dollars. There are also price changes on a daily and weekly basis [1]. - For silicon manganese, the latest prices of 6517 silicon manganese in different regions on February 6, 2026, are: 5650 yuan in Inner Mongolia, 5610 yuan in Ningxia, 5750 yuan in Guangxi, and 5700 yuan in Guizhou and Yunnan. The price of 6014 silicon manganese in Guangxi is 5100 yuan. There are corresponding daily and weekly price changes [1]. - The report also shows the historical price trends of silicon iron and silicon manganese from 2022 - 2026, including market prices in different regions, export and import prices, and prices of related contracts [2][6]. Supply - For silicon iron, the production data of 136 silicon - iron enterprises in China, including monthly and weekly production, and capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi from 2022 - 2026 are presented. The production of silicon iron in China shows certain trends over time [4]. - For silicon manganese, the weekly production of silicon manganese in China from 2022 - 2026 is shown, as well as the procurement volume and price of 6517 silicon manganese by Hebei Iron and Steel Group on a monthly basis [6]. Demand - For silicon iron, factors related to demand include the production of crude steel in China, the production of stainless - steel crude steel, the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, and the export volume of silicon iron. These data are presented from 2022 - 2026 [4]. - For silicon manganese, the demand data include the estimated demand in China (Steel Union's caliber), the production of crude steel in China, and the export volume of silicon manganese from 2022 - 2026 [4][7]. Inventory - For silicon iron, the inventory data of 60 sample enterprises in China, including inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi on a weekly basis, as well as the inventory average available days in different regions and the total inventory (including warehouse receipts and effective forecasts) are presented from 2022 - 2026 [5]. - For silicon manganese, the inventory data include the total warehouse receipts, effective forecasts, and the sum of them, as well as the inventory of 63 sample enterprises in China on a weekly basis and the inventory average available days in China from 2022 - 2026 [7]. Cost and Profit - For silicon iron, the cost - related factors include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi), the market price of semi - coke in Shaanxi, etc. The profit data include the production cost and profit in Ningxia and Inner Mongolia, and the export profit of 75 - grade silicon iron from 2022 - 2026 [5]. - For silicon manganese, the profit data include the profit in Inner Mongolia, Guangxi, the northern and southern regions, and the disk - based profit in Guangxi and Ningxia from 2022 - 2026 [7].

研究中心黑色团队 2026/02/06 废钢早报 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/01/30 | 2191 | 2271 | 2061 | 2244 | 2218 | 2108 | | 2026/02/02 | 2191 | 2270 | 2061 | 2237 | 2218 | 2108 | | 2026/02/03 | 2194 | 2269 | 2063 | 2234 | 2218 | 2108 | | 2026/02/04 | 2194 | 2267 | 2063 | 2233 | 2216 | 2108 | | 2026/02/05 | 2194 | 2266 | 2063 | 2228 | 2212 | 2108 | | 环比 | 0 | -1 | 0 | -5 | -4 | 0 | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分 ...