Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on February 2, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage - Copper: Spot price is 104,410 domestically and 13,186 on LME with a ratio of 8.22; March price is 103,900 domestically and 13,276 on LME with a ratio of 7.89. Spot import equilibrium ratio is 7.89 with a profit of 593.62, and spot export profit is - 1056.03 [1] - Zinc: Spot price is 25,780 domestically and 3,389 on LME with a ratio of 7.61; March price is 25,880 domestically and 3,398 on LME with a ratio of 4.98. Spot import equilibrium ratio is 8.29 with a profit of - 2310.86 [1] - Aluminum: Spot price is 24,660 domestically and 3,147 on LME with a ratio of 7.83; March price is 24,610 domestically and 3,174 on LME with a ratio of 7.84. Spot import equilibrium ratio is 8.32 with a profit of - 1523.22 [1] - Nickel: Spot price is 140,800 domestically and 17,664 on LME with a ratio of 7.97. Spot import equilibrium ratio is 8.04 with a profit of - 238.57 [1] - Lead: Spot price is 16,725 domestically and 1,964 on LME with a ratio of 8.49; March price is 16,945 domestically and 2,010 on LME with a ratio of 12.86. Spot import equilibrium ratio is 8.54 with a profit of - 93.77 [3] Cross - Period Arbitrage - Copper: The spreads between the next month, March, April, May and the spot month are - 4990, - 4770, - 4500, - 4520 respectively, and the theoretical spreads are 645, 1189, 1741, 2293 respectively [4] - Zinc: The spreads between the next month, March, April, May and the spot month are - 75, - 30, - 10, 0 respectively, and the theoretical spreads are 233, 371, 510, 648 respectively [4] - Aluminum: The spreads between the next month, March, April, May and the spot month are - 895, - 845, - 760, - 715 respectively, and the theoretical spreads are 238, 378, 517, 656 respectively [4] - Lead: The spreads between the next month, March, April, May and the spot month are - 230, - 150, - 85, - 35 respectively, and the theoretical spreads are 210, 317, 423, 530 respectively [4] - Nickel: The spreads between the next month, March, April, May and the spot month are - 6990, - 6590, - 6260, - 5990 respectively [4] - Tin: The 5 - 1 spread is - 2860 with a theoretical spread of 8460 [4] Spot - Futures Arbitrage - Copper: The spreads between the current - month contract, next - month contract and the spot are 4300, - 690 respectively, and the theoretical spreads are 980, 829 respectively [4] - Zinc: The spreads between the current - month contract, next - month contract and the spot are 130, 55 respectively, and the theoretical spreads are 148, 297 respectively [4] - Lead: The spreads between the current - month contract, next - month contract and the spot are 370, 140 respectively, and the theoretical spreads are 182, 294 respectively [5] Cross - Variety Arbitrage - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - consecutive) are 4.01, 4.22, 6.13, 0.95, 1.45, 0.65 respectively, and in London (three - consecutive) are 3.87, 4.18, 6.55, 0.92, 1.56, 0.59 respectively [5]

现 货 价 格 | 日期 | 豆粕江苏 | 菜粕广东 | 豆油江苏 | 棕榈油广州 | 菜油江苏 | | --- | --- | --- | --- | --- | --- | | 2026/01/26 | 3070 | 2430 | 8660 | 9060 | 9990 | | 2026/01/27 | 3070 | 2430 | 8670 | 9210 | 10130 | | 2026/01/28 | 3070 | 2460 | 8740 | 9240 | 10160 | | 2026/01/29 | 3070 | 2480 | 8790 | 9310 | 10240 | | 2026/01/30 | 3050 | 2470 | 8670 | 9200 | 10150 | 蛋 白 粕 基 差 ： 油脂油料早报 研究中心农产品团队 2026/02/02 隔 夜 市 场 信 息 ： Imea：马托格罗索州大豆收割率为25% Imea公布的数据显示，截至1月30日当周，马托格罗索州2025/26年度大豆收割进度已达已播种面积的24.97%，远高 于去年同期的12.20%，也超过过去五年同期平均水平。 本周单周收 ...

音烙橡胶呈报 研究中心能化团队 2026/02/02 P 不 As 占 商品 POY 1 石脑油日 PX CFR PTA内盘现 PTA平衡 仓单+有 PTA加 PTA负 石脑油裂 50D/4 聚酯毛利 TA基美 日期 原油 PX加工美 产销 工美 台湾 न्ह 解价差 效预报 K 荷 负荷 8F 2026/0 5350 7000 91.74 0.50 65.6 573 930 357.0 430 -26 77.1 76.6 1039990 -80 1/26 2026/0 5225 67.6 269 903 7055 73.21 334.0 448 150 77.1 76.6 103966 -78 0.30 1/27 2026/0 68.4 924 5235 7055 83.13 144 77 P -78 0.25 585 339.0 351 76.6 103960 1/28 2026/0 70.7 921 5245 7030 77.70 325.0 374 103558 0.30 596 113 77.1 76.6 -78 1/29 2026/0 70.7 597 914 5280 7120 78.34 75 ...

| | | | | 燃料油早报 | | 研究中心能化团队 2026/02/02 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | | | 日期 | 鹿特丹3.5% HSF | 鹿特丹0.5% VLS | 鹿特丹HSFO-Br | 鹿特丹10ppm G | 鹿特丹VLSFO-G | LGO-Brent M1 | 鹿特丹VLSFO-H | | | O掉期 M1 | FO掉期 M1 | ent M1 | asoil掉期 M1 | O M1 | | SFO M1 | | 2026/01/26 | 344.81 | 393.32 | -10.27 | 655.75 | -262.43 | 24.28 | 48.51 | | 2026/01/27 | 348.36 | 398.84 | -11.04 | 658.65 | -259.81 | 22.80 | 50.48 | | 2026/01/28 | 357.51 | 403.54 | -10.69 | 673.15 | -269.61 | 23.85 | 46.03 ...

1. Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: February 2, 2026 [1] 2. Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1483.00, with a weekly increase of 57.00 and a yearly increase of 13.47% [2] - The latest price of Raw Coal Port Delivery Price is 1024.00, with a daily increase of 4.00, a weekly increase of 8.00, a monthly increase of 64.00, and a yearly increase of 11.30% [2] - The latest price of Shaheyi Mongolian No.5 is 1400.00, with a monthly increase of 60.00 and a yearly increase of 2.94% [2] - The latest price of Anze Main Coking Coal is 1630.00, with a daily and weekly decrease of 10.00, a monthly increase of 130.00, and a yearly increase of 16.43% [2] Futures Prices - The latest price of the 05 contract is 1175.50, with a daily increase of 35.00, a weekly increase of 24.50, a monthly increase of 60.00, and a yearly increase of 4.72% [2] - The latest price of the 09 contract is 1253.50, with a daily increase of 32.50, a weekly increase of 26.00, a monthly increase of 62.50, and a yearly increase of 3.90% [2] - The latest price of the 01 contract is 1430.00, with a daily increase of 32.50, a weekly increase of 35.50, a monthly increase of 384.00, and a yearly increase of 15.37% [2] 3. Inventory Information - The total inventory is 4130.25, with a weekly increase of 30.63 and a monthly increase of 71.92 [2] - Coal mine inventory is 267.18, with a weekly decrease of 7.17, a monthly decrease of 26.16, and a yearly decrease of 35.25% [2] - Port inventory is 289.38, with a weekly decrease of 9.52, a monthly decrease of 10.12, and a yearly decrease of 36.30% [2] - Steel mill coking coal inventory is 803.24, with a weekly increase of 1.04, a monthly decrease of 3.48, and a yearly decrease of 5.30% [2] - Coking plant coking coal inventory is 1177.71, with a weekly increase of 44.86, a monthly increase of 137.99, and a yearly decrease of 4.28% [2] 4. Other Information Coking Capacity Utilization - The coking capacity utilization rate is 71.86, with a weekly decrease of 0.55, a monthly increase of 0.14, and a yearly decrease of 1.71% [2] Coking Coke Inventory - Coking coke inventory is 85.91, with a weekly increase of 0.20, a monthly increase of 0.33, and a yearly decrease of 0.43% [2] Basis and Spread - The 05 basis is -103.32, with a daily decrease of 97.07, a weekly decrease of 86.57, a monthly increase of 23.91, and a yearly decrease of 75.99 [2] - The 09 basis is -181.32, with a daily decrease of 94.57, a weekly decrease of 88.07, a monthly increase of 21.41, and a yearly increase of 0.63 [2] - The 01 basis is -357.82, with a daily decrease of 94.57, a weekly decrease of 97.57, a monthly decrease of 300.09, and a yearly increase of 1.48 [2] - The 5 - 9 spread is -78.00, with a daily increase of 2.50, a weekly decrease of 1.50, a monthly decrease of 2.50, and a yearly decrease of 0.07 [2] - The 9 - 1 spread is -176.50, with a weekly decrease of 9.50, a monthly decrease of 321.50, and a yearly increase of 4.35 [2] - The 1 - 5 spread is 254.50, with a daily decrease of 2.50, a weekly increase of 11.00, a monthly increase of 324.00, and a yearly increase of 1.18 [2]

Price Performance - London Gold's latest price is 5405.00 with no change [1][2] - London Silver's latest price is 118.45 with no change [1][2] - London Platinum's latest price is 2671.00 with no change [1][2] - London Palladium's latest price is 2014.00 with no change [1][2] - WTI Crude Oil's latest price is 65.21 with a change of -0.21 [1][2] - LME Copper's latest price is 13276.00 with a change of -637.50 [1][2] - US Dollar Index's latest value is 96.16 with no change [2] - Euro to US Dollar's latest exchange rate is 1.20 with no change [2] - British Pound to US Dollar's latest exchange rate is 1.38 with no change [2] - US Dollar to Japanese Yen's latest exchange rate is 153.15 with no change [2] - US 10 - year TIPS's latest value is 1.90 with a change of 0.01 [2] Trading Data - COMEX Silver's latest inventory is 12698.10 with no change [3] - SHFE Silver's latest inventory is 455.07 with a change of -26.94 [3] - Gold ETF's latest holding is 1087.10 with a change of 0.57 [3] - Silver ETF's latest holding is 15523.36 with no change [3] - SGE Silver's latest inventory is 612.09 with no change [3] - SGE Gold and SGE Silver's latest deferred - fee payment directions are both 2 with no change [3]

焦炭日报 研究中心黑色团队 2026/2/2 | | 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 | 54.61 | 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 | 1680.00 | 0.00 | 0.00 | 0.00 | 11.26% 铁水日均产量 | 227.98 | | -0.12 | 0.55 | #N/A | | 山东准一干熄 | 1625.00 | 0.00 | 0.00 | 0.00 | -6.34% 盘面05 | 1740 | 40.50 | 24.50 | 25.50 | 0.29% | | 江苏准一干熄 | 1645.00 | 0.00 | 0.00 | 0.00 | -7.32% 盘面09 | 1801 | 31.50 | 17.50 | 7.0 ...

价 格 和 利 润 | | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/02/02 | | | 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 | | 2026/01/26 | 3160 | 3290 | 3350 | 3240 | 3420 | 3340 | | 2026/01/27 | 3160 | 3240 | 3310 | 3240 | 3420 | 3320 | | 2026/01/28 | 3160 | 3230 | 3310 | 3240 | 3410 | 3320 | | 2026/01/29 | 3160 | 3280 | 3340 | 3240 | 3410 | 3350 | | 2026/01/30 | 3160 | 3240 | 3340 | 3240 | 3450 | 3310 | | 变化 | 0 | -40 | 0 | 0 | 40 | -40 | | 日期 | ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - For silicon iron, prices vary by region and type. For example, the latest price of Ningxia 72 silicon iron natural block is 5350, with a weekly increase of 50; the latest price of Tianjin 72 silicon iron export is 1055 (in US dollars), with a weekly increase of 10. For silicon manganese, the latest price of Inner Mongolia 6517 silicon manganese is 5700, with a daily increase of 30 and a weekly increase of 20 [1]. - Multiple charts show the price trends of different types of silicon iron and silicon manganese in various regions from 2022 - 2026, including market prices, export and import average prices, and contract closing prices [2][5]. Supply - Charts display the production and capacity utilization of 136 silicon - iron enterprises in China from 2022 - 2026, including monthly production, weekly production (with a capacity share of 95%), and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi. Also shows the production of silicon manganese in China from 2022 - 2026 [3][5]. - The production of silicon iron and silicon manganese is affected by factors such as enterprise capacity utilization and production scale [3][5]. Demand - Charts present the demand - related data of silicon iron and silicon manganese from 2022 - 2026, including the estimated and actual production of crude steel in China, the production of stainless - steel crude steel in China, the procurement volume and price of silicon iron and silicon manganese by Hebei Iron and Steel Group, and the demand for silicon manganese in China (according to Steel Union's data) [3][6]. - The demand for silicon iron and silicon manganese is related to the steel industry and other downstream industries [3][6]. Inventory - For silicon iron, charts show the inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2022 - 2026, as well as the warehouse receipt quantity, effective forecast, and inventory average available days in different regions. For silicon manganese, it shows the warehouse receipt quantity, effective forecast, warehouse receipt + effective inventory, and inventory average available days in China from 2022 - 2026 [4][6]. - Inventory levels are affected by production, demand, and market trading activities [4][6]. Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price of semi - coke, the production cost and profit in Ningxia and Inner Mongolia. For silicon manganese, it includes the cost of raw materials such as chemical coke, manganese ore, and the profit in Inner Mongolia, Guangxi, and other regions [4][6]. - Cost and profit are affected by factors such as raw material prices, electricity prices, and market selling prices [4][6].

| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玻 璃 | | | | | | | | 研究中心能化团队 | | | 2026/2/2 | | 2026/1/23 2026/1/29 2026/1/30 周度变化 日度变化 | | | | | | | 2026/1/23 | 2026/1/29 | | 2026/1/30 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 976.0 | 993.0 | 1002.0 | 26.0 | 9.0 | FG05合约 | 1064.0 | 1087.0 | 1056.0 | -8.0 | -31.0 | | 沙河长城 5mm大板 | 967.0 | 993.0 | 993.0 | 26.0 | 0.0 | FG09合约 | 1170.0 | 1189.0 | 1167.0 | -3.0 | -22.0 | | 沙河5mm大 板低价 | 959.0 | 989.0 | 989.0 | 30.0 ...