仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5300 0 50 5600 主力合约 5628 -24 80 内蒙#72 5330 0 60 5680 01合约 5772 -4 46 青海#72 5300 0 0 5630 05合约 5622 -4 86 陕西#72 5300 0 0 5600 09合约 5682 -8 54 陕西#75 5850 0 0 主力月基差 -28 24 -30 江苏#72 5700 0 50 1-5月差 150 0 -40 天津#72 5800 -50 20 5-9月差 -60 4 32 天津#72 1050 5 5 9-1月差 -90 -4 8 天津#75 1115 5 5 双硅主力价差 -200 4 60 内蒙#6517 5680 0 -20 5980 主力合约 5828 -28 20 宁夏#6517 5570 0 -30 5970 01合约 5952 -32 -8 广西#6517 5750 0 -50 6220 05合约 5828 -28 -20 贵州#6517 5700 0 -80 6230 09合约 5880 -22 -10 云南#6517 570 ...

有色早报 研究中心有色团队 2026/01/27 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 2026/01/20 -365 5109 213515 148193 -1773.40 -160.48 26.0 25.0 101.84 156300 47800 2026/01/21 -350 5002 213515 145581 -1047.36 -10.15 22.0 22.0 -29.11 159400 46825 2026/01/22 -350 4773 213515 143173 -498.98 -11.07 22.0 22.0 -82.84 168250 47100 2026/01/23 -350 5022 225937 146793 -590.48 192.15 22.0 22.0 -66.06 171700 46275 2026/01/26 -370 5164 225937 145314 -803.91 -329.61 22.0 22.0 -71. ...

Price Performance - London Gold's latest price is $5090.80, with a change of $144.55 [1] - London Silver's latest price is $109.61, with a change of $10.61 [1] - London Platinum's latest price is $2705.00, with a change of $198.00 [1] - London Palladium's latest price is $1976.00, with a change of $126.00 [1] - WTI Crude Oil's latest price is $61.07, with no change [1] - LME Copper's latest price is $13073.00, with a change of $147.50 [1] - The latest value of the US Dollar Index is 97.51, with no change [1] - The latest exchange rate of Euro to US Dollar is 1.18, with no change [1] - The latest exchange rate of British Pound to US Dollar is 1.36, with no change [1] - The latest exchange rate of US Dollar to Japanese Yen is 155.72, with no change [1] - The latest yield of US 10 - year TIPS is 1.92, with no change [1] Trading Data - COMEX Silver's latest inventory is 12952.26, with no change [2] - SHFE Silver's latest inventory is 573.81, with a decrease of 7.28 [2] - Gold ETF's latest持仓 is 1086.53, with no change [2] - Silver ETF's latest持仓 is 15974.40, with a decrease of 115.58 [2] - SGE Silver's latest inventory is 612.09, with no change [2] - SGE Gold's latest deferred fee payment direction is 1, with no change [2] - SGE Silver's latest deferred fee payment direction is 2, with no change [2]

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/01/27 | | | 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 | | 2026/01/20 | 3130 | 3270 | 3320 | 3240 | 3440 | 3340 | | 2026/01/21 | 3110 | 3260 | 3310 | 3240 | 3420 | 3340 | | 2026/01/22 | 3110 | 3260 | 3310 | 3240 | 3420 | 3340 | | 2026/01/23 | 3160 | 3260 | 3350 | 3240 | 3420 | 3340 | | 2026/01/26 | 3160 | 3290 | 3350 | 3240 | 3420 | 3340 | | 变化 | 0 | 30 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | ...

有色套利早报 研究中心有色团队 2026/01/27 铜：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 102320 13002 7.74 三月 102210 13073 7.87 均衡比价 盈利 现货进口 7.88 -803.91 现货出口 -667.87 锌：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24690 3272 7.55 三月 24795 3299 5.19 均衡比价 盈利 现货进口 8.30 -2461.65 铝：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 24030 3170 7.58 三月 24285 3177 7.63 均衡比价 盈利 现货进口 8.30 -2279.81 镍：跨市套利跟踪 2026/01/27 国内价格 LME价格 比价 现货 148700 18256 8.15 均衡比价 盈利 现货进口 7.98 913.48 国内价格 LME价格 比价 现货 16925 1979 8.56 三月 17115 2028 12.19 均衡比价 盈利 现货进口 8.53 59.25 跨期套利跟踪 2026/01/ ...

| | | --- | | YONGAN FUTURES | | --- | | 示 | 大类资产早报 研究中心宏观团队 2026/01/27 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | 4.213 | 4.496 | 3.435 | 2.866 | 3.465 | 3.228 | 0.264 | 3.461 | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | 2.230 | 6.167 | 1.821 | - | 4.818 | 4.590 | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利亚 | | 最新 | 3.591 | 3. ...

s 加安期货 沥青早报 | | 指标 | 12/25 | 1/20 | 1/22 | 1/23 | 1/26 | MISUL O HOLOLAL FACY 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东基差(+80)(非京博) | -55 -115 | 1 11 | -92 -72 | -56 | -79 -79 | -23 -23 | | | | 华东基差(镇江库) | | | | -56 | | | | | 基差&月差 | 华南基差(佛山库) | -195 | -9 | -92 | -56 | -49 | 7 | | | | 01-03 | -32 | -57 | -83 | -88 | -69 | 19 | | | | 02-03 | -7 | -17 | -14 | -14 | -17 | -3 | | | | 03-06 | -30 | -16 | -8 | -7 | -7 | 0 | | | ：11:1 | BU主力合约(02) | 2992 | 3139 | 3242 | 3236 | 3279 ...

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 695.0 2.0 -5.0 8.0 -70.0 25省终端可用天数 18.0 0.1 -2.0 -2.9 0.4 秦皇岛5000 608.0 2.0 -6.0 23.0 -62.0 25省终端供煤 617.5 6.1 8.9 -22.6 -5.4 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2427.0 -8.0 -133.0 -336.0 96.5 鄂尔多斯5500 490.0 0.0 -5.0 -5.0 -60.0 北方锚地船舶 67.0 -3.0 -28.0 -4.0 10.0 大同5500 545.0 0.0 -5.0 -5.0 -85.0 北方港调入量 125.1 -19.2 -22.7 -13.4 -9.9 榆林6000 670.0 0.0 0.0 -20.0 -92.0 北方港吞吐量 162.4 6.5 18.5 20.0 14.6 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 679.2 -2.3 45.3 38.6 201.7 ...

Report Information - Report Title: Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center [3] - Report Date: January 27, 2026 [3] - Data Source: Mysteel, Wind [8] Key Points 1. BR (Butadiene Rubber) Futures Market - The closing price of the BR main contract on January 26 was 13,265, with a daily increase of 335 and a weekly increase of 1,680 [4]. - The open interest on January 26 was 91,654, a daily decrease of 35,722 and a weekly increase of 652 [4]. - The trading volume on January 26 was 747,469, a daily increase of 390,791 and a weekly increase of 641,385 [4]. - The warrant quantity on January 26 was 27,520, a daily increase of 600 and a weekly increase of 3,190 [4]. - The long - short ratio on January 26 was 16.65, a daily decrease of 7 and a weekly decrease of 2 [4]. Basis, Spread, and Inter - variety Spread - The butadiene rubber basis on January 26 was - 365, a daily decrease of 135 and a weekly decrease of 330 [4]. - The styrene - butadiene rubber basis on January 26 was - 65, a daily change of 0 and a weekly decrease of 380 [4]. - The 02 - 03 spread on January 26 was - 100, a daily decrease of 25 and a weekly decrease of 45 [4]. - The 03 - 04 spread on January 26 was 40, a daily increase of 70 and a weekly increase of 80 [4]. - The RU - BR spread on January 26 was 2,962, a daily decrease of 420 and a weekly decrease of 1,070 [4]. - The NR - BR spread on January 26 was - 180, a daily decrease of 345 and a weekly decrease of 1,145 [4]. Spot Market - The Shandong market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,350 [4]. - The Transfar market price on January 26 was 12,900, a daily increase of 200 and a weekly increase of 1,450 [4]. - The Qilu ex - factory price on January 26 was 12,700, with no daily change and a weekly increase of 1,000 [4]. - The CFR Northeast Asia price remained at 1,550 on January 26, with no daily or weekly change [4]. - The CFR Southeast Asia price remained at 1,750 on January 26, with no daily or weekly change [4]. Profit Situation - The spot processing profit on January 26 was - 571, a daily increase of 149 and a weekly decrease of 231 [4]. - The import profit on January 26 was 206, a daily increase of 219 and a weekly increase of 1,346 [4]. - The export profit on January 26 was 325, a daily decrease of 191 and a weekly decrease of 1,171 [4]. 2. BD (Butadiene) Spot Market - The Shandong market price on January 26 was 11,050, a daily increase of 50 and a weekly increase of 1,250 [4]. - The Jiangsu market price on January 26 was 10,900, a daily increase of 200 and a weekly increase of 1,600 [4]. - The Yangzi ex - factory price on January 26 was 10,800, a daily increase of 300 and a weekly increase of 1,400 [4]. - The CFR China price on January 26 was 1,250, a daily increase of 50 and a weekly increase of 70 [4]. Profit Situation - The carbon - four extraction profit was 3,228 (data for January 23, subsequent data is N/A) [4]. - The butene oxidative dehydrogenation profit on January 26 was 2,310, a daily increase of 200 and a weekly increase of 1,600 [4]. - The import profit on January 26 was 914, a daily decrease of 179 and a weekly increase of 1,046 [4]. - The export profit data has many N/A values and cannot be accurately summarized. 3. Other Product Production Profits - The styrene - butadiene production profit on January 26 was 275, a daily increase of 75 and a weekly decrease of 275 [4]. - The ABS production profit data has many N/A values and cannot be accurately summarized. - The SBS production profit on January 26 was - 1,270, a daily increase of 190 and a weekly decrease of 730 [4].

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the domestic LPG market rose significantly due to geopolitical factors and the influence of the external market. Although the PDH operating rate has decreased, the fundamentals are still tight in the short term due to the cold wave in the United States and the peak combustion season. However, as the cold wave ends, Middle - East supply returns, and considering the negative feedback of poor PDH profits and the maintenance season in March, the driving force will weaken. The domestic market's month - spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] Group 3: Summary by Relevant Content 1. Daily Market Data - From January 20 to January 26, 2026, prices of LPG in South China, East China and Shandong, as well as related products like propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed different changes. The paper import profit decreased from 148 to - 169, and the main contract basis decreased from 519 to 142. On January 26, compared with the previous day, the price of South China LPG decreased by 10, the price of East China LPG increased by 10, the price of Shandong LPG decreased by 40, and other indicators also had corresponding daily changes [1] 2. Daily Market Conditions - On Monday, under the influence of macro and geopolitical sentiments, the futures market showed a strong performance. The 03 - 04 month - spread was - 246 (+15), and the 04 - 05 month - spread was 91 (-13). As of 9 p.m., the FEI and CP paper - cargo prices reached 551 and 540 US dollars respectively [1] 3. Weekly Views a. Price and Basis Changes - The domestic market rose this week. The 03 basis was 96 (-83), the 02 - 03 month - spread was 64 (-16), and the 03 - 04 month - spread was - 261 (-32). Civil LPG prices were differentiated, with the price in Shandong being 4460 (+20), in East China 4372 (-151), and in South China 4780 (-255). The cheapest deliverable product was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 (-79) [1] b. International Market Indicators - The FEI month - spread increased, while the MB and CP month - spreads decreased slightly. The oil - gas ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The domestic - foreign PG - FEI c1 reached 55.1 (-18.7). The arrival - at - shore discount of propane in East China, China was 85 (+8); the FOB discounts of propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates decreased. The FEI - MOPJ spread was - 18 (week - on - week +9) [1] c. Profit and Inventory - PDH spot profits fluctuated, and paper - cargo profits dropped significantly. Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%, indicating a narrowing demand. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]