Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Price - The latest prices and their daily and weekly changes of various grades of ferrosilicon and silicomanganese in different regions are presented, including Ningxia 72, Inner Mongolia 72, etc. [1] - Price trends of ferrosilicon and silicomanganese in different regions from 2022 - 2026 are shown, such as 72%FeSi in Inner Mongolia, Qinghai, etc. [2] Supply - Production data of ferrosilicon and silicomanganese are provided, including the output of 136 ferrosilicon enterprises in China (monthly and weekly) and the production of silicomanganese in China (weekly) [4][6] - Capacity utilization rates of 136 ferrosilicon production enterprises in Inner Mongolia, Ningxia, and Shaanxi are presented [4] Demand - Data on the demand for ferrosilicon and silicomanganese are given, such as the demand for silicomanganese in China (in ten thousand tons) and the procurement volume and price of FeSi75 - B by HeSteel Group [4][6][7] Inventory - Inventory data of ferrosilicon and silicomanganese are provided, including the inventory of 60 sample enterprises of ferrosilicon in different regions (weekly) and the inventory of 63 sample enterprises of silicomanganese in China (weekly) [5][7] - Information on the number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective forecasts of ferrosilicon and silicomanganese is presented [5][7] Cost and Profit - Cost and profit data of ferrosilicon and silicomanganese are given, including the production cost and profit of ferrosilicon in Ningxia and Inner Mongolia, and the profit of silicomanganese in Inner Mongolia, Guangxi, etc. [5][7]

Group 1: Report Information - The report is a coking coal daily report released by the black team of the research center on February 13, 2026 [1] Group 2: Price Information - The latest price of Liulin main coking coal is 1483.00, with no daily or weekly change, a monthly increase of 57.00, and an annual increase of 13.47% [2] - The latest price of raw coal at the port is 1015.00, with a daily decrease of 3.00, a weekly decrease of 45.00, a monthly decrease of 45.00, and an annual increase of 13.41% [2] - The latest price of Shaheyi Meng 5 is 1400.00, with no daily or weekly change, a monthly increase of 60.00, and an annual increase of 3.70% [2] - The latest price of Anze main coking coal is 1570.00, with no daily or weekly change, a monthly decrease of 50.00, and an annual increase of 13.77% [2] - The latest price of Peak Downs is 221.00, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 14.00, and an annual increase of 20.00 [2] - The latest price of Goonyella is 221.00, with a daily decrease of 3.00, a weekly decrease of 3.00, a monthly decrease of 15.00, and an annual increase of 20.40 [2] - The latest price of the 05 contract on the futures market is 1124.50, with a daily decrease of 1.50, a weekly decrease of 29.50, a monthly decrease of 64.00, and an annual increase of 3.21% [2] - The latest price of the 09 contract on the futures market is 1203.50, with a daily decrease of 1.00, a weekly decrease of 27.50, a monthly decrease of 62.50, and an annual increase of 2.43% [2] - The latest price of the 01 contract on the futures market is 1378.50, with no daily change, a weekly decrease of 27.00, a monthly increase of 305.50, and an annual increase of 11.48% [2] Group 3: Inventory Information - The total inventory is 4152.76, with a weekly decrease of 45.18, a monthly increase of 65.16, and an annual decrease of 5.69% [2] - The coal mine inventory is 261.24, with a weekly decrease of 3.41, a monthly decrease of 11.13, and an annual decrease of 32.95% [2] - The port inventory is 272.76, with a weekly decrease of 13.62, a monthly decrease of 27.04, and an annual decrease of 39.56% [2] - The steel mill coking coal inventory is 824.20, with a weekly increase of 9.84, a monthly increase of 26.47, and an annual increase of 2.42% [2] - The coking plant coking coal inventory is 1302.39, with a weekly increase of 67.60, a monthly increase of 230.71, and an annual increase of 34.55% [2] Group 4: Other Information - The coking capacity utilization rate is 72.94, with a weekly increase of 0.74, a monthly increase of 0.39, and an annual decrease of 0.08% [2] - The coking plant coke inventory is 86.33, with no daily change, a monthly increase of 0.95, and an annual decrease of 0.64% [2] - The 05 basis is 1.71, with a daily increase of 1.50, a weekly increase of 26.05, a monthly increase of 55.95, and an annual increase of 76.49 [2] - The 09 basis is -77.29, with a daily increase of 1.00, a weekly increase of 24.05, a monthly increase of 54.45, and an annual decrease of 0.52 [2] - The 01 basis is -252.29, with no daily change, a weekly increase of 23.55, a monthly decrease of 313.55, and an annual increase of 0.14 [2] - The 5 - 9 spread is -79.00, with a daily decrease of 0.50, a weekly decrease of 2.00, a monthly decrease of 1.50, and an annual decrease of 0.08 [2] - The 9 - 1 spread is -175.00, with a daily decrease of 1.00, a weekly decrease of 0.50, a monthly decrease of 368.00, and an annual increase of 1.85 [2] - The 1 - 5 spread is 254.00, with a daily increase of 1.50, a weekly increase of 2.50, a monthly increase of 369.50, and an annual increase of 0.73 [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Not provided in the given content 3. Summary by Relevant Catalog Price and Profit - The prices of various steel products are presented, including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan threaded steel, as well as Tianjin, Shanghai, and Lecong hot-rolled coils and cold-rolled coils. The prices of threaded steel remained unchanged from February 6th to 12th, 2026. For hot-rolled and cold-rolled coils, there were price changes between February 6th and 9th, but remained stable from February 9th to 12th [1] Production and Inventory - Not provided in the given content Basis and Spread - Not provided in the given content

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Report Core Viewpoints - The report maintains a bullish outlook on copper prices in the medium - term, with limited supply and increasing demand; for the short - term, the stabilization of copper prices depends on the stabilization of precious metals, and attention should be paid to support levels of 97,000 and 99,000 for Shanghai copper [1] - For aluminum, wait for supply - demand negative factors to materialize before going long; if the Iran situation deteriorates, aluminum prices may rise [1] - The domestic fundamentals of zinc are average, but the market is optimistic about its allocation flexibility; pay attention to reverse arbitrage opportunities [2] - The short - term fundamentals of nickel are weak, and the short - term is dominated by the overall sentiment of non - ferrous metals [5] - The fundamentals of stainless steel are weak, and the short - term is dominated by the overall sentiment of non - ferrous metals [9] - It is recommended to short lead at high prices in the short - term, and the lead price is expected to fluctuate within a narrow range [12] - For tin, it is recommended to wait and see in the short - term; in the long - term, if the macro situation turns, the price may decline significantly in the second half of the year [14] - The price of industrial silicon is expected to fluctuate with cost in the short - term and oscillate at the cycle bottom in the long - term [18] - The short - term fundamentals of lithium carbonate are strong, and there may be a large space for calendar spread arbitrage if the intermediate inventory further decreases [20] Group 3: Summary by Metal Copper - This week, copper prices fluctuated significantly. US inventory siphoning ability is disappearing, but global consumption is good. The industry still has support, and copper prices may rise in the medium - term [1] - Key data changes from February 6th to February 12th: Shanghai copper spot price decreased by 20, waste - refined copper spread increased by 374, LME inventory increased by 4,550, etc. [1] Aluminum - Aluminum prices pulled back, with weak demand and unexpected supply increase. The spot premium strengthened [1] - Data changes: Shanghai aluminum ingot price increased by 90, aluminum LME inventory decreased by 2,200, etc. from February 6th to February 12th [1] Zinc - Supply side: Domestic and imported TC is declining, but profits are supported by by - products. Production is expected to decrease by 50,000 - 60,000 tons in February. Demand side: Domestic demand is seasonally weak, and the overseas export window is currently closed [2] - Data changes: Shanghai zinc ingot price increased by 20, LME zinc inventory decreased by 1,750 from February 6th to February 12th [2] Nickel - Supply: Pure nickel production decreased slightly. Demand: Overall weak. Inventory: Domestic delivery to the warehouse continued, and LME inventory remained stable [5] - Data changes: 1.5% Philippine nickel ore price increased by 0.0, Shanghai nickel spot price increased by 2,850 from February 6th to February 12th [5] Stainless Steel - Supply: Steel mill production decreased slightly. Demand: Entering the off - season. Cost: Nickel iron decreased slightly, and chromite increased slightly with chromite ore. Inventory: Seasonal accumulation this week [9] - Key prices remained unchanged from February 6th to February 12th [9] Lead - Supply side: Primary lead production is affected by seasonal factors, and secondary lead is affected by environmental protection and losses. Demand side: Battery production and demand are weak [10][12] - Data changes: Social inventory increased by 6, LME lead inventory decreased by 50 from February 6th to February 12th [10] Tin - Supply: There are differences in the resumption expectations in Wa State, Indonesia's quota is determined. Demand: There are differences in downstream restocking willingness, and overseas consumption is flat [14] - Data changes: Spot import revenue increased by 5,973.29, LME inventory decreased by 60 from February 6th to February 12th [13] Industrial Silicon - Supply is shrinking monthly, and it is expected to have a double - reduction in supply and demand in February, maintaining a de - stocking trend [18] - Data changes: 421 Yunnan basis increased by 35, 421 Sichuan basis increased by 35, etc. from February 6th to February 12th [18] Lithium Carbonate - The short - term fundamentals are strong, with upstream maintenance exceeding expectations and downstream maintenance less than expected. There may be calendar spread arbitrage opportunities [20] - Data changes: SMM electric carbon price increased by 4,500, SMM industrial carbon price increased by 4,500 from February 6th to February 12th [20]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The current valuation of the 04 contract is moderately high, with significant influence from pre - holiday funds. After the holiday, it will fluctuate widely under the influence of expectations of price increases, rush shipments, and off - season [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and shipping companies have a large space for price - adjustment operations. It is recommended to operate with caution. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and go long on the 07 contract, but the valuation given by the market is relatively reasonable. The 05 contract is at the off - season switching node, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, there are frequent position - closing operations by funds, and the market is expected to fluctuate greatly. It is recommended to operate with caution this week [3]. 3. Summary by Relevant Catalogs 3.1 Contract Data - EC2604: Yesterday's closing price was 1258.9, up 6.88%. The basis was 399.0, yesterday's trading volume was 36394, and the open interest was 31021, with a change of - 2006 [2]. - EC2605: The price was 1304.0, up 2.25%. The basis was 353.9, trading volume was 138, open interest was 194, with a change of - 20 [2]. - EC2606: The price was 1566.1, up 4.34%. The basis was 91.8, trading volume was 4232, open interest was 13387, with a change of - 798 [2]. - EC2607: The price was 1743.0, up 1.34%. The basis was - 85.1, trading volume was 48, open interest was 132, with a change of 13 [2]. - EC2608: The price was 1632.0, up 3.23%. The basis was 25.9, trading volume was 452, open interest was 1402, with a change of 31 [2]. - EC2609: The price was 1233.1, down 0.56%. The basis was 424.8, open interest was 133, with a change of - 1 [2]. - EC2610: The price was 1131.1, up 2.36%. The basis was 526.8, trading volume was 1230, open interest was 8090, with a change of - 218 [2]. - EC2612: The price was 1425.4, up 2.18%. The basis was 232.5, open interest was 122, with a change of - 3 [2]. 3.2 Month - spread Data - EC2604 - 2606: The previous day's value was - 307.2, with a daily increase of 15.9 and a weekly decrease of 7.4 [2]. - EC2604 - 2605: The previous day's value was - 45.1, with a daily increase of 52.3 [2]. - EC2606 - 2610: The previous day's value was 435.0, with a daily increase of 39.0 and a weekly increase of 36.7 [2]. 3.3 Spot Index Data - Spot (European Line): On February 9, 2026, it was 1657.94 points, down 7.49% from the previous period [2]. - SCFI (European Line): On February 6, 2026, it was 1403 dollars/TEU, down 1.06% from the previous period [2]. 3.4 European Line Spot Situation - Week 7: MSK's opening rate was 1950 dollars (down 100 dollars from the previous week), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central rate was 2130 dollars, equivalent to 1500 points on the market [4]. - Week 8 - 9: MSK's opening rate remained at 1950 dollars, and other shipping companies also mainly continued their previous quotes [4]. - March price increase announcement: Last week, MSC took the lead in issuing a price - increase letter, followed by CMA, COSCO, and HPL. The European line price was announced to increase to 3000 - 3100 dollars [4]. - On Tuesday, MSK's opening rate for the first week of March (week 10) was 1950 dollars, the same as the previous week [4]. 3.5 Relevant News - On February 12, 2026, US President Trump said that the US "must" reach an agreement with Iran, otherwise the situation will be "very serious". He also said that the meeting with Israeli Prime Minister Netanyahu was "very good", and whether to reach an agreement "ultimately depends on me" [5]. - On February 12, 2026, Trump said that the meeting with Netanyahu was very successful, and they discussed the great progress in Gaza and the entire region [5].

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 711.0 4.0 10.0 5.0 -34.0 25省终端可用天数 24.0 1.4 4.1 3.1 6.4 秦皇岛5000 631.0 5.0 15.0 11.0 -29.0 25省终端供煤 577.2 -1.9 -31.4 -62.9 -45.7 广州港5500 795.0 0.0 0.0 -10.0 -45.0 北方港库存 2236.0 5.0 -80.0 -390.0 -304.5 鄂尔多斯5500 500.0 0.0 0.0 0.0 -5.0 北方锚地船舶 82.0 7.0 -9.0 -36.0 32.0 大同5500 555.0 0.0 0.0 0.0 -30.0 北方港调入量 150.6 20.1 7.9 3.7 19.1 榆林6000 670.0 0.0 0.0 -20.0 13.0 北方港吞吐量 144.5 -33.9 -17.4 54.7 15.0 榆林6200 745.0 0.0 0.0 0.0 60.0 CBCFI海运指数 530.5 8.5 8.7 -135.3 36.1 25省终端日耗 5 ...

| | | 废钢早报 研究中心黑色团队 2026/02/13 | 日期 | 华东 | 华北 | 中部 | 华南 | 东北 | 西南 | | --- | --- | --- | --- | --- | --- | --- | | 2026/02/06 | 2194 | 2264 | 2063 | 2224 | 2215 | 2107 | | 2026/02/09 | 2191 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/10 | 2190 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/11 | 2190 | 2265 | 2063 | 2220 | 2215 | 2107 | | 2026/02/12 | 2190 | 2264 | 2063 | 2220 | 2215 | 2107 | | 环比 | 0 | -1 | 0 | 0 | 0 | 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 ...

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The intraday 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). The warehouse receipts remain unchanged. The East China market is mostly stable with the local transaction center moving down. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30). The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1] 3. Summary by Relevant Catalogs Daily Data | Date | South China LPG | East China LPG | Shandong LPG | Propane CFR South China | Propane CIF Japan | CP Forecast Contract Price | Shandong Ether - after C4 | Shandong Alkylation Oil | Paper Import Profit | Main Contract Basis | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | 2026/02/06 | 4835 | 4475 | 4440 | 635 | 569 | 532 | 4240 | 7230 | -213 | 317 | | 2026/02/09 | 4765 | 4475 | 4470 | 636 | 576 | 534 | 4370 | 7280 | -281 | 381 | | 2026/02/10 | 4750 | 4475 | 4490 | 638 | 578 | 538 | 4450 | 7280 | -305 | 324 | | 2026/02/11 | 4750 | 4475 | 4430 | 635 | 581 | 538 | 4450 | 7250 | -282 | 313 | | 2026/02/12 | 4750 | 4467 | 4440 | 635 | 571 | 534 | 4460 | 7280 | -274 | 296 | | Daily Change | 0 | -8 | 10 | 0 | -10 | -4 | 10 | 30 | 8 | -17 | [1] Daily Viewpoint - The 3 - 4 month spread is -206 (+52), and the 4 - 5 month spread is 88 (+6). Warehouse receipts remain unchanged. The East China market is mostly stable, with local transaction centers moving down, and the mainstream transaction price is 4150 - 4800 yuan/ton. As the Spring Festival approaches, the market transportation capacity gradually decreases, and refineries are actively shipping. It is expected that the East China market will remain stable in the short - term, with local areas possibly weakening [1] Weekly Viewpoint - This week, the futures price fluctuated and declined, mainly due to the decline in oil prices and the weak basis of PG itself. The basis strengthened by 163 to -71 (calculated using Shanghai civil LPG). The 3 - 4 month spread is -303 (-9). Warehouse receipts are 6902 lots (+1035), with 1000 lots added by Wuchan Zhongda. The current cheapest deliverable is Shanghai civil LPG at 4150 (+30) [1] - The overseas paper - cargo monthly spread has risen, and the oil - gas ratio has fluctuated. The domestic - overseas spread has weakened. PG - FEI c1 is 75.26 (-9.6), FEI - MB is 185.6 (+16.6), and FEI - CP is 10 (+13). Freight rates have increased. The actual landed cost has fluctuated weakly. The FEI - MOPJ spread has widened, with the latest at -44.75 (-15.75) [1] - PDH profit has declined. Port storage capacity decreased by 1.67 pct, ship arrivals decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct; external sales increased by 0.94%. Chemical demand has increased, and PDH operating rate is 62.66% (+1.94 pct). The temperature has slightly warmed up but is still low, and the rigid demand on the combustion side is still acceptable [1] - As the Spring Festival approaches, the downstream replenishment is coming to an end. It is expected that the transportation capacity will decline next week, and factories will mainly focus on inventory clearance. Overall, the domestic basis is still weak; due to the large price difference between propane and civil LPG, the downward space for civil LPG may be limited before the festival; the 3 - 4 month spread is fairly valued, and subsequent attention should be paid to warehouse receipts. The overseas market is still tight in the short - term, with high freight rates, and geopolitics and cold snaps are still key factors that need continuous attention [1]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices are expected to fluctuate before the Spring Festival due to reduced market transactions and downstream restocking, while long - term policies need attention [1] - Starch prices are supported in the short - term by downstream holiday stocking and inventory reduction, and long - term price depends on downstream consumption rhythm [2] - For sugar, the international market anticipates increased production in the 25/26 season, and the domestic market's short - term pricing is based on domestic sugar, while long - term it may seek the cost of out - of - quota imports [3] - Cotton demand is expected to improve, and it is suitable for long - term investment due to low initial inventory, expanding textile production, and favorable policies [5] - Egg prices have stopped rising and started to fall after pre - holiday stocking. The 05 contract is affected by farmers' chicken culling, and the supply pressure in the second quarter can be alleviated by observing the price difference between culled chickens and white chickens [13] - Apple inventory is decreasing faster during the holiday, with different price trends for different - quality fruits. The sales in the distribution area have not improved significantly [16] - Pig prices are weak in the short - term. During the pre - holiday period of increased supply and demand, inventory reduction pressure dominates, with medium - term pressure still existing and long - term inflection points providing support [16] Group 3: Summary by Commodity Corn/Starch Corn - Price data: From February 6 to February 12, 2026, prices in Changchun remained at 2,180, in Jinzhou increased by 10 to 2,290, in Weifang remained unchanged, and in Shekou increased by 20 to 2,450. The basis, trade profit, and import profit also changed [1] Starch - Price data: From February 6 to February 12, 2026, prices in Heilongjiang remained at 2,750, in Weifang remained at 2,820. The basis decreased by 1, and the processing profit remained unchanged at - 83 [1] Sugar - Price data: From February 6 to February 12, 2026, the price in Liuzhou remained at 5,370 (after the 9th), in Nanning remained unchanged, and in Kunming had no data on the 12th. The basis increased by 12, the import profit from Thailand increased by 32, and from Brazil also increased by 32. The number of warehouse receipts remained at 14,719 [3] Cotton - Price data: From February 6 to February 12, 2026, the 3128 cotton price increased by 75 to 15,840, the import - related data had some changes, and the 32S spinning profit decreased by 79 to - 977 [18] Egg - Price data: From February 6 to February 12, 2026, prices in Hebei decreased by 0.16 to 3.42, in Henan decreased by 0.10 to 3.45. The basis decreased by 230 to 485, and the prices of substitute products remained unchanged [12] Apple - Price data: From February 6 to February 12, 2026, the price of Shandong 80 first - and second - grade apples remained at 8,900, and the price of Shaanxi 70 general - quality apples remained at 4.00. The national inventory decreased by 56 to 531.51, Shandong inventory decreased by 138 to 218.35, and Shaanxi inventory decreased by 60 to 140.40. The 1 - month, 5 - month, and 10 - month bases also changed [15][16] Pig - Price data: From February 6 to February 12, 2026, prices in Henan Kaifeng increased by 0.10 to 12.33, in Hubei Xiangyang decreased by 0.05 to 12.05, in Shandong Linyi increased by 0.20 to 12.27, in Anhui Hefei increased by 0.25 to 12.45, and in Jiangsu Nantong increased by 0.30 to 12.40. The basis increased by 115 to 790 [16]

国内价格 LME价格 比价 现货 16600 1941 8.54 三月 16700 1988 12.33 均衡比价 盈利 现货进口 8.49 101.54 跨期套利跟踪 2026/02/13 铜 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 590 940 1170 1230 理论价差 611 1119 1637 2155 锌 次月-现货月 三月-现货月 四月-现货月 五月-现货月 价差 115 135 185 190 理论价差 226 357 489 621 铝 次月-现货月 三月-现货月四月-现货月 五月-现货月 价差 25 105 160 220 理论价差 229 359 489 619 铅 次月-现货月 三月-现货 月 四月-现货月 五月-现货月 价差 45 50 90 135 理论价差 208 313 417 521 镍 次月-现货月 三月-现货月 四月-现货 月 五月-现货月 价差 1020 1240 1570 1590 锡 5-1 价差 -650 理论价差 8044 期现套利跟踪 2026/02/13 铜 当月合约-现货 次月合约-现货 价差 -290 300 理论价差 87 7 ...