1. Report Industry Investment Rating - Not provided in the content 2. Core Views Corn - The U.S. corn supply - demand pattern is relatively loose, constraining international corn prices, and there is still potential import pressure in the international market [2]. - Near the Spring Festival, the grain - holding entities' selling mentality has loosened, increasing the corn market supply. After the previous policy - grain auctions, enterprise inventories have risen above the safety line, and most grain - using enterprises' pre - festival stockpiling is basically over. The market trading enthusiasm has declined, and deep - processing enterprises' purchase prices have slightly decreased [2]. - The futures market is supported by strong spot prices, maintaining a relatively strong oscillation, but the upside pressure is still large, and the short - term high has declined [2]. Corn Starch - Near the Spring Festival, downstream demand is good,提货 is active, and the overall inventory has decreased. However, the overall inventory level is still relatively high [3]. - The starch futures market has maintained an oscillation recently, and it is advisable to wait and see in the short term [3]. 3. Summary by Relevant Catalogs Futures Market - Corn futures closing price (active contract) is 2261 yuan/ton, down 10 yuan; corn starch futures closing price (active contract) is 2513 yuan/ton, down 8 yuan [2]. - Corn monthly spread (5 - 9) is - 25 yuan/ton, down 4 yuan; corn starch monthly spread (3 - 5) is - 59 yuan/ton, up 8 yuan [2]. - Corn futures trading volume (active contract) is 760192 lots, down 114507 lots; corn starch futures trading volume (active contract) is 151286 lots, down 6295 lots [2]. - The net long position of the top 20 futures holders of corn is - 132837 lots, up 54494 lots; that of corn starch is - 23889 lots, up 3630 lots [2]. - Corn registered warehouse receipts are 54881 lots, up 2836 lots; corn starch registered warehouse receipts are 11611 lots, unchanged [2]. - The CS - C spread of the main contract is 307 yuan/ton, down 5 yuan [2]. Outer Market - CBOT corn futures closing price (active contract) is 428.25 cents/bushel, down 2.75 cents; CBOT corn total trading volume (weekly) is 1667786 contracts, up 54400 contracts [2]. - CBOT corn non - commercial net long position (weekly) is - 51704 contracts, down 18281 contracts [2]. Spot Market - The average spot price of corn is 2373.43 yuan/ton, down 2.84 yuan; the ex - factory price of corn starch in Changchun is 2610 yuan/ton, unchanged [2]. - The FOB price of corn at Jinzhou Port is 2330 yuan/ton, down 10 yuan; the ex - factory price of corn starch in Weifang is 2790 yuan/ton, unchanged [2]. - The CIF price of imported corn is 2036.6 yuan/ton, down 34.17 yuan; the ex - factory price of corn starch in Shijiazhuang is 2770 yuan/ton, unchanged [2]. - The international freight of imported corn is 52 US dollars/ton, up 5 US dollars [2]. - The basis of the main corn contract is 112.43 yuan/ton, up 7.16 yuan; the basis of the main corn starch contract is 97 yuan/ton, up 8 yuan [2]. - The spread between Shandong starch and corn (weekly) is 444 yuan/ton, unchanged; the spread between tapioca starch and corn starch (weekly) is 573 yuan/ton, down 4 yuan [2]. - The spread between corn starch and 30 - powder is - 205 yuan/ton, down 1 yuan [2]. Upstream Situation - The predicted annual corn yield in the U.S. is 425.53 million tons, and the sown area is 36.44 million hectares, both unchanged [2]. - The predicted annual corn yield in Brazil is 131 million tons, and the sown area is 22.6 million hectares, both unchanged [2]. - The predicted annual corn yield in Argentina is 53 million tons, and the sown area is 7.5 million hectares, both unchanged [2]. - The predicted annual corn yield in China is 295 million tons, and the sown area is 44.3 million hectares, both unchanged [2]. - The predicted annual corn yield in Ukraine is 29 million tons, down 3 million tons [2]. Industry Situation - The corn inventory at southern ports (weekly) is 50.5 tons, down 19.2 tons; the deep - processing corn inventory (weekly) is 440.5 tons, up 56.7 tons [2]. - The corn inventory at northern ports (weekly) is 180 tons, up 5 tons; the weekly inventory of starch enterprises (weekly) is 102.8 tons, down 4.1 tons [2]. - The monthly import volume of corn is 80 tons, up 24 tons; the monthly export volume of corn starch is 16.74 tons, down 0.2 tons [2]. - The monthly output of feed is 3008.6 tons, up 30.7 tons [2]. Downstream Situation - The sample feed corn inventory days (weekly) are 31.93 days, up 0.61 days [2]. - The deep - processing corn consumption (weekly) is 138.54 tons, up 0.39 tons [2]. - The alcohol enterprise operating rate (weekly) is 57.43%, up 0.1%; the starch enterprise operating rate (weekly) is 59.99%, down 0.47% [2]. - The corn starch processing profit in Shandong is - 32 yuan/ton, down 10 yuan; in Hebei, it is 53 yuan/ton, unchanged; in Jilin, it is - 91 yuan/ton, unchanged [2]. Option Market - The 20 - day historical volatility of corn is 9.13%, up 0.18%; the 60 - day historical volatility of corn is 9.03%, down 0.13% [2]. - The implied volatility of at - the - money call options for corn is 10.71%, up 0.85%; the implied volatility of at - the - money put options for corn is 10.71%, up 0.85% [2]. Industry News - As of January 28, the sown area of Argentina's 2025/26 corn season accounted for 97.2% of the total expected area (7.8 million hectares), up from 93.1% a week ago [2]. - A private Brazilian meteorological agency issued a weather warning that the probability of rainfall in southern Brazil, Argentina, and southern Paraguay will be low next week [2]. Key Points to Watch - Pay attention to Mysteel's weekly corn consumption, starch enterprise operating rate, and inventory on Thursday and Friday [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The coking coal market is currently in a weak balance with reduced supply and weak demand as the winter storage nears its end. It is expected to fluctuate weakly. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain. [2] - The coke market has contracted supply and lower - than - expected hot metal demand. With the approaching end of pre - holiday winter storage, the support is weak, and it is also expected to fluctuate weakly. Attention should be paid to steel - coking profits and the shutdown situation in the industrial chain. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1141.50 yuan/ton, down 14.00 yuan; J main contract closing price: 1680.50 yuan/ton, down 41.00 yuan. [2] - JM futures contract open interest: 571949.00 lots, down 18552.00 lots; J futures contract open interest: 38425.00 lots, down 277.00 lots. [2] - Net open interest of the top 20 coking coal contracts: - 77050.00 lots, down 1671.00 lots; net open interest of the top 20 coke contracts: - 954.00 lots, up 435.00 lots. [2] - JM 9 - 5 month contract spread: 84.50 yuan/ton, up 7.50 yuan; J 9 - 5 month contract spread: 66.00 yuan/ton, up 0.50 yuan. [2] - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 1480.00. [2] 3.2 Spot Market - Ganqimao Meng 5 raw coal: 1024.00 yuan/ton, up 4.00 yuan; Tangshan first - grade metallurgical coke: 1720.00 yuan/ton, up 55.00 yuan. [2] - Russian prime coking coal forward spot: 164.00 US dollars/wet ton, no change; Rizhao Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, up 50.00 yuan. [2] - Jingtang Port imported prime coking coal from Australia: 1610.00 yuan/ton, up 20.00 yuan; Tianjin Port first - grade metallurgical coke: 1620.00 yuan/ton, up 50.00 yuan. [2] - Jingtang Port prime coking coal from Shanxi: 1780.00 yuan/ton, no change; Tianjin Port quasi - first - grade metallurgical coke: 1520.00 yuan/ton, up 50.00 yuan. [2] - Medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi: 1400.00 yuan/ton, up 22.00 yuan; J main contract basis: 39.50 yuan/ton, up 96.00 yuan. [2] - Coking coal ex - factory price from Wuhai, Inner Mongolia: 1330.00 yuan/ton, no change; JM main contract basis: 203.50 yuan/ton, up 54.00 yuan. [2] 3.3 Upstream Situation - Fine coal output of 314 independent coal washing plants: 26.80 million tons, down 0.80 million tons; fine coal inventory of 314 independent coal washing plants: 311.60 million tons, down 11.60 million tons. [2] - Capacity utilization rate of 314 independent coal washing plants: 0.37%, down 0.01 percentage points; raw coal output: 43703.50 million tons, up 1024.20 million tons. [2] - Coal and lignite imports: 5860.00 million tons, up 1455.00 million tons; daily average raw coal output of 523 coking coal mines: 197.80 million tons, down 1.60 million tons. [2] - Imported coking coal inventory at 16 ports: 547.99 million tons, down 15.00 million tons; coking coal inventory of all - sample independent coking enterprises: 1234.79 million tons, up 57.08 million tons. [2] - Coking coal inventory of 247 steel mills nationwide: 814.36 million tons, up 11.12 million tons; coke inventory of 247 sample steel mills nationwide: 678.19 million tons, up 16.55 million tons. [2] - Available days of coking coal for all - sample independent coking enterprises: 13.03 days, up 0.15 days; available days of coke for 247 sample steel mills: 12.54 days, up 0.19 days. [2] 3.4 Industry Situation - Coking coal imports: 1376.98 million tons, up 303.83 million tons; coke and semi - coke exports: 100.00 million tons, up 28.00 million tons. [2] - Total coking coal supply: 5478.50 million tons, up 238.93 million tons; capacity utilization rate of independent coking enterprises: 72.41%, down 0.14 percentage points. [2] - Profit per ton of coke in independent coking plants: - 55.00 yuan/ton, up 11.00 yuan/ton; coke output: 4274.30 million tons, up 104.00 million tons. [2] 3.5 Downstream Situation - Blast furnace operating rate of 247 steel mills nationwide: 79.00%, up 0.32 percentage points; blast furnace iron - making capacity utilization rate of 247 steel mills: 85.47%, down 0.04 percentage points. [2] - Crude steel output: 6817.74 million tons, down 169.36 million tons. [2] 3.6 Industry News - China's official manufacturing PMI in January was 49.3%, a month - on - month decrease of 0.8 percentage points. Some manufacturing industries entered the traditional off - season, and market demand was insufficient. [2] - US President Trump officially nominated former Fed governor Kevin Warsh as the next Fed chairman to replace Powell whose term ends in May. [2]

之后周均开工仍有走低，随着宁波富德MTO装置负荷提升，短期MTO行业开工预计稍有上涨。MA2605合约 短线预计在2220-2300区间波动，短期大宗商品价格受宏观情绪影响较大，建议观望为主。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 甲醇产业日报 2026-02-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2252 | -68 甲醇5-9价差(日,元/吨) | -26 | -2 | | | 主力合约持仓量:甲醇(日,手) | 813310 | -13790 期货前20名持仓:净买单量:甲醇(日,手) | -129806 | -3014 | | | 仓单数量:甲醇(日,张) | 7103 | -50 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2220 | -30 内蒙古(日,元/吨) | 1790 | 0 | | | 华东-西北价差(日,元/吨) ...

红枣产业日报 2026-02-02 年前出货量约占内地采购总量的四至五成，后续增量空间有限。 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 8820 | -130 主力合约持仓量:红枣(日,手) | 121594 | 412 0 | | | 期货前20名持仓:净买单量:红枣(日,手) | -18464 | 65 仓单数量:红枣(日,张) ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 沪锡产业日报 2026-02-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 392650 | -16350 3月-4月合约收盘价:沪锡(日,元/吨) | 360 | 1360 | | | LME3个月锡(日,美元/吨) | 50600 | -4484 主力合约持仓量:沪锡(日,手) | 38322 | -1757 | | | 期货前20名净持仓:沪锡(日,手) | -5729 | 537 LME锡:总库存(日,吨) | 7095 | 0 | | | 上期所库存:锡(周,吨) | 9720 | 171 LME锡:注销仓单(日,吨) | 265 | 65 | | 现货市场 | 上期所仓单:锡(日,吨) | 8097 | -427 | | | | | SMM1#锡现货价格(日,元/吨) | 392750 | -35900 长江有色市场1#锡现货价(日,元/吨) | 392480 | ...

不锈钢产业日报 2026-02-02 技术面，持仓减量价格回调，多头氛围下降，关注MA60争夺。观点参考：预计不锈钢期价偏弱调整，关注 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 1.32支撑。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 13420 | -720 03-04月合约价差:不锈钢(日,元/吨) | -95 | 20 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢( ...

棉花(纱)产业日报 2026-02-02 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑棉主力合约收盘价(日,元/吨) | 14575 | -95 棉纱主力合约收盘价(日,元/吨) | 20405 | -90 | | | 棉花期货前20名净持仓(手) | -117261 | 19409 棉纱期货前20名净持仓(手) | -1402 | 391 | | | 主力合约持仓量:棉花(日,手) | 719506 | -33772 主力合约持仓量:棉纱(日,手) | 4884 | -1005 | | | 仓单数量:棉花(日,张) 中国棉花价格指数:CCIndex:3128B(日,元 | 10325 | 36 仓单数量:棉纱(日,张) | 0 | 0 | | | 中国进口棉价格指数:FCIndexM:1%关税( | 16070 | -113 中国纱线价格指数:纯棉普梳纱32支(日, | 21455 | 25 | | | /吨) | | 元/吨) | | | | 现货市场 | | 12377 ...

本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1787 | -3 郑州尿素5-9价差(日,元/吨) | 32 | 7 4032 | | | 郑州尿素主力合约持仓量(日,手) | 240285 | -6009 郑州尿素前20名净持仓 | -21160 | | | | 郑州尿素交易所仓单(日,张) | 11256 | -1434 | | | | 现货市场 | 河北(日,元/吨) | 1790 | 0 河南(日,元/吨) | 1770 | 0 | ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 98,580.00 | -5100.00↓ LME3个月铜(日,美元/吨) | 12,710.00 | -447.50↓ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 300.00 | +520.00↑ 主力合约持仓量:沪铜(日,手) | 194,809.00 | -28125.00↓ | | | 期货前20名持仓:沪铜(日,手) | -70,006.00 | -2533.00↓ LME铜:库存(日,吨) | 174,975.00 | -1100.00↓ | | | 上期所库存:阴极铜(周,吨) | 233,004.00 | +7067.00↑ LME铜:注销仓单(日,吨) | 41,800.00 | -1800.00↓ | | | 上期所仓单:阴极铜(日,吨) | 158,527.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 100,460.00 | ...

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The current high inventory of laying hens is still at a high level. The Spring Festival stocking sentiment has reached its peak, leading to a decline in inventory at all levels, some inventories have been cleared, and traders are more active in purchasing, accelerating the turnover speed. Egg prices have risen significantly, and the profits of the breeding end have improved, which has increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for old chicken culling, weakening the expectation of inventory decline. The market is in a game between the boost of the continuous rise in spot prices and the pressure of high inventory, adding market volatility, and it is recommended to participate in the short - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of egg futures is 2,975 yuan/500 kilograms, a decrease of 27 yuan; the net long position of the top 20 futures holders of eggs is - 1,165 hands, a decrease of 3,655 hands; the egg futures monthly spread (5 - 9) is - 437 yuan/500 kilograms, an increase of 14 yuan; the trading volume of the active contract of egg futures is 180,423 hands, a decrease of 20,064 hands; the registered warehouse receipt volume is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.84 yuan/jin, a decrease of 0.28 yuan; the basis (spot - futures) is 860 yuan/500 kilograms, a decrease of 249 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75; the national culling laying hen index is 124.98 (with 2015 = 100), an increase of 23.8; the average price of laying hen chicks in the main producing areas is 3.1 yuan/feather, an increase of 0.1 yuan; the national new chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of laying hen feed is 2.84 yuan/kg, unchanged; the breeding profit of laying hens is 0.11 yuan/hen, an increase of 0.19 yuan; the average price of culled chickens in the main producing areas is 9.06 yuan/kg, an increase of 0.28 yuan; the culling chicken age is 500 days, unchanged [2] 3.4 Industry Conditions - The average wholesale price of pork is 18.44 yuan/kg, a decrease of 0.17 yuan; the average wholesale price of 28 key - monitored vegetables is 5.56 yuan/kg, a decrease of 0.06 yuan; the average wholesale price of white - striped chickens is 17.35 yuan/kg, an increase of 0.07 yuan; the weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days; the weekly inventory in the production link is 1.02 days, an increase of 0.05 days; the monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main producing area, is 7.69 yuan/kg, a decrease of 0.66 yuan from yesterday; the average price of eggs in Hebei is 7.41 yuan/kg, a decrease of 0.36 yuan from yesterday; the average price of eggs in Guangdong is 7.67 yuan/kg, a decrease of 0.80 yuan from yesterday; the average price of eggs in Beijing is 8.18 yuan/kg, a decrease of 0.32 yuan from yesterday [2]