| 2/25 18:00 欧元区1月HCPI、核心HCPI终值 | | | --- | --- | | 2/26 21:30 美国截至2月21日当周初请失业金人数 | | | 2/27 21:30 美国1月PPI、核心PPI | | | 重点关注 | | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ | 备注：IF:沪深300 IH:上证50 IC:中证500 IM：中证1000 IO:沪深300期权 | 研究员: 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 微信号：yanjiufuwu 电话：0595-86778969 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。 股指期货全景日报 2026 ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪胶主力合约收盘价(日,元/吨) | 17030 | 715 20号胶主力合约收盘价(日,元/吨) | 13795 | 615 | | | 沪胶5-9差(日,元/吨) | 200 | 80 20号胶3-4价差(日,元/吨) | -70 | -10 | | | 沪胶与20号胶价差(日,元/吨) | 3235 | 100 沪胶主力合约 持仓量(日,手) | 162068 | 21833 | | | 20号胶主力合约持仓量(日,手) | 47522 | -263 沪胶前20名净持仓 | -37237 | -3430 | | | 20号胶前20名净持仓 | -7717 | 282 沪胶交易所仓单(日,吨) | 112570 | 0 | | | 20号胶交易所仓单(日,吨) 上海市场国营全乳胶(日,元/吨) | 50601 | -202 | | | | 现货市场 | | 16800 | | 16600 | | | | 泰标STR20(日,美元/吨 ...

国债期货日报 2026/2/24 | 项目类别 | 数据指标 | 最新 | 环比 项目 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 108.500 | 0.02% T主力成交量 | 114901 | 879↑ | | | TF主力收盘价 | 106.175 | 0.07% TF主力成交量 | 90761 | -35670↓ | | | TS主力收盘价 | 102.450 | 0.02% TS主力成交量 | 26599 | -6350↓ | | | TL主力收盘价 | 112.960 | 0.2% TL主力成交量 | 63711 | -24535↓ | | 期货价差 | TL2603-2606价差 | -0.30 | -0.13↓ T03-TL03价差 | -4.46 | -0.12↓ | | | T2603-2606价差 | -0.11 | -0.05↓ TF03-T03价差 | -2.55 | -0.02↓ | | | TF2603-2606价差 | -0.22 | -0.08↓ TS03-T03价差 | -6.05 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, a spot discount, and a strengthening basis. The raw material side of the fundamentals shows that the spot index of copper concentrate TC is running at a low level, and the expectation of tight ore still provides solid support for copper prices. On the supply side, smelters shut down during the holiday and the number of production days was relatively small. Coupled with the tightening of the import window, the arrival volume decreased, and the domestic copper supply decreased. On the demand side, after the holiday is the traditional domestic consumption peak season, and with the support of policies for consumption, the overall industry outlook is positive. In terms of options, the call - put ratio of at - the - money option positions is 1.67, a month - on - month increase of 0.2874, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, on the 60 - minute MACD, the double lines are below the 0 - axis, and the red bars are expanding. The summary of the view is to conduct short - term long trades on dips with a light position, and pay attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 101,510.00 yuan/ton, a daily increase of 1,130.00 yuan; the price of LME 3 - month copper is 13,029.00 US dollars/ton, a daily increase of 160.50 US dollars. The spread between the main contract and the next - month contract is - 300.00 yuan/ton, a daily decrease of 50.00 yuan. The open interest of the main contract of Shanghai copper is 130,714.00 lots, a daily decrease of 8,909.00 lots. The net position of the top 20 futures holders of Shanghai copper is - 60,673.00 lots, a daily increase of 4,904.00 lots. The LME copper inventory is 241,825.00 tons, a daily increase of 6,675.00 tons. The Shanghai Futures Exchange inventory of cathode copper is 272,475.00 tons, a weekly increase of 23,564.00 tons. The LME copper cancelled warrants are 10,525.00 tons, a daily increase of 250.00 tons. The Shanghai Futures Exchange warehouse receipts of cathode copper are 277,089.00 tons, a daily decrease of 2,856.00 tons. The COMEX copper inventory is 600,436.00 short tons, a daily increase of 1,734.00 short tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 101,455.00 yuan/ton, a daily increase of 1,220.00 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 101,720.00 yuan/ton, a daily increase of 1,345.00 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 34.00 US dollars/ton, unchanged. The average premium of Yangshan copper is 33.00 US dollars/ton, unchanged. The basis of the CU main contract is - 55.00 yuan/ton, a daily increase of 90.00 yuan. The LME copper cash - 3 - month spread is - 83.60 US dollars/ton, a daily decrease of 0.55 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons per month, an increase of 17.80 million tons. The rough smelting fee (TC) of domestic copper smelters is - 50.53 US dollars/kiloton, a weekly increase of 1.84 US dollars. The price of copper concentrate in Jiangxi is 90,680.00 yuan/metal ton, a daily decrease of 1,710.00 yuan; the price of copper concentrate in Yunnan is 91,380.00 yuan/metal ton, a daily decrease of 1,710.00 yuan. The processing fee of blister copper in the south is 2,300.00 yuan/ton, unchanged; the processing fee of blister copper in the north is 1,800.00 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper is 132.60 million tons per month, an increase of 9.00 million tons. The import volume of unwrought copper and copper products is 440,000.00 tons per month, an increase of 10,000.00 tons. The social inventory of copper is 41.82 million tons per week, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai is 66,990.00 yuan/ton, a daily decrease of 1,200.00 yuan; the price of 2 copper (94 - 96%) in Shanghai is 80,950.00 yuan/ton, a daily decrease of 1,350.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030.00 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 222.91 million tons per month, an increase of 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan per month, an increase of 79.113 billion yuan. The cumulative completed investment in real estate development is 8,278.814 billion yuan per month, an increase of 41.9724 billion yuan. The monthly output of integrated circuits is 4,807,345.50 ten - thousand pieces, an increase of 415,345.50 ten - thousand pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 43.97%, a daily increase of 0.16%; the 40 - day historical volatility of Shanghai copper is 36.59%, a daily increase of 0.05%. The implied volatility of the at - the - money option in the current month is 31.69%, an increase of 0.0920. The call - put ratio of at - the - money options is 1.67, an increase of 0.2874 [2] 3.7 Industry News - Iran issue: Trump said he prefers to reach an agreement with Iran rather than go to war. US envoys Witkoff and Kushner will participate in a new round of US - Iran negotiations. US media reported that the Chairman of the Joint Chiefs of Staff warned that the risk of military action against Iran is extremely high and it is easy to fall into a long - term conflict. - Trump's tariffs: The European Parliament suspended the approval of the EU - US trade agreement. Trump warned that countries that do not comply with trade agreements with the US will face higher tariffs. US House Speaker Johnson said that there is no precedent for tariff rebates, and it will be decided by the White House. The British Prime Minister's spokesman said that all measures are under consideration. The Trump administration is considering imposing new "national security tariffs" on six industries, which may cover large - scale batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. - The US Supreme Court announced the ruling of the tariff lawsuit, ruling that the reciprocal tariffs, fentanyl tariffs and other related tariffs imposed by the US government on relevant trading partners under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce responded that it is comprehensively evaluating the relevant content and impact. China urges the US to cancel the relevant unilateral tariff measures imposed on trading partners. China noted that the US is preparing to take trade investigations and other alternative measures to maintain the tariffs imposed on trading partners, and China will closely monitor this and firmly safeguard China's interests. - The director of the Planning Department of the National Energy Administration, Ren Yuzhi, said that a new energy system and a series of sub - field energy plans will be released and implemented. On the one hand, solidly promote the construction of strategic and landmark major projects, safely and orderly promote the construction of the Yalong River hydropower project, layout and construct wind and photovoltaic bases in the "Three North" regions, integrated water - wind - solar bases in the southwest, coastal nuclear power bases, and offshore wind power bases, and optimize the construction of backbone channels for electricity, oil and gas. On the other hand, accelerate the construction of a number of "small and beautiful" projects, implement the project to improve the electric vehicle charging network, layout and construct several integrated bases of wind - solar - hydrogen - ammonia - alcohol, and build a number of solar thermal power generation projects. - Federal Reserve Governor Waller said that if the employment data in February is strong, he may tend to suspend interest rate hikes. The potential inflation rate is close to the 2% target level [2]

数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 走高而远月下跌，市场表现相对分化，短线参与为主。 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 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。 鸡蛋产业日报 2026-02-24 | 项目类别 | 数据指标 环比 | 最新 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3253 | 2 期货前20名持仓:净买单量:鸡蛋(日,手) | -2757 | 10082 | | 期货市场 | 克) 鸡蛋期货月间价差(5-9):(日 ...

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 | 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) | 8845 | 0 主力合约持仓量:红枣(日,手) | 106193 | 4178 103 | | | 期货前20名持仓:净买单量:红枣(日,手) | -15493 | -89 仓单数量:红枣(日,张) | 3869 | | | | 有效仓单预报:红枣:小计(日,张) | 352 | -103 | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6.5 | 0 河北一级灰枣批发价格(日,元/斤) | 3.95 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.65 | 0 河南一级灰枣批发价格(日,元/斤) | 4.15 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 5.15 | 0 河南红枣特级价格(元/公斤) | 9.5 | 0 | | | ...

焦煤焦炭产业日报 2026/2/24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1101.50 | -19.50↓ J主力合约收盘价（日，元/吨） | 1634.50 | -47.50↓ | | 期货市场 | JM期货合约持仓量（日，手） | 618649.00 | +59240.00↑ J期货合约持仓量（日，手） | 42699.00 | +4340.00↑ | | | 焦煤前20名合约净持仓（日，手） | -80137.00 | +1686.00↑ 焦炭前20名合约净持仓（日，手） | 56.00 | -57.00↓ | | | JM9-5月合约价差（日，元/吨） | 83.00 | +2.50↑ J9-5月合约价差（日，元/吨） | 72.00 | +3.00↑ | | | 焦煤仓单（日，张） | 400.00 | -300.00↓ 焦炭仓单（日，张） | 1420.00 | 0.00 | | | 干其毛都蒙5原煤（日，元/吨） | 1015. ...

临阶段性消费淡季，糖价依旧保持弱势可能。不过短期受国际原糖价格反弹提振，节后开盘糖价表现相对 | 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:白糖(日,元/吨) | 5229 | 18 主力合约持仓量:白糖(日,手) | 431165 | 10907 | | 期货市场 | 仓单数量:白糖(日,张) | 14461 | 0 期货前20名持仓:净买单量:白糖(日,手) | -69236 | -6782 | | | 有效仓单预报:白糖:小计(日,张) | 717 | 0 | | | | | 进口加工估算价(配额内):巴西糖(日,元/ | 3866 | 96 进口加工估算价(配额内):泰国糖(日,元/ | 3805 | 96 | | 吨) 现货市场 | | | 吨) | | 126 | | | 进口巴糖估算价(配额外,50%关税)(日,元 | 4891 | 126 进口泰糖估算价(配额外,50%关税)(日,元 | 4811 | | | | /吨) 云南昆明白糖现货价格(日,元/吨) ...

菜籽系产业日报 2026-02-24 期至3月9日，延期是由于案件复杂。中加贸易局势仍未完全明朗化，短期内继续牵制菜籽的商业买船，菜油供应端压力仍相对有限 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 。盘面来看，在外围油脂走强提振下，节后国内菜油高开偏强震荡，呈现补涨态势。 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。 求淡季，菜粕需求以刚性为主。盘面来看，今日菜粕震荡略有收跌，短线交易为主。 | | 加拿大农业部表示，2026/27年度油菜籽产量预计为1920万吨，低于上年的2180万吨。期末库存165万吨，低于上年的275万吨。 | | --- | --- | | 菜油观点总 | 其供需格局有望 ...

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 场对节后传统旺季预期。总体上，美棉价格上涨的同时，预计新疆植棉面积调控下降，提振国内棉市，预 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 棉花(纱)产业日报 2026-02-24 计棉价震荡偏强运行。关注宏观消息影响。 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 | 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) | 15285 | 545 棉纱主力合约收盘价(日,元/吨) | 21270 | 740 | | | 棉花期货前20名净持仓(手) | -132402 | -19350 棉纱期货前20名净持仓(手) | ...