| | | 投资询业务资格: 证监许可【2012】31号 C 国贸期货 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 沥青数据日报 | | | | | | 是浙官 | | 国贸期货研究院 能源化工研究中心 投资咨询号: Z0021177 从业资格号:F03101843 数据来源:钢联 | 卢钊毅 | | | 2026/1/27 | | 글 | | 华东 东北 | 华北 | 华南 | 西北 | 山东 | | 现点 | 现值 | 3200 3440 | 3200 | 3220 | 3430 | 3140 | | 货 区 域 | 前值 | 3190 3440 | 3200 | 3190 | 3430 | 3090 | | 涨幅 | | 10 0 | 0 | 30 | 0 | 50 | | 期 号 | | BU2602 BU2603 | | | | | | 现值 | | 3262 | 3279 | | | | | स्त हो | 前值 | 3222 | 3236 | | | | | 涨幅 | | 1.24% | 1.33% | | | | I ...

| Comm | | 能源化工研究中心 叶海文 | | | | | --- | --- | --- | --- | --- | --- | | | | 从业资格证号:F3071622 | | | | | | | 投资咨询证号:Z0014205 | | | 数据来源:Wind 钢联数据库 | | | | | 現値 | 前值 | 涨跌 | | | | RU主力 | 16230 | 16315 | -85 | | | 国内 | NR主力 | 13085 | 13095 | -10 | | 期货盘面 | | BR主力 | 13265 | 12930 | +335 | | | 外盘 | Tocom RSS3(日元/千克) | 347.0 | 352. 6 | -5.6 | | | | Sicom TF(美分/千克) | 186. 5 | 186. 5 | 0.0 | | | | RU2605-RU2601 | -70 | -95 | +25 | | | | RU2701-RU2609 | 685 | 680 | + રે | | | 跨期价差 | NR主力-次主力 | -40 | -30 | -10 | | | | B ...

ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 玉米系数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询号:Z0021658 从业资格号:F03110419 2026/1/27 整体来说,玉米售粮进度过半,港口和中下游库存仍偏低,随着下游补货的推进和多头的节前获利了结,盘面有一定的回调风险。 玉米主力合约基差(锦州港平舱价) 玉米淀粉主力合约基差 =====18/19 ======19/20 ======20/21 ======20/21 ========22/23 = ----- 21/22 ====- 22/23 == 19/20 == 400 300 200 -200 -200 -300 400 03/21 08/23 09/23 10/24 01/25 05/22 06/22 07/23 11/24 12/25 02/25 04/21 08/23 09/23 11/24 12/25 03/21 05/22 06/22 07/23 10/24 01/25 02/25 04/21 淀粉-玉米价差(3月) 玉米3-5价差 -- 24/25 == ===== 19/20 ======= ...

Report Industry Investment Rating - Not provided Core Viewpoints - The U.S. January S&P Global Manufacturing PMI preliminary value was 51.9, with employment sub - index hitting a new low since last year but still expanding for six consecutive months, and output reaching the highest level since August 2025. The EU Commission plans to extend the suspension period of anti - tariff measures against the U.S. [2] - For copper, the dollar index is under pressure, which is positive for the non - ferrous sector. However, the spot market has sufficient supply, demand is cautious, and LME inventory accumulation may suppress prices. Short - term copper prices will fluctuate. [2] - For aluminum, the macro - sentiment warms up, but industrial drivers are limited, and domestic inventory accumulates. The price is expected to fluctuate. [2] - For zinc, geopolitical tensions are rising, and the macro - sentiment is volatile. The domestic processing fee is at a low level, smelting profit is inverted, and production is expected to decline. Zinc prices will follow the sector to fluctuate. [2] - For nickel, the Fed's interest - rate cut expectation is stable. Indonesia's nickel - related policies and supply - side disturbances may affect prices. Short - term nickel prices are high, and in the long - term, high global inventories may suppress prices. It is recommended to go long on dips in the short - term. [2] Summary of Relevant Catalogs Price Indicators - LME non - ferrous metal futures prices showed various changes, such as copper at $12,921.5 with a 2.28% change and nickel at $18,705 with a 3.71% change. SHFE prices also had different changes, like aluminum at 23,990 yuan/ton with a - 0.31% change and nickel at 145,380 yuan/ton with a 2.81% change. [1] Inventory Indicators - LME non - ferrous metal inventories and their changes varied. For example, LME copper inventory was 170,525 tons with a 26.05% change, and LME zinc inventory was 111,325 tons with an 11.43% change. SHFE inventories also had different trends, such as SHFE aluminum inventory increasing from 141,725 tons to 197,053 tons with a 6.01% change. [1][2] Ascending and Descending Water Indicators - LME and SHFE non - ferrous metal ascending and descending water showed different changes. For example, SHFE copper's ascending and descending water changed from - 66.1 yuan/ton to 16.78 yuan/ton with an - 82.8 change. [2] Price - to - Price Ratio Indicators - The current price - to - price ratios of non - ferrous metals and their changes were presented. For example, the copper price - to - price ratio was 7.84 with a 7.81% change, and the zinc price - to - price ratio was 7.51 with a - 1.05% change. [2] Near - month to Continuous Third - month Spread Indicators - The current spreads of SHFE non - ferrous metals and their changes were shown. For example, the copper spread changed from - 290 yuan/ton to - 950 yuan/ton with a - 660 change. [2]

| | | | 直补价格与植棉面积的定调、明年植棉面积意向、种植期天气、 金三银四旺季需求等情况。 | | --- | --- | --- | --- | | | | | 目前来看白糖全球过剩、国内新作供应放量,空头共识较为一 | | 农商品 | 日糖 | | 致。如果盘面继续下跌,则下方成本支撑较强,但短期基本面缺 | | | | | 乏持续驱动,关注资金面变化情况。 | | | | | 玉米售粮进度过半,港口和中下游库存仍偏低,随着下游补货的 | | | 玉米 | 震荡 | 推进和多头的节前获利了结,盘面有一定的回调风险。 | | | | | 阿根廷近期天气偏干,或带来短期的天气炒作,2月份降水有回归 | | | 見粗 | 震荡 | 预期,随着巴西收割的推进,巴西CNF升贴水预期反映大豆丰产卖 | | | | | M05整体预期反弹有限。 作。 | | | | XIII FS | 纸浆今日受到商品宏观回落影响出现下跌,整体未跌破震荡区 | | | 21.32 | | 间;短期商品情绪波动较大,建议谨慎观望。 | | | | | 原木现货价格近期有一定触底反弹迹象,预计期货价格进一步下 | | | 原木 | ...

1. Report Industry Investment Rating - The report has a "Bullish" rating on the industry [2] 2. Core Viewpoints of the Report - The Italian government has raised the mandatory requirements for renewable fuels and lifted the ban on using palm fatty acid distillates as raw materials, which may affect the palm oil market [2] - Malaysian palm oil exports from January 1 - 25 increased compared to the same period in December, with a 10% growth according to ITS data, and Indonesia's palm oil exports in December increased by 52% month - on - month, indicating positive trends in the palm oil export market [2] - The preliminary results of China - Canada talks suggest that China will adjust anti - dumping measures on Canadian canola seeds according to relevant laws and regulations, which may impact the canola oil market [2] - Indian buyers are canceling Brazilian and Argentine soybean oil orders, and the "oil substitute war" is taking place in the Indian market due to the doubling of soybean oil's premium over palm oil [2] - The US 45Z clause is beneficial to the demand for US soybean oil and Canadian canola oil, and indirectly benefits the domestic oil market [2] 3. Summary by Relevant Catalogs 3.1 Spot Price - 24 - degree palm oil: In Tianjin, the price on January 26, 2026, was 9110, up 100 from January 23; in Zhangjiagang, it was 9030, up 100; in Huangpu, it was 9030, up 100 [1] - First - grade soybean oil: In Tianjin, the price on January 26, 2026, was 8470, up 100 from January 23; in Zhangjiagang, it was 8720, up 100; in Huangpu, it was 8770, up 100 [1] - Fourth - grade canola oil: In Zhangjiagang, the price on January 26, 2026, was 9950, up 200 from January 23; in Wuhan, it was 10000, up 200; in Chengdu, it was 10200, up 200 [1] 3.2 Futures Data - The price difference between the main soybean and palm oil contracts was - 866 on January 26, 2026, down 50 from January 23; the price difference between the main canola and soybean oil contracts was 1119, up 222 [1] - Palm oil warehouse receipts decreased by 660 to 0; soybean oil warehouse receipts remained at 26525; canola oil warehouse receipts decreased by 500 to 625 [1] 3.3 Important Information - Italian biofuel regulations and palm oil export data from Malaysia and Indonesia may impact the palm oil market [2] - China - Canada talks on canola seeds, the canola oil trading results of China National Grain and Oils Reserves Corporation, and the "oil substitute war" in the Indian market affect the canola oil and soybean oil markets [2] - The US 45Z clause has a positive impact on the domestic oil market [2]

棉系数据日报 | | | 农产品中心 | 期货从业资格证号投资咨询证号 | | 2026/1/27 | | --- | --- | --- | --- | --- | --- | | | | 谢威 | F03087820 | Z0019508 | | | 指标 | | 1月26日 | 1月23日 | 涨跌 | 涨跌幅 | | | CF05 | 14650 | 14695 | -45 | -0. 31% | | 国内棉花期货 | CF09 | 14805 | 14860 | -55 | -0. 37% | | | CF05-09 | -155 | -165 | 10 | - | | 国内棉花现货 | 新疆 | 15717 | 15595 | 122 | 0. 78% | | | 河南 | 16038 | 15918 | 120 | 0. 75% | | | 山东 | 16049 | 15943 | 106 | 0. 66% | | | 新疆-主连基差 | 1067 | 900 | 167 | - | | 国内棉纱期货 | CY | 20515 | 20505 | 10 | 0. 05% | | 国内棉纱现货 | ...

| 国贸商品指数 | 证监许可【2012】31号 ITC 国贸期货 投资咨询业务资格: | | --- | --- | | ITEC | 国贸商品指数日报 | | | 国贸期货研究院 F3014717 从业资格号: 别建春 2026/01/27 | | | Z0013223 宏观金融中心 投资咨询号: | | | -(1月26日),国内商品期市收盘多数上涨,贵金属涨幅居前,沪银涨12.78%;能源品全部. | | | 涨,燃油涨6.81%;航运期货全部上涨,集运指数(欧线)涨5.46%;油脂油料全部上涨,菜油涨 4.08%;化工品多数上涨,丁二烯橡胶涨3.59%;非金属建材全部上涨,玻璃涨2.45%;基本金属多数 | | | 上涨,沪锡涨1.37%;黑色系涨跌参半,焦煤涨1.35%;新能源材料多数上涨,多晶硅涨1.19%;农副 | | | 产品跌幅居前,生猪跌0.99%。 | | | 热评:周一国内商品多数上涨,其中,工业品多数上涨,农产品涨跌互现。具体来看: | | | (1)黑色系涨跌参半。春节前夕钢厂加大检修力度,造成对铁矿的压制,叠加库存高企,铁矿期货 震荡走低,主力小幅收跌。对于后市,目前铁矿石基本 ...

Group 1: Report Industry Investment Rating - No investment rating information is provided in the report. Group 2: Report's Core View - The report presents the latest prices, price changes, and inventory data of polysilicon futures and spot markets, as well as the news of market regulators'约谈 of photovoltaic companies [1][2]. Group 3: Summary by Relevant Catalogs Futures Prices - PS2602 closed at 50,965 with a 1.73% increase; PS2603 at 50,990 with a 1.03% increase; PS2604 at 51,145 with a 1.52% increase; PS2605 at 51,280 with a 1.18% increase [1]. Spreads - The spread between PS2602 - PS2603 was -25, up 345; PS2603 - PS2604 was -155, down 245; PS2604 - PS2605 was -135, up 205 [1]. Spot Prices - The average price of N - type dense material was 53.25, and N - type mixed material was 52.5 [1][2]. Inventory - Polysilicon inventory was 0.9 million tons per week, silicon wafer inventory was 26.78 GW per week, and registered warehouse receipts were 6,850 tons per day [2]. Market News - Market regulators have约谈ed 6 photovoltaic industry leaders and the industry association, requiring them not to agree on production capacity, sales prices, etc., and to submit written rectification measures by January 20 [2].

| | | | 投资咨询业务资格:证监许可 2012 31号 | | 【GE 国贸期货 | | --- | --- | --- | --- | --- | --- | | | | | | | 尿素数据日报 | | | | | 国贸财货研究院 | | 期货从业号:F3054270 | | | | | 能源化工研究中心 陈三州 | | 投资咨询证号:Z0015946 | | | 指标 | 2026/01/26 | 2026/01/23 | 涨跌值 | 行情评述 | | | 沫煤 | 500. 00 | 500. 00 | 0. 00 | | | 成本 | 无烟小块 | 920.00 | 920. 00 | 0.00 | | | | 天然气 | 3870. 00 | 3850.00 | 20. 00 | | | | 河南 | 1740.00 | 1740.00 | 0.00 | | | | 河北 | 1760.00 | 1750.00 | 10. 00 | 本周工业复合肥开工率逐渐提升,但因 | | | 安徽 | 1750.00 | 1750.00 | 0.00 | 农业需求下降明显,且尿素供应持续高 | | | ...