中国期货每日简报-20260122

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On January 21, most equity index futures and CGB futures traded higher, while commodities showed mixed performance. Lithium carbonate, tin, and gold led the rises, while glass, sodium hydroxide, and coking coal led the declines [11][12][13] - The U.S. Trade Representative hopes to launch a new round of trade negotiations with China [40][41] - Shanghai plans to gradually include qualified non - ferrous metal futures and options varieties in the scope of opening - up to strengthen the international influence of non - ferrous metal bulk commodities [42][43][45] Summary by Directory 1. China Futures 1.1 Overview - On January 21, in equity index futures, IC rose 1.9% and IH rose 1.7%; in CGB futures, TL rose 0.75% and TS dropped 0.01%. In commodity futures, lithium carbonate rose 7.3% with open interest increasing 3.0% month - on - month, tin gained 5.8% with open interest decreasing 3.6% month - on - month, and gold advanced 3.7% with open interest increasing 11.5% month - on - month. The top three decliners were glass (down 2.3% with open interest increasing 2.6% month - on - month), sodium hydroxide (down 2.0% with open interest increasing 2.7% month - on - month), and coking coal (down 1.8% with open interest decreasing 3.2% month - on - month) [11][12][13] 1.2 Daily Raise - Gold: On January 21, gold rose 3.7% to 1,092.30 yuan/g. Driven by Greenland - related tensions and tariff threats on the 20th, both domestic and international gold prices surged, with COMEX gold briefly breaking through $4,750. Poland's plan to buy 150 tons of gold also supported the price. The Shanghai Futures Exchange will adjust gold futures' price limit ranges and trading margin requirements from January 22. Short - term, watch the U.S. Supreme Court's ruling on Trump's tariff case, Greenland - related developments, and the new Federal Reserve Chair nomination [17][19][22] - Platinum: On January 21, platinum rose 2.5% to 628.50 yuan/g. Heavy rainfall in South Africa may impact supply, and geopolitical tensions and trade frictions have flared up. The nomination of the new Federal Reserve Chair and U.S. tariffs on platinum and palladium are also factors. Short - term, platinum prices may fluctuate. In the future, supply risks from South Africa remain, and demand is in a structural expansion phase [25][26][28] 1.3 Daily Drop - Silver: On January 21, silver dropped 0.1% to 23,131 yuan/kg. After hitting record highs intraday, silver prices retreated, and short - term high - level volatility risks increased. Besides the boost from the 20th's events, downward pressures such as high volatility, low short - term lease rates, and tariff suspension on critical minerals are building up. The Shanghai Futures Exchange will adjust silver futures' price limit ranges and trading margin requirements from January 22 [34][35][36] 2. China News 2.1 Macro News - The U.S. Trade Representative Greer stated that the U.S. hopes to launch another potential round of trade negotiations with China. The Chinese Foreign Ministry spokesperson suggested referring the question to the competent Chinese authorities [40][41] 2.2 Industry News - Shanghai issued an action plan to strengthen futures - spot market linkage and enhance the competitiveness of non - ferrous metal bulk commodities. It aims to expand the high - level institutional opening - up of the non - ferrous metal futures market, gradually include qualified varieties in the scope of opening - up, and improve relevant business rules. It also encourages exploration of cross - border delivery mechanism innovation to strengthen the international influence of non - ferrous metal bulk commodities and the "Shanghai Price" [42][43][45]