金融期货早评-20260203

Group 1: Overall Market Analysis - The nomination of Kevin Warsh as the Federal Reserve Chairman triggered the "Warsh trade", leading to a rapid cooling of global risk appetite and a significant adjustment in commodities. The short - term market volatility contrasts with the long - term super - cycle main line, but the long - term support for the technology and non - ferrous metals main line remains solid [2] - The US ISM manufacturing index in January reached 52.6, the highest since February 2022, which made the US dollar index strengthen. The RMB exchange rate remained relatively resilient but the downward space of the US dollar against the RMB was narrowed [3] - The stock index continued to adjust, but the policy support limited the downward space. The bond market lacked upward momentum and was likely to continue to fluctuate [4][5][6] Group 2: Commodities Energy and Oil and Gas - Fuel oil was in a weak operation. The supply of high - sulfur fuel oil was gradually recovering, while the demand was weak, and the Iranian issue provided some support at the bottom [26] - Low - sulfur fuel oil had a low cracking spread. The supply was relatively abundant, the demand was stable, and the inventory decline provided a slight boost [27] - The asphalt price quickly fell back. The short - term price was expected to oscillate with limited upward and downward space [28][29] New Energy - For lithium carbonate, in the long - term, the demand from energy storage, new - energy vehicles still supported the price. Before the Spring Festival, it was recommended to reduce positions and pay attention to selling volatility strategies [10][11] - For industrial silicon and polysilicon, in the short - term, the demand was expected to increase due to the export - tax - rebate policy, and the price was likely to rise. Before the Spring Festival, it was recommended to reduce positions [11][12] Non - ferrous Metals - Copper prices fluctuated around important support levels after the release of market sentiment. It was recommended to conduct short - term range operations before the Spring Festival [13][16] - Aluminum prices got short - term support. In the long - term, the price was expected to rise, while alumina was expected to be weak in the long - term and casting aluminum alloy was recommended to pay attention to the price difference with aluminum [17] - Zinc prices were oversold during the day and adjusted at night. It was expected to maintain a wide - range shock [18] - Nickel and stainless - steel prices fell during the day and the decline slowed at night. It was necessary to pay attention to the macro - level situation and the news from Indonesia [18][19] - Tin prices showed a short - selling signal during the day and remained weak at night. It was recommended to enter the market with a light position [20][21] - Lead prices followed the sector. The cost of recycled lead provided support, and it was expected to oscillate in a range [21] Grains and Oils - Oilseeds oscillated and declined. The supply of imported soybeans in the first quarter might have a gap, and the domestic soybean meal and rapeseed meal prices were expected to oscillate [23] - Oils faced pressure. The short - term price was facing a test at the pressure level, waiting for new market drivers [24] Group 3: Chemicals - Pulp and offset paper futures prices continued to decline. The pulp market had many negative factors, and the supply - side reduction provided some support. It was recommended to wait and hold previous short positions [36][38] - LPG risk premium significantly retreated. The supply was neutral - low, the demand was weak, and it was necessary to pay attention to the situation of relevant talks [38][39] - PX - PTA's high processing fees were expected to be difficult to maintain. PX was in a tight supply - demand pattern in the first half of the year, and it was recommended to go long at low prices and shrink the processing fees on the disk [39][41] - MEG - bottle chips had difficulty finding upward drivers. It was necessary to pay attention to geopolitical risks, and the price was expected to oscillate widely with the macro - atmosphere [41][43] - Methanol prices fell. The trading logic was driven by the change of macro - sentiment, and it was recommended to wait for unilateral trading and do 3 - 5 reverse spreads and expand MTO profits [44][45] - PP and PE prices were affected by the macro - sentiment. PP's supply and demand decreased, and PE's supply increased while demand decreased. It was necessary to pay attention to the cost and macro - trends [45][46][48] - Pure benzene and styrene prices fell due to the retreat of geopolitical premium. Pure benzene's supply increased while demand decreased, and styrene's supply - demand pattern turned weak. It was recommended to wait and look for opportunities to go long on styrene after a callback [48][49] - Glass and soda ash prices were hovering at a low level. Soda ash had an oversupply expectation, and glass was in a situation of weak supply and demand, with no obvious trend [49][50][52] - Propylene prices were affected by cost and supply - demand. The cost decreased, but the short - term supply - demand provided some support, and it was necessary to pay attention to the change of fundamentals [52][53] Group 4: Black Metals - Rebar and hot - rolled coil prices had no driving force and oscillated in the bottom range. The supply was high, the demand was weak, and the price was supported by cost and policy [53][54] - Iron ore was a hedging variety. The supply was loose, the demand was expected to increase, and the price had limited downward space [54][55] - Coking coal and coke prices had relatively low valuations, but short - term driving forces had not appeared. The supply - demand structure was expected to improve during the Spring Festival, and the price might face downward pressure in the future [55][56][57] - Ferrosilicon and ferromanganese prices were supported at the bottom and pressured at the top. The supply was expected to be stable, the demand increment was limited, and the price was expected to oscillate in a range [57][58] Group 5: Agricultural and Soft Commodities - Hog prices stopped falling and stabilized, and it was recommended to sell call options [59][60] - Cotton prices were likely to rise due to the tight - balance expectation but were restricted by the internal - external price difference. It was recommended to go long on dips but not to chase the rise [61][62] - Sugar prices were dragged down by the decline of international raw sugar. The upward space was limited, and there was great pressure at the 60 - day moving average [62][63] - Egg prices opened low and went low. The spot price was expected to oscillate at a high level [64][65] - Apple prices saw the acceleration of pre - holiday stocking, and the spot price was loose. It was necessary to pay attention to whether the logic of the shortage of delivery products could return to the disk [65][66] - Red date prices were expected to oscillate at a low level in the short - term and be under pressure in the long - term. It was necessary to pay attention to the pre - holiday purchasing situation [66][67] - Log prices in Lanshan increased, and the four - port inventory slightly increased. The price was relatively balanced, with limited upward space and strong support below. It was recommended to continue holding the short - put strategy [68][69]