1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On February 10, equity index futures rose, CGB futures were stable, and commodity futures were mixed, with the energy sector leading the increase [2][10][12] - The turnover of China's futures market in January 2026 reached RMB 100.26 trillion, a year - on - year increase of 105.14%, and the trading volume was 912.49 million contracts, a year - on - year increase of 65.09%. By the end of January, the total open interest increased by 14.65% month - on - month [3][37] 3. Summary According to Relevant Catalogs 3.1 China Futures 3.1.1 Overview - On Feb 10, in equity index futures, IH rose 0.4% and IC rose 0.1%; in CGB futures, T rose 0.01% and TL rose 0.01% [10] - In commodity futures, the top three gainers were Tin (up 3.3% with open interest decreasing 4.2% month - on - month), Sodium Hydroxide (up 3.3% with open interest decreasing 13.9% month - on - month), and No.1 Soybean (up 2.4% with open interest increasing 27.5% month - on - month). The top three decliners were SCFIS(Europe) (down 4.6% with open interest increasing 8.9% month - on - month), Coke (down 1.7% with open interest increasing 4.3% month - on - month), and Coking Coal (down 1.7% with open interest increasing 6.4% month - on - month) [11][12][13] 3.1.2 Daily Raise - **Crude Oil**: On February 10, the front - month contract rose 2.2% to 476.1 yuan/barrel. The fundamentals are in supply surplus, but geopolitical factors frequently disrupt supply expectations. The short - term trend will be range - bound volatility. The current fundamentals are not optimistic, with high inventories and pressured refining margins. Geopolitical factors, such as the US - Iran relationship and India's Russian crude imports, affect supply expectations and support oil prices [17][18][19] - **Fuel Oil**: On February 10, the front - month contract rose 2.2% to 2,845 yuan/ton. The futures prices are at high levels. The expectation of rising oil production in Venezuela will weigh on HSFO in the long term, and short - term focus is on Middle East geopolitical developments. Key logics include the US - Iran negotiation situation, potential heavy oil supply increase from Venezuela, and the long - term replacement of fuel oil for power generation in the Middle East [25][26][27] 3.1.3 Daily Drop - **Ethenylbenzene**: On Feb 10, the front - month contract dropped 1.0% to 7,473 yuan/ton. The upward momentum has weakened recently due to three factors: crude oil prices near the upper end of the trading range, marginal loosening of supply and demand, and expected improvement in the overseas supply - demand balance. Although the seasonal inventory build - up in February is revised lower, the positive impact of exports on futures prices is gradually weakening [30][31][32] 3.2 China News - Industry News - **Stock Exchanges' Measures**: The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing, streamlining the review process for high - quality listed companies and revising rules for "asset - light, high R&D investment" listed companies [37] - **Futures Market Turnover**: In January 2026, China's futures market recorded 912.49 million contracts traded and a turnover of RMB 100.26 trillion, up 65.09% and 105.14% year on year respectively, and the total open interest increased by 14.65% month on month by the end of January [37]

Core Insights - Domestic futures contracts showed mixed performance on February 10, 2026, with notable increases in certain commodities while others experienced declines [1][6]. Price Movements - Significant gains were observed in the following contracts: - Tin (沪锡) and caustic soda (烧碱) rose over 3% - Soybean No. 1 (豆一), silver (沪银), SC crude oil, and fuel oil increased by more than 2% - Low sulfur fuel oil (LU) and PTA saw increases exceeding 1% [1][6]. - Conversely, the following contracts experienced declines: - The shipping European line (集运欧线) fell over 4% - Coking coal (焦煤), coke (焦炭), industrial silicon (工业硅), polysilicon (多晶硅), and styrene (苯乙烯) dropped by more than 1% [1][6]. Detailed Contract Performance - The following contracts had notable performance metrics: - Tin (护候2603 IN) reached a price of 382,000 with a 3.33% increase - Caustic soda (烧碱2603 M) was priced at 1,963, up by 3.26% - Soybean No. 1 (日-2806 W) increased by 2.44% to 42 - SC crude oil (原油2604 in) rose by 2.17% to 476.1 [2][7]. - Declines were noted in: - Shipping European line (集运欧线2604 M) at 1,179.0, down by 4.57% - Coking coal (焦炭2605 M) at 1,665.0, down by 1.71% - Industrial silicon (工业硅2605 M) at 8,375, down by 1.53% [2][7].

Report Summary 1. Market Performance on February 9, 2026 - A-share market: The Shanghai Composite Index rose 1.41% to 4123.09, the Shenzhen Component Index rose 2.17% to 14208.44, and the ChiNext Index rose 2.98% to 3332.77. The total trading volume of the Shanghai, Shenzhen, and Beijing stock exchanges reached 2.27 trillion yuan, an increase of 106.7 billion yuan from the previous trading day [1]. - Futures market: - CSI 300 Index: Closed at 4719.06, up 75.46 [2]. - Coke: The weighted index closed at 1708.5, down 17.6 [2]. - Coking coal: The weighted index closed at 1157.4 yuan, down 7.0 [3]. - Zhengzhou Sugar 2605: Oscillated higher during the day and night sessions, boosted by the increase in spot prices and capital inflows [4]. - Rubber: Oscillated higher during the day and night sessions, influenced by the positive heavy - truck sales data in January [4]. - Palm oil: The main contract P2605 closed at 9014, down 0.13% [5]. - Soybean Meal: The main contract M2605 closed at 2729 yuan/ton, down 0.22% [5]. - Live Pigs: The main contract LH2605 closed at 11565 yuan/ton, down 0.52% [5]. - Shanghai Copper: The main contract showed a strong - internal and stable - external pattern, closing at 101840 yuan/ton [5]. - Cotton: The main contract of Zhengzhou Cotton closed at 14630 yuan/ton at night, with an increase of 5 lots in inventory [5]. - Iron Ore: The 2605 main contract closed down 0.46% at 761.5 yuan [6]. - Asphalt: The 2603 main contract closed down 0.98% at 3334 yuan [6]. - Logs: The 2603 main contract closed at 775, with a daily reduction of 1711 lots [6]. - Steel: rb2605 closed at 3064 yuan/ton, hc2605 closed at 3239 yuan/ton [6]. - Alumina: ao2605 closed at 2868 yuan/ton [6]. - Shanghai Aluminum: al2603 closed at 23540 yuan/ton [6]. 2. Core Views - **Coke and Coking Coal**: After the first round of coke price increase, the production losses of coking enterprises have eased. The supply of coke is marginally looser, and the demand from steel mills has improved, but pre - holiday stocking is nearing completion. For coking coal, the supply from mines and washing plants has decreased, and the demand is mainly for rigid procurement [4]. - **Zhengzhou Sugar**: The 2605 contract was boosted by the increase in spot prices. It is expected that the EU's beet planting area will decrease in the 2026/27 season, leading to a decline in sugar production [4]. - **Rubber**: The positive heavy - truck sales data in January supported the rubber price [4]. - **Palm oil**: The price was in a low - range consolidation [5]. - **Soybean Meal**: In the international market, the progress of Brazilian soybean harvest and high production expectations put pressure on prices. In the domestic market, the supply is abundant, and the demand is weakening [5]. - **Live Pigs**: The supply is high in February, and the demand is in a seasonal peak. In the medium - term, the supply will continue to exceed demand [5]. - **Shanghai Copper**: The price is affected by both positive factors such as mine disturbances and negative factors such as high inventory [5]. - **Cotton**: Textile enterprises mainly purchase raw materials for rigid demand before the holiday, and they are cautious about increasing inventory [5]. - **Iron Ore**: The supply is increasing, and the demand growth is limited. The price is in a volatile trend [6]. - **Asphalt**: The supply is low, the demand is shrinking, and the price is in a volatile state [6]. - **Logs**: Attention should be paid to the spot price, import data, inventory changes, and market sentiment [6]. - **Steel**: The market is in a wait - and - see state due to weak post - holiday demand expectations and high iron ore inventory [6]. - **Alumina**: The spot trading atmosphere has improved, but the over - capacity situation remains [6]. - **Shanghai Aluminum**: The market sentiment is cooling, the supply is stable, and the demand is weakening [6]. 3. Impact Factors - **Coke**: The production profit of coking enterprises has improved, the supply has increased, and the pre - holiday stocking of steel mills is almost over [4]. - **Coking Coal**: The supply from mines and washing plants has decreased, and the demand is mainly for rigid procurement [4]. - **Zhengzhou Sugar**: The increase in spot prices and the expected decrease in EU sugar production [4]. - **Rubber**: The positive heavy - truck sales data [4]. - **Palm oil**: No specific impact factors mentioned other than the price trend [5]. - **Soybean Meal**: Brazilian soybean harvest progress, high domestic supply, and weakening demand [5]. - **Live Pigs**: High supply in February, seasonal peak demand, and high medium - term supply expectations [5]. - **Shanghai Copper**: Positive factors include mine disturbances and domestic policy support; negative factors include high inventory and weak international market [5]. - **Cotton**: Rigid demand procurement by textile enterprises before the holiday and concerns about post - holiday market fluctuations [5]. - **Iron Ore**: Increasing supply and limited demand growth [6]. - **Asphalt**: Low supply, shrinking demand [6]. - **Logs**: Spot price, import data, inventory changes, and market sentiment [6]. - **Steel**: Weak post - holiday demand expectations and high iron ore inventory [6]. - **Alumina**: Improved spot trading atmosphere but over - capacity [6]. - **Shanghai Aluminum**: Cooling market sentiment, stable supply, and weakening demand [6].

Market Overview - On February 9, 2026, domestic futures contracts showed mixed performance, with platinum rising nearly 11%, Shanghai silver increasing over 8%, palladium up more than 7%, and Shanghai tin gaining over 6% [2][6] - Other notable increases included lithium carbonate, Shanghai gold, which rose over 3%, and caustic soda, which increased over 2% [2][6] - In contrast, styrene (EB) fell over 2%, while raw wood, silicon iron, low-sulfur fuel oil (LU), manganese silicon, coke, asphalt, and apples all dropped more than 1% [2][6] Contract Performance - The top performing contracts included: - Platinum (contract 2606 M) at 545.05, up 10.58% [3] - Shanghai silver (contract 2604 M) at 20873, up 8.90% [3] - Palladium (contract 2092232) at 438.15, up 7.59% [3] - Shanghai tin (contract 2603 M) at 384180, up 6.61% [3] - The contracts with the largest declines included: - Styrene (contract 2603) at 7438, down 2.87% [7] - Canola seed (contract 2609 M) at 5486, down 2.54% [7] - Raw wood (contract 2603 M) at 775.0, down 1.90% [7]

Group 1 - The main contract for silver on the Shanghai Futures Exchange turned negative, reporting a price of 19,118 yuan per kilogram after previously rising over 4% [1]

Report Overview - The report reviews the weekly market conditions of the domestic futures market from February 2 - 6, 2026, covering various sectors including agriculture, black commodities, energy and chemicals, and financial futures [1]. Industry Investment Rating - Not provided in the report. Core Viewpoints - The domestic futures market showed a mixed performance this week, with more declining varieties than rising ones in the commodity futures market. Different sectors were affected by various factors such as supply - demand relationships, geopolitical events, and policy regulations [1]. Summary by Sector Agricultural Futures - **Corn**: The spot price had a narrow - range fluctuation, with the futures price rising 0.13% and closing at 2274 yuan/ton. Near - term, the spot market will be quiet due to the approaching Spring Festival, and the futures market is expected to trade within a wide range. The 2603 contract has support at 2250 and short - term pressure at 2280 [4]. - **Pig**: The spot price was weak, with the average price on the 6th at 11.96 yuan/kg. The futures price of the 2603 contract dropped 3.21% to 10860 yuan/ton. As the Spring Festival approaches, the average price hovers around 12 yuan/kg. Near - month short positions were suggested to take profits, and far - month short positions were to test the lower support [5][6]. - **Egg**: The egg price dropped sharply and then stabilized, with the Hebei Guantao price at 2.96 yuan/jin on the 6th. The futures price of the 2603 contract fell 3.26% to 2904 yuan/500KG. In the short term, the supply - strong and demand - weak situation may continue to pressure the price. Mid - term, the supply pressure is postponed. Previously held short positions were advised to take profits below 3000, and now it's mainly in a wait - and - see mode [6]. - **Jujube**: The Xinjiang jujube trees are in dormancy, and the Hebei market price is stable. The futures price was weakly oscillating. The supply pressure is the main factor suppressing the price, and the CJ605 contract is expected to seek historical low support. A bearish view is recommended for the medium - to - long - term [6]. - **Sugar**: Zhengzhou sugar oscillated. The northern beet sugar production is nearly over, and the southern is in the peak season. After the Spring Festival stocking, there is no obvious positive support, but some overseas institutions' reduction of the 2026/27 global sugar surplus may boost the far - month price. It's expected to trade within a range next week [7]. - **Log**: The log futures market is complex. The downstream 3 - meter wood square price in Lanshan is rising, and radiation pine traders' quotes are firm. If the price transmission is smooth, the spot price may rise, and the futures market has some positive factors [7]. - **Apple**: The apple market is structurally differentiated. High - quality apples support the price in the long - term, while ordinary apples face sales pressure. Near the end of the Spring Festival, the market will continue to oscillate widely in the short - term [8]. - **Cotton**: Internationally, cotton supply is tightening, and demand is resilient. Brazilian exports are down, and Australian production is expected to decrease. US net signing and shipping volumes are stable. Domestically, the supply - demand pattern is stable, but demand is seasonally weakening. The Zhengzhou cotton main contract will oscillate between 14500 - 15000 yuan/ton before the Spring Festival [8]. Black Commodities - **Steel Products**: The supply of five major steel products decreased by 0.4% to 819.9 million tons, and the total inventory increased by 4.6% to 1337.75 million tons. Consumption decreased by 5.1%, with a significant drop in building materials and a slight increase in plates. The downstream winter - storage willingness is weak, and the price is expected to remain in the oscillation range before the Spring Festival, with 3050 as strong support for the rebar main contract [9][10]. - **Iron Ore**: Global iron ore shipments and arrivals increased. Domestic mine production decreased, and port inventories continued to accumulate. Iron water production remained stable, and steel mills' pre - holiday replenishment is almost over. The first support for the main contract is 750, the second is 730, and the first pressure is 800, the second is 830 [10]. - **Coking Coal**: The coking coal futures oscillated sharply. The supply is decreasing as coal mines close for the holiday, but Mongolian coal imports are high. Steel mills' pre - holiday replenishment is almost done, and the market is expected to oscillate within a range before the Spring Festival [11]. Energy and Chemicals - **Crude Oil**: Affected by the geopolitical risks in the Middle East, the price fluctuated greatly. The US - Iran negotiation and the US manufacturing PMI affected the market sentiment. Before a conclusion on the US - Iran situation, the price is expected to oscillate upwards [13]. - **Lithium Carbonate**: It was under pressure due to the decline of precious and non - ferrous metals and the strengthening of risk management by the exchange. With the approaching Spring Festival, long - position holders are more willing to close positions. It's expected to oscillate widely between 130,000 - 150,000 yuan/ton, and a short straddle option strategy can be considered [14]. - **Methanol**: The port inventory is decreasing, and Iranian plants are resuming production. The downstream olefin plant operating rate is low, and the inland market is mainly for inventory clearance. It will continue to oscillate within a range in the short - term [15]. - **Urea**: The seasonal demand is starting, and the upstream inventory pressure is reducing. However, the high - supply situation remains. The price is expected to oscillate strongly within a key range, and investors can wait for price corrections to enter the market [15][16]. - **Bottle Chips**: Affected by the geopolitical situation in the Middle East and the fluctuation of crude oil prices, the price followed the raw materials to oscillate widely. The supply is increasing, and the demand is weak in the short - term. It's recommended to operate lightly within the 6100 - 6450 yuan/ton range [16]. - **Rubber**: Natural rubber oscillated weakly, with cost support from raw materials but weakening demand due to the approaching holiday. Synthetic rubber's BR main contract fell from a high level due to the weakening of raw material cost support and increased market supply. Both are expected to have a weak performance before the Spring Festival [17]. Financial Futures - The new nominee for the Fed Chairman's monetary policy of "rate - cut + balance - sheet reduction" has led to global de - leveraging. The A - share market is in an adjustment period, and the US stock market is accelerating de - leveraging. Before the Spring Festival, it's necessary to prevent the impact of the US stock market on A - shares, and it's recommended to close long positions, reduce equity assets, or hedge risks [18].

Group 1 - The Shanghai International Energy Exchange's crude oil futures contract 2510 rose by 3.18%, closing at 476.90 RMB per barrel [1] - The Shanghai gold futures contract fell by 0.64% during the night session [1] - The Shanghai silver futures contract increased by 1.03% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report On February 4, 2026, most domestic futures main contracts rose. Metals such as silver, gold, and copper showed significant increases, while some agricultural products and bonds declined. Different commodities have their own supply - demand and market factors affecting their prices. Overall, the market is affected by factors such as geopolitical situations, production policies, and seasonal demand changes [7][8]. 3. Summary by Relevant Catalogs Commodity Performance - **Futures Market Overview**: As of February 4, most domestic futures main contracts rose. Metals like silver, gold, platinum, and palladium had substantial gains, while some agricultural products like rapeseed meal and rapeseed declined slightly. Stock index futures generally rose, and bond futures mostly fell. In terms of capital flow, funds flowed into contracts such as silver 2604 and gold 2604, and flowed out of contracts such as CSI 2603 [7][8]. Market Analysis - **Copper (SHFE)**: Copper prices continued to rise due to news of improving the copper resource reserve system and the rebound of external precious metals. In January, the production of electrolytic copper increased year - on - year, and it is expected to decrease slightly in February. The demand was affected by high prices in January, but the long - term outlook for copper is positive [10]. - **Lithium Carbonate**: The price of lithium carbonate showed a narrow increase. The production rate was high, but the monthly output decreased. Some lithium mines were shut down for rectification, and the inventory continued to decline. The downstream demand was strong, and it is expected to stabilize and strengthen [13]. - **Crude Oil**: OPEC+ members will maintain the plan to suspend the increase in oil production in March. Although the demand is in the off - season, the US crude oil inventory decreased more than expected. The global economy growth forecast was raised, and the demand concern was alleviated, but the supply is still in an oversupply situation [14]. - **Asphalt**: The asphalt production rate and shipment volume decreased, and the inventory rate remained low. The supply of Venezuelan heavy crude oil was restricted, which affected production and cost. It is expected to follow the crude oil price and fluctuate, and it is recommended to take reverse arbitrage [16]. - **PP**: The downstream start - up rate of PP decreased slightly, the enterprise start - up rate was at a medium - low level, and the inventory was at a low level in recent years. Due to the unstable geopolitical situation and the rebound of crude oil prices, it is expected to fluctuate within a range, and the L - PP spread is expected to decline [18]. - **Plastic**: The start - up rate of plastic decreased slightly, and the downstream start - up rate was at a low level. New production capacity was put into operation, and the demand was weak. It is expected to fluctuate within a range, and the L - PP spread is expected to decline [19]. - **PVC**: The start - up rate of PVC increased slightly, and the downstream start - up rate decreased. The export orders increased, but the social inventory was still high. It is expected to fluctuate strongly due to the policy and market sentiment [21]. - **Coking Coal**: The price of coking coal rose. The production and import decreased marginally, and the inventory of mines decreased. The downstream winter storage was in the final stage, and the next round of coke price increase is expected to be difficult [24]. - **Urea**: The price of urea turned red at the end of the day. The production was higher than the same period in previous years, and the upstream factory's order - attracting pressure increased. The inventory decreased before the Spring Festival, and it is expected to be weakly stable before the festival [25].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Copper**: Overnight, both domestic and international copper prices stabilized slightly. The US ISM manufacturing index in January reached 52.6, exceeding expectations and hitting a new high since February 2022. China's RatingDog manufacturing PMI in January rose to a three - month high of 50.3. LME copper inventory decreased by 300 tons, Comex inventory increased by 1,859 tons, and SHFE copper warrants increased by 1,676 tons. The market is in rigid procurement, but the willingness to buy has increased with price adjustments. The copper market faces short - term downward pressure, but long - term fundamentals support price increases [1]. - **Aluminum**: Overnight, alumina trended stronger, while Shanghai aluminum trended weaker. Spot alumina prices fell, and aluminum ingot spot discounts widened. Supply disruptions have led alumina into a narrow - range recovery, but inventory is gradually accumulating. Attention should be paid to the development of the US - Iran situation [1][2]. - **Nickel**: Overnight, LME nickel and Shanghai nickel prices fell. LME and SHFE nickel inventories decreased. Although market sentiment has dragged down prices, cost support remains solid. There may be opportunities to go long lightly near the cost line [3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: The US economic data improved, alleviating market concerns. In China, manufacturing data also showed positive signs. Inventory changes were mixed. The copper market faces short - term pressure due to weak spot fundamentals, inventory accumulation, and low demand around the Spring Festival, but long - term factors support price increases [1]. - **Aluminum**: Alumina prices fluctuated, and aluminum prices were affected by various factors such as supply disruptions, downstream demand, and market sentiment. Attention should be paid to geopolitical factors [1][2]. - **Nickel**: Market sentiment led to price declines, but the cost of nickel ore and nickel - iron is rising, providing support for prices. Demand in some sectors is expected to decline seasonally [3]. 3.2 Daily Data Monitoring - **Copper**: Prices of various copper products decreased, and inventory changes were diverse. The import window was closed, and the LME 0 - 3 premium decreased [1][4]. - **Lead**: Lead prices decreased, and inventory increased slightly. The import profit and loss situation changed [4]. - **Aluminum**: Aluminum prices decreased, and inventory increased. The spot discount widened, and the import profit and loss situation worsened [2][5]. - **Nickel**: Nickel prices decreased, and inventory changes were mixed. The import profit and loss situation deteriorated significantly [3][5]. - **Zinc**: Zinc prices decreased, and inventory increased. The import profit and loss situation improved [7]. - **Tin**: Tin prices decreased significantly, and inventory increased. The import profit and loss situation improved [7]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin [12]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of the near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin [13]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin [19]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin [25]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series steel [31]. - **Smelting Profit**: Charts show the historical trends of copper concentrate index, crude copper processing fees, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit margin [38]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and professional qualifications in the non - ferrous metals field, and have won many awards [45][46].

Report Summary 1. Market Performance on February 2, 2026 - A-shares tumbled: The Shanghai Composite Index dropped 2.48% to 4015.75, the Shenzhen Component Index fell 2.69% to 13824.35, and the ChiNext Index declined 2.46% to 3264.11. The turnover of the Shanghai, Shenzhen, and Beijing stock exchanges was 2606.9 billion yuan, a decrease of 255.8 billion yuan from the previous trading day [1]. - Indexes and commodities: The CSI 300 Index closed at 4605.98, down 100.36. The coke weighted index closed at 1683.5, down 58.6, and the coking coal weighted index closed at 1151.8 yuan, down 31.7 [2][3]. 2. Futures Market Analysis a. Coking Coal and Coke - Coke: Coke enterprises'开工 declined, and inventory increased significantly due to winter storage. The demand side saw an increase in blast furnace 开工 but a decrease in molten iron production. The first round of coke price increases was implemented. Supply contracted, and pre - holiday winter storage was nearing its end [4]. - Coking coal: The 开工 of coal washing plants and mines decreased, and Mongolian coal customs clearance volume declined from its high. Total coking coal inventory increased. The demand side, including coke enterprises' load and molten iron production, continued to decline. The first round of coke price increases was implemented. The price of Tangshan Mongolian 5 clean coal was reported at 1390 yuan/ton, equivalent to 1305 yuan/ton on the futures market [4]. b. Zhengzhou Sugar - Affected by factors such as the decline of US sugar on Friday, the drop in crude oil prices, and the reduction of spot quotes, the Zhengzhou sugar 2605 contract oscillated downward on Monday. Green Pool predicted that the global sugar market surplus in 2026/27 would shrink to 156,000 tons from 2.74 million tons in 2025/26, mainly due to a decrease in production [4]. c. Rubber - Affected by the sharp decline in crude oil prices and the stock market crash, the Shanghai rubber futures oscillated sharply downward on Monday. In 2025, Thailand's natural rubber exports (excluding compound rubber) were 2.669 million tons, a year - on - year decrease of 5.3%. The total exports of natural rubber and mixed rubber were 4.422 million tons, a year - on - year increase of 4.9% [4]. d. Palm Oil - On February 2, affected by macro - funds sentiment, the commodity market dropped significantly, and the palm oil market also declined from its high. The palm oil main contract P2605 closed at 9014, down 2.45% from the previous trading day [5]. e. Soybean Meal - Internationally, CBOT soybean futures declined slightly on February 2. The strong US dollar weakened US export competitiveness. Brazil's soybean harvest was in its early stage with normal weather. As of January 24, 2026, Brazil's 2025/26 soybean harvest rate was 6.6%, higher than 3.2% in the same period last year. Stonex predicted that Brazil's 2025/26 soybean production would reach a record - high of 181.6 million tons. Domestically, the soybean meal main contract 2605 closed at 2750 yuan/ton, down 0.61%. Domestic imported soybean supply was abundant, and pre - holiday stocking was nearing its end. The soybean meal futures price lacked upward momentum [5]. f. Live Hogs - On February 2, the live hog main contract LH2603 closed at 11220 yuan/ton, unchanged from the previous trading day. Before the Spring Festival, the window for live hog slaughter was narrowing, and the daily slaughter pressure of large - scale pig enterprises increased. The market's price - support mentality weakened, and the supply pressure before the festival increased. The demand side was supported by pre - holiday stocking, but the increase was limited. In the medium - term, the market's supply - exceeding - demand situation was difficult to change [5]. g. Shanghai Copper - Shanghai copper futures tumbled. The main contract 2603 closed at 98580 yuan/ton. The core reasons included profit - taking by long - position holders, the rebound of the US dollar, warnings of supply surplus, and increased market caution [5]. h. Iron Ore - On February 2, the iron ore 2605 main contract oscillated downward, with a decline of 1.26% to 783 yuan. The supply of Australian and Brazilian iron ore increased, while domestic arrivals decreased, and port inventory continued to accumulate. The iron ore price was in an oscillating trend in the short term [5]. i. Asphalt - On February 2, the asphalt 2603 main contract oscillated and closed down, with a decline of 4.87% to 3299 yuan. In February, refinery production decreased slightly, and the market was in the off - season with weak demand. The asphalt price was in an oscillating state in the short term [5]. j. Cotton - The Zhengzhou cotton main contract closed at 14635 yuan/ton at night on February 2. Cotton inventory increased by 36 lots compared with the previous trading day. Textile enterprises purchased on a just - in - time basis [6]. k. Logs - The log 2603 main contract opened at 805, closed at 795, and decreased its positions by 1052 lots. The port's softwood log inventory decreased for three consecutive weeks. The spot price of some logs increased slightly [6]. l. Steel - On February 2, the rb2605 contract closed at 3098 yuan/ton, and the hc2605 contract closed at 3261 yuan/ton. Steel demand continued to contract, and the supply - demand pressure before the festival increased. The raw material price decreased, and the inventory of social warehouses increased. Steel prices may have a weak and narrow - range adjustment in the short term [6]. m. Alumina - On February 2, the ao2605 contract closed at 2772 yuan/ton. The cost of bauxite decreased, and inventory accumulated before the Spring Festival. The downstream demand for electrolytic aluminum was weak. The alumina price may maintain an oscillating and weak trend in the short term [6]. n. Shanghai Aluminum - On February 2, the al2603 contract closed at 23035 yuan/ton. The market was cautious about the potential new Fed Chairman. Geopolitical tensions eased, and the non - ferrous metals market continued to decline. The supply was stable, inventory was high, and demand showed only slight improvement [6].