锰硅硅铁产业日报 2026/2/26 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,918.00 | +166.00↑ SF主力合约收盘价（日，元/吨） | 5,538.00 | +52.00↑ | | | SM期货合约持仓量（日，手） | 620,336.00 | -13009.00↓ SF期货合约持仓量（日，手） | 395,029.00 | -6813.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -43,071.00 | -15643.00↓ 硅铁前20名净持仓（日，手） | -31,156.00 | -10567.00↓ | | | SM5-3月合约价差（日，元/吨） | 36.00 | -6.00↓ SF4-3月合约价差（日，元/吨） | 6.00 | +8.00↑ | | | SM 仓单（日，张） | 45,891.00 | -153.00↓ SF 仓单（日，张） | 3,425.00 | -4631.00↓ | | ...

期 货 研 究 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | T | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | 23835 | 285 | 320 | -495 | 2535 | | | | 沪铝主力合约夜盘收盘价 | 23980 | - | - | ー | l | | | | LME铝3M收盘价 | 3175 | 64 | 70 | 26 | 287 | | | | 沪铝主力合约成交量 | 238350 | 120134 | 49768 | -294919 | 37488 | | | | 沪铝主力合约持仓量 | 2481 60 | 120523 | 63374 | 59167 | -18776 | | | 电解铝 | LME铝3M成交量 | 20907 | 2949 | 4606 | -16841 | -6036 | | | | LME注销仓单占比 | 10. 08% | -0. 38% | 0. 57% | -0. 32% | 0. 92% | | ...

2026 年 2 月 26 日 丙烯：供需维持偏紧，现货横盘整理 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com LPG：供应收紧，夜盘冲高 【基本面跟踪】 LPG、丙烯基本面数据 | | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 夜盘涨幅 | | | | | | 昨日成交 较前日变动 昨日持仓 较前日变动 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2603 2604 | 4,272 4,510 | -0.58% -1.57% | 4,309 4,588 | 0.87% 1.73% | PG | 2603 2604 | 22,851 75,507 | -4,097 -3,677 | 8,216 82,176 | -4,396 1,926 | | 期货市场 | | 2605 | 4,444 | -1.31% | 4,504 | 1. ...

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。 合成橡胶产业日报 2026-02-25 | 项目类别 | 数据指标 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) 13045 | -95 主力合约持仓量:合成橡胶(日,元/吨) | 10540 | -4346 | | | 合成橡胶4-5价差(日,元/吨) -25 | 0 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 17540 | 0 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 12800 东(日,元/吨) | 350 主流价:顺丁橡胶(BR900 ...

农产品日报（2026 年 2 月 25 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 玉米 | 周二，玉米主力 2605 合约增仓上行。春节后开盘首日，玉米增仓上行，期价日 波动幅度加大，期现市场情绪继续好转。现货市场方面，春节期间东北粮点玉米 | 震荡偏强 | | | 收购价格稳中略偏强运行。春节前期货市场表现偏强，对现货市场形成一定的带 | | | | 动。华北地区春节期间玉米价格整体偏强运行。基层玉米购销尚未恢复，大部分 | | | | 粮点正月初八以后陆续开始收购，但农户售粮恢复较慢。下游深加工企业从正月 | | | | 初四开始陆续启动玉米收购，经过春节期间消耗，企业都有补库需求，玉米价格 | | | | 整体呈现偏强表现。整体来看，节后现货市场提价收购，现货补涨，期、现涨价 | | | | 相互呼应，市场情绪转强，获利多单谨慎参与。 | | | 豆粕 | 周二，CBOT 大豆收高，市场对美动荡的关税担忧有所缓解。美豆粕和美豆油跟 随走高。美豆国内强劲需求也支撑市场。巴西大豆完成 32%收割，偏慢。另外， 巴西 2 月大豆出口预计 1069 万吨， ...

发布日期：2026 年 2 月 24 日 一、市场行情回顾 1，期货价格：螺纹钢主力合约周二持仓量增仓 92067 手，成交量相比上 一交易日放量，成交量 746349 手。日均线来看跌破短期 5 日均线，中期 30 日均 线，60 日均线，最低 3005，最高 3060，收于 3027 元/吨，下跌 27 元/吨，跌幅 0.88%。 2，现货价格：主流地区上螺纹钢现货 HRB400E 20mm 报价 3210 元/吨，相 比上一交易日下跌 10 元。 【冠通期货研究报告】 螺纹日报：增仓下跌 3，基差：期货贴水现货 183 元/吨。基差仍然较大。 二、基本面数据 1，供需情况： 供应端：节前螺纹钢周度产量由高位回落。2026 年 2 月 13 日当周， 螺纹钢产量为 169.16 万吨，较前一周减少 22.52 万吨，主要因电炉钢厂集 中检修。长流程钢厂仍维持较高开工率，但整体供应压力较 1 月峰值有所缓 解。 需求端：终端需求季节性萎缩显著。2 月上旬，237 家主流贸易商建 筑钢材日均成交量降至约 2.8 万吨，环比下降超 20%；表观消费量连续三周 回落，2 月 13 日当周降至约 147.6 万吨， ...

宏观层面，国内节后首日期市复市，市场情绪乐观，推动期货上涨，加之金、铜、锡大幅上扬带动周边 金属，氧化铝多头信心增强，支撑其期货价格。 基本面方面，氧化铝企业周度运行产能环比增加，进口窗口未开，总库存持续上升，过剩局面延续，价 格承压。成本方面，按 60 - 65 美元矿价测算，晋豫地区现金成本多在 2550 - 2680 元，山东成本近 2550 元，部分企业虽有亏损但程度有限，未现大规模长期减停产，环保及政策扰动预计难持续。现货价格大 多企稳、少数回升，但市场交投氛围欠佳。复工首日，交易员采买谨慎，多数企业持观望态度，成交受 限。 综合来看，随着到期仓单、供需过剩、成本下降压制现货，主力合约受减产和政策支撑，弱现实与强预 期并存。注册仓单增多锁定部分流动性，保值空单入场限制反弹幅度。 长江有色金属网www.ccmn.cn 电话：0592-5668838 新浪合作大平台期货开户 安全快捷有保障 长江有色网2月24日讯，今日氧化铝所有合约全线走强，主力月2605合约高开后窄幅走强；截止当日 15：00收盘，氧化铝主力月2605合约报2829元，涨6元，涨幅0.21%；16个合约累计成交281944手，比 前一 ...

宝城期货投资咨询部 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 碳酸锂 姓名：龙奥明 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 碳酸锂 | 日报 2026 年 2 月 24 日 碳酸锂日报 专业研究·创造价值 碳酸锂强势运行 摘要 【期货市场】主力合约 LC2605.GFE 收盘价 164120 元/吨，较前日 上涨 11480 元/吨，近 10 个交易日整体呈现上升走势。 【现货市场】碳酸锂现货价格为 152080 元/吨，较前日上涨 5.77%，近 10 个交易日整体呈现震荡走势。 【基差分析】当前基差为-8920 点，负基差（现货贴水），较前日 走弱 4260 点，近 10 个交易日基差整体走弱。 【仓单情况】碳酸锂注册仓单量 ...

1. Report Industry Investment Rating - Not provided 2. Core Viewpoint of the Report - The zinc market has no obvious fundamental drivers, and it is expected that the Shanghai zinc futures will maintain a range - bound oscillation in the short term due to the weak pre - holiday trading, seasonal decline in downstream demand, low inventory support, and macro - level pressure from the cooling of the Fed's interest - rate cut expectations caused by strong US non - farm payrolls data [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main contract ZN2603.SHF of Shanghai zinc futures showed an oscillating trend today. The opening price was 24,750 yuan/ton, the highest price was 24,775 yuan/ton, the lowest price was 24,415 yuan/ton, and the closing price was 24,650 yuan/ton, up 0.67% from the previous trading day. It opened high, then oscillated downward, and finally stabilized and rebounded. The current price is in the upper - middle area of the one - month fluctuation range [2] 3.2 Spot Market Analysis - On February 12, 2026, the spot price of zinc in Shanghai was 22,510 yuan/ton, down 50 yuan/ton from the previous trading day; in Guangdong, it was 22,490 yuan/ton, down 50 yuan/ton; in Tianjin, it was 22,500 yuan/ton, also down 50 yuan/ton. The price of 0 zinc in the Tianjin market was between 24,370 - 24,380 yuan/ton [3] 3.3 Market Dynamics - The market has entered the pre - Spring Festival holiday state, with weak trading and purchasing. Downstream开工 has significantly declined, but the seasonal rhythm is in line with previous years. Both domestic mines and smelters have entered the production - reduction and maintenance cycle, the smelters' procurement demand has declined, and the import ore trading is scarce, with TC remaining stable overall [4] 3.4 Market Outlook - Pre - holiday market trading is light, downstream demand weakens seasonally, but low inventory supports prices. Strong US non - farm payrolls data cools the Fed's interest - rate cut expectations, putting pressure on the macro - level. Overall, the zinc market has no obvious fundamental drivers, and the Shanghai zinc futures are expected to maintain a range - bound oscillation in the short term [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The stainless steel market is expected to show a wide - range oscillation pattern after the Spring Festival. The key factors affecting prices in the short - term are post - festival inventory accumulation and demand recovery rhythm. Supply contraction is obvious with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. The actual demand recovery of downstream manufacturing after the Lantern Festival needs to be observed. Attention should be paid to the changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6] 3. Summary by Directory 3.1 Futures Market - On February 12, 2026, the closing price of the stainless steel futures main contract was 13,970 yuan/ton. The trading volume was 115,890 lots, an increase of 12,040 lots compared to the previous trading day. The open interest was 100,602 lots, and the settlement price was 14,075 yuan/ton, a rise of 205 yuan/ton compared to the previous trading day [2] 3.2 Spot Market - Stainless steel main product prices remained stable. In the South China market, 304 cold - rolled coil prices were in the range of 13,800 - 13,890 yuan/ton, 430 cold - rolled coil prices were in the range of 7,250 - 7,400 yuan/ton, and 201 series prices were in the range of 7,100 - 8,100 yuan/ton. Stainless steel wire prices were mainly stable, with the 304 φ5.5 - 16 Qingshan white - line quoted at 14,600 yuan/ton in the Dainan market and 316L φ5.5 - 16 Qingshan quoted at 26,800 yuan/ton. In the stainless steel round - bar market, the Qingshan 304 round - bar was quoted at 13,900 yuan/ton and 316L round - bar at 25,100 yuan/ton in the Wenzhou market. Due to the approaching Spring Festival, market trading was light, and actual transactions were scarce [3] 3.3 Influencing Factors - In the raw material market, nickel prices showed an upward trend. On February 12, the nickel spot price index was 143,057 yuan/ton, a rise of 2,765 yuan/ton compared to the previous day. Chromium - iron prices remained stable, with the JCr99 - A Shanghai market price at 73,000 yuan/ton and the Jinzhou market price at 75,000 yuan/ton [4] - Technically, stainless steel futures prices have shown an oscillating trend recently. After hitting a low on February 2, the main contract rebounded but remained at a relatively low level. Trading volume gradually shrank before the festival, and changes in open interest indicated a decrease in market participation [5] 3.4 Market Outlook - After the Spring Festival, the stainless steel market is expected to be in a wide - range oscillation pattern. In the short - term, post - festival inventory accumulation and demand recovery rhythm are key price - influencing factors. Supply contraction is significant, with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. Downstream manufacturing is expected to gradually resume work after the Lantern Festival, and the actual demand recovery needs to be observed. Attention should be paid to changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6]