新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 2月26日，随着周四亚洲交易时段的开启，黄金价格在每盎司5200美元关口附近表现出极强的韧性。 FPG财盛国际认为，近期美元指数从高位小幅回落0.2%至一个月高点下方，为贵金属市场提供了宝贵的 喘息空间。由于市场对美国新一轮最高可达15%的全球关税政策感到不安，加之投资者在日内瓦美伊关 键核谈判前夕保持高度审慎，避险买盘正成为支撑金价在高位盘整的核心驱动力。 与此同时，交易员们正紧盯美国最高法院近期对贸易措施法律框架的重新定义。FPG财盛国际认为，这 种法律层面的变动直接影响了关税政策的落地执行，使得全球贸易前景蒙上一层阴影。新一轮全球关税 的引入，不仅加剧了供应链的成本压力，更促使全球机构投资者通过资产多元化配置，将资金流向黄金 等硬资产以实现风险分散。 除了宏观局势的扰动，市场正屏息关注日内即将公布的每周初请失业金等美国重磅经济数据。FPG财盛 国际表示，这些数据是研判美联储货币政策后续动向的重要线索。尽管目前铂金上涨1.3%至2307.60美 元，而白银表现相对平淡，报89.41美元，但黄金作为贵金属龙头的避险属性依然无可替代，其在对冲 通胀与政策 ...

智通财经APP获悉，美国总统特朗普于当地时间周五签署了一项至关重要的行政命令——向全球征收 10%关税的行政命令。特朗普政府可谓迅速采取行动，在美国最高法院推翻他去年征收的诸多关税政策 后，维护他第二任期所主导的贸易政策议程，此举也意味着全球贸易体系进一步面临稳定政策和增长方 面的诸多挑战，且暗流不断变化。 "我非常荣幸刚刚在白宫椭圆形办公室签署了对所有国家征收的10%全球关税，几乎立即生效。感谢您 对此事的关注!"特朗普在社交媒体帖子中写道。 根据白宫发布的最新事实说明，关税定于2月24日美国时间凌晨12:01生效。 特朗普正在根据《1974年贸易法》第122条实施新的基准关税，该条款赋予美国总统单方面征收关税的 权力。但这一未经最新检验的法律条文对关税的实施期限设定了150天的严格限制。 《301条款》关税要求对各国进行特定的调查，包括听证会和受影响公司或国家的意见征集。美国政府 的官员们必须得出结论，认为该国违反了贸易协议或采取了对美国贸易造成负担的做法，才能开始征收 关税。 特朗普政府此前曾利用这些措施对中国出口产品、汽车和金属征收关税。特朗普周五早些时候暗示，这 些调查可以在10%基准税率下进行，并 ...

美国最高法院裁定推翻了总统特朗普的全球关税政策后，大豆价格回吐涨幅，玉米和小麦价格也短暂收 窄涨幅。Futures International LLC董事Joe Davis表示，"市场反应偏空，因所有与主权国家达成的协议可 能被忽视，这意味着他们不会按协议承诺的水平购买美国农产品。" ...

CNN记者在X平台发帖称，特朗普是在白宫与各州州长举行早餐会时表示，最高法院对他全球关税政策 的裁定是"一场耻辱"。 特朗普告诉与会者，他已经有了一套备选方案。 责任编辑：李桐 CNN记者在X平台发帖称，特朗普是在白宫与各州州长举行早餐会时表示，最高法院对他全球关税政策 的裁定是"一场耻辱"。 特朗普告诉与会者，他已经有了一套备选方案。 责任编辑：李桐 ...

Core Viewpoint - The U.S. Supreme Court has rejected Trump's global tariff policy, leading to positive market reactions with the S&P 500 rising by 0.65%, the Dow Jones increasing by 0.55%, and the Nasdaq gaining 0.72% [1] Market Reactions - The S&P 500 index increased by 0.65% following the Supreme Court's decision [1] - The Dow Jones Industrial Average rose by 0.55% in response to the ruling [1] - The Nasdaq Composite experienced a gain of 0.72% as a result of the news [1] Commodity Impact - Spot silver saw a significant intraday increase of 4.5%, reaching a price of $82.06 per ounce [1]

1． 将签署行政令——特朗普将于美国东部时间周三下午2：30（北京时间次日凌晨3：30）签署行政命 令。 2． 要求委方只与美国合作产油——消息人士透露，特朗普政府已告知委内瑞拉临时总统，其必须同意 在石油生产方面只与美国合作，并在出售重质原油时优先考虑美国。 3． 委方将向美国交付3000-5000万桶石油——美国总统特朗普在社交媒体平台上表示，委内瑞拉的临 时管理当局将向美国移交3000万至5000万桶高品质、受制裁的石油。 4． 意欲购买格陵兰岛——有知情人士透露，美国国务卿鲁比奥向议员们表示，政府近期针对格陵兰岛 发出的威胁并不意味着即将进行"入侵"，其目的是从丹麦手中购得该岛。 来源：金十数据整理（2026-01-07） 来源：金十数据整理（2026-01-07） 1． 将签署行政令——特朗普将于美国东部时间周三下午2：30（北京时间次日凌晨3：30）签署行政命 令。 2． 要求委方只与美国合作产油——消息人士透露，特朗普政府已告知委内瑞拉临时总统，其必须同意 在石油生产方面只与美国合作，并在出售重质原油时优先考虑美国。 3． 委方将向美国交付3000-5000万桶石油——美国总统特朗普在社交媒体平 ...

Group 1 - The U.S. Senate voted 51 to 47 to cancel President Trump's "national emergency" declaration used to implement global tariffs, but the vote is largely symbolic due to a prior House resolution prohibiting legislation against Trump's tariff measures until March [1] - Four Republican senators joined Democrats in supporting the end of the "national emergency," indicating a growing dissent among U.S. lawmakers regarding aggressive tariff measures [1] - The Senate also passed two additional resolutions aimed at eliminating tariffs on goods from Canada and Brazil, reflecting increasing opposition to Trump's trade policies [1] Group 2 - As of August, Trump's tariff policy has generated approximately $88 billion in revenue for the U.S. [2] - The Tax Foundation estimates that tariffs will increase annual tax payments by over $1,600 per household and predict a 0.5% decline in U.S. GDP over the next decade due to these tariffs [2]

Core Viewpoint - The tug-of-war between growth and inflation in the U.S. remains unresolved, with significant uncertainties surrounding the impact of global tariff policies and the effectiveness of fiscal stimulus in offsetting the burdens of import taxes [1] Group 1: Economic Indicators - The influence of global tariff policies has not yet fully manifested, creating uncertainty in economic forecasts [1] - The effectiveness of fiscal stimulus in counteracting the negative effects of import taxes is still a major unknown [1] Group 2: Market Reactions - Despite significant disappointments in the foreign exchange and interest rate markets, the direction of the Federal Reserve's monetary policy remains clear [1] - The foreign exchange and interest rate markets have misjudged the process and timing of policy implementation [1]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The I2601 contract of iron ore may continue to fluctuate with a bullish bias, and attention should be paid to the operation rhythm and risk control. The macro - level shows an increased expectation of loose monetary policies in China and the US. On the industrial side, iron ore shipments, arrivals, and port inventories have increased, the spot market remains generally firm, traders have a fair enthusiasm for selling, and steel mills mostly purchase as needed. The resumption of work and production in Beijing, Tianjin, and Hebei supports the iron ore price to run strongly [7]. 3. Summary According to Relevant Catalogs 3.1 Week - to - Week Summary - **Price**: As of September 5, the closing price of the main iron ore contract was 789.5 (+2) yuan/ton, and the price of Macfayden powder at Qingdao Port was 837 (+9) yuan/dry ton [5]. - **Shipment**: From August 25 - 31, 2025, the global iron ore shipment volume was 3556.8 million tons, a week - on - week increase of 241 million tons. The total iron ore shipment from Australia and Brazil was 2902.1 million tons, a week - on - week increase of 141.7 million tons [5]. - **Arrival**: From August 25 - 31, 2025, the arrival volume at 47 ports in China was 2645.0 million tons, a week - on - week increase of 182.7 million tons; the arrival volume at 45 ports was 2526.0 million tons, a week - on - week increase of 132.7 million tons; the arrival volume at six northern ports was 1300.8 million tons, a week - on - week increase of 147.8 million tons [5]. - **Demand**: The daily average hot - metal output was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons [5]. - **Inventory**: As of September 5, 2025, the inventory of imported iron ore at 47 ports in China was 14425.72 million tons, a week - on - week increase of 37.7 million tons and a year - on - year decrease of 1653.23 million tons. The inventory of imported ore at 247 steel mills was 8939.87 million tons, a week - on - week decrease of 67.32 million tons [5]. - **Profitability**: The profitability rate of steel mills was 61.04%, a week - on - week decrease of 2.60 percentage points and a year - on - year increase of 56.71 percentage points [5]. 3.2 Futures and Spot Market - **Futures Price**: This week, the I2601 contract fluctuated with a bullish bias and was stronger than the I2605 contract. On the 5th, the price difference was 24.5 yuan/ton, a week - on - week increase of 0.5 yuan/ton [13]. - **Warehouse Receipt and Net Position**: On September 5, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 1900, with no week - on - week change. The net short position of the top 20 holders of the iron ore futures contract was 25009, an increase of 3138 compared to the previous week [20]. - **Spot Price**: On September 5, the price of 61% Australian Macfayden powder ore at Qingdao Port was 837 yuan/dry ton, a week - on - week increase of 9 yuan/dry ton. This week, the spot price of iron ore was stronger than the futures price. On the 5th, the basis was 47 yuan/ton, a week - on - week increase of 7 yuan/ton [26]. 3.3 Industry Situation - **Arrival Volume**: From August 25 - 31, 2025, the global iron ore shipment volume was 3556.8 million tons, a week - on - week increase of 241 million tons. The total iron ore shipment from Australia and Brazil was 2902.1 million tons, a week - on - week increase of 141.7 million tons. The arrival volume at 47 ports in China was 2645.0 million tons, a week - on - week increase of 182.7 million tons [31]. - **Port Inventory**: This week, the total inventory of imported iron ore at 47 ports was 14425.72 million tons, a week - on - week increase of 37.70 million tons; the average daily port clearance volume was 330.33 million tons, a decrease of 3.81 million tons. In terms of components, the inventory of Australian ore was 6017.02 million tons, a decrease of 113.29 million tons; the inventory of Brazilian ore was 5492.96 million tons, an increase of 66.20 million tons; the inventory of traded ore was 9169.96 million tons, a decrease of 58.06 million tons [34]. - **Steel Mill Inventory**: This week, the total inventory of imported iron ore at steel mills was 8939.87 million tons, a week - on - week decrease of 67.32 million tons; the current daily consumption of imported ore by sample steel mills was 280.67 million tons, a week - on - week decrease of 15.43 million tons; the inventory - to - consumption ratio was 31.85 days, a week - on - week increase of 1.43 days [34]. - **Inventory Availability Days**: As of September 4, the average inventory availability days of imported iron ore at large and medium - sized domestic steel mills was 21 days, a week - on - week increase of 1 day. On September 4, the Baltic Dry Index (BDI) was 1963, a week - on - week decrease of 62 [39]. - **Import Volume and Mine Capacity Utilization**: In July 2025, China imported 10462.3 million tons of iron ore and its concentrates, a decrease of 132.5 million tons from the previous month, a month - on - month decrease of 1.3%. From January to July, the cumulative import volume was 69656.9 million tons, a year - on - year decrease of 2.3%. As of September 5, the capacity utilization rate of 266 sample mines was 60.55%, a decrease of 2.1% from the previous period; the daily average output of concentrate powder was 38.2 million tons, a week - on - week decrease of 1.33 million tons; the inventory was 34.1 million tons, a week - on - week increase of 1.29 million tons [42]. - **Domestic Iron Ore Concentrate Output**: In July 2025, China's iron ore raw ore output was 8632.5 million tons, a year - on - year increase of 21.8%. From January to July, the cumulative output was 59591.4 million tons, a year - on - year decrease of 5.4%. In July, the output of iron concentrate powder of 433 iron mines was 2311.9 million tons, a month - on - month decrease of 18.5 million tons, a decrease of 0.8%. From January to July, the cumulative output was 16087.2 million tons, a cumulative year - on - year decrease of 1070.4 million tons, a decrease of 6.2% [46]. 3.4 Downstream Situation - **Crude Steel Output**: In July 2025, the national crude steel output was 7966 million tons, a year - on - year decrease of 4.0%. From January to July, the cumulative national crude steel output was 59447 million tons, a year - on - year decrease of 3.1% [49]. - **Steel Import and Export**: In July 2025, China exported 983.6 million tons of steel, an increase of 15.8 million tons from the previous month, a month - on - month increase of 1.6%. From January to July, the cumulative steel export volume was 6798.3 million tons, a year - on - year increase of 11.4%. In July, China imported 45.2 million tons of steel, a decrease of 1.8 million tons from the previous month, a month - on - month decrease of 3.8%. From January to July, the cumulative steel import volume was 347.6 million tons, a year - on - year decrease of 15.7% [49]. - **Blast Furnace Operating Rate and Hot - Metal Output**: On September 5, the blast furnace operating rate of 247 steel mills was 80.4%, a week - on - week decrease of 2.80 percentage points and a year - on - year increase of 2.77 percentage points; the blast furnace iron - making capacity utilization rate was 85.79%, a week - on - week decrease of 4.23 percentage points and a year - on - year increase of 2.19 percentage points. The daily average hot - metal output of 247 steel mills was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons [52]. 3.5 Options Market - With the steel market entering the peak season, there is a possibility of a rebound in hot - metal output in the later stage, which may increase the spot demand for iron ore. It is recommended to buy slightly out - of - the - money call options [55].

Core Viewpoint - The article discusses President Trump's request for the U.S. Supreme Court to uphold his global tariff policy, which could significantly impact international trade and grant him new leverage over the global economy [1][3]. Economic Implications - This case is one of the largest the Supreme Court has ever handled in terms of economic stakes, with a potential outcome that could halve the current average effective tariff rate of 16.3% and require the U.S. to refund billions in tariffs [3]. - The tariffs in question include those implemented on April 2, which represent the largest increase in U.S. import taxes since 1930, raising the average applicable tariff rate to its highest level in over a century [6]. Legal Context - The Supreme Court is being asked to expedite the review process, with oral arguments scheduled for early November, potentially leading to a ruling by the end of the year [5]. - The legal challenge stems from a ruling by a federal appeals court that determined Trump could not impose large-scale import taxes under the 1977 law intended for national emergencies [3][8]. Presidential Authority - The case will test the limits of presidential power regarding national security and economic emergencies, as the law does not explicitly grant the authority to impose tariffs [8][9]. - The Constitution assigns tariff authority to Congress, raising questions about whether this power has been delegated to the President [9]. Implications for Trade Agreements - A ruling against Trump could disrupt preliminary trade agreements he has made with various countries and affect ongoing diplomatic negotiations [4][6].