锌 当月合约-现货 次月合约-现货 价差 110 15 理论价差 118 265 铅 当月合约-现货 次月合约-现货 价差 20 140 理论价差 94 204 跨品种套利跟踪 2026/02/11 | 铜/锌 | | 铜/铝 | 铜/铅 | 铝/锌 | 铝/铅 | 铅/锌 | | --- | --- | --- | --- | --- | --- | --- | | 沪（三连） | 4.16 | 4.31 | 6.10 | 0.96 | 1.41 | 0.68 | | 伦（三连） 3.86 4.24 6.64 0.91 1.57 0.58 | | | | | | | | 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 | | | | | | | | 容的客观、公正，研究方法专业审慎，分析结论合理，但公司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 | | | | | | | | 发生任何变化。且全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，客户应当自主做出期货交易决策，独立承 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report The report presents the daily arbitrage data of various futures varieties on February 9, 2026, including the basis, inter - period spreads, and inter - variety spreads of power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. Summary by Directory 1. Power Coal - **Basis and Inter - period Spreads**: The basis and inter - period spreads (5 - 1 month, 9 - 5 month, 9 - 1 month) of power coal from February 2 to February 6, 2026, are presented. For example, on February 6, 2026, the basis was - 106 yuan/ton [2]. 2. Energy Chemicals (1) Energy Commodities - **Basis and Ratios**: The basis and ratios (such as crude oil/bitumen) of fuel oil, INE crude oil, etc. from February 2 to February 6, 2026, are provided. For instance, on February 6, 2026, the basis of INE crude oil was 7.63 yuan/ton [7]. (2) Chemical Commodities - **Basis**: The basis of rubber, methanol, PTA, LLDPE, PVC, and PP from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of rubber was - 80 yuan/ton [9]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month spread of rubber was - 535 yuan/ton [10]. - **Inter - variety Spreads**: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the LLDPE - PVC spread was 1776 yuan/ton [10]. 3. Black Metals - **Basis**: The basis of螺纹钢, iron ore, coke, and coking coal from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of螺纹钢 was 133.0 yuan/ton [21]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9(10) - 1 month, 9(10) - 5 month) of螺纹钢, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month spread of螺纹钢 was - 80 yuan/ton [20]. - **Inter - variety Spreads**: The inter - variety spreads (螺/矿, 螺/焦炭, 焦炭/焦煤, 螺 - 热卷) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the 螺/矿 ratio was 4.04 [20]. 4. Non - ferrous Metals (1) Domestic Market - **Basis**: The domestic basis of copper, aluminum, zinc, lead, nickel, and tin from February 2 to February 6, 2026, is given. For example, on February 6, 2026, the basis of copper was - 270 yuan/ton [29]. (2) London Market - **LME Spreads, Ratios, and Import Profits/Losses**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profits/losses of copper, aluminum, zinc, lead, nickel, and tin on February 6, 2026, are presented. For example, the LME spread of copper was (70.95) [35]. 5. Agricultural Products - **Basis**: The basis of soybeans (bean one, bean two), soybean meal, soybean oil, corn, etc. from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of bean one was - 218 yuan/ton [39]. - **Inter - period Spreads**: The inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of soybeans, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - 1 month spread of soybeans was - 43 yuan/ton [39]. - **Inter - variety Spreads**: The inter - variety spreads (soybean one/corn, soybean two/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from February 2 to February 6, 2026, are shown. For example, on February 6, 2026, the soybean one/corn ratio was 1.93 [39]. 6. Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 from February 2 to February 6, 2026, is provided. For example, on February 6, 2026, the basis of CSI 300 was 4.70 [51]. - **Inter - period Spreads**: The inter - period spreads (next month - current month, next quarter - current quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next month - current month spread of CSI 300 was - 50.8 [51].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream is still in a low - operation state during the off - season. Pure benzene maintains a deep negative basis and high inventory pressure, and the arrival pressure in China remains. The downstream operation shows differentiation. Styrene's port inventory has not met the original expectation of inventory replenishment, and the operation at the bottom is still slowly recovering. The downstream is in the off - season of operation [1][3] Summary by Directory I. Pure Benzene and EB's Basis Structure and Inter - Period Spread - Figures related to pure benzene and styrene's basis and inter - period spread are presented, such as pure benzene's main basis, spot - M2 paper cargo spread, and styrene's main basis, etc [8][13][17] II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Information about production profits of pure benzene and styrene, and their internal - external spreads are shown, including naphtha processing fee, FOB and CFR price differences in different regions, and import profits [20][21][29] III. Inventory and Operation Rates of Pure Benzene and Styrene - Data on the inventory and operation rates of pure benzene and styrene are provided, like pure benzene's East China port inventory and operation rate, and styrene's East China port inventory, commercial inventory, and operation rate [35][38][40] IV. Operation and Production Profits of Styrene's Downstream - Information on the operation and production profits of styrene's downstream products (EPS, PS, ABS) is given, including their operation rates and production profits [48][50][52] V. Operation and Production Profits of Pure Benzene's Downstream - Data about the operation and production profits of pure benzene's downstream products (caprolactam, phenol - ketone, aniline, adipic acid, etc.) are presented, including their operation rates and production profits [59][63][71] Market News and Important Data - **Pure Benzene**: The main basis is - 102 yuan/ton (+57), port inventory is 31.80 tons (+1.80 tons), CFR China processing fee is 138 dollars/ton (+5 dollars/ton), FOB Korea processing fee is 130 dollars/ton (+6 dollars/ton), US - Korea spread is 165.8 dollars/ton (-1.0 dollars/ton), and East China spot - M2 spread is - 190 yuan/ton (-10 yuan/ton). Downstream production profits and operation rates vary [1] - **Styrene**: The main basis is 103 yuan/ton (+56 yuan/ton), non - integrated production profit is 138 yuan/ton (+5 yuan/ton) with expected gradual compression. East China port inventory is 132,300 tons (-6,500 tons), and commercial inventory is 77,300 tons (-6,000 tons). The operation rate is 70.9% (+0.7%) [1] - **Styrene's Downstream Hard Rubber**: EPS production profit is 109 yuan/ton (+65 yuan/ton), PS production profit is - 291 yuan/ton (+15 yuan/ton), ABS production profit is - 1,074 yuan/ton (-39 yuan/ton). Their operation rates also change [2] Market Analysis - **Pure Benzene**: Upstream, the US turning Venezuelan crude oil into compliant oil supply suppresses oil prices, and attention should be paid to whether the US will take military action against Iran. Pure benzene has a deep negative basis and high inventory pressure. The downstream shows weak performance during the off - season, and the operation is differentiated [3] - **Styrene**: The port inventory has not met the inventory replenishment expectation, the operation at the bottom is still slowly recovering, and the downstream is in the off - season [3] Strategy - **Unilateral**: None - **Basis and Inter - Period**: Do reverse arbitrage on BZ2603 - BZ2605 when the price is high - **Cross - Variety**: Short BZ2603 and long EB2602 [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply and demand of polyolefins remain in a loose pattern, and the polyolefin market continues to be weak. For PE, post - holiday inventory accumulation, weakened cost support from falling crude oil, and new device production increases drive the price down. For PP, it is mainly dragged down by the weakening of crude oil and propane prices. The overall supply - demand situation is loose, and the cost support is weak [1][2][3]. - Suggested strategies include cautious short - selling hedging for both L and PP in the single - side trading; L01 - L05 and PP01 - PP05 reverse spreads in the inter - period trading; and narrowing the spread of PP01 - 3MA01 when it is high in the inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 6918 yuan/ton (-65), and the closing price of the PP main contract is 6602 yuan/ton (-91). The LL North China spot price is 6970 yuan/ton (-30), the LL East China spot price is 7000 yuan/ton (-80), and the PP East China spot price is 6640 yuan/ton (-30). The LL North China basis is 52 yuan/ton (+35), the LL East China basis is 82 yuan/ton (-15), and the PP East China basis is 38 yuan/ton (+61) [1]. 2. Production Profit and Operating Rate - PE operating rate is 83.9% (+1.9%), and PP operating rate is 77.7% (+1.1%). PE oil - based production profit is 461.2 yuan/ton (-81.6), PP oil - based production profit is -188.8 yuan/ton (-81.6), and PDH - based PP production profit is 110.3 yuan/ton (+209.4) [1]. 3. Non - standard Price Difference of Polyolefins No specific data analysis provided in the given text. 4. Import and Export Profits of Polyolefins - LL import profit is -28.2 yuan/ton (-39.0), PP import profit is -524.0 yuan/ton (+23.8), and PP export profit is 19.9 US dollars/ton (+2.3) [1]. 5. Downstream Operating Rate and Downstream Profits of Polyolefins - PE downstream agricultural film operating rate is 35.6% (+2.8%), PE downstream packaging film operating rate is 52.9% (+0.5%), PP downstream plastic weaving operating rate is 44.3% (+0.4%), and PP downstream BOPP film operating rate is 60.7% (+0.5%) [1]. 6. Polyolefin Inventory - For PE, post - holiday inventory of major plastic producers has accumulated significantly. For PP, there is an expectation of inventory digestion after the holiday, and traders are actively selling at discounted prices [2][3].