1. Report's Industry Investment Rating - No information provided 2. Core Views of the Report - On February 4, 2026, A - share market showed mixed performance with the Shanghai Composite Index up 0.85%, Shenzhen Component Index up 0.21%, and ChiNext Index down 0.4%. The trading volume of the three markets in Shanghai, Shenzhen, and Beijing was 2.5 trillion yuan, a slight decrease of 6.23 billion yuan from the previous day [1] - Different futures varieties had various trends and influencing factors. For example, the prices of some were affected by supply - demand relationships, seasonal factors, international news, and policy expectations [2][4][5] 3. Summary by Variety 3.1 Stock Index Futures - On February 4, the Shanghai Composite Index closed at 4102.20, up 0.85%; the Shenzhen Component Index closed at 14156.27, up 0.21%; the ChiNext Index closed at 3311.51, down 0.4%. The trading volume of the three markets in Shanghai, Shenzhen, and Beijing was 2.5 trillion yuan, a slight decrease of 6.23 billion yuan from the previous day. The CSI 300 index fluctuated within a range, closing at 4698.68, up 38.58 [1][2] 3.2 Coke and Coking Coal - On February 4, the coke weighted index was strong, closing at 1773.1, up 48.8. The coking coal weighted index trended stronger, closing at 1217.1 yuan, up 40.4. The price of coke futures was affected by factors such as steel mills' acceptance of price increases, environmental protection, and supply - demand. The price of coking coal was affected by factors such as steel mill production, coal mine production cycles, imports, and downstream demand [2][3][4] 3.3 Zhengzhou Sugar - The 2026/27 global sugar surplus is expected to shrink to 1.4 million tons, lower than 4.7 million tons in 2025/26. The Zhengzhou sugar 2605 contract fluctuated higher on February 4, affected by factors such as the expected reduction in the supply surplus in the next season and the increase in US sugar prices [4] 3.4 Rubber - Affected by the general rise of commodities and the increase in the stock market, Shanghai rubber fluctuated higher on February 4. Due to large short - term gains, it fluctuated and adjusted slightly higher at night. In 2025, Hainan's natural rubber production was 349,500 tons, and Yunnan's was 613,500 tons. In 2025, Indonesia's total exports of natural rubber and mixed rubber were 1.672 million tons, a year - on - year increase of 1.8% [5] 3.5 Soybean Meal - On February 4, the CBOT soybean futures in the international market were strong, reaching a two - month high. Brazilian soybean production is expected to increase, and the harvest rate has reached 10%. In the domestic market, the main soybean meal 2605 contract closed at 2723 yuan/ton, down 0.15%. The pre - festival stocking is coming to an end, and the inventory has increased again. The soybean meal futures price lacks upward momentum [5] 3.6 Live Pigs - On February 4, the main live pig contract LH2605 closed at 11735 yuan/ton, up 1.16%. Before the Spring Festival, the supply pressure is large due to possible early concentrated slaughter. The demand for Spring Festival stocking provides short - term support, but the market is still in a situation of oversupply in the medium term [5] 3.7 Palm Oil - On February 4, the palm oil night session opened higher but then fluctuated downward. The main contract P2605 closed at 9138, up 0.48%. In January 2026, Malaysia's palm oil production decreased by 13.08% month - on - month [5] 3.8 Shanghai Copper - The main Shanghai copper contract (2603) closed at 105160 yuan/ton. Driven by policies such as national reserve expansion and the suspension of some smelting projects, the supply is expected to shrink. In January, the electrolytic copper production was 1.1793 million tons (year - on - year + 16.32%), and it is expected to decrease by 3.04% in February. The downstream demand is stable, and the inventory pressure still exists [5][6][8] 3.9 Cotton - On February 4, the main Zhengzhou cotton contract closed at 14655 yuan/ton at night. The cotton inventory increased by 38 lots. The 2025/26 Chinese cotton production is expected to be 7.512 million tons, a significant increase compared to the previous report [8] 3.10 Iron Ore - On February 4, the 2605 main iron ore contract closed down 0.32% at 781.5 yuan. The shipping volume from Australia and Brazil has rebounded, the domestic arrival volume has increased slightly, and the port inventory has continued to accumulate. The iron ore price is in a volatile trend in the short term [8] 3.11 Asphalt - On February 4, the 2603 main asphalt contract closed up 1.69% at 3361 yuan. The refinery production plan in February has decreased slightly, and the market is in the off - season. The asphalt price shows a volatile trend in the short term [8] 3.12 Logs - On February 4, the 2603 main log contract opened at 801, with a minimum of 798, a maximum of 810.5, and closed at 807.5, with an increase of 427 lots in positions. The port coniferous log inventory has decreased for three consecutive weeks. The price is affected by factors such as the spot market, import data, and inventory changes [8][9] 3.13 Steel - On February 4, rb2605 closed at 3110 yuan/ton, and hc2605 closed at 3274 yuan/ton. The steel market activity has continued to decline, and the steel price is expected to continue to fluctuate in a narrow range in the short term [9] 3.14 Alumina - On February 4, ao2605 closed at 2824 yuan/ton. There is no news of subsequent production cuts before the Spring Festival, and the new planned production capacity may be put into operation after the Spring Festival. The spot market is in a mild state [9] 3.15 Shanghai Aluminum - On February 4, al2603 closed at 23955 yuan/ton. The supply side is stable, the social inventory continues to accumulate, and the demand side shows a slight decline [9][10]