伦敦金属交易所（LME）2月12日伦镍库存报286386吨，较前一交易日库存量增加636吨。 长江镍业网讯：今日沪镍期货全线低开；主力月2603合约开盘报138100跌2220，9：10分沪镍主力2603 合约报135750跌4570；沪期镍开盘低开低走，盘面维持弱势震荡；宏观面，隔夜金属市场遭遇"宏观风 暴"与"资金离场"的双重冲击。美国异常强劲的就业数据与潜在的鹰派美联储主席提名，彻底扭转了市 场的降息预期，推动美元走强、美债收益率攀升，直接压制了金属的金融属性。与此同时，美股科技股 暴跌引发全球风险资产抛售潮，叠加中国春节长假前资金集中避险离场，共同触发了工业金属的广泛下 跌。这场由政策预期突变、风险偏好骤降及季节性流动性收紧引发的共振下跌，标志着市场逻辑正从宽 松交易向高利率现实迅速切换。今日镍价将下调。 春节前镍供需：双淡格局，观望为主 春节前，镍市场呈现供需双淡的格局，整体氛围以观望为主。供应端，海外镍矿供应预期转向宽松，而 国内冶炼厂生产维持稳定，市场现货流通量充足，不存在明显的供应短缺矛盾。需求侧则显著走弱，下 游不锈钢厂因假期因素已陆续进入停产放假阶段，对原料的采购基本停滞；尽管新能源领域对 ...

Report Summary 1) Report Industry Investment Rating - No industry investment rating was provided in the report [1] 2) Core Viewpoints of the Report - Gold: With the rapid exit of pre - holiday funds, the gold market has adjusted. In January, precious metals are expected to maintain high volatility due to uncertainties such as US economic data's impact on Fed policy and South American geopolitical situations. Gold long positions above $4300 should be held [1] - Silver: Long - position funds have increased holdings through ETFs and physical delivery, driving the price up. Global inventory shortages may not be truly resolved, but high prices may suppress industrial demand. After the CME and other exchanges raise margins, the "irrational" upward trend driven by short - term funds is expected to end. In high - volatility markets, a light - position and low - buying strategy above $70 is recommended [1] - Platinum and Palladium: Due to strong macro and supply - demand fundamentals and undervalued prices relative to gold, funds are driving value re - evaluation. They are expected to continue their upward trend in the medium - to - long - term. In the short - term, with reduced speculative sentiment and narrowing fluctuations, it is advisable to buy on dips near the 20 - day moving average [1] 3) Summary by Relevant Catalogs Domestic Futures Closing Prices - On January 7, 2026, the AU2602 gold contract closed at 998.90 yuan/gram, down 0.60% from the previous day; the AG2604 silver contract closed at 19290 yuan/kilogram, down 0.83%; the PT2606 platinum contract closed at 598.50 yuan/gram, down 2.97%; the PD2606 palladium contract closed at 475.95 yuan/gram, up 0.86% [1] Foreign Futures Closing Prices - On January 7, 2026, the COMEX gold main contract closed at $4467.10, down 0.86%; the COMEX silver main contract closed at $77.98, down 3.99%; the NYMEX platinum main contract closed at $2290.40 per ounce, down 6.74%; the NYMEX palladium main contract closed at $1817.00, down 3.96% [1] Spot Prices - On January 7, 2026, the London gold price was $4456.07, down 0.87%; the London silver price was $78.28, down 3.56%; the spot platinum price was $2297.55 per ounce, down 2.73%; the spot palladium price was $1755.73, down 0.97%. The Shanghai Gold Exchange's gold T + D was 999.20 yuan/gram, down 0.27%; the silver T + D was 19365 yuan/kilogram, down 0.67%; the platinum 9995 was 606 yuan/gram, up 5.56% [1] Basis - As of January 7, 2026, the basis of gold TD - Shanghai gold main contract was 0.30, up 3.36 from the previous value, with a 1 - year historical quantile of 95.10%; the basis of silver TD - Shanghai silver main contract was 75, up 32, with a 1 - year historical quantile of 98.30%; the basis of London gold - COMEX gold was - 11.03, down 0.47, with a 1 - year historical quantile of 68.60%; the basis of London silver - COMEX silver was 0.30, up 0.35, with a 1 - year historical quantile of 91.50% [1] Price Ratios - On January 7, 2026, the COMEX gold/silver ratio was 57.29, up 3.26% from the previous day; the Shanghai Futures Exchange gold/silver ratio was 51.78, up 0.23%. The NYMEX platinum/palladium ratio was 1.26, down 2.89%; the Guangzhou Futures Exchange platinum/palladium ratio was 1.26, down 3.79% [1] Interest Rates and Exchange Rates - On January 7, 2026, the 10 - year US Treasury yield was 4.15%, down 0.7% from the previous day; the 2 - year US Treasury yield was 3.47%, unchanged. The 10 - year TIPS Treasury yield was 1.88%, down 1.6%. The US dollar index was 98.74, up 0.14%; the offshore RMB exchange rate was 6.9935, up 0.18% [1] Inventory and Positions - As of January 7, 2026, the Shanghai Futures Exchange's gold inventory was 97,653, down 0.05%; the silver inventory was 553,429 kilograms, down 4.82%. The COMEX gold inventory remained unchanged at 36,403,452; the silver inventory was 445,737,395, down 0.77%. The COMEX gold registered warehouse receipts remained unchanged at 19,329,396; the silver registered warehouse receipts were 127,185,964, up 0.38%. The SPDR Gold ETF position remained at 1067; the SLV Silver ETF position was 16,100, down 0.11% [1]