News over the weekend brought a fresh jolt of geopolitical uncertainty for investors to digest as the first trading week of March kicks off. On Saturday, the U.S. and Israel launched a joint military strike on Iran, and U.S. President Donald Trump called on Iranians to overthrow their government. Iran retaliated with attacks on Israel and Gulf nations. Investors will likely be watching for more developments and their impact in the coming days. Investors will also be watching for employment data from th ...

格隆汇2月20日｜加拿大零售销售额在第四季度几乎没有增长，但有望在新的一年伊始出现反弹。根据 加拿大统计局的初步估计，1月份零售销售月率增长1.5%。第四季度零售销售增长乏力，仅为0.1%，12 月份更是下降了0.4%。经济学家此前预计，12月份零售销售月率将下降0.5%。尽管美国的关税给加拿 大经济带来了不确定性，但消费者在2025年仍继续购物，零售销售额较前一年增长了4%，而上年增长 率为1.6%。在九个细分领域中，有八个领域的销售额都有所增长。 ...

Group 1 - The total silver futures warehouse receipts reached 342,102 kilograms, with an increase of 18,734 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 20,420 yuan per kilogram, peaked at 20,968 yuan per kilogram, and closed at 20,944 yuan per kilogram, reflecting a rise of 1.88% [1] Group 2 - In Shanghai, the total warehouse receipts decreased by 63 kilograms at Zhongchu Wusong, while an increase of 12,607 kilograms was noted at Zhonggongmei Supply Chain, contributing to a total of 306,912 kilograms in Shanghai [2] - In Guangdong, Shenzhen Weibao saw an increase of 6,190 kilograms, bringing the total to 35,190 kilograms [2] Group 3 - U.S. retail sales for December recorded a month-on-month change of 0%, significantly below the expected 0.4%, indicating a decline from November's 0.6% [2] - Standard Chartered Bank reported that outflows from silver ETFs are causing increased volatility in silver prices, necessitating close monitoring [2]

Group 1 - The core viewpoint indicates that the silver futures market is experiencing a price increase, with the Shanghai silver futures closing at 20,626 yuan per kilogram, reflecting a daily increase of 1.88% [1] - The spot price of silver in Shanghai on February 12 was reported at 22,025 yuan per kilogram, which is a premium of 1,399 yuan per kilogram over the futures price [3] - The U.S. retail sales data for December 2025 showed an unexpected zero growth, significantly below the expected increase of 0.4%, indicating weak consumer performance among low-income groups [3] Group 2 - The U.S. non-farm payrolls for January increased by 130,000, exceeding market expectations of 70,000, with the unemployment rate dropping to 4.3%, the lowest since August 2025 [4] - Hourly wages increased by 0.4% month-on-month, surpassing expectations, but precious metals showed limited volatility, suggesting the market is awaiting clearer signals from the Federal Reserve [4] - The Federal Reserve's current policy stance is described as being close to neutral, with no further rate cuts anticipated if inflation decreases and the labor market remains stable [3][4]

美国12月零售销售环比持平，预期为增长0.4%，控制组销售额下降0.1%，但未经季节性调整的销售额 跃升至创纪录的8170亿美元，受季节性因素放大影响。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 美国12月零售销售环比持平，预期为增长0.4%，控制组销售额下降0.1%，但未经季节性调整的销售额 跃升至创纪录的8170亿美元，受季节性因素放大影响。 ...

静，贸易商多以交付节前加工订单为主，整体资源消耗速度放缓，因此全国不锈钢社库转入季节性累库。 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 不锈钢产业日报 2026-02-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 14040 | 300 03-04月合约价差:不锈钢(日,元/吨) | -105 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -8958 | -2618 主力合约持仓量:不锈钢(日,手) | 32627 | -4794 | | | 仓单数量:不锈钢(日,吨) | 54551 | 421 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 530 | -5 | | | | 上游情况 | 电解镍 ...

【黄金期货最新行情】 | 2月11日 | 收盘价（元/克） | 当日涨跌幅 | 成交量（手） | 持仓量（手） | | --- | --- | --- | --- | --- | | 沪金主力 | 1130.40 | 0.56% | 217933 | 160510 | 【机构观点】 金瑞期货：黄金调整后仍具备上行基础 重点关注沃什政策主张、及非农数据 当前市场情绪仍偏弱，美股维持高位震荡，短期看金银价格仍在进行底部再平衡，金银或延续高波动状 态，走势上不排除出现再次探底与反复拉锯。但中长期看，全球高债务、地缘风险及白银结构性短缺等 核心支撑未变，金银调整后仍具备上行基础。近期需重点关注沃什政策主张、及非农数据。 数据显示，2月11日上海黄金现货价格报价1124.00元/克，相较于期货主力价格（1130.40元/克）贴水6.4 元/克。 美联储洛根表示，美联储的政策立场恰到好处；美联储的政策立场可能接近中性水平，既不刺激也不抑 制经济活动。未来几个月如果通胀回落、劳动力市场保持稳定，就不需要进一步降息。 美联储哈马克表示，当前美联储目标利率"接近"中性水平；美联储的利率政策可能会"在相当长一段时 间内"保持不变 ...

Report Summary 1. Hot News - In 2025, China's total social logistics volume reached 368.2 trillion yuan, a year-on-year increase of 5.1% at comparable prices, with the logistics volume of industrial robots and new energy vehicles increasing by 28% and 25.1% respectively [3] - US President Trump is considering sending another aircraft carrier strike group to the Middle East in case the negotiation with Iran fails, and the second round of talks is expected next week [3] - US retail sales in December 2025 had zero month-on-month growth, weaker than the expected 0.4% increase, and core retail sales decreased by 0.1% month-on-month, against an expected 0.3% increase [3] - The EIA Short-Term Energy Outlook Report raised the forecast for Brent crude oil price in 2026 to $57.69/barrel and lowered it to $53/barrel in 2027, and adjusted WTI crude oil price forecasts accordingly [3] - The Dalian Commodity Exchange will adjust the daily price limit and trading margin levels for iron ore, coke, and coking coal futures contracts from February 12, 2026 [4] 2. Key Focus and Market Performance - Key focus commodities include urea, Shanghai copper, alumina, PP, and PVC [5] - Night trading performances: non-metallic building materials rose 1.96%, precious metals 34.51%, oilseeds 8.01%, soft commodities 2.49%, non-ferrous metals 25.64%, coal-coke-steel-ore 10.09%, energy 2.59%, chemicals 11.22%, grains 0.96%, and agricultural and sideline products 2.54% [5] 3. Commodity Futures Positions - The document presents the changes in commodity futures positions of different sectors in the past five days, including agricultural and sideline products, grains, chemicals, energy, coal-coke-steel-ore, non-ferrous metals, etc. [6] 4. Performance of Major Asset Classes - Equity markets: Shanghai Composite Index rose 0.13% daily, 0.25% monthly, and 4.02% annually; other indices had different performance [7] - Fixed-income markets: 10-year, 5-year, and 2-year treasury bond futures had slight increases [7] - Commodity markets: CRB commodity index, WTI crude oil, London spot gold, LME copper, and Wind commodity index had various changes [7] - Other assets: US dollar index and CBOE volatility index also had corresponding fluctuations [7] 5. Main Commodity Trends - The document shows the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold and silver, LME copper, CBOT soybeans and corn, etc., as well as the ratios between gold and oil, copper and gold, and risk premiums in the stock market [8]

Core Viewpoint - The overall financial environment is tightening, with rising repo rates and fluctuations in bond markets, while the central bank emphasizes the continuation of a moderately loose monetary policy to support economic growth and stabilize prices [2][8]. Domestic News - The People's Bank of China (PBOC) plans to maintain a moderately loose monetary policy, focusing on promoting stable economic growth and reasonable price recovery, while ensuring sufficient liquidity in the banking system [2]. - In 2025, China's total social logistics reached 368.2 trillion yuan, a year-on-year increase of 5.1%, indicating stable logistics demand and strong support for the real economy [3]. International News - U.S. retail sales unexpectedly stagnated in December, with a month-on-month change of 0%, raising concerns about consumer spending, which is a key driver of U.S. economic growth [4]. - The New York Fed reported a significant rise in consumer debt delinquency rates, reaching 4.8%, the highest level in nearly a decade, with total household debt hitting a record high of $18.78 trillion [5]. Bond Market Dynamics - The bond market showed strong fluctuations, with the 10-year government bond yield falling below 1.80%, supported by institutional demand [9]. - On February 10, the 10-year government bond yield decreased by 0.50 basis points to 1.7950%, while the 10-year policy bank bond yield increased by 0.10 basis points to 1.9220% [10]. Credit Bonds - In the secondary market, several industrial bonds experienced significant price deviations, with some bonds dropping over 50% [11]. - Dragon Food's credit rating was downgraded from "A-" to "BBB" by a credit rating agency, maintaining a negative outlook [12]. Convertible Bonds - The convertible bond market saw a collective decline, with major indices dropping around 0.23% to 0.24%, and trading volume decreasing by 101.62 billion yuan compared to the previous trading day [22]. - Upcoming listings include Longjian Convertible Bonds, and several companies announced early redemption conditions for their convertible bonds [24].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Platinum is in continuous shock consolidation, and palladium is in narrow - range shock [1] Group 3: Summary by Directory Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 537.50 with a - 1.39% change, gold - exchange platinum at 549.47 with a 1.01% change. Palladium futures 2606 closed at 429.05 with a - 2.08% change, RMB spot palladium at 419.00 with a - 2.56% change [2] - **Trading Volume and Position Data**: Guangdong platinum trading volume was 6,135 kg (down 7,342 kg), NYMEX platinum was 18,004 kg (down 12,597 kg). Guangdong palladium trading volume was 3,099 kg (down 3,052 kg), NYMEX palladium was 10,569 kg (down 3,611 kg) [2] - **ETF and Inventory Data**: Platinum ETF holdings were 3,279,592 ounces (unchanged), palladium ETF holdings were 1,200,822 ounces (unchanged). NYMEX platinum inventory was 583,369 ounces (down 63,072 ounces) [2] - **Spread Data**: PT9995 to PT2606 spread was 11.97 (down 10.02), Guangdong platinum 2606 to 2610 spread was 11.50 (down 2.90). RMB spot palladium to PD2606 spread was - 10.05 (up 14.45), Guangdong palladium 2606 to 2610 spread was 4.90 (down 0.05) [2] - **Exchange - Rate Data**: The US dollar index was 96.86 with a - 0.78% change, USD/CNY (spot) was 6.92 with a - 0.24% change, USD/CNH (spot) was 6.92 with a - 0.20% change, USD/CNY (6M forward) was 6.83 with a - 0.45% change [2] Macro and Industry News - **Policy Statements**: Trump believes the interest rate should be 2 percentage points lower. Fed officials have different views on interest - rate cuts and inflation [5] - **Economic Data**: US December retail sales month - on - month rate was 0%, lower than the forecast of 0.4%. ADP report shows US private - sector employment increased by 6,500 per week in the four weeks to January 24 [5] - **Geopolitical News**: Negotiations on Greenland are in the early stage, and talks will be held in the coming months. There are developments in the US - Iran nuclear - issue negotiation [5] - **Corporate News**: Alphabet plans to issue bonds to raise about £4.5 billion and over 3 billion Swiss francs [5] - **Domestic Policy**: Li Qiang emphasizes the rational development of rare - earth resources and key - core technology research [5] Trend Strength - Platinum trend strength is 0, palladium trend strength is 0. The range of trend strength is [- 2,2], with - 2 being most bearish and 2 being most bullish [4]