1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - China plans to include copper concentrate in the national reserve, leading to a general rebound in metal prices. The A - share market rebounded on Tuesday, with growth - style small - cap stocks leading the gains. The market may continue to fluctuate in the short term and remain positive in the long term [2][3]. - Precious metals rebounded due to bargain - hunting. However, it is too early to say that the adjustment is over, and prices are expected to continue to adjust until volatility cools [4][5]. - Copper prices rebounded significantly because of China's plan to increase copper reserves. Short - term copper prices are expected to continue to rebound [6][7]. - Aluminum prices' adjustment slowed after risk sentiment was released. The market is expected to be under pressure and fluctuate [8][9]. - Alumina is expected to oscillate at a low level due to the co - existence of bullish and bearish factors [10]. - Cast aluminum is expected to follow the cost and oscillate as it is in a seasonal off - season with no prominent fundamental contradictions [11]. - Zinc prices had a weak rebound due to positive news, but it is hard to say that the adjustment is over [12]. - Lead prices are expected to stabilize and weakly correct following the non - ferrous sector [13]. - Tin prices had a weak rebound due to the boost of capacity control signals, but the fundamental support is weakening [14]. - Steel prices are expected to oscillate as the steel market is in a situation of weak supply and demand during the Spring Festival [15]. - Iron ore prices are expected to oscillate as the supply is strong and demand is weak [16][17]. - Coking coal and coke prices are expected to oscillate as the market is in a situation of weak supply and demand before the Spring Festival [18]. - Soybean meal and rapeseed meal are expected to oscillate as the precipitation in Argentina has improved and the domestic soybean purchase plan is progressing [19][20]. - Palm oil is expected to oscillate and adjust as the production in Malaysia decreased, exports increased, and India's imports surged in January [21][23]. 3. Summary by Related Catalogs 3.1 Main Variety Views 3.1.1 Macro - Overseas: Trump signed a temporary spending agreement, ending the partial shutdown. The Fed's officials have different views on interest rate cuts. The dollar index fell, and the 10 - year U.S. Treasury yield rose. The Nasdaq fell sharply. Gold and copper prices rebounded, and oil prices rose due to the escalation of tensions in the Middle East [2]. - Domestic: A - shares rebounded on Tuesday, with growth - style small - cap stocks leading the gains. The China Non - Ferrous Metals Industry Association is studying to include copper concentrate in the national reserve [3]. 3.1.2 Precious Metals - On Tuesday, precious metals rebounded significantly. Some investors bought on dips, and domestic consumers "bottom - fished" physical metals. The adjustment of precious metal prices is a correction of market sentiment. It is too early to say that the adjustment is over, and prices are expected to continue to adjust [4][5]. 3.1.3 Copper - On Tuesday, Shanghai copper rebounded from a low level. China plans to increase strategic copper reserves. Geopolitical risks and the weak dollar have pushed up the metal's valuation. Overseas mines'复产 is not smooth, non - US inventories are low, and domestic inventory accumulation has slowed. Copper prices are expected to continue to rebound in the short term [6][7]. 3.1.4 Aluminum - On Tuesday, Shanghai aluminum fell slightly, and LME aluminum rose. The inventory of electrolytic aluminum ingots and aluminum rods increased. The risk sentiment was released, and the market repaired the previous over - reaction. The fundamentals are weak, and aluminum prices are expected to be under pressure and fluctuate [8][9]. 3.1.5 Alumina - On Tuesday, the alumina futures contract rose slightly. The social inventory accumulation slowed, and the warehouse receipt inventory increased. The market is in a game between the expected production cuts during the Spring Festival and the new capacity and cost - reduction pressure after the Spring Festival. Alumina is expected to oscillate at a low level [10]. 3.1.6 Cast Aluminum - On Tuesday, the cast aluminum alloy futures contract fell. Cast aluminum follows the cost and oscillates as it is in a seasonal off - season with no prominent fundamental contradictions [11]. 3.1.7 Zinc - On Tuesday, Shanghai zinc stabilized and oscillated. The US government's shutdown concern decreased, and the Fed's dovish statement alleviated market pessimism. The downstream buying decreased, and the domestic market is in the Spring Festival inventory accumulation cycle. Zinc prices had a weak rebound, but it is hard to say that the adjustment is over [12]. 3.1.8 Lead - On Tuesday, Shanghai lead oscillated horizontally. The LME inventory increased, and domestic downstream enterprises are on holiday. The inventory is expected to increase, which suppresses lead prices. However, the loss of secondary lead smelters has expanded, and the price is expected to stabilize and weakly correct [13]. 3.1.9 Tin - On Tuesday, the tin futures contract had a weak rebound. The market's selling pressure was repaired due to the capacity control signal. However, the terminal demand is weakening, and the supply from Myanmar and Indonesia has recovered. Tin prices are expected to have a weak rebound and repair [14]. 3.1.10 Steel (Screw and Coil) - On Tuesday, steel futures oscillated. The spot market trading volume decreased. The steel market is in a situation of weak supply and demand during the Spring Festival. Steel prices are expected to oscillate, and attention should be paid to inventory accumulation and macro - policies [15]. 3.1.11 Iron Ore - On Tuesday, iron ore futures oscillated. The port inventory increased, and the supply is strong while the demand is weak. Iron ore prices are expected to oscillate [16][17]. 3.1.12 Coking Coal and Coke - On Tuesday, coking coal and coke futures oscillated and rebounded. The supply is tightening due to environmental protection policies and coal mine holidays, and the demand is weak as steel mills are on holiday. The market is in a situation of weak supply and demand, and prices are expected to oscillate [18]. 3.1.13 Soybean Meal and Rapeseed Meal - On Tuesday, soybean meal and rapeseed meal futures fell. The precipitation in Argentina has improved, and the domestic soybean purchase plan is progressing. The market is expected to oscillate [19][20]. 3.1.14 Palm Oil - On Tuesday, palm oil futures fell slightly. The production in Malaysia decreased, exports increased, and India's imports surged in January. The market is expected to oscillate and adjust [21][23]. 3.2 Metal Main Variety Trading Data - The report provides the closing prices, price changes, price change percentages, trading volumes, and open interests of various metal futures contracts, including copper, aluminum, zinc, lead, nickel, tin, gold, and silver, in both domestic and international markets [24]. 3.3 Industrial Data Perspective - The report shows the price changes, inventory changes, and other data of copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, coking coal, coke, and other products from February 2 to February 3 [25][28][30].

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 4 日 0 / 46 研究所 期货眼·日迹 | | | | 蛋白粕：供应压力较大 | 盘面大幅下行 5 | | --- | --- | | 白糖：国际糖价大涨 | 国内糖价小幅上调 5 | | 油脂板块：美国 | 45z 拟议规则出台，带动油脂上涨较多 6 | | 玉米/玉米淀粉：北港现货偏弱，盘面偏弱震荡 7 | | | 生猪：出栏压力增加 | 现货整体下行 8 | | 花生：花生现货稳定，花生盘面窄幅震荡 9 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 10 | | 苹果：节前走货尚可，苹果价格坚挺 11 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 12 | | 钢材：需求边际转弱，钢价跟随市场情绪延续震荡 13 | | --- | | 双焦：基本面权重降低，资金扰动加大 13 | | 铁矿：市场预期反复，矿价偏弱运行 14 | | 铁合金：恐慌情绪有所缓和，仍可作为多头配置 15 | | 金银：金银市场回暖，节前风控仍是主线 16 | | --- | | 铂钯：风险释放后行情企稳 贵金属谨慎参与低多机会 1 ...

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - The continuous improvement of the stock market in 2026 is the result of the resonance of the technology cycle, the release of policy dividends, the recovery of the economy, and the return of overseas funds. In February, the market is expected to continue its phased upward trend, benefiting from the "Spring Market" window period, the release of policy dividends at the beginning of the "15th Five-Year Plan", clear profit expectations for AI and overseas expansion themes, seasonal recovery in the consumer sector, and the implementation of investment projects. However, potential disturbances from overseas capital market fluctuations during the Spring Festival holiday, especially geopolitical risks, need to be watched out for [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4582.20, 4577.40, 4540.00, and 4491.80 respectively, with declines of -136.20, -142.20, -167.60, and -170.60 and drops of -2.89%, -3.01%, -3.56%, and -3.66%. The trading volumes were 34422.00, 110802.00, 33589.00, and 12595.00, and the open interests were 37542.00, 174613.00, 75115.00, and 26611.00, with decreases of -2648.00, -11760.00, -4210.00, and -145.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 3032.80, 3033.00, 3025.20, and 2999.80 respectively, with increases of 26.00, 27.40, 34.80, and 34.20 and rises of 0.86%, 0.91%, 1.16%, and 1.15%. The trading volumes were 11671.00, 39958.00, 7948.00, and 4357.00, and the open interests were 15785.00, 62777.00, 25732.00, and 10211.00, with changes of -1198.00, -3469.00, -199.00, and 67.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 7951.00, 7903.20, 7765.20, and 7647.00 respectively, with declines of -434.60, -475.20, -558.00, and -593.00 and drops of -5.18%, -5.67%, -6.70%, and -7.20%. The trading volumes were 43997.00, 151002.00, 69294.00, and 24711.00, and the open interests were 43403.00, 153481.00, 93095.00, and 38790.00, with changes of -3591.00, -10216.00, -7752.00, and 869.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 8213.00, 8183.00, 8031.00, and 7885.80 respectively, with increases of 223.00, 228.20, 251.40, and 251.80 and rises of 2.79%, 2.87%, 3.23%, and 3.30%. The trading volumes were 44819.00, 150161.00, 42375.00, and 20281.00, and the open interests were 58651.00, 189544.00, 105961.00, and 51362.00, with changes of -2382.00, -5304.00, -1872.00, and 826.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were -4.80, 0.20, -47.80, and -30.00 respectively, compared with the previous values of 1.00, 0.60, -14.80, and -38.20 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous day's index points were 4660.11, with a trading volume of 265.55 billion lots and a total trading value of 6666.27 billion yuan, showing a 1.18% increase [1] - **SSE 50 Index**: The previous day's data showed a decline of -2.07%, but specific index points, trading volume, and total trading value were not fully presented [1] - **CSI 500 Index**: The previous day's index points were 8286.70, with a trading volume of 272.23 billion lots and a total trading value of 5432.64 billion yuan, showing a 3.11% increase [1] - **CSI 1000 Index**: The previous day's index points were 8209.10, with a trading volume of 299.22 billion lots and a total trading value of 5257.60 billion yuan, showing a 2.93% increase [1] - **CSI 300 Industry Index**: Different industries had varying changes. For example, energy, raw materials, industry, and optional consumption decreased by -4.44%, -7.74%, -0.96%, and -1.14% respectively; major consumption, medical and health, real - estate finance, and information technology changed by 1.12%, -2.05%, -0.53%, and -2.85% respectively; telecommunications services and public utilities decreased by -3.36% and -0.81% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous two days' values of the basis for IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (the quarter after next - CSI 300) were -23.78, -28.58, -65.98, and -114.18 respectively [1] - **IH Contracts and SSE 50**: The previous two days' values of the basis for IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (the quarter after next - SSE 50) were 0.46, 1.06, -17.14, and -39.54 respectively [1] - **IC Contracts and CSI 500**: The previous values of the basis for IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (the quarter after next - CSI 500) were -65.43, -103.63, -273.83, and -426.83 respectively [1] - **IM Contracts and CSI 1000**: Specific basis data was not fully presented [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4067.74, 14127.11, 8524.43, and 3324.89 respectively, showing increases compared to the previous two days [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26834.77, 54720.66, 6917.81, and 24781.38 respectively, with changes of 0.22%, 3.92%, -0.84%, and -0.07% respectively [1] 3.5 Macroeconomic Information - The first central government's No. 1 Document of the "15th Five - Year Plan" was released on February 3, aiming to promote rural revitalization and modernize agriculture [2] - The central bank will conduct an 800 - billion - yuan 3 - month repurchase operation on February 4, with an additional 100 billion - yuan roll - over, the first increase in the past four months. The net investment in treasury bond trading in the open market in January was 100 billion yuan [2] - The State - owned Assets Supervision and Administration Commission emphasized the development of strategic emerging industries and future industries and the transformation and upgrading of traditional industries in central enterprises [2] - Thirty provinces have set their GDP growth targets for 2026, with many large economic provinces aiming for over 5%. Shanghai aims for about 5% GDP growth and plans to implement major industrial projects in the fields of integrated circuits and artificial intelligence [2] - In January, the sales volume of 6 types of household appliances and 4 types of digital and intelligent products exceeded 15 million units, with sales of nearly 59 billion yuan. The offline sales of home appliance trade - ins and new digital and intelligent product purchases accounted for nearly 80%, a year - on - year increase of about 20% [2] 3.6 Industry Information - The Ministry of Industry and Information Technology emphasized the need to strengthen technological supply for future industries, promote breakthroughs in 6G, quantum technology, brain - computer interfaces, and embodied intelligence, and establish a policy system for cultivating future industries [2] - Eight departments jointly issued guidelines for the safe cross - border transfer of automobile data to improve data security protection [2] - The Central Cyberspace Affairs Commission formulated a negative list for algorithms of life - service platforms, requiring relevant platforms to develop implementation plans [2] - Domestic refined oil retail prices increased for the second consecutive time. Starting from 24:00 on February 3, gasoline and diesel retail prices per ton increased by 205 yuan and 195 yuan respectively [2]

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-2-4） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 利 多：1.铁水产量上涨 2.供应难有增量 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：年底将至，大矿生产偏向平稳，民营矿点陆续进入放假安排，供应稍有收紧。主产地焦企 原料煤库存多已增至中高位水平，同时中间投机贸易商需求减少，市场交投氛围转弱，高价资源成交难 度加大，部分洗煤厂及贸易商有加快出货的情况。然煤矿端考虑当前场地库存较少，且焦煤市场供应逐 渐趋紧，煤矿报价暂多持稳，部分有所下调；中性 2、基差：现货市场价1180，基差12.5；现货升水期货；偏多 3、库存：钢厂库存801万吨，港口库存295万吨，独立焦企库存861万吨，总样本库存1957万吨，较上 周减少21万吨；偏多 4、盘面：20日线向上，价格在20日线上方；偏多 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold is releasing risks, and silver is falling from a high level. Copper prices are strengthening due to raw material disturbances. Zinc is operating weakly. Lead prices are under pressure due to increased inventory. Tin has stopped falling and rebounded. Aluminum is rebounding slightly, alumina is oscillating within a range, and cast aluminum alloy follows electrolytic aluminum. Platinum is oscillating at a low level, and palladium prices may be suppressed by ETF outflows. Nickel is mainly influenced by macro - sentiment, with a game between fundamentals and speculative positions. Stainless steel has frequent maintenance and production cuts in February, with nickel - iron expectations providing support [2]. Summaries According to Related Catalogs Gold and Silver - **Fundamentals**: For gold, the closing prices of Shanghai Gold 2602, Gold T + D, Comex Gold 2602, and London Gold Spot all increased, with daily increases of 8.45%, 6.74%, 6.19%, and 6.06% respectively. The trading volume of Shanghai Gold 2602 and Comex Gold 2602 decreased, and the SPDR Gold ETF holdings decreased by 4. For silver, the closing prices of Shanghai Silver 2602 and Comex Silver 2602 increased, while the price of Shanghai Silver 2602 decreased by 12.12% during the day. The trading volume of Shanghai Silver 2602 increased, and the SLV Silver ETF holdings decreased by 109. The inventories of both gold and silver in Shanghai and Comex decreased [4]. - **News**: The US House of Representatives approved a government funding bill to end a partial shutdown. There was an AI panic in the US stock market, and the Fed governor Milan said that more than 100 basis - point interest rate cuts were needed this year [4][6]. - **Trend Intensity**: Gold and silver both have a trend intensity of - 1 [6]. Copper - **Fundamentals**: The closing price of the Shanghai Copper main contract was 104,500, with a daily increase of 6.01%. The trading volume of the Shanghai Copper index decreased, and the inventory of Shanghai Copper and London Copper increased. The LME copper cash - 3M spread and other spreads changed [7]. - **News**: The Fed governor Milan said more than 100 basis - point interest rate cuts were needed this year. Zambia's copper production in 2025 increased by 8%. Chile's copper production in December 2025 decreased by 4.7%. Some copper companies' production decreased, and a copper mine in Canada resumed operations. The China Non - Ferrous Metals Industry Association is studying including "copper concentrate" in the national reserve [7][8][9]. - **Trend Intensity**: Copper has a trend intensity of 1 [9]. Zinc - **Fundamentals**: The closing price of the Shanghai Zinc main contract was 24,960, with a 1.82% increase, while the London Zinc 3M electronic - disk closing price decreased by 1.53%. The trading volume of Shanghai Zinc decreased, and the inventory of Shanghai Zinc increased while that of London Zinc decreased [10]. - **News**: Goldman Sachs analysts had views on Fed Chairman Wash. The Fed governor Milan said more than 100 basis - point interest rate cuts were needed this year [11]. - **Trend Intensity**: Zinc has a trend intensity of 0 [11]. Lead - **Fundamentals**: The closing prices of the Shanghai Lead main contract and the London Lead 3M electronic - disk decreased. The trading volume of Shanghai Lead decreased, and the inventory of both Shanghai Lead and London Lead increased [14]. - **News**: The Fed governor Milan said more than 100 basis - point interest rate cuts were needed this year, and the US House of Representatives approved a government funding bill [15]. - **Trend Intensity**: Lead has a trend intensity of 0 [15]. Tin - **Fundamentals**: The closing price of the Shanghai Tin main contract decreased by 6.70% during the day but increased by 6.64% at night. The trading volume of Shanghai Tin increased, and the inventory of Shanghai Tin and London Tin decreased. The prices of spot tin decreased [18]. - **Trend Intensity**: Tin has a trend intensity of 1 [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Fundamentals**: The closing price of the Shanghai Aluminum main contract was 23,810. The trading volume and inventory of Shanghai Aluminum and LME Aluminum changed. The closing price of the Shanghai Alumina main contract was 2,809. The prices and inventories of related products in the aluminum industry chain also changed [21]. - **News**: The Fed governor Milan said more than 100 basis - point interest rate cuts were needed this year, and the US House of Representatives approved a government funding bill [23]. - **Trend Intensity**: Aluminum has a trend intensity of 1, alumina has a trend intensity of 0, and cast aluminum alloy has a trend intensity of 1 [23]. Platinum and Palladium - **Fundamentals**: The prices of platinum and palladium futures and spot increased. The trading volume and inventory of platinum and palladium in various markets changed [24]. - **News**: Trump signed a bill to end a partial government shutdown. The Fed's statements on interest rate cuts and international events such as the situation between the US and Iran affected the market [27]. - **Trend Intensity**: Platinum and palladium both have a trend intensity of 0 [26]. Nickel and Stainless Steel - **Fundamentals**: The closing price of the Shanghai Nickel main contract was 134,830, and that of the stainless - steel main contract was 13,585. The prices, trading volumes, and inventories of products in the nickel and stainless - steel industrial chains changed [30]. - **News**: Indonesia suspended issuing new smelting licenses, China implemented export license management for some steel products, and Indonesia planned to adjust the nickel ore production target. Some nickel mines planned to restart operations [30][31][33]. - **Trend Intensity**: Nickel and stainless steel both have a trend intensity of 0 [35].

昨日COMEX金价涨超6%、重回4950美元/盎司，沪金涨超4%、站上1100元/克；此轮拉升主要源于黄金 在连续两日急跌后的低价买盘入场，叠加美国政府再度停摆导致非农等关键数据推迟发布形成的支撑。 目前市场进入关键数据真空期，据央视新闻报道，由于美国政府又一次陷入停摆，2025年12月的职位空 缺数据、2026年1月非农就业报告将延期发布。而近日公布的美国超预期PMI数据、美印关税谈判进 展、以及美伊核紧张局势的缓解，或一定程度限制黄金涨幅。此外，在1月30日芝加哥商业交易所宣布 上调黄金期货保证金后，2月3日上金所发布通知，将上调黄金部分合约保证金水平和涨跌幅度限制，亦 将加大短线黄金波动风险。短期黄金或宽幅震荡，波动风险仍较大。 本文源自：金融界AI电报 ...

1. Report Industry Investment Rating - The report gives a neutral rating to the natural rubber industry [6][11] 2. Core View of the Report - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level The market sentiment is cooling, and it may fluctuate within a range before the holiday [6] 3. Summary by Relevant Catalogs 3.1 Daily Hints - The supply of natural rubber is increasing, the spot is strong, domestic inventories are starting to decrease, and the tire operating rate is at a high level The market sentiment is cooling, and it may fluctuate within a range before the holiday [6] 3.2 Fundamental Data 3.2.1 Supply and Demand - Supply is increasing, and downstream demand shows mixed signals. The tire production is increasing year - on - year, and tire industry exports are rebounding, but automobile production and sales are falling [6][25][31] 3.2.2 Inventory - The exchange inventory has not changed much recently, while the inventory in Qingdao area has rebounded The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year; the inventory in Qingdao area increased both week - on - week and year - on - year [16][19] 3.2.3 Import - The import volume of natural rubber has rebounded [22] 3.2.4 Spot Price - The spot price of 2024 full - latex (non - deliverable) remained flat on February 3rd The US dollar quotation in Qingdao Free Trade Zone is also part of the spot price information [10] 3.3 Multi - empty Factors 3.3.1 Bullish Factors - High downstream consumption, resistant spot prices, and domestic anti - involution [8] 3.3.2 Bearish Factors - Bearish domestic economic indicators and trade frictions [8] 3.4 Basis - The spot price is 15,900, and the basis is - 280, showing a bearish signal The basis weakened on February 3rd [6][37]

重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铜: 交易咨询业务资格：证监许可【2012】1091号 沪铜早报- 大越期货投资咨询部 : 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 1、基本面：供应端有所扰动，冶炼企业有减产动作，废铜政策有所放开，1月份，制造业采购经理指 数（PMI）为49.3%，比上月下降0.8个百分点，制造业景气水平有所回落；偏多。 2、基差：现货101445，基差-4055， 贴水期货；偏空。 3、库存：2月3日铜库存增1450至176125吨，上期所铜库存较上周增7067吨至233004吨；中性。 4、盘面：收盘价收于20均线上，20均线向上运行；偏多。 5、主力持仓：主力净持仓多，多增；偏多。 6、预期：地缘扰动仍存印尼的Grasberg Block Cave矿事件发酵，铜价再次创出历史新高，目前高位 波动，注意仓位控制 近期利多利空分析 利多： 利空： 逻辑： 全球 ...

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铝: 1、基本面：碳中和控制产能扩张，国内供应即将到达天花板，下游需求不强劲，房地产延续疲软，宏 观短期情绪多变；中性。 2、基差：现货23290，基差-520，贴水期货，偏空。 3、库存：上期所铝库存较上周涨19718吨至216771吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：碳中和催发铝行业变革，长期利多铝价，宏观情绪多变，铝价震荡向上运行 近期利多利空分析 利多： 利空： 每日汇总 | 类型 | 地方 地方 现货 昨日现货 | 中间价 中间价 | 涨跌 涨跌 | | 类型 | 总量（吨） 总量（吨） | 增减 增减 | | --- | --- ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2026年2月4日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 基差-沪镍 上一交易日上海现货-沪镍基差（4220） 数据来源：SMM、SHFE、大越期货研发中心 沪镍 每日观点 1、基本面：外盘反弹，但20均线已拐头。供应方面，前期减产的产能开始恢复生产，进口货源陆续到 货，印尼寒锐镍板也有大量提供，市场供应充足。产业链上，镍矿看涨情绪较浓重，菲律宾与印尼都 有强支撑。镍铁价格继续上涨，成本线上升。不锈钢库存开始回升，要注意库存回升之后不锈钢价格 或有反转。精炼镍库存持续高位，过剩格局不变。新能源汽车产销数据良好，但总体镍需求提振有限。 偏空 2、基差：现货139050，基差4220，偏多 3、库存：LME库存285528，0，上交所仓单48180，+1606，偏空 4、盘面：收盘 ...