Report Summary - **Report Date**: February 3, 2026 [2] - **Report Type**: Shanghai Zinc Industry Daily Report - **Researcher**: Chen Sijia [3] - **Futures Practicing Certificate Number**: F03118799 - **Futures Investment Consulting Practicing Certificate Number**: Z0022803 Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints - The report anticipates that Shanghai zinc will undergo wide - range adjustments, with attention focused on the 2.43 - 2.55 range [3]. - Upstream zinc ore imports are at a high level, but domestic zinc mines reduce production at the end of the year. The competition among domestic smelters to purchase domestic ores has intensified, and both domestic and foreign processing fees have significantly declined. Domestic smelter profits have shrunk, and production is expected to continue to be restricted [3]. - Recently, the LME zinc price has corrected, the Shanghai - LME ratio has rebounded, and there is a possibility that the export window will close again. - On the demand side, the downstream market is gradually entering the off - season. The real estate sector is a drag, and the infrastructure and home appliance sectors are also weakening, while the automotive and other sectors have some bright spots due to policy support. Downstream procurement has become less active, and domestic social inventories are stable with a slight increase, while LME zinc inventories are stable and the spot premium remains low [3]. - Technically, with a decrease in positions and price adjustments, both long and short positions are trading cautiously. Summary by Directory 1. Futures Market - The closing price of the Shanghai zinc main contract is 24,960 yuan/ton, with a change of 445 yuan/ton. The price difference between the 03 - 04 contracts of Shanghai zinc is - 50 yuan/ton, a decrease of 35 yuan/ton [3]. - The LME three - month zinc quotation is 3,318.5 US dollars/ton, a decrease of 51.5 US dollars/ton. The total open interest of Shanghai zinc is 203,753 lots, a decrease of 11,573 lots [3]. - The net position of the top 20 in Shanghai zinc is 9,412 lots, a decrease of 7,195 lots. The warehouse receipts of Shanghai zinc are 0 tons, with no change. The inventory of the Shanghai Futures Exchange is 65,154 tons, a decrease of 7,997 tons, and the LME inventory is 109,100 tons, a decrease of 900 tons [3]. 2. Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 25,050 yuan/ton, an increase of 80 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 25,050 yuan/ton, an increase of 990 yuan/ton [3]. - The basis of the ZN main contract is 90 yuan/ton, a decrease of 365 yuan/ton. The LME zinc premium (0 - 3) is - 5.35 US dollars/ton, an increase of 3.06 US dollars/ton [3]. - The ex - factory price of 50% zinc concentrate in Kunming is 21,770 yuan/ton, a decrease of 600 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 16,900 yuan/ton, with no change [3]. 3. Upstream Situation - The WBMS zinc supply - demand balance is - 35,700 tons, a decrease of 14,700 tons. The ILZSG zinc supply - demand balance is - 7,700 tons, a decrease of 4,900 tons [3]. - The global zinc mine production value from the ILZSG is 1.0627 million tons, a decrease of 11,900 tons. The domestic refined zinc production is 675,000 tons, an increase of 21,000 tons [3]. - The zinc ore import volume is 462,600 tons, a decrease of 53,900 tons. 4. Industry Situation - The refined zinc import volume is 8,760.85 tons, a decrease of 9,469.07 tons. The refined zinc export volume is 27,266.66 tons, a decrease of 15,548.89 tons [3]. - The zinc social inventory is 1.113 million tons, an increase of 41,000 tons. 5. Downstream Situation - The monthly production of galvanized sheets is 2.36 million tons, an increase of 20,000 tons. The sales volume of galvanized sheets is 2.36 million tons, a decrease of 60,000 tons [3]. - The monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters. The monthly housing completion area is 603.4813 million square meters, an increase of 208.942 million square meters [3]. - The monthly automobile production is 3.4115 million vehicles, a decrease of 107,500 vehicles. The monthly air - conditioner production is 21.6289 million units, an increase of 6.6029 million units [3]. 6. Option Market - The implied volatility of the at - the - money call option for zinc is 41.66%, a decrease of 1.7%. The implied volatility of the at - the - money put option for zinc is 41.65%, a decrease of 1.7% [3]. - The 20 - day historical volatility of the at - the - money zinc option is 39.69%, an increase of 5.89%. The 60 - day historical volatility of the at - the - money zinc option is 18.58%, an increase of 3.75% [3]. 7. Industry News - In January, China's RatingDog Manufacturing PMI reached a three - month high. Positive signals include growth in new orders (including export orders) and a three - month first rebound in employment. However, business confidence dropped to a nine - month low, input costs had the strongest increase in four months, and product sales prices rose for the first time in 14 months [3]. - In January, the US ISM Manufacturing PMI index soared from 47.9 in the previous month to 52.6, far exceeding the expected 48.5. It was mainly boosted by robust growth in new orders and output. The employment index reached a one - year high but remained in the contraction range, and the price - paid index reached a four - month high [3]. - Trump nominated Kevin Warsh as the Chairman of the Federal Reserve. His core proposition is to push the Federal Reserve to significantly shrink its huge $6.6 trillion balance sheet and seek a new agreement with the Treasury to clarify the central bank's independent boundaries and prevent fiscal monetization [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The report anticipates that Shanghai Tin will undergo short - term wide - range adjustments, with a focus on the 360,000 - 410,000 RMB/ton range [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai Tin is 383,340 RMB/ton, down 9,310 RMB/ton; the closing price of the March - April contract for Shanghai Tin is - 660 RMB/ton, down 1,020 RMB/ton [3] - The price of LME 3 - month tin is 45,605 USD/ton, down 4,995 USD/ton; the position volume of the main Shanghai Tin contract is 35,433 lots, down 2,889 lots [3] - The net position of the top 20 futures for Shanghai Tin is - 6,096 lots, down 367 lots; the total LME tin inventory is 7,105 tons, up 10 tons [3] - The Shanghai Futures Exchange tin inventory is 10,468 tons (weekly), up 748 tons; the LME tin cancelled warrants are 275 tons, up 10 tons [3] - The Shanghai Futures Exchange tin warehouse receipts are 7,788 tons, down 309 tons [3] 3.2 Spot Market - The SMM 1 tin spot price is 381,900 RMB/ton, down 10,850 RMB/ton; the Yangtze River Non - ferrous Market 1 tin spot price is 377,200 RMB/ton, down 15,280 RMB/ton [3] - The basis of the Shanghai Tin main contract is 19,650 RMB/ton, up 27,180 RMB/ton; the LME tin premium (0 - 3) is - 300 USD/ton, down 73 USD/ton [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 17,600 tons (monthly), up 2,500 tons; the average price of 40% tin concentrates is 367,900 RMB/ton, down 10,850 RMB/ton [3] - The processing fee for 40% tin concentrates (Antaik) is 14,500 RMB/ton, unchanged; the average price of 60% tin concentrates is 371,900 RMB/ton, down 10,850 RMB/ton [3] - The processing fee for 60% tin concentrates (Antaik) is 10,500 RMB/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the import volume of refined tin is 2,239.1 tons, up 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu is 242,200 RMB/ton, down 6,400 RMB/ton; the cumulative output of tin - plated sheets (strips) is 1.5287 million tons (monthly), up 138,700 tons [3] - The export volume of tin - plated sheets is 142,900 tons (monthly), down 4,500 tons [3] 3.6 Industry News - China's January RatingDog manufacturing PMI reached a three - month high, with positive signals such as growth in new orders (including export orders) and an increase in employment for the first time in three months. However, business confidence dropped to a nine - month low, input costs had the strongest increase in four months, and product sales prices rose for the first time in 14 months [3] - The US January ISM manufacturing PMI index rose significantly from 47.9 to 52.6, far higher than the expected 48.5, mainly boosted by robust growth in new orders and output. The employment index reached a one - year high but remained in the contraction range, and the price - paid index reached a four - month high [3] - Trump nominated Kevin Warsh as the Fed Chair, whose core proposition is to push the Fed to significantly reduce its huge $6.6 trillion balance sheet and seek a new agreement with the Treasury to clarify the central bank's independent boundaries and prevent fiscal monetization [3] 3.7 Fundamental Analysis - On the supply side, the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, which is expected to continue in the first quarter. Recently, tin ore processing fees have shown a slight increase, indicating a relief in the tight supply of tin ore [3] - At the smelting end, most enterprises currently have low raw material inventories, and most are in a loss - making situation. Coupled with more year - end maintenance, the output of refined tin continues to be restricted, but there is pressure for output to rebound after the Spring Festival [3] - In terms of imports, Indonesia's tin export volume has increased, the import window is gradually opening, and import pressure is increasing [3] - On the demand side, the development prospects of the AI field are strong, which will drive a significant increase in solder demand. Recently, tin prices have been at a high level, downstream procurement demand is weak, inventory has increased, the spot premium has rebounded to 800 RMB/ton, LME inventory has increased significantly, and the spot premium has declined [3] 3.8 Technical Analysis - The position volume has decreased, the price has adjusted, and both long and short positions are trading cautiously [3]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The silver futures market showed strong upward momentum on January 29, 2026, with significant price increases, high trading activity, and high capital attention. In the long - term, the industrial demand for silver is promising, but there are risks of profit - taking due to overbought technical indicators [2][6] Group 3: Summary by Related Catalogs 1. Futures Market - On January 29, 2026, the main silver futures contract (AG.SHF) on the Shanghai Futures Exchange showed a strong upward trend. The opening price was 28,900 yuan/kg, the highest price reached 31,488 yuan/kg, the lowest price was 28,632 yuan/kg, and the closing price was 30,891 yuan/kg, a significant increase of 8.51% from the previous trading day. High trading volume and turnover indicated active market trading [2] 2. Spot Market Basis Analysis - The closing price of silver futures was 30,891 yuan/kg, and the average price of domestic spot silver (1) was 30,980 yuan/kg, with a basis of 89 yuan/kg, showing a slight spot premium. The small absolute value of the basis indicated that the spot and futures prices were relatively consistent, and the market was operating effectively, possibly reflecting strong short - term demand for silver spot [3] 3. Market Dynamics - In the domestic spot market on January 29, 2026, the average price of silver (1) in the Chinese non - ferrous market was 30,980 yuan/kg, basically the same as the futures price. In the international market, the highest price of London spot silver on January 29 exceeded $120 per ounce, indicating that the international silver price was also at a recent high [4][5] 4. Market Outlook - In the past month, silver futures have shown an obvious upward trend, especially since mid - January, with accelerating price increases and continuous record - highs. Under the background of increasing macro - economic uncertainty, it may attract safe - haven funds. In terms of industrial demand, the application of silver in new energy and electronics is expanding, with good long - term demand prospects. However, the silver futures price has risen significantly, and there are overbought signs in the technical aspect, so attention should be paid to the impact of profit - taking [6]

Group 1 - The total silver futures in Shanghai Futures Exchange is 449,653 kilograms, with a decrease of 12,970 kilograms compared to the previous day [1][2] - The main silver futures contract opened at 22,000 yuan per kilogram, reached a high of 22,300 yuan, a low of 20,600 yuan, and closed at 21,446 yuan, reflecting a decline of 16.71% [1] Group 2 - In the Shanghai warehouses, the total silver futures showed a decrease across various locations, with the largest drop occurring at Zhonggongmei Supply Chain, which fell by 5,996 kilograms [2] - The ISM manufacturing index in the US rose to 52.6 in January, significantly exceeding expectations and reaching the highest level since February 2022, driven by strong growth in new orders and production [2] - The US government shutdown has delayed the release of key economic data, including the December JOLTS job openings report and the non-farm payroll report, which are now rescheduled for later publication [2]

| 项目类别 | 数据指标 最新 环比 沪铝主力合约收盘价(日,元/吨) | 最新 23,810.00 | 环比 数据指标 +775.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 2,809.00 | +37.00↑ | | --- | --- | --- | --- | --- | --- | | | 主力-连二合约价差:沪铝(日,元/吨) | -165.00 | -435.00↓ 主力-连二合约价差:氧化铝(日,元/吨) | -187.00 | -19.00↓ | | | 主力合约持仓量:沪铝(日,手) | 226,641.00 | -11366.00↓ 主力合约持仓量:氧化铝(日,手) | 376,954.00 | +1171.00↑ | | | LME铝注销仓单(日,吨) | 56,525.00 | 0.00 库存:氧化铝:合计(周,万吨) | 265,223.00 | +42736.00↑ | | 期货市场 | LME电解铝三个月报价（日，美元/吨） 沪铝前20名净持仓（日，手） | 3,056.50 -57,018.00 | -79.00↓ LME铝库存（日，吨） +22089.00↑ 沪伦 ...

大连商品交易所三个化工品月均价期货首次现金交割顺利完成 中新网大连2月3日电(记者 杨毅)大连商品交易所(下称"大商所")3日发布消息称，线型低密度聚乙烯、聚 氯乙烯、聚丙烯月均价期货L2602F、V2602F、PP2602F合约近日到期交割，标志着大商所首次期货现 金交割顺利完成。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 此次大商所推出的三个化工品月均价期货，以对应品种期货结算价的月算术平均值为交割结算依据，通 过现金交割了结到期未平仓合约，精准匹配了产业均价贸易的风险管理需求。同时，其采用的现金交割 方式无需涉及实物交收，为产业企业提供了更灵活、更丰富的风险管理选择。 大商所相关业务负责人表示，三个化工品月均价期货首次现金交割的顺利开展，是期货市场紧扣产业需 求、创新服务模式的重要成果。三个化工品月均价期货与现有实物交割期货形成"互补共进"的格局，共 同构建了更完善的化工衍生品生态。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作， ...

2月3日金融一线消息，上金所今日发布《关于调整黄金部分合约保证金水平和涨跌停板的通知》《关于 调整白银延期合约保证金水平和涨跌停板的通知》，对黄金部分合约交易、白银延期合约交易保证金水 平和涨跌停板比例进行调整。 自2026年2月4日（星期三）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等合约的保证金比例从16%调整为17%，下一交易日起涨跌幅度限 制从15%调整为16%；CAu99.99合约保证金每手120，000元调整至每手150，000元。 2026年2月3日（星期二）自收盘清算时起，Ag（T+D）合约的保证金水平从26%调整为23%，下一交易 日起涨跌幅度限制从25%调整为22%。 上金所提醒称，请各会员提高风险防范意识，做细做好风险应急预案，提示投资者做好风险防范工作， 合理控制仓位，理性投资，确保市场稳定健康运行。 新浪合作大平台期货开户 安全快捷有保障 责任编辑：曹睿潼 自2026年2月4日（星期三）收盘清算时起，Au（T+D）、mAu（T+D）、Au（T+N1）、Au （T+N2）、NYAuTN06、NYAuTN12等 ...

Group 1 - The main futures contract for coated paper experienced a sharp decline, reaching a low of 4034.00 yuan, closing at 4040.00 yuan with a drop of 2.18% [1] - The supply side saw a 4.6% decrease in production due to machine maintenance and conversion, while market supply remains ample [2][3] - Demand is weakening as orders for educational materials conclude, with high inventory levels maintained by companies, resulting in a weak supply-demand balance [2] Group 2 - The production of double-coated paper was reported at 187,000 tons, a decrease of 0.9 tons or 4.6% from the previous period, with a capacity utilization rate of 47.9%, down 2.3% [3] - The inventory level for double-coated paper production companies stands at 1.407 million tons, with a slight decrease of 0.1% [3] - Despite weak overall demand, supply constraints due to maintenance may provide some support for prices around the 4000 yuan mark [3]

库存方面，据首创期货介绍，上周纯碱厂家库存154.42万吨，环比增加2.30万吨，涨幅1.52%。 展望后市，正信期货表示，下游总体库存相对高位，节前补货意向减弱，受物流影响春节期间上游面临 累库压力，市场缺乏持续性驱动。不过整体纯碱估值不高，可暂时观望或尝试反套。在供大于求格局未 有明显改善下，等待市场情绪转弱，仍以反弹试空思路对待。 2月3日，国内期市能化板块大面积飘绿。其中，纯碱期货主力合约报收于1201.00元/吨，小幅下跌 1.15%。 基本面看，南华期货（603093）分析称，随着新产能逐步释放产量，纯碱日产高位，过剩预期也在加 剧。当下纯碱中长期供应维持高位的预期不变，光伏玻璃继续累库，堵窑开始增加，重碱平衡继续保持 过剩。 需求方面，五矿期货指出，随着春节临近，下游加工厂逐步进入收尾阶段，市场需求趋于平淡，整体交 易活跃度有所下降，采购以刚需为主，备货已接近尾声。 ...

格隆汇2月3日丨瑞达期货(002961.SZ)在投资者互动平台表示，瑞达期货旗舰版APP及公司官网，均已上 线瑞达智能客服，其中运用了大模型技术支撑及针对性训练；智能投研系统目前还在研发中。 ...