2月2日，国内商品期货市场迎来一轮普跌行情，白银、铂、钯、铜、铝等10余个品种主力合约均以跌停 收盘。 据《证券日报》记者了解，多家期货公司旗下客户交易风险相对可控，虽有亏损较高的情况发生，不 过，因此前盈利情况较好，当天均未出现爆仓或穿仓。 多位受访分析人士向记者表示，本轮商品市场回调行情主要风险来自海外市场，其中金属和能源板块表 现最明显；不过，从中长期来看，部分品种未来上行趋势良好，仍可长期持有，但也要控制好仓位与杠 杆，以应对高波动风险。 由于国际商品市场多个龙头品种下跌，2月2日，国内商品期货多数品种出现回调行情，10余个品种主力 合约全部跌停。整体来看，在这些跌停品种中，最大跌幅为17%、最小跌幅为7%，多个品种由于早盘 下跌较快，客户出现较大亏损。 另有期货公司相关人士向记者表示，2月2日，部分品种出现跌停板，公司有客户全天亏损超过2000万 元，但尚未出现爆仓情况。据悉，该客户总交易资金量达4000多万元，全天亏损金额占总量的一半左 右，但由于及时采取了风险防范措施，并未出现不可控情况。 银河期货贵金属高级研究员王露晨向《证券日报》记者表示，本轮商品市场下跌主要受国际市场宏观风 险影响，其中贵 ...

2月2日，国内商品期货市场迎来一轮普跌行情，白银、铂、钯、铜、铝等10余个品种主力合约均以跌停 收盘。 北京某期货公司相关负责人向《证券日报》记者表示："自上周五以来，公司风控部和客户部在收盘后 均统一进行压力测试，若发现有客户的保证金和持仓比例触及红线，公司会及时通知其采取相关措施， 避免在下一个交易日出现极端行情而发生爆仓、穿仓等风险。" 另有期货公司相关人士向记者表示，2月2日，部分品种出现跌停板，公司有客户全天亏损超过2000万 元，但尚未出现爆仓情况。据悉，该客户总交易资金量达4000多万元，全天亏损金额占总量的一半左 右，但由于及时采取了风险防范措施，并未出现不可控情况。 银河期货贵金属高级研究员王露晨向《证券日报》记者表示，本轮商品市场下跌主要受国际市场宏观风 险影响，其中贵金属板块由于此前上涨过快，积累了大量风险，加之多头获利了结意愿较强，因此贵金 属品种跌幅更加明显。但从中长期来看，贵金属等品种上涨逻辑并未发生根本性转变，白银期价仍将跟 随黄金期价走强，短期不必过于恐慌。 徽商期货研究所贵金属分析师从姗姗表示，目前贵金属板块交投情绪转变，其中白银期价弱势调整状态 或延续，短期可能在低价位反复 ...

Core Viewpoint - The Guangdong Provincial Development and Reform Commission has issued a plan to optimize the market-oriented business environment by promoting the construction of a carbon emissions trading market and supporting the Guangzhou Futures Exchange in developing carbon emissions futures [1] Group 1: Carbon Market Development - The carbon emissions trading mechanism is a key policy tool for achieving China's "dual carbon" goals, guiding enterprises in emission control through carbon price signals [1] - Currently, the national carbon market is limited to spot trading, primarily involving power companies, with plans to expand coverage from 5 billion tons to 8 billion tons by 2025, increasing the number of controlled enterprises from over 2,200 to 3,700, representing a 60% overall market expansion [1] - The introduction of carbon emissions futures is seen as a significant direction for enriching carbon financial products, addressing the growing demand for managing price volatility risks as new industries are gradually included [1] Group 2: Role of Financial Derivatives - Financial derivatives are expected to act as amplifiers in the market, supporting the formation of effective market prices, with significant potential for the development of carbon financial products in China [2] - The futures industry is focusing on industry needs and innovation in services, actively contributing to the construction of carbon emissions rights [2] - The Guangzhou Futures Exchange has been developing strategic products related to carbon emissions rights since its establishment, collaborating with various institutions to enhance carbon pricing mechanisms [2] Group 3: International Influence and Risk Management - Currently, the Chinese carbon market only allows spot trading, limiting companies' ability to hedge against long-term cost risks associated with rising carbon prices [3] - The introduction of carbon emissions futures could enhance China's influence in the international carbon market, providing strong support for international negotiations on climate change [3] - The Guangzhou Futures Exchange has nearly completed the design of the carbon emissions futures contract system and plans to proceed with the listing of carbon emissions futures while refining market research and contract design [3]

2月2日，全球金融市场迎来"黑色星期一"，大宗商品、股票市场同步深度回调，贵金属、能源化工等板 块集体重挫，A股、港股及周边主要股指全线走低。 化工品价格走弱则主要跟随油价波动。格林大华期货化工负责人吴志桥表示，当前化工品交易逻辑并未 发生根本转变，但部分品种短期涨幅过快，提前透支未来需求，且临近春节下游需求将逐步转弱，持续 上涨动力不足，导致价格随油价同步回调。 展望后市，机构对贵金属市场表现出一定信心。摩根大通私人银行亚洲宏观策略主管唐雨旋认为，此次 贵金属价格下跌属于健康的技术性回调，金价仅是回到两周前水平，1月份仍录得13%的涨幅。从持仓 数据来看，新兴市场央行黄金储备占比仍偏低，ETF持仓也低于2022至2023年的高位，长线策略买家为 金价提供了稳固支撑，这也是黄金市场信心强于白银的重要原因。 长江期货研究员汪国栋认为，美国经济数据趋势性走弱，市场对美国财政情况和美联储独立性的担忧仍 存，央行购金和"去美元化"趋势并未改变。同时，在工业需求拉动下，白银现货供应维持紧张局面，中 期来看，黄金、白银价格有望重拾上行态势。 （文章来源：期货日报网） 国际市场，贵金属价格遭遇"断崖式"下跌。纽约商品交易所 ...

Core Viewpoint - The article discusses the significant decline in silver and gold futures prices, primarily driven by external macroeconomic factors and liquidity disturbances, rather than domestic fundamentals [3][4]. Group 1: Market Reactions - On February 2, 2026, the main contract for silver futures on the Shanghai Futures Exchange (SHFE) opened and quickly fell by 20%, hitting the limit down [3]. - Other futures contracts, including copper, crude oil, and nickel, also experienced substantial declines [3]. - The London spot gold price peaked at $5,598.75 per ounce on January 29, 2026, before dropping to around $4,600 by February 2, 2026 [4]. - Similarly, the London spot silver price fell from a high of $121.647 per ounce on January 29, 2026, to approximately $80 by February 2, 2026 [4]. Group 2: Regulatory Responses - The SHFE issued a risk warning early in the market's volatility and increased the price fluctuation limits and margin requirements to mitigate external shocks [5]. - The exchange has been actively monitoring the market and has implemented various risk management measures to ensure orderly market operations [5]. - On February 2, 2026, the SHFE imposed restrictions on certain clients for exceeding trading limits, in accordance with its regulations [7][8]. Group 3: Market Dynamics - Analysts attribute the extreme volatility in precious metals to a rapid release of accumulated risks, following speculative trading based on long-term trends like "de-dollarization" [4]. - The leverage level for silver futures has decreased from 7-8 times to around 4-5 times due to the exchange's margin adjustments [6].

Core Viewpoint - The recent sharp decline in gold and silver prices is primarily driven by external macroeconomic factors, particularly the impact of the U.S. financial market turmoil and changes in Federal Reserve leadership expectations, rather than domestic fundamentals [1][2]. Group 1: Market Reactions - On February 2, the main contract for silver futures on the Shanghai Futures Exchange (SHFE) opened and quickly fell by 20%, hitting the daily limit down after a previous day of limit down trading [1]. - Other futures contracts, including copper, crude oil, and nickel, also experienced significant declines [1]. - The London spot gold price peaked at $5,598.75 per ounce on January 29 but dropped to around $4,600 by February 2, while silver fell from a high of $121.647 to approximately $80 per ounce in the same period [2]. Group 2: Regulatory Responses - The SHFE issued a notice urging market participants to enhance risk management and maintain compliance to ensure market stability amid increased volatility [1]. - The exchange has implemented measures such as increasing margin requirements and expanding the price fluctuation limits for certain contracts to mitigate external shocks [2]. - Specific clients were subjected to trading restrictions due to exceeding trading volume limits, indicating a proactive approach to managing abnormal trading behaviors [4]. Group 3: Analyst Insights - Analysts noted that the extreme volatility in precious metals is a result of rapid risk release from prior concentrated trading based on long-term market expectations [1]. - The leverage in silver futures has decreased from 7-8 times to around 4-5 times, reflecting the impact of increased margin levels [3]. - Continuous monitoring and risk prevention measures by the SHFE are aimed at guiding market participants towards rational investment behaviors [2].

Core Viewpoint - The recent sharp decline in silver futures and other commodities is primarily driven by external macroeconomic factors and liquidity disturbances rather than domestic fundamentals [2][3]. Group 1: Market Dynamics - Following a significant drop in the U.S. financial markets, silver futures experienced a 20% decline, hitting the limit down shortly after opening on February 2 [1]. - The London spot gold price peaked at $5,598.75 per ounce on January 29 before plummeting to around $4,600 by February 2, while silver fell from a high of $121.647 per ounce to approximately $80 [2]. - The Shanghai Futures Exchange (SHFE) responded to market volatility by increasing margin requirements and expanding the price fluctuation limits for related contracts [3]. Group 2: Risk Management Measures - The SHFE has implemented various risk management measures, including issuing risk alerts and enhancing market monitoring to mitigate external shocks [3]. - The leverage level for silver futures has decreased from 7-8 times to approximately 4-5 times due to the increase in margin requirements [3]. - On February 2, the SHFE also imposed restrictions on certain clients for exceeding trading limits, indicating a proactive approach to maintaining market order [4]. Group 3: Regulatory Actions - The SHFE has taken disciplinary actions against individuals involved in manipulative trading practices, including suspending trading privileges for two months for specific violations [4]. - The exchange's measures aim to ensure compliance with trading regulations and maintain a stable trading environment [4].

Core Viewpoint - The precious metals market, particularly gold and silver, is experiencing significant declines due to a combination of technical selling pressure and changes in market sentiment regarding U.S. monetary policy [4][5]. Group 1: Market Performance - Shanghai silver futures hit a 20% limit down, trading at 20,600 yuan per kilogram [2]. - Shanghai gold futures fell over 3%, currently priced at 1,054 yuan per gram [3]. - Shanghai tin futures saw a drop of over 12% before recovering, now at 378,500 yuan per ton [4]. Group 2: Market Dynamics - The extreme long positions in the precious metals market and technical selling pressure triggered a "long squeeze" among investors [4]. - The Chicago Mercantile Exchange's increase in margin requirements for gold and silver futures, along with forced rebalancing sales due to excessive weight in major commodity indices, exacerbated the selling pressure [4]. Group 3: Future Outlook - Despite ongoing supply-demand tensions in the domestic silver market, the significant drop in silver prices may reduce investment demand, potentially alleviating current supply shortages [4]. - Upcoming U.S. labor data, particularly the January non-farm payrolls, is expected to shift market focus back to economic indicators, with predictions of a moderate increase in employment and stable unemployment rates [4]. - The nomination of Kevin Walsh, known for his hawkish stance, as the next Federal Reserve Chair has raised concerns about the future pace of monetary easing, impacting market sentiment towards precious metals [5].

贵金属市场还在大幅波动。 北京时间2月2日晚间，贵金属市场全线反弹，截至发稿，COMEX黄金、COMEX白银、现货钯金、 NYMEX钯均已转涨，其中，COMEX白银大涨超6%。此外，现货黄金、白银等跌幅亦大幅收窄。 近两个交易日，贵金属市场大幅回调，上周五（1月30日），现货黄金跌超9%，COMEX黄金期货跌超 8%，现货白银跌超26%，COMEX白银跌超25%，均创下历史罕见波动。 今日白天，贵金属市场继续下探。现货黄金一度跌超10%，COMEX黄金一度跌超6%，现货白银一度跌 超16%，COMEX白银一度跌超9%。其他贵金属方面，现货铂金一度跌超12%，现货钯金一度跌超8%， MYMEX铂一度跌超11%，NYMEX钯一度跌超10%。 值得注意的是，尽管COMEX黄金、COMEX白银日内转涨，但其价格仍低于上周五收盘价。此外，国 内期货市场方面，在白天十余个品种跌停后，夜盘多数期货品种低开，其中，上期所沪银期货低开低 走，一度触及跌停。 责编：万健祎 校对：杨舒欣 机构对贵金属未来走势仍多持乐观态度。光大期货认为，贵金属价格剧烈调整是对前期极端超买与过度 拥挤交易的一次"挤泡沫和降杠杆"式的强制性清算，但支 ...

（文章来源：证券日报） 证券日报网讯 2月2日，永安期货发布公告称，截至2026年1月31日，公司通过集中竞价交易方式已累计 回购公司普通股2，233，300股，占公司总股本的比例为0.153%。 ...