Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week, the London platinum and palladium markets trended weaker in a volatile manner. The Fed maintained interest rates as expected, and future policies will depend on data. The expectation of a rate cut in March this year has weakened, but there is still an expectation of a rate cut in the second half of the year. The escalating geopolitical situation between the US and Iran may provide potential safe - haven support for platinum and palladium prices. [7] - The EU postponed the 2035 internal combustion engine ban and strengthened vehicle exhaust emission standards, increasing the demand for platinum in automotive catalysts by about 450,000 ounces this year. Although the global passenger car sales are slightly adjusted downwards, the increasing penetration of hybrid and hydrogen - fuel - cell commercial vehicles may improve the medium - to - long - term demand curve for platinum. The IEA's latest hydrogen outlook also confirms that the cumulative installed capacity of PEM electrolyzers is expected to exceed 17GW by 2030, providing potential upside for platinum prices. [7] - In the short term, there are many global macro - disturbance factors, and high market volatility may continue. In the medium - to - long term, the industrial logic of platinum and palladium will still dominate the trading rhythm. The uncertainty of South Africa's power supply and Russia's exports, along with the implementation of new vehicle emission policies, make platinum more resilient than palladium. The supply - demand pattern divergence may continue to drive the "platinum - strong, palladium - weak" market trend. [7] 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - The London platinum and palladium markets trended weaker in a volatile manner this week. The Fed's interest - rate decision was in line with market expectations. The expectation of a rate cut in March has weakened, but there is still a possibility in the second half of the year. The US - Iran situation may support prices. [7] - The EU's new policies on vehicle emissions will increase the demand for platinum in automotive catalysts. The long - term demand for platinum may improve. The market will be volatile in the short term, and the "platinum - strong, palladium - weak" trend may continue in the medium - to - long term. The resistance and support levels for London platinum are $2,800/oz and $2,600/oz respectively, and for London palladium are $2,100/oz and $1,900/oz respectively. [7] 3.2 Futures and Spot Markets - On Friday, there was concentrated profit - taking in the precious - metals market, leading to a significant correction in the platinum and palladium markets. As of January 30, 2026, the Guangzhou Futures Exchange's palladium futures contract 2606 rose 6.81% week - on - week to 464.05 yuan/gram, while the platinum futures contract 2606 fell 8.07% week - on - week to 630.55 yuan/gram. [8][12] - The net long positions of NYMEX platinum and palladium continued to diverge. As of January 20, 2026, the net long position of NYMEX platinum was 21,782 contracts, a week - on - week decrease of 8.50%, and that of NYMEX palladium was - 2,762 contracts, a week - on - week increase of 4.43%. [13][17] - The basis of NYMEX platinum and palladium futures contracts weakened this week. [18] - NYMEX platinum inventory decreased, while palladium inventory increased. As of January 29, 2026, NYMEX platinum inventory was 655,182.10 ounces, a week - on - week decrease of 1.61%, and palladium inventory was 224,021.17 ounces, a week - on - week increase of 3.59%. [22][26] - The ratio of NYMEX platinum to COMEX gold has significantly increased compared to the beginning of 2025. [27] - Recently, the positive correlation between platinum prices and NYMEX platinum exchange inventory and US Treasury real yields has rebounded. [32] 3.3 Industry Supply - Demand Situation - As of December 2025, the import and export volumes of platinum and palladium both increased. [37] - The demand for platinum in automotive exhaust catalysts is marginally weakening. The total global demand for platinum and palladium is showing a mild slow - down trend. Due to geopolitical conflicts and power - supply disruptions, the global supply of platinum and palladium is decreasing. The price difference between London and the Guangzhou Futures Exchange for platinum and palladium has become stable. [43][52][56] 3.4 Macroeconomic Data - This week, the US dollar index continued to weaken, and the 10 - year US Treasury yield remained basically unchanged. [60]

近日，南华期货（603093）（603093.SH / 02691.HK）境外全资子公司横华国际旗下南华美国有限公司 （Nanhua USA LLC）正式获批北美 Nodal Exchange 交易会员资质。结合此前已拿下的 Nodal Clear 清算 会员资格，南华期货在Nodal Exchange实现 "交易 + 清算"服务闭环，全球化布局再添关键砝码。 北美市场精准破局 解锁跨资产服务新场景 Nodal Exchange 作为美国电力、天然气及环保衍生品领域的核心平台，凭借 1000 + 区位合约覆盖及 56% 的美国电力期货市场份额，允许交易者对冲特定地理位置的电价波动风险——这是传统区域性电 力合约（如"PJM West Hub"）无法实现的精准对冲。此外，Nodal Exchange 还提供天然气、环境权益 （如可再生能源证书REC）及碳信用相关产品，并由 Nodal Clear对Nodal Exchange上市的合约进行清 算。南华美国凭借Nodal Exchange交易资格及Nodal Clear的清算资格，可以为投资者参与美国电力、能 源市场提供"交易 + 清算"服务闭环。 欧洲：高价值赛 ...

近日，南华期货（603093.SH / 02691.HK）境外全资子公司横华国际旗下南华美国有限公司（Nanhua USA LLC）正式获批北美 Nodal Exchange 交易会员资质。结合此前已拿下的 Nodal Clear 清算会员资 格，南华期货在Nodal Exchange实现 "交易 + 清算"服务闭环，全球化布局再添关键砝码。 北美市场精准破局 解锁跨资产服务新场景 Nodal Exchange 作为美国电力、天然气及环保衍生品领域的核心平台，凭借 1000 + 区位合约覆盖及 56% 的美国电力期货市场份额，允许交易者对冲特定地理位置的电价波动风险——这是传统区域性电 力合约（如"PJM West Hub"）无法实现的精准对冲。此外，Nodal Exchange 还提供天然气、环境权益 （如可再生能源证书REC）及碳信用相关产品，并由 Nodal Clear对Nodal Exchange上市的合约进行清 算。南华美国凭借Nodal Exchange交易资格及Nodal Clear的清算资格，可以为投资者参与美国电力、能 源市场提供"交易 + 清算"服务闭环。 此外，Nodal Clear 亦 ...

瑞达期货研究院 「2026.01.30」 菜籽类市场周报 政策层面仍然存忧 推动菜油价格补涨 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 总结及策略建议 Ø 菜油： 3 Ø 行情回顾：本周菜油期货震荡收涨，05合约收盘价9380元/吨，较前一周+389元/吨。 Ø 行情展望：全球及加拿大菜籽供需格局相对宽松，继续牵制其市场价格。且美国总统特朗普表示， 如果加拿大与中国达成贸易协议并予以推进，他将对加拿大征收100%的关税。对加拿大菜油出口 较为不利。不过，中加贸易关系缓和，提振加拿大菜籽出口预期，支撑加菜籽市场。其它方面， 美国生柴政策可能利好，同时，高频数据显示，马棕本月供应端延续减产，且本月前二十五日出 口明显增加。另外，印度取消豆油买船，或转向性价比更高的棕榈油，给市场提供额外支撑。国 内方面，现阶段油厂继续处于停机状态，菜油也维持去库模式，对其价格形成支撑，菜油基差维 持高位。同时，美国对加拿大施压，对此引发市场对中加贸易协定最终能否完全落地存在疑虑。 不过，路透社消息称，中国进口商获得了多达10船加拿大油菜籽船货，预 ...

瑞达期货研究院 「2026.01. 30」 贵金属市场周报 作者： 研究员 廖宏斌 期货投资咨询证号：Z0020723 取 更 多 资 讯 业务咨询 添加客服 3 「 期现市场」 关 注 我 们 获 目录 1、周度要点小结 2、期现市场 3、产业供需情况 4、宏观及期权 「 周度要点小结」 ◆ 市场回顾：本周，伴随贵金属市场波动继续放大，黄金白银均创下历史新高，但多头高位获利了结叠加避险对 冲需求同时抬升，导致多空博弈显著加剧，周五盘中海内外贵金属市场大幅回调，短线市场情绪趋于谨慎。美 联储方面，FOMC议息会议如期维持利率按兵不动，符合市场预期。会议声明指出，经济活动保持稳健扩张，就 业增长温和，失业率初现企稳，通胀仍略高于目标。从议后市场反应来看，利率期货显示今年3月FOMC降息预 期减弱，但仍维持下半年逐步重启50-75基点降息的预期。继美国向欧洲八国进行关税威胁后，美方上调针对 韩国的关税税率，叠加美联储新一任主席政策立场的不确定性，以及市场对于美国债务问题持久化的担忧情绪， 推动贵金属市场大幅走高。美伊局势持续升温，美国总统特朗普表示正考虑对伊朗发动新的重大打击，伊方领 导人给予强硬回应，市场避险情 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The MA2605 contract is expected to fluctuate in the range of 2260 - 2400 in the short - term [7] - The domestic methanol market shows a split between the port and the inland. The port market oscillates, while the inland price continues to decline. The overall domestic methanol production is increasing, and the inventory shows different trends in different regions. The short - term MTO industry's operating rate is expected to rise slightly [8] 3. Summary According to the Directory 3.1. Week - to - Week Summary - Strategy suggestion: The MA2605 contract is expected to fluctuate in the range of 2260 - 2400 in the short - term [7] - Market performance: The port methanol market oscillates, with the price in Jiangsu ranging from 2240 - 2330 yuan/ton and in Guangdong from 2220 - 2290 yuan/ton. The inland price continues to decline, with the price in Ordos North Line ranging from 1785 - 1805 yuan/ton [8] - Outlook: The domestic methanol production increases. The inland enterprise inventory decreases slightly, the port inventory accumulates, but the port inventory is expected to decline next week. The short - term MTO industry's operating rate is expected to rise slightly [8] 3.2. Futures and Spot Markets Futures Market - Price trend: The price of the main contract of Zhengzhou methanol futures oscillates and closes up, with a weekly increase of 0.96% [11] - Inter - delivery spread: As of January 30th, the MA 5 - 9 spread is - 24 [16] - Position analysis: As of January 29th, the number of Zhengzhou methanol warehouse receipts is 7410, a decrease of 335 compared to last week [25] Spot Market - Domestic price: As of January 29th, the mainstream price in East China's Taicang area is 2300 yuan/ton, an increase of 37.5 yuan/ton compared to last week; the mainstream price in Northwest Inner Mongolia is 1790 yuan/ton, a decrease of 5 yuan/ton compared to last week. The spread between East China and Northwest is 510 yuan/ton, an increase of 42.5 yuan/ton compared to last week [30] - Foreign price: As of January 29th, the CFR price of methanol at the Chinese main port is 272 US dollars/ton, an increase of 5 US dollars/ton compared to last week. The spread between Southeast Asia and the Chinese main port is 50 US dollars/ton, a decrease of 8 US dollars/ton compared to last week [35] - Basis: As of January 29th, the basis of Zhengzhou methanol is - 52 yuan/ton, a decrease of 16.5 yuan/ton compared to last week [39] 3.3. Industry Chain Analysis Upstream - Coal and gas prices: As of January 28th, the market price of Qinhuangdao thermal coal with a calorific value of 5500 kcal is 685 yuan/ton, unchanged from last week. As of January 29th, the closing price of NYMEX natural gas is 3.88 US dollars/million British thermal units, a decrease of 1.48 US dollars/million British thermal units compared to last week [42] Industry - Production and operating rate: As of January 29th, China's methanol production is 2037735 tons, an increase of 28820 tons compared to last week; the device capacity utilization rate is 91.21%, a month - on - month increase of 1.43% [45] - Inventory: As of January 28th, the inventory of Chinese methanol sample production enterprises is 42.41 tons, a decrease of 1.42 tons compared to the previous period, a month - on - month decrease of 3.24%; the order backlog of sample enterprises is 26.57 tons, an increase of 2.74 tons compared to the previous period, a month - on - month increase of 11.50%. The total inventory of Chinese methanol ports is 147.21 tons, an increase of 1.46 tons compared to the previous data. The inventory in East China accumulates, while that in South China decreases [52] - Import volume and profit: In December 2025, China's methanol import volume is 173.40 tons, a month - on - month increase of 24.56%; from January to December 2025, China's cumulative methanol import volume is 1440.54 tons, a year - on - year increase of 6.75%. As of January 29th, the methanol import profit is - 12.43 yuan/ton, an increase of 0.94 yuan/ton compared to last week [57] Downstream - Operating rate: As of January 29th, the capacity utilization rate of domestic methanol - to - olefins devices is 81.95%, a month - on - month decrease of 3.2%. The MTO devices of Zhejiang Xingxing, Sierbang, and Shandong Hengtong continue to be shut down, while the Ningbo Fude device restarts, but the weekly average operating rate still decreases [60] - Profit: As of January 30th, the domestic methanol - to - olefins on - paper profit is - 936 yuan/ton, an increase of 102 yuan/ton compared to last week [63] 3.4. Options Market Analysis - Not provided in the content

目录 1、周度要点小结 2、期现市场 3、产业链分析 「 周度要点小结」 策略建议： UR2605合约短线预计在1770-1830区间波动。 瑞达期货研究院 「 2026.01.30」 尿素市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 3 4 「 期货市场情况」 行情回顾：本周国内尿素市场呈现冲高回落，截止周四山东中小颗粒主流出厂涨至1740-1780元/ 吨，均价环比上涨45元/吨。本周期国内尿素企业陆续进入春节收单阶段，农业需求的跟进以及市 场情绪的带动，尿素工厂收单较为顺利，并未出现明显降价吸单现象，下游跟单积极性尚可。 行情展望：前期部分检修装置恢复，带动国内尿素产量增加，下周暂无企业装置计划停车，1-3家 停车企业装置可能恢复生产，考虑到短时的企业故障发生，预计产量增幅有限。近期苏皖以及其 他区域春节前农业备肥需求持续推进，但增量有限。工业领域维持刚需采购，复合肥本周产能利 用率环比下滑，部分地区受到环保预警等影响，装置出现降负荷情况，工业需求对尿素支持减弱。 本周国内尿素企业库存波动较小， ...

Report Summary 1. Report Industry Investment Rating - There is no information about industry investment rating in the provided content. 2. Core Viewpoints - There are no explicit core viewpoints stated in the given text. The document is mainly a futures basis statistics table. 3. Summary by Related Categories Metals - **Copper**: The spot price is 106,950, the主力基差率 is -2.85%, and the current basis is -2765 [3]. - **Aluminum**: The spot price is 25,550, the主力基差率 is -2.47%, and the current basis is -630 [3]. - **Zinc**: The spot price is 25,765, the主力基差率 is -1.48%, and the current basis is -475 [3]. - **Lead**: The spot price is 17,195, the主力基差率 is -2.04%, and the current basis is -235 [3]. - **Tin**: The spot price is 446,630, the主力基差率 is -1.62%, and the current basis is -8030 [3]. - **Nickel**: The spot price is 148,000, the主力基差率 is 1.55%, and the current basis is 2800 [3]. - **Industrial Silicon**: The spot price is 9,250, the主力基差率 is 4.17%, and the current basis is 430 [3]. - **Lithium Carbonate**: The spot price is 166,140, the主力基差率 is -0.63%, and the current basis is 50 [3]. - **Gold**: The spot price is 1252.10, the主力基差率 is -0.46%, and the current basis is -8.70 [3]. - **Silver**: The spot price is 32,060, the主力基差率 is -2.89%, and the current basis is -2062 [3]. Black Industry - **Iron Ore**: The spot price is 835.7, the主力基差率 is 4.65%, and the current basis is 37.2 [3]. - **Coke**: The spot price is 1876.5, the主力基差率 is -6.85%, and the current basis is -271.5 [3]. - **Coking Coal**: The spot price is 1419.5, the主力基差率 is 1.98%, and the current basis is 22.5 [3]. - **Power Coal**: The spot price is 801.4, the主力基差率 is 0.25%, and the current basis is -103.4 [3]. - **Ferrosilicon**: The spot price is 5,820, the主力基差率 is -1.8%, and the current basis is -458 [3]. - **Silicomanganese**: The spot price is 6,036, the主力基差率 is -1.61%, and the current basis is -56 [3]. - **Stainless Steel**: The spot price is 14,975, the主力基差率 is -0.48%, and the current basis is -195 [3]. Agricultural Products - **Soybeans**: The spot price is 4,466, the主力基差率 is -1.29%, and the current basis is -360 [3]. - **Soybean Meal**: The spot price is 3,080, the主力基差率 is 9.92%, and the current basis is 147 [3]. - **Rapeseed Meal**: The spot price is 2,490, the主力基差率 is 7.10%, and the current basis is 238 [3]. - **Soybean Oil**: The spot price is 8,900, the主力基差率 is 6.18%, and the current basis is 518 [3]. - **Rapeseed Oil**: The spot price is 10,170, the主力基差率 is 7.66%, and the current basis is 793 [3]. - **Peanuts**: The spot price is 9,100, the主力基差率 is 12.48%, and the current basis is 7978 [3]. - **Palm Oil**: The spot price is 9,362, the主力基差率 is -0.02%, and the current basis is 66 [3]. - **Corn**: The spot price is 2,335, the主力基差率 is 2.37%, and the current basis is 30 [3]. - **Corn Starch**: The spot price is 2,620, the主力基差率 is 2.96%, and the current basis is -10 [3]. - **Apples**: The spot price is 9,642, the主力基差率 is 13.92%, and the current basis is -126 [3]. - **Eggs**: The spot price is 4,050, the主力基差率 is 34.06%, and the current basis is 192 [3]. - **Hogs**: The spot price is 13,345, the主力基差率 is 13.80%, and the current basis is -388 [3]. - **Cotton**: The spot price is 16,103, the主力基差率 is 8.00%, and the current basis is 1193 [3]. Chemicals - **Sugar**: The spot price is 5,370, the主力基差率 is 2.15%, and the current basis is 101 [3]. - **Methanol**: The spot price is 2,407, the主力基差率 is -1.79%, and the current basis is -66 [3]. - **Ethylene Glycol**: The spot price is 4,118, the主力基差率 is -2.83%, and the current basis is -112 [3]. - **PTA**: The spot price is 5,294, the主力基差率 is -1.07%, and the current basis is -57 [3]. - **Polypropylene**: The spot price is 6,902, the主力基差率 is -1.85%, and the current basis is -20 [3]. - **Styrene**: The spot price is 8,050, the主力基差率 is 1.78%, and the current basis is 256 [3]. - **Short - fiber Polyester**: The spot price is 6,850, the主力基差率 is 0.41%, and the current basis is -60 [3]. - **Linear Low - density Polyethylene**: The spot price is 7,116, the主力基差率 is -0.27%, and the current basis is -19 [3]. - **PVC**: The spot price is 5,114, the主力基差率 is -3.8%, and the current basis is -299 [3]. - **Rubber**: The spot price is 17,205, the主力基差率 is -2.4%, and the current basis is -905 [3]. - **20 -号 Rubber**: The spot price is 13,892, the主力基差率 is 3.25%, and the current basis is 37 [3]. - **Soda Ash**: The spot price is 1,308, the主力基差率 is -3.27%, and the current basis is -40 [3]. - **Urea**: The spot price is 1,817, the主力基差率 is -0.42%, and the current basis is -18 [3]. - **Pulp**: The spot price is 5,610, the主力基差率 is 0.92%, and the current basis is -173 [3]. Energy - **Crude Oil**: The spot price is 482.6, the主力基差率 is -4.88%, and the current basis is -29.0 [3]. - **Fuel Oil**: The spot price is 3,69, the主力基差率 is 6.78%, and the current basis is 296 [3]. - **Asphalt**: The spot price is 3,465, the主力基差率 is -1.84%, and the current basis is -255 [3]. - **Low - sulfur Fuel Oil**: The spot price is 3,326, the主力基差率 is -0.38%, and the current basis is 6 [3]. - **LPG**: The spot price is 4,848, the主力基差率 is -1.61%, and the current basis is 11.50 [3]. Stock Index - **CSI 300**: The spot price is 4,784.0, the主力基差率 is -0.63%, and the current basis is -17.7 [3]. - **SSE 50**: The spot price is 3,132.6, the主力基差率 is -0.32%, and the current basis is -19.5 [3]. - **CSI 500**: The spot price is 8,531.2, the主力基差率 is 0.00%, and the current basis is 0.2 [3].

瑞达期货研究院 「2026.01.30」 天然橡胶市场周报 研究员：林静宜 期货从业资格号F03139610 期货投资咨询证书号Z0021558 关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「周度要点小结」 3 行情回顾：本周天然橡胶市场基本面与宏观情绪共振，胶价震荡上行。进口胶市场报盘上涨，工 厂观望为主，采购情绪不及上周。国产天然橡胶现货价格重心上行，期货盘面震荡走高提振市场 交易情绪，下游询盘氛围略有改善，谨慎刚需采购，实单成交一般。 行情展望：当前国内天然橡胶主产区处于停割期，泰北及越南中北部向减产停割过渡，总供应呈 现缩量。近期青岛港口总库存呈现小幅去库，保税库呈现去库，一般贸易库累库幅度明显缩窄。 海外供应进入季节性缩量阶段，船货到港较前期减少，青岛仓库入库量开始下滑，上旬胶价持续 下跌，刺激下游补货积极性，带动整体出库量提升，一般贸易累库幅度环比缩窄。需求方面，本 周国内轮胎企业产能利用率涨跌互现，部分半钢胎样本企业受外贸订单支撑，装置排产稍有提升， 对半钢胎样本企业产能利用率形成支撑；全钢胎出货表现平淡，部分 ...

本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 黑色金属 | 日报 2026 年 1 月 30 日 煤焦日报 专业研究·创造价值 基本面利好不足，煤焦低位整理 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 作者声明 核心观点 焦炭：根据钢联统计，截至 1 月 30 日当周，焦化厂和钢厂焦炭日均产 量合计 110.21 万吨，周环比小幅增加 0.04 万吨。需求方面，全国 247 家铁水日均产量 227.98 万吨，周环比小幅下降 0.12 万吨。焦炭 库存方面，本周独立焦化厂小幅累库、港口去库，钢厂大幅累库，显示 钢厂冬储补库需求开始加速释放。整体来看，焦炭基本面变化不大，且 原材料焦煤暂无持续性支撑，焦炭期货暂维持低位 ...