（原标题：瑞达期货(002961.SZ)：期货公司目前不能自营交易期货品种） 格隆汇1月29日丨瑞达期货(002961.SZ)在投资者互动平台表示，期货公司目前不能自营交易期货品种， 不存在所谓做多黄金白银。 ...

Group 1 - The core viewpoint of the article is that 瑞达期货 (002961.SZ) has clarified that futures companies are currently not allowed to engage in proprietary trading of futures varieties, which implies that there is no possibility of taking long positions in gold and silver [1]

Core Viewpoint - The recent announcement by the China Securities Regulatory Commission (CSRC) regarding the inclusion of 14 new futures and options products for foreign traders marks a significant step in the opening of China's futures market, enhancing its international influence and pricing power [1][2]. Group 1: Futures Market Expansion - The CSRC has added 14 new futures and options products, increasing the total number of specific products available for foreign traders to 38 [1]. - The newly included products focus on sectors where China has substantial consumption markets or complete industrial chain advantages, such as non-ferrous metals, chemicals, and new energy materials [2]. - The inclusion of nickel futures and options as the first directly open non-ferrous metal futures product signifies a key advancement in the internationalization of the Shanghai Futures Exchange (SHFE) [2][3]. Group 2: Nickel Futures and Options - Nickel is a critical strategic material for emerging industries, and China, being the largest consumer and importer of nickel, provides a solid foundation for the opening of the futures market [2]. - The nickel futures market has effectively played its role since its launch in 2015, becoming an important reference for domestic spot trade pricing and widely used for risk management [2]. - The opening of nickel futures and options aligns with industry demands and is expected to enhance risk management capabilities within China's non-ferrous metal industry [2]. Group 3: Polyester Industry Collaboration - The newly added products in the chemical sector include core polyester industry futures and options, such as paraxylene (PX) and purified terephthalic acid (PTA) [4][5]. - China holds the world's most complete polyester industrial chain, with a projected polyester production capacity of 89.035 million tons by 2025, accounting for 60% to 70% of global capacity [4]. - The internationalization of the polyester sector is expected to improve the global pricing system and meet the diverse risk management needs of domestic and foreign enterprises [5]. Group 4: Lithium Carbonate Futures - The inclusion of lithium carbonate futures and options in the specific products is significant for the new energy sector, as lithium is a key raw material for battery production [6][7]. - Since its listing in July 2023, the lithium carbonate futures market has operated smoothly, providing a transparent pricing basis for spot trade and enhancing China's influence in international lithium resource trade [6]. - The availability of lithium carbonate futures and options will facilitate easier participation for domestic and foreign enterprises in the futures market, offering risk management tools against price volatility [7].

紫金天风期货研究员刘诗瑶表示，近期，有色板块在贵金属点燃市场情绪下开始走高，其中铜价短期内 更是上探前期历史高位。受益于美债、美元等资产的减持，黄金、白银等贵金属价格持续创下新高。在 全球货币超发背景下，导致2025年以来的铜价大涨的逻辑依然没有改变——大宗商品成为抗通胀核心资 产，伦敦现货黄金连续突破4500美元/盎司、5000美元/盎司、5500美元/盎司关口后，资金有望沿"贵金 属—工业金属"路径扩散，铜等品种接力上涨，形成"货币贬值—商品增值"的闭环叙事。 近期，铜价涨势显著，其中伦敦三个月期铜首次站上14000美元/吨上方。Wind数据显示，截至北京时间 1月29日14:05，伦敦三个月期铜期货最高至14125美元/吨，日内涨幅一度超7%，沪铜期货主力期货合 约最高达110970元/吨，日内一度涨超8%，两者均创下历史新高，2026年以来累计涨幅分别为7.26%、 11.92%。 ...

2026年1月29日，内盘期货多数收涨，沪银收涨逾8%，沪金涨近8%，国际铜涨7%，沪铜涨逾6%，燃油 涨4%，焦煤、原油、沥青、焦炭、低硫燃油涨逾3%；多晶硅收跌逾4%，碳酸锂跌逾3%。 | 序号 | 合约名称 | 最新 | 现手 | 天价 | 委价 | 310幅8 + | 买量 | 英宇 | 成交量 | 魔践 | 持仓量 | 日常仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T | 沪银2604 M | 30891 | 32 | 30891 | 30896 | 8.51% | 10 | 1 | 759566 2422 | | 281207 | -8936 | | 2 | 护金2604 M | 1249.12 | | 1 1249.04 1249.12 | | 7.88% | 3 | 3 | 521258 91.24 | | 211816 | -10657 | | 3 | 国际相2603 M | 97290 | 2 | 96880 | 97290 | 7.02% | 1 | 1 | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On January 29, 2026, the main contract of Shanghai copper futures, CU2603, rapidly rose from 103,000 yuan to around 109,000 yuan starting at 10:15 and broke through the 110,000 yuan mark in the afternoon, with a daily increase of nearly 8% [2] - Copper is the core raw material for the new - energy revolution, power grid upgrade, and AI data centers, and is included in the key mineral or strategic reserve lists of the US, the EU, and China, and its security demand strongly supports copper prices [2] - On the early morning of January 29, the Fed announced to keep the federal funds rate target range unchanged at 3.5% - 3.75%, in line with market expectations. Powell's remarks triggered a re - pricing of inflation structural pressure and policy independence, causing London spot gold and silver to rise rapidly and copper prices to reach new highs [4] - The expectations of interest rate cuts and tariffs in 2026 have become the core macro - driving forces for the upward movement of copper prices. The LME copper inventory in Europe has continuously decreased from nearly 70,000 tons since April 2025 to 13,850 tons, while the COMEX copper inventory has continuously increased from less than 100,000 short tons since April 2025 to 572,300 short tons [4] 3. Summary by Related Catalogs Market Movement of Shanghai Copper - The main contract of Shanghai copper futures, CU2603, rose rapidly from 103,000 yuan to around 109,000 yuan starting at 10:15 on January 29, 2026, and broke through 110,000 yuan in the afternoon, with a daily increase of nearly 8% [2] Factors Affecting Copper Prices - Copper is a key raw material for new - energy, power grid, and AI, and its security demand supports prices [2] - The Fed's decision to keep interest rates unchanged and Powell's remarks led to price increases in gold, silver, and copper [4] - The expectations of interest rate cuts and tariffs in 2026, along with changes in LME and COMEX copper inventories, drive copper prices upward [4]

FICC日报 | 2026-01-29 美联储如期按兵不动，关注伊朗局势 市场分析 通胀叙事大趋势不改。12月11日中央经济工作会议召开：会议强调，深入实施提振消费专项行动；强调深入整治"内 卷式"竞争制定和实施；会议确认，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。后续继续提振 消费，以及推进"反内卷"的大方向并未发生变化，未来物价回升路径仍需关注供给侧的政策方向。1月15日，央行 宣布下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率降至1.25%，其他期限档次利率同步 调整。并强调，今年降准降息还有一定空间，人民币汇率预计将继续双向浮动，保持弹性。1 月 20 日，财政部官 网集中发布 5 个重要政策文件，涵盖个人消费贷款、设备更新、中小微企业贷款、服务业经营主体贷款及民间投 资专项担保五大领域，以 "延长期限、扩大范围、提高标准" 为核心导向，通过财政贴息与担保支持，降低融资成 本、激发市场活力，助力扩大内需与经济高质量发展。此外，伊朗和委内瑞拉的地缘局势骤紧，在民粹主义和贸 易保护主义思潮下，全球争夺矿产和能源资源的局势明朗。同时，特朗普近期就格陵兰岛一系列事件使得美国 ...

FICC日报 | 2026-01-29 国内市场资金抛售节奏呈现明显阶段性特征，初期主要撤离沪深300、上证50相关产品，后期及当前抛售重心已转 向中证1000，2025年增量部分已全部抛售，开始触及存量部分，整体抛售或已接近尾声。对比来看，中证500同期 规模仅减少13%，流出压力相对有限，展现出偏强优势，关注股指做多机会。 关注股指企稳时机 风险 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨 ...

Group 1 - The coal futures market in China is showing a predominantly positive trend, with coking coal futures experiencing fluctuations and a current increase of approximately 2.55% [1] - Coking coal prices are expected to face challenges for further increases due to deepening losses among coking enterprises, although production levels remain slightly reduced [2] - Demand for coking coal is stable, with iron output remaining relatively unchanged, leading to a cautious purchasing approach from downstream sectors [2] Group 2 - Coking enterprises are experiencing reduced operating rates and low inventory levels, while steel mills are seeing a recovery in profitability, which may influence coking coal pricing strategies [2] - Market dynamics are characterized by both bullish and bearish pressures, with expectations of a potential rebound after a period of decline, suggesting a strategy of buying on dips for hedging or investment [2]

1月29日，国内期市能化板块多数飘红。其中，原油期货主力合约开盘报462.1元/桶，今日盘中高位震 荡运行；截至午间收盘，原油主力最高触及472.2元，下方探低461.1元，涨幅达3.49%。 目前来看，原油行情呈现震荡上行走势，盘面表现偏强。对于原油后市行情将如何运行，相关机构观点 汇总如下： 混沌天成期货分析称，OPEC+维持产量不变，地缘政治扰动大，美国寒潮影响页岩油产量；需求端， 美国经济韧性强，美元走弱利好非美需求；EIA数据显示原油库存下降，但整体上半年基本面格局仍偏 空，短期市场热度下降导致价格震荡。 中财期货表示，EIA商业原油库存超预期去库，同时伊朗局势持续发酵。预计短期内原油维持震荡偏强 走势。 光大期货指出，伊朗原油供应面临风险推升油价，美国原油库存下降超预期，但成品油库存增加抵消利 好，美元指数反弹，全球经济重构导致避险资产受追捧，预计油价延续震荡偏强。 ...