锌锭大幅累库， 产业现状偏弱 锌周报 2026/02/28 张世骄（有色金属组） 0755-23375122 zhangsj3@wkqh.cn 从业资格号：F03120988 交易咨询号：Z0023261 CONTENTS 目录 01 周度评估 04 需求分析 02 宏观分析 05 供需库存 03 供给分析 06 价格展望 01 周度评估 周度评估 ◆ 价格回顾：上周五沪锌指数收涨0.54%至24726元/吨，单边交易总持仓18.6万手。截至上周五下午15：00，伦锌3S较前日同期跌 2.5至3380美元/吨，总持仓23.01万手。SMM0#锌锭均价24450元/吨，上海基差-50元/吨，天津基差-70元/吨，广东基差-125元/ 吨，沪粤价差75元/吨。 ◆ 国内结构：上期所锌锭期货库存录得6.97万吨，据钢联数据，2月26日全国主要市场锌锭社会库存为18.04万吨，较2月24日增加 0.61万吨。内盘上海地区基差-50元/吨，连续合约-连一合约价差-180元/吨。海外结构：LME锌锭库存录得9.84万吨，LME锌锭注 销仓单录得0.75万吨。外盘cash-3S合约基差-16.97美元/吨，3-15价差40 ...

罗平锌电表示，经过本次技改，公司环保绩效等级将由现有C级提升至B级，为响应最新实施的《铅、 锌工业大气污染排放标准》奠定基础。本项目的实施有利于公司主动积极践行绿色发展理念，将生态环 境保护要求融入发展战略和公司治理过程。 公告显示，罗平锌电投资该项目旨在提升环保标准、淘汰落后产能和工艺，助力公司转向技术含量高、 资源消耗低、环境污染少的发展模式，同时促使公司加强内部管理、采用先进技术、提高能效和资源利 用率，降低环境合规成本和运营成本。 项目建设内容包括有组织排放提升改造、清洁运输两个部分。项目实施后，罗平锌电主要污染物年削减 量预计为：二氧化硫75.1吨、氮氧化物0.01吨、颗粒物48.33吨、硫酸雾0.16吨。 本报讯(记者李如是)2月28日，云南罗平锌电（002114）股份有限公司(以下简称"罗平锌电")发布公告 称，公司拟投资建设重点行业环保绩效等级提升项目，项目总投资概算为944.74万元。 ...

格隆汇2月27日丨罗平锌电(002114.SZ)公布，为提升环保标准淘汰落后产能和工艺，助力公司转向技术 含量高、资源消耗低、环境污染少的发展模式，同时促使公司加强内部管理、采用先进技术、提高能效 和资源利用率，降低环境合规成本和运营成本。公司拟投资建设重点行业环保绩效等级提升项目。本次 项目总投资概算为944.74万元。 ...

三期货有限公司 s Company Limited 矿端再现扰动,锡价大幅拉涨 中信期货研究所 有色与新材料团队 最新动态及原因 2026年2月27日，锡价继续大幅拉涨，根据Wind，截至收盘，沪锦主力合约涨8.88%至453240元/吨，锡价上涨的主要原因在于缅甸武装冲突加剧，引发市场对揭矿共应的但忧情绪。根据 马新社报道，近期缅甸为取军政府在该国西部和西北部地区实施空袭。造成至少20名平民死亡。19人受伤。事实上，从2021年缅甸军方发动攻变推翻昂山素季政府以来，民族武装团体与缅甸军 方如中突就愈演忽然，此次事件是矛盾进一步激化的显现。对此，腾冲市稀有非金属矿产合作办会发布通知，要求境外矿山人员紧急撤离矿区、不过，此次冲突主要发生在面部若开领、北部竞 钦邦等地区,并非锡矿主产区佤邦,因此我们认为暂时不会对锡矿生产造成明显影响。 基本面情况 目前，国内矿端紧缩状况表解，并制约着情想易产量。根据钢联、截至2月13日，60％品位的铜矿加工费10000元/吨。40％品位的锡矿加工费14000元/吨。维持相对低位。此外，根据钢 联: 1月国内晴炼锡产量为14382吨，同比-2.74%; 1月国内锡冶炼厂开工率为56 ...

罗平锌电公告，公司拟投资944.74万元建设重点行业 环保绩效等级提升项目。项目内容包括有组织排放 提升改造、清洁运输两个部分。项目实施后，主要污染物年削减量预计为：SO₂75.1吨、NOX 0.01吨、 颗粒物48.33吨、硫酸雾0.16吨。项目建设周期为2026年3月至2026年12月，资金来源为自有资金或自筹 资金。 ...

中国发展网讯 2月25日，马年春节年味尚浓，甘肃成县全体干部职工迅速从"假期模式"切换至"奋斗模 式"，全县上下凝心聚力、真抓实干，开足马力按下复工复产"快进键"，奋力冲刺新年"开门红"。 与此同时，在成州锌冶炼厂的生产车间里，同样是一派热火朝天的奋战场景。该厂干部职工春节期间仍 然坚守生产一线，紧盯节日生产目标，将任务细化分解到每一天、每个车间、每个班组，通过优化全流 程要素匹配、畅通生产调度通道，坚持精益组织、标准作业、精细操作，实现各系统高效协同联动，主 要产品日产量稳定在290吨，春节期间产出99.997%品级率电锌占比达到100%，以过硬质量将"稳定生 产、优质生产"贯穿始终。 "保设备就是保生产，我们紧盯'两炉两窑'、特种设备、供电系统等重点设备，督促各级设备管理人员 严格落实设备清扫、点检、润滑、故障管理等自主维护内容，同步落实6S现场目视化管理要求，脚下 步子走的实，设备保障就万无一失。"成州锌冶炼厂装备工程部主任陈小飞说。 企业生产车间热火朝天，田间地头亦是春潮涌动。在成县沙坝镇寅晨专业合作社的标准化加工车间内， 技术人员对采集回的五万余支核桃接穗枝条进行精细处理，确保接穗的保存成功率和嫁接 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The report provides a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, carbon emissions, and energy chemicals. It assesses the current market situation, influencing factors, and provides corresponding trading strategies for each sector [18][25][56]. Summary by Related Catalogs Financial Derivatives Stock Index Futures - **Market Performance**: On Thursday, the stock index showed differentiation. The Shanghai 50 Index fell 0.65%, the CSI 300 Index fell 0.19%, the CSI 500 Index rose 0.35%, and the CSI 1000 Index rose 0.76%. The trading volume of the whole market was 2.556 trillion yuan. The stock index futures also showed differentiation, with the main contracts IH2603, IF2603, IC2603, and IM2603 having different changes in price and trading volume [19][20]. - **Investment Logic**: The market differentiation further increased. Technology stocks led the rise, while traditional large - cap stocks were weak. The stock index is expected to maintain an oscillating upward trend, with the CSI 500 and CSI 1000 Index remaining relatively strong [20]. - **Trading Strategy**: Unilateral trading should be oscillating and bullish, buying on dips; for arbitrage, conduct IM/IC long 2609 + short ETF cash - and - carry arbitrage; for options, use a bull spread strategy [21]. Treasury Bond Futures - **Market Performance**: On Thursday, treasury bond futures closed down across the board. The 30 - year main contract fell 0.53%, the 10 - year main contract fell 0.10%, the 5 - year main contract fell 0.08%, and the 2 - year main contract fell 0.03%. The yields of major - term treasury bonds in the inter - bank market generally increased [23]. - **Investment Logic**: The central bank net - withdrew 795 billion yuan of short - term liquidity, and the market capital was generally loose. In the short term, the bond market may fluctuate, but in the medium term, the report maintains an optimistic view on the bond market [23]. - **Trading Strategy**: Unilateral trading should adopt a neutral - to - bullish approach; for arbitrage, adopt a wait - and - see attitude [24]. Agricultural Products Protein Meal - **Market Performance**: CBOT soybean index rose 0.1% to 1158.75 cents per bushel, and CBOT soybean meal index fell 0.19% to 321.1 dollars per short ton [26]. - **Investment Logic**: Weather disturbances in the producing areas increased, and the export volume of Brazil increased. The domestic soybean import uncertainty increased, and the market was mainly oscillating [27]. - **Trading Strategy**: Unilateral trading should be mainly bearish; for arbitrage, expand the MRM spread; for options, use a short straddle strategy [27]. Sugar - **Market Performance**: The ICE US raw sugar main contract price oscillated, falling 0.02 (- 0.14%) to 13.96 cents per pound, and the London white sugar price oscillated slightly higher [29]. - **Investment Logic**: Internationally, the influence of Brazilian sugar decreased, and the focus shifted to the Northern Hemisphere. Domestically, the supply pressure was certain, but the price might rise slightly in the short term [31][32]. - **Trading Strategy**: Unilateral trading: the international sugar price is expected to maintain a low - level oscillation, and Zhengzhou sugar is expected to be slightly bullish in the short term; for arbitrage, adopt a wait - and - see attitude; for options, short put options in the short term [32]. Oilseeds and Oils - **Market Performance**: The overnight CBOT US soybean oil main price changed by 1.78% to 61.71 cents per pound, and the BMD Malaysian palm oil main price changed by 0.82% to 4038 ringgit per ton [33]. - **Investment Logic**: The production of Malaysian palm oil in February decreased, and the supply pressure of soybean oil might be postponed. The domestic oil inventory was at a neutral - to - high level, and the inventory might decrease after the festival [34]. - **Trading Strategy**: Unilateral trading: the short - term oil market will maintain an oscillation, with limited upside and downside space; for arbitrage, consider shorting p59 and y59 on rallies; for options, adopt a wait - and - see attitude [35]. Corn/Corn Starch - **Market Performance**: The CBOT corn futures rose, with the May 05 main contract rising 0.4% to 443.0 cents per bushel [36]. - **Investment Logic**: The US corn price was stable, and the domestic corn spot was stable in the short term but faced pressure in the long term. The 05 corn contract oscillated at a high level and might回调 after the festival [37]. - **Trading Strategy**: Unilateral trading: for the US 05 corn, buy on dips; for the domestic 05 corn, short on rallies with a light position; for arbitrage, widen the spread between 05 corn and starch on dips; for options, adopt a wait - and - see attitude [37]. Live Pigs - **Market Performance**: The live pig price was generally stable, with different price changes in different regions [38]. - **Investment Logic**: The overall supply pressure was still obvious, but the spot price might be supported in the short term, and the downward space of the futures price was limited [38]. - **Trading Strategy**: Unilateral trading: place a small number of long orders for the 05 live pig contract; for arbitrage, adopt a wait - and - see attitude; for options, use a short straddle strategy [39]. Peanuts - **Market Performance**: The national average price of peanut kernels was stable, and the prices of peanut oil and peanut meal also showed certain changes [41]. - **Investment Logic**: The peanut spot was stable, the import volume decreased, and the 05 peanut contract oscillated in a narrow range [42]. - **Trading Strategy**: Unilateral trading: trade long on dips for the 05 peanut contract with a light position; for arbitrage, adopt a wait - and - see attitude; for options, short the pk605 - P - 7700 option [42]. Eggs - **Market Performance**: The national mainstream egg price was stable, and the inventory and production of laying hens showed certain changes [43][45]. - **Investment Logic**: After the festival, it entered the off - season, and the overall capacity reduction slowed down. Consider shorting the June contract on rallies [46]. - **Trading Strategy**: Unilateral trading: consider shorting the June contract on rallies; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [46]. Apples - **Market Performance**: The national main - producing area apple cold - storage inventory decreased, and the price was stable [47][48]. - **Investment Logic**: The inventory decreased, and the demand was expected to improve. The cost of apple warehouse receipts was high, and the price of the May contract was expected to be bullish [49]. - **Trading Strategy**: Unilateral trading: expect the May contract price to oscillate bullishly, and place long orders on dips; for arbitrage, go long on the May contract and short on the October contract; for options, adopt a wait - and - see attitude [50]. Cotton - Cotton Yarn - **Market Performance**: The outer - market main contract fell, and the domestic cotton price was relatively strong [51]. - **Investment Logic**: The fundamentals were supported, and the global cotton supply - demand was expected to be tight. The signing situation improved, and the market was expected to rise [53]. - **Trading Strategy**: Unilateral trading: expect the US cotton to oscillate in the short term, and consider going long on dips for Zhengzhou cotton; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [53]. Black Metals Steel - **Market Performance**: The black market oscillated at night, and the steel price was under pressure [57]. - **Investment Logic**: The steel mills continued to overhaul, the inventory increased, the demand decreased, and the steel price was expected to oscillate before the Two Sessions and face pressure after the Two Sessions [57]. - **Trading Strategy**: Unilateral trading: maintain an oscillating trend; for arbitrage, short the coil - coal ratio on rallies and hold the short position of the coil - rebar spread; for options, adopt a wait - and - see attitude [58]. Coking Coal and Coke - **Market Performance**: The coking coal and coke market fluctuated greatly [59]. - **Investment Logic**: The supply of coking coal recovered, the demand was weak, and the price was expected to oscillate widely without a clear trend [60][61]. - **Trading Strategy**: Unilateral trading: the downward space is limited, do not short on dips, and try to go long on dips; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [62]. Iron Ore - **Market Performance**: The iron ore price oscillated at night [64]. - **Investment Logic**: The supply of iron ore was loose, the demand might decrease, and the price was expected to be weak [64]. - **Trading Strategy**: Unilateral trading: the price will be weak; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [65]. Ferroalloys - **Market Performance**: The silicon iron and manganese silicon prices were stable to slightly strong [66]. - **Investment Logic**: The supply and demand of silicon iron and manganese silicon had different changes, and the manganese ore price was affected by uncertain factors [66]. - **Trading Strategy**: Unilateral trading: hold long positions in silicon iron and partially take profits on long positions in manganese silicon; for arbitrage, adopt a wait - and - see attitude; for options, short out - of - the - money put options [68]. Non - Ferrous Metals Gold and Silver - **Market Performance**: London gold rose 0.39% to 5185.29 dollars per ounce, and London silver fell 1.01% to 88.3 dollars per ounce [70]. - **Investment Logic**: There were both bullish and bearish factors, and the market was expected to oscillate at a high level [71]. - **Trading Strategy**: Unilateral trading: hold long positions cautiously based on the 5 - day moving average; for arbitrage, adopt a wait - and - see attitude; for options, use a long out - of - the - money call option strategy or a bull call spread strategy [71][73]. Platinum and Palladium - **Market Performance**: The outer - market platinum and palladium oscillated widely [74]. - **Investment Logic**: The geopolitical and macro - economic situations supported the precious metals. Platinum was expected to be bullish in the short term, while palladium was in a surplus situation [74]. - **Trading Strategy**: Unilateral trading: go long on platinum on dips, and adopt a wait - and - see attitude for palladium and conduct band trading; for arbitrage, go long on platinum and short on palladium; for options, adopt a wait - and - see attitude [75]. Copper - **Market Performance**: The main contract of Shanghai copper 2604 closed at 102550, down 0.12% [77]. - **Investment Logic**: The macro - economic situation was favorable for copper consumption, but the inventory increase limited the upward momentum. In the long term, copper was expected to rise [78]. - **Trading Strategy**: Unilateral trading: the price will oscillate at a high level in the short term, and adopt a long - term low - buying strategy; for arbitrage, adopt a wait - and - see attitude; for options, buy out - of - the - money call options [78]. Alumina - **Market Performance**: The night - session alumina 2505 contract fell 101 yuan per ton to 2747 yuan per ton [79]. - **Investment Logic**: The spot price was supported, but the expectation of over - supply suppressed the price [80]. - **Trading Strategy**: Unilateral trading: the price will oscillate weakly [80]. Electrolytic Aluminum - **Market Performance**: The night - session Shanghai aluminum 2604 contract fell 80 yuan per ton to 23780 yuan per ton [82]. - **Investment Logic**: The global aluminum supply - demand was expected to be in short supply, but the domestic inventory was high. The price was expected to oscillate [85]. - **Trading Strategy**: Unilateral trading: the Shanghai aluminum price will oscillate; for arbitrage, the internal - external price difference will widen slightly; for options, adopt a wait - and - see attitude [85]. Cast Aluminum Alloy - **Market Performance**: The ADC12 aluminum alloy ingot spot price changed in different regions [86]. - **Investment Logic**: The supply and demand were weak, and the price was expected to oscillate with the aluminum price [86]. - **Trading Strategy**: Unilateral trading: the price will oscillate with the aluminum price; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [87]. Zinc - **Market Performance**: The overnight LME zinc market fell 0.61% to 3366.5 dollars per ton, and the Shanghai zinc 2604 fell 0.04% to 24570 yuan per ton [89]. - **Investment Logic**: The macro - economic situation and inventory changes affected the zinc price. The price was expected to be affected by market sentiment in the short term [90]. - **Trading Strategy**: Unilateral trading: buy on dips after the price stabilizes; for arbitrage, adopt a wait - and - see attitude; for options, adopt a wait - and - see attitude [90]. Lead - **Market Performance**: The overnight LME lead market fell 0.83% to 1979 dollars per ton, and the Shanghai lead 2604 contract rose 0.27% to 16800 yuan per ton [91]. - **Investment Logic**: The raw material supply, smelting, and consumption of lead had different situations, and the price was expected to oscillate in a range [94]. - **Trading Strategy**: Unilateral trading: the Shanghai lead price may oscillate bullishly in a range; for arbitrage, adopt a wait - and - see attitude; for options, short out - of - the - money put options [95]. Nickel - **Market Performance**: The overnight LME nickel price fell 315 to 17730 dollars per ton [97]. - **Investment Logic**: The supply - demand was recovering, and the price might rise if the Indonesian policy and demand were favorable [97]. - **Trading Strategy**: Unilateral trading: hold long positions at a low level; for arbitrage, adopt a wait - and - see attitude; for options, short out - of - the - money put options [98]. Stainless Steel - **Market Performance**: The stainless - steel inventory increased [99]. - **Investment Logic**: The inventory was high after the festival, but the cost was supported, and the price followed the nickel price [100]. - **Trading Strategy**: Unilateral trading: hold long positions at a low level; for arbitrage, adopt a wait - and - see attitude [100]. Industrial Silicon - **Market Performance**: The organic silicon开工率 decreased [101]. - **Investment Logic**: The demand was not improving significantly, and the market was worried about the impact of large - scale factory resumption on the fundamentals. The price was expected to oscillate weakly [101]. - **Trading Strategy**: Unilateral trading: the price will oscillate weakly; for arbitrage, no strategy provided; for options, no strategy provided [101]. Polysilicon - **Market Performance**: The US announced anti - subsidy tax on imported solar cells [102]. - **Investment Logic**: The policy affected the market, and the spot price was under pressure [102]. - **Trading Strategy**: Unilateral trading: the price will oscillate weakly; for arbitrage, no strategy provided; for options, no strategy provided [102]. Lithium Carbonate - **Market Performance**: Tesla China launched a low - interest loan policy, and some lithium - related companies had production changes [104]. - **Investment Logic**: The supply was blocked, the demand was good, and the price was likely to rise [105]. - **Trading Strategy**: Unilateral trading: hold long positions at a low level; for arbitrage, adopt a wait - and - see attitude; for options, short out - of - the - money call options for the 2604 contract to protect long - position profits [106][108]. Tin - **Market Performance**: The main contract of Shanghai tin 2604 rose 2.35% to 428000 yuan per ton [109]. - **Investment Logic**: The market was worried about the supply, and the price was expected to oscillate at a high level [109

| 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低0.12%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电排产负增长；地产持续疲弱。铜价短期可能进入调整阶段。关注美元、铜冶炼产量和 | | | 旺季下游需求等变化。 | | 锌 | 锌：夜盘锌价收平。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长。中钢 协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电排产负增 | | | 长；地产持续疲弱。锌价可能跟随有色整体走势。建议关注美元、冶炼产量和下游旺季需 | | | 求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 （元/吨） | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 （吨） | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | | (美元/吨） | （美元/吨） | | （吨） | | 铜 | 102,260 | ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The global market is currently in an observational phase with no clear consensus-driven trends. The short - term market is unlikely to have a unilateral trend, and the Fed's interest - rate cut narrative may be the next potential catalyst [2]. - The RMB exchange rate has shown strength. Short - term strategies for export and import enterprises are proposed, such as export enterprises locking in forward exchange settlement and import enterprises adopting a rolling purchase strategy [3][4]. - The stock index is expected to be bullish, while the bond market should focus on the Two Sessions' news [5][6]. - The container shipping market for the European route is expected to be weak in the short term, with a shift in trading logic [7][10]. - In the new energy market, the speculative sentiment of lithium carbonate is strong, and industrial silicon and polysilicon are in a situation of weak supply and demand [12][15]. - In the non - ferrous metal market, copper prices are expected to fluctuate at a high level, aluminum and its related products are expected to fluctuate and consolidate, zinc is expected to fluctuate strongly, nickel - stainless steel is expected to fluctuate at a high level, tin is expected to fluctuate at a high level, and lead is expected to fluctuate and adjust [18][22][23][25][27][28]. - In the oil and fat feed market, oilseeds have strong expectations but weak reality, and oils are expected to improve [29][31]. - In the energy and oil and gas market, high - sulfur fuel oil is under pressure, low - sulfur fuel oil is strong, and asphalt prices may decline [34][35]. - In the precious metal market, platinum - palladium is expected to be in a long - term bull market, and gold - silver is strategically bullish in the short term [38][40][41][43]. - In the chemical market, pulp and offset paper are expected to fluctuate at a low level, pure benzene - styrene should pay attention to geopolitical trends, LPG is affected by geopolitics, PX - PTA is expected to be easy to rise and difficult to fall, MEG - bottle chips are expected to fluctuate widely, methanol can consider a positive spread strategy, plastics PP are expected to fluctuate and decline, and rubber is expected to fluctuate in a range [45][47][50][52][56][59][61][64]. - In the black market, rebar and hot - rolled coils are expected to be weak, iron ore may recover seasonally, coking coal and coke need to focus on the resumption rhythm, and ferrosilicon and ferromanganese should wait for the hedging opportunity [79][80][81][84]. - In the agricultural and soft commodity market, the price of live pigs may continue to decline, cotton is recommended to go long on dips, sugar's rebound space is limited, eggs may fluctuate at a low level in the short term and rise in the medium term, apples are supported by delivery contradictions, dates are expected to fluctuate at a low level, and logs can be observed [85][88][91][92][100][102][103]. 3. Summary by Relevant Catalogs Financial Futures - **Macro**: The indirect negotiation between Iran and the US ended with "significant progress". The US initial jobless claims were 212,000, the Bank of Korea maintained the benchmark interest rate at 2.5%, and the Bank of Japan may consider raising interest rates [1]. - **RMB Exchange Rate**: The on - shore and off - shore RMB against the US dollar both broke through the 6.84 mark. Short - term strategies for export and import enterprises are provided [3][4]. - **Stock Index**: The stock index is expected to be bullish, with attention on the sustainability of trading volume [5]. - **Treasury Bond**: The bond market is bearish, and attention should be paid to the news of the Two Sessions [5][6]. - **Container Shipping for European Route**: The market is weak, with a shift in trading logic from expecting price increases to facing price cuts in the off - season [7][10]. Commodities New Energy - **Lithium Carbonate**: The speculative sentiment is strong, and upstream enterprises are recommended to hedge by shorting at high prices [12][14]. - **Industrial Silicon & Polysilicon**: They are in a situation of weak supply and demand. Short - term prices may break through the support level, and medium - term strategies are to go long at low prices [15][16]. Non - ferrous Metals - **Copper**: Prices are expected to fluctuate at a high level, and different trading strategies are proposed [18][21]. - **Aluminum Industry Chain**: Aluminum, alumina, and cast aluminum alloy are expected to fluctuate and consolidate. Different trading strategies are recommended according to different products [22][23]. - **Zinc**: It is expected to fluctuate strongly, and attention should be paid to the negative feedback of tariff news [23][24]. - **Nickel - Stainless Steel**: They are expected to fluctuate at a high level, and attention should be paid to US tariff and Indonesian supply - side factors [25][26]. - **Tin**: It is expected to fluctuate at a high level, and attention should be paid to the approval progress in Indonesia and the actual resumption progress in Myanmar [27]. - **Lead**: It is expected to fluctuate and adjust, and interval operations are recommended [28]. Oil and Fat Feed - **Oilseeds**: They have strong expectations but weak reality. After the market returns to fundamentals, shorting and reverse - spread opportunities can be considered [29][30]. - **Oils**: They are expected to improve, and long - position opportunities at low prices can be considered for palm oil [31][32]. Energy and Oil and Gas - **Fuel Oil**: High - sulfur fuel oil is under pressure, and low - sulfur fuel oil is strong. The market shows a differentiated pattern [34]. - **Asphalt**: Prices may decline, especially when the demand after the Spring Festival is lower than expected [35]. Precious Metals - **Platinum - Palladium**: They are expected to be in a long - term bull market, but attention should be paid to various risk factors [38][40]. - **Gold - Silver**: They are strategically bullish in the short term, and long - position strategies on dips are recommended [41][43]. Chemicals - **Pulp - Offset Paper**: They are expected to fluctuate at a low level, and interval trading strategies are recommended [45][46]. - **Pure Benzene - Styrene**: Attention should be paid to geopolitical trends, and long - position strategies on dips are recommended for styrene [47][49]. - **LPG**: It is mainly affected by geopolitics, and the short - term pricing is dominated by the Iran - US situation [50][51]. - **PX - PTA**: They are expected to be easy to rise and difficult to fall, and long - position strategies on dips and short - spread strategies for processing fees are recommended [52][55]. - **MEG - Bottle Chips**: They are expected to fluctuate widely, and short - selling is not recommended in the short term [56][58]. - **Methanol**: A positive spread strategy for the 5 - 9 contract can be considered, and attention should be paid to geopolitical factors [59][60]. - **Plastic PP**: They are expected to fluctuate and decline, and attention should be paid to the demand after the resumption of work by downstream enterprises and the inventory removal speed [61][63]. - **Rubber**: It is expected to fluctuate in a range, and different trading strategies are recommended for different types of rubber [64][71]. - **Urea**: It is recommended to buy at a low price, and the market price is expected to rise steadily [72]. - **Glass and Soda Ash**: Soda ash is expected to fluctuate with limited price movement, and glass prices are restricted by supply recovery and high inventory in the middle - stream [74][75]. - **Propylene**: It is affected by cost and supply - demand factors, and the market is still supported fundamentally [76][77]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to be weak, and although the market may hype up expectations near the Two Sessions, the fundamentals are still weak [79]. - **Iron Ore**: It may recover seasonally, and low - buying opportunities or positive - spread strategies can be considered at low valuations [79][80]. - **Coking Coal & Coke**: They need to focus on the resumption rhythm of mines and steel mills after the Spring Festival, and the price may face short - term supply - demand mismatch or downward pressure [81][83]. - **Ferrosilicon & Ferromanganese**: They are affected by manganese ore news, and hedging opportunities after the emotional release can be waited for [84]. Agricultural and Soft Commodities - **Live Pigs**: The price is expected to continue to decline, and a sell - call option strategy is proposed [85][87]. - **Cotton**: It is recommended to go long on dips, and attention should be paid to the peak - season demand and US trade policy [88][90]. - **Sugar**: The rebound space is limited, although there is some upward driving force [91]. - **Eggs**: They may fluctuate at a low level in the short term and rise in the medium term [92][93]. - **Apples**: The short - term demand is weak after the Spring Festival, but the delivery contradiction provides support [100][101]. - **Dates**: They are expected to fluctuate at a low level, and attention should be paid to the post - festival replenishment demand [102]. - **Logs**: The futures price is expected to fluctuate weakly, and an observation strategy is recommended [103].

有色金属日报 2026-2-27 五矿期货早报 | 有色金属 铜 有色金属小组 【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 交易咨询号：Z0023147 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 交易咨询号：Z0023261 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 美伊谈判没有明显进展，原油震荡，隔夜美股科技股走弱，铜价震荡调整，昨日伦铜 3M 合约下跌 0.68%至 13259 美元/吨，沪铜主力合约收至 102150 元/吨。昨日 LME 库存增加 3950 至 253600 吨， 增量来自北美 ...