Report Industry Investment Rating No relevant content provided. Core Viewpoints - The overall situation of the oil and fat market shows that prices are in a state of shock consolidation. The domestic fundamentals are loose, and the supply is stable. The Sino - US relationship is tense, which puts pressure on the price of US soybeans. The inventory of Malaysian palm oil is neutral, and demand is improving. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic oil and fat fundamentals are neutral, and the import inventory is stable [2][3][4] - The current main logic of the market revolves around the relatively loose global oil and fat fundamentals. There are also some factors affecting the market, with the US soybean inventory - to - sales ratio remaining around 4%, indicating tight supply, while the high historical price of oil and fat, continuous accumulation of domestic oil and fat inventory, weak macro - economy, and high expected production of relevant oils and fats are the negative factors [5] Summary by Related Catalogs Supply - **Soybean - related supply**: - On January 9, the commercial inventory of soybean oil was 1020000 tons, a decrease of 60000 tons from the previous period and an increase of 14.7% year - on - year [2] - Information on soybean meal inventory is mentioned, but no specific data is provided [8] - Information on oil - mill soybean crushing is mentioned, but no specific data is provided [10] - **Palm oil supply**: - In December, the production of Malaysian palm oil decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. As of January, the export data of Malaysian palm oil increased by 29% month - on - month. On January 9, the port inventory of palm oil was 736000 tons, an increase of 2200 tons from the previous value and an increase of 46% year - on - year [2][3][4] - **Rapeseed - related supply**: - On January 9, the commercial inventory of rapeseed oil was 250000 tons, a decrease of 20000 tons from the previous value and a decrease of 44% year - on - year [4] - Information on rapeseed inventory is mentioned, but no specific data is provided [21] - **Total domestic oil and fat supply**: Information on total domestic oil and fat inventory is mentioned, but no specific data is provided [23] Demand - **Soybean - related demand**: - Information on the apparent consumption of soybean oil is mentioned, but no specific data is provided [12] - Information on the apparent consumption of soybean meal is mentioned, but no specific data is provided [14] Price Forecast - Soybean oil Y2605 is expected to fluctuate in the range of 7900 - 8300 [2] - Palm oil P2605 is expected to fluctuate in the range of 8600 - 9000 [3] - Rapeseed oil OI2605 is expected to fluctuate in the range of 8900 - 9300 [4]

沪铝早报- 交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 ：祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铝: 近期利多利空分析 利多： 利空： 1、基本面：碳中和控制产能扩张，国内供应即将到达天花板，下游需求不强劲，房地产延续疲软，宏 观短期情绪多变；中性。 2、基差：现货23350，基差-260，贴水期货，偏空。 3、库存：上期所铝库存较上周涨28369吨至245140吨；中性。 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓多，多减；偏多。 6、预期：碳中和催发铝行业变革，长期利多铝价，宏观情绪多变，铝价震荡运行，假期来临控制仓位 逻辑： 降息和需求疲软博弈 1、碳中和控制产能扩张。 2、俄乌地缘政治扰动，影响俄铝供应。 3、降息 1、全球经济并不乐观，高铝价会压制下游消费。 2、铝材出口 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年2月13日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：AI恐慌升级，美股大跌疑似引发金属的算法卖盘，金价回落；美国三大 股指全线收跌，欧洲三大股指收盘涨跌不一；美债收益率集体下跌，10年期美债收 益率跌7.04个基点报4.100%；美元指数跌0.02%报96.91，离岸人民币对美元升值报 6.899；COMEX黄金期货跌3.08%报4941.4美元/盎司；中性 2、基差：黄金期货1126.12，现货1122.82，基差-3.3，现货贴水期货；中性 3、库存：黄金期货仓单105072千克，不变；偏空 4、盘面：20日均线向上，k线在20日均线上方；偏 ...

记者丨金珊 编辑丨刘雪莹 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） SFC 出品丨21财经客户端 21世纪经济报道 日韩股市下挫，软银大跌7% 万亿巨头疑似售假，消费者直呼塌房 21君荐读 2月13日，黄金白银经历昨 夜闪崩后继续 低开，黄金一度下探失守4900美元关口，随后盘中 急速反弹翻红，截至北京时间10:05左右，COMEX黄金期货涨超1%，重回5000美元/盎司，现 货黄金涨逼近5000美元/盎司，现货白银站上76美元/盎司。国内商品期货早盘方面，沪银跌超 7%，沪金跌超1%。 华源期货近日表示，美联储当前或仍具备较大政策空间，本轮降息周期的时间或也被通胀频 繁的扰动拉长，增加了黄金的做多窗口期。12月会议利率点阵图中值与9月份完全一致，预计 2026、2027年大概率各降息一次。华源期货认为，无论是宽松预期还是通胀上行，或都有利 于支撑黄金价格的上涨。 2月13日， 深圳市地方金融管理局等10部门发布进一步规范黄金市场经营行为的公开提示。其 中提到，企业不得违规开展黄金预定价交易、杠杆交易、延期交易等非法黄金交易活动，如 通过微信群或小程序、APP、网站等互联网平台， ...

交易咨询业务资格：证监许可【2012】1091号 白糖早报——2026年2月13日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 6、预期：外盘创出新低，郑糖近期走势相对偏强。春节长假即将到来，节前规避风险，建议减持 仓位。短期05合约预计在5200-5300区间震荡。 白糖： 2、基差：柳州现货5360，基差106（05合约），升水期货；中性。 3、库存：截至10月底25/26榨季工业库存79.14万吨；偏空。 4、盘面：20日均线走平，k线在20日均线上方，偏多。 利多：26/27年度巴西糖产量可能下降。糖浆关税增加。 美国可乐改变配方使用蔗糖。 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 1、基本面：Covrig Analytics:26/27年度全球糖过剩预计缩减至140万吨，低于 ...

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The short - term zinc market is expected to fluctuate and weaken. The previous trading day saw the Shanghai zinc futures show a volatile downward trend. With the approaching holiday, both long and short positions are cautious. Technically, the price is above the long - term moving average with strong support, but the long - position strength is decreasing while the short - position strength is increasing, and the advantage of the long - position is narrowing. The operation suggestion for Shanghai zinc ZN2603 is to expect a weakening trend in the short term [2][18]. 3. Summary According to Related Catalogs 3.1 Fundamental Analysis - In November 2025, the global zinc plate production was 1.197 million tons, consumption was 1.168 million tons, with a supply surplus of 29,000 tons. From January to November, the global zinc plate production was 12.7561 million tons, consumption was 13.1065 million tons, with a supply shortage of 350,400 tons. In November, the global zinc ore production was 1.069 million tons. From January to November, the global zinc ore production was 12.1419 million tons, which is a bullish factor [2]. 3.2 Basis Analysis - The spot price is 24,530, and the basis is - 120, showing a neutral situation [2]. 3.3 Inventory Analysis - On February 12, the LME zinc inventory decreased by 1,750 tons to 103,500 tons, and the SHFE zinc inventory warrant increased by 725 tons to 43,060 tons, presenting a neutral condition [2]. 3.4 Market Trend Analysis - The previous trading day, the Shanghai zinc futures showed a volatile downward trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish signal [2]. 3.5 Main Position Analysis - The main net position is long, and the long - position is increasing, which is a bullish factor [2]. 3.6 Futures Market Quotes - On February 12, different delivery months of zinc futures had different performances in terms of opening price, high price, low price, closing price, settlement price, trading volume, and open interest. For example, for the 2603 contract, the opening price was 24,750, the high price was 24,775, the low price was 24,415, the closing price was 24,650, the settlement price was 24,590, the trading volume was 96,396 lots, and the open interest decreased by 6,527 lots [3]. 3.7 Spot Market Quotes - On February 12, the price of zinc concentrate's domestic spot TC was 1,300 yuan/metal ton, and the imported comprehensive TC was 30 US dollars/dry ton. The price of 0 zinc ingot in different regions such as Shanghai, Guangdong, Tianjin, and Zhejiang had different price ranges and increases [4]. 3.8 Zinc Ingot Inventory Statistics - From February 2 to February 12, 2026, the total inventory of zinc ingots in major domestic markets increased from 111,200 tons to 138,100 tons. Compared with February 5, it increased by 19,800 tons, and compared with February 9, it increased by 10,000 tons [5]. 3.9 Zinc Futures Warrant Report - On February 12, the total zinc futures warrant was 43,060 tons, with an increase of 725 tons. Different regions and warehouses had different warrant quantities and changes. For example, in Shanghai, the total warrant was 6,120 tons, with an increase of 551 tons [6]. 3.10 LME Zinc Inventory Distribution - On February 12, the LME zinc inventory decreased in some regions. The total inventory decreased by 1,750 tons to 103,500 tons, and the注销占比 in different regions also varied [7]. 3.11 Zinc Ingot Smelter Price Quotes - On February 12, the prices of 0 zinc ingots from different smelters such as Torch, Huzinc, Nanhua, etc. all increased by 20 yuan/ton [12]. 3.12 Domestic Refined Zinc Production in January 2026 - The planned production in January 2026 was 485,500 tons, the actual production was 479,200 tons, with a month - on - month increase of 1.25%, a year - on - year increase of 7.78%, and a 1.29% shortfall compared with the planned value. The capacity utilization rate was 67.02%, and the planned production in February was 468,700 tons [14]. 3.13 Zinc Concentrate Processing Fee Quotes - On February 12, the zinc concentrate processing fees in different domestic regions with a 50% grade had different ranges, and the imported zinc concentrate processing fee with a 48% grade was 20 - 40 US dollars/dry ton, with an average of 30 US dollars/dry ton [16]. 3.14 SHFE Member Zinc Trading and Position Ranking - On February 12, in terms of trading volume, members such as CITIC Futures, Guotai Junan, and Dongzheng Futures had different trading volumes and changes. In terms of long - positions, CITIC Futures, Guotai Junan, etc. held different long - positions and had different changes. In terms of short - positions, CITIC Futures, Guotai Junan, etc. also had different short - positions and changes [17].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-2-13） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦炭： 1、基本面：近期原料煤竞拍价格多有回落，受原料煤价格下跌影响，焦炭成本下移，焦企利润稍有修 复，焦炭供应量有所增加。然近期下游钢厂控制焦炭到货，且中间投机贸易商离市观望，焦企厂内库存 稍有累积，部分焦企库存压力进一步显现；中性 2、基差：现货市场价1620，基差-44；现货贴水期货；偏空 3、库存：钢厂库存692万吨，港口库存201万吨，独立焦企库存45万吨，总样本库存938万吨，较上周 增加18万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦炭主力净空，多减；偏多 6、预期：年末钢厂设备检修密集，复产计划寥寥，需求端延续疲态，钢厂对焦炭采购意愿较低，对焦 炭多有控制 ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2026年2月13日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：2026新疆棉种植面积调控，预计可能减幅超10%。USDA2月报：25/26年度产量 2609.6万吨，消费2584.7万吨，期末库存1635.3万吨。海关：12月纺织品服装出口259.9亿美 元，同比下降7.4%。12月份我国棉花进口18万吨，同比增加31%；棉纱进口17万吨，同比增加 13.33%。农村部2月25/26年度：产量664万吨，进口140万吨，消费760万吨，期末库存829万 吨。中性。 6：预期：棉花主力05短期14500-15000区间震荡。春节长假即将到来，节前规避风险，建议 ...

聚烯烃早报 2026-2-13 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我 司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 • LLDPE概述： • 1. 基本面：宏观方面，官方1月制造业PMI为49.3%，较上月回落0.8个百分点，落入收缩区间。 OPEC+2月1日部长级会议重申去年11月2日决定，因季节性需求疲软暂停2026年第一季度的增产计 划。当前原油回归震荡，前期因受伊朗等地缘政治扰动影响，走势波动大，聚烯烃跟随波动偏大。 供需端，临近春节，农膜方面，多数企业停工，整体订单少，包装膜企业同样多数停工。当前LL 交割品现货价6600（-0），基本面整体中性； • 2. 基差： LLDPE 2605合约基差-134，升贴水比例-2.0%，偏空； • 3. 库存：PE综合库存36.7万吨（-3.6），偏多； • 4. 盘面： LLD ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 康远宁 市场要闻与重要数据 1、 WTI 3月原油期货收跌1.79美元，跌幅2.77%，报62.84美元/桶。布伦特4月原油期货收跌1.88美元， 跌幅2.71报67.52美元/桶。 2、2月12日，克里姆林宫已制定提案，拟将"重新拥抱美元"作为与特朗普政府构建广泛经济伙伴关系的 一部分。这份今年起草的高级别备忘录详细列出七项俄美经济利益的潜在契合点——前提是双方达成结 束乌克兰冲突的协议。俄方设想两国联手推广化石能源对抗绿色替代品，在天然气、深海石油、关键原 材料等领域共同投资，并为美国企业创造巨额收益。这份在俄高官间传阅的文件，首次披露了在美俄潜 在经济协议正被作为未来乌克兰和平协议关键内容谈判之际，克里姆林宫的深层策略与考量。提案的核 心是俄罗斯重返美元结算体系——此举将意味着俄政策的惊人逆转，并可能引发全球金融格局剧烈重 塑。（来源：Bloomberg） 投资咨询业务资格： 证监许可【2011】1289号 免责声明： 3、 2月12日，国际能源署（IEA）在其2月《石油市场报告》中下调了2026年全球石油需求增长 ...