1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Both Shanghai rubber and synthetic rubber are expected to run strongly in the short - term and maintain an oscillating trend in the medium - term, with a strong bias in intraday trading [1][5][7] 3. Summary by Related Categories 3.1 Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][5] - **Core Logic**: Domestic Yunnan and Hainan natural rubber producing areas are in the off - season, and Southeast Asian producing areas are in the low - yield season, reducing the supply pressure of domestic full - latex. However, due to the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, Shanghai rubber futures maintained a stable oscillating trend with slightly lower prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [5] 3.2 Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and medium - term views are oscillating, and the intraday view is strong. The reference view is to run strongly [1][7] - **Core Logic**: The supply of butadiene, the core raw material of synthetic rubber, is becoming more abundant. With the approaching Spring Festival, the downstream tire industry's operating load has decreased, and demand is expected to weaken. Benefiting from the rebound of crude oil futures prices, the bullish atmosphere in the energy and chemical sector has increased. On Wednesday night, synthetic rubber futures showed a stable oscillating trend with slightly higher prices. It is expected to maintain an oscillating and strongly - biased trend on Thursday [7]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 2 月 12 日 0 / 46 研究所 期货眼·日迹 | 股指期货：成交下降波动收窄 3 | | --- | | 国债期货：节前情绪延续偏暖 4 | | 蛋白粕：盘面减仓力度增加 | 价格大幅上涨 6 | | --- | --- | | 白糖：美糖跌破下方支撑 | 预计国内价格偏弱 6 | | 油脂板块：假期临近震荡回落，整体维持宽幅震荡 7 | | | 玉米/玉米淀粉：产区现货稳定，盘面高位震荡 9 | | | 生猪：供应压力好转 | 现货整体支撑 9 | | 花生：花生现货稳定，花生盘面窄幅震荡 10 | | | 鸡蛋：节前备货进入尾声 | 蛋价有所下跌 11 | | 苹果：节前走货尚可，苹果价格坚挺 12 | | | 棉花-棉纱：基本面变化不大 | 棉价有所支撑 13 | | 钢材：需求延续下滑，钢价震荡承压 14 | | --- | | 双焦：春节临近煤矿陆续放假，年后需关注国内外煤炭市场变化 14 | | 铁矿：基本面持续弱化，矿价偏弱运行 15 | | 铁合金：长假临近，多单逢高止盈 16 | | 金银： 非农数据现分歧 市场博弈转 ...

Report Overview - The report is a coal and coking morning report from Baocheng Futures on February 12, 2026, covering short - term, medium - term, and intraday views on coking coal and coke, along with their price driving logic [1] Report Industry Investment Rating - Not provided in the report Report's Core View - Coking coal and coke are expected to maintain a low - level oscillatory pattern before the Spring Festival, with coking coal influenced by Middle - East geopolitics and domestic policies, and coke having stable supply - demand and limited price - moving factors [1][5][6] According to Related Catalogs 1. Variety View Reference - For coking coal (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is strong, and the overall view is oscillatory, with attention on Middle - East geopolitics and domestic policy impacts [1] - For coke (2605), short - term view is oscillatory, medium - term view is oscillatory, intraday view is oscillatory and slightly strong, and the overall view is oscillatory, due to stable supply - demand and range - bound price [1] 2. Main Variety Price Driving Logic - Commodity Futures Black Sector Coking Coal (JM) - Intraday view is strong, medium - term view is oscillatory, and the reference view is oscillatory [5] - In the spot market, the latest quotation of Mongolian coal at Ganqimaodu Port is 1230.0 yuan/ton, a 2.50% week - on - week increase. Before the Spring Festival, coal mine production decreases, but downstream inventory is sufficient, and production will quickly resume after the festival. The long - term supply - demand is expected to be loose, so the price is expected to oscillate at a low level before the Spring Festival [5] - There are three major upside risks: potential escalation of US - Iran geopolitical conflicts during the Spring Festival, economic policy expectations around the Two Sessions after the Spring Festival, and possible "anti - involution" policies in the coal industry due to low coal prices [5] Coke (J) - Intraday view is oscillatory and slightly strong, medium - term view is oscillatory, and the reference view is oscillatory [6] - In the spot market, the latest quotation of quasi - first - grade wet - quenched coke at Rizhao Port is 1520 yuan/ton, with a flat week - on - week change, and the ex - warehouse price at Qingdao Port is 1470 yuan/ton, a 0.68% week - on - week decrease. The supply - demand at both ends has a small increase at a low level, and the futures lack unilateral momentum. The main contract is expected to oscillate at a low level before the Spring Festival [6] - Uncertainties come from "US - Iran geopolitical risks", "Two Sessions policy expectations", and "anti - involution policy expectations" [6]

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints - The Asian low - sulfur fuel oil market structure remains stable, with ample supply offsetting strong downstream marine fuel demand before the Lunar New Year. The Asian high - sulfur fuel oil market has cooled after a recent rise due to moderate demand and sufficient supply [3]. - The spot price of fuel oil is at a premium to the futures price. The price is above the 20 - day line, and the 20 - day line is upward - sloping. However, the high - sulfur and low - sulfur main positions are short, with high - sulfur short positions increasing and low - sulfur short positions decreasing [3]. - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4 [3]. - Trump reached an "oil - for - tariff" agreement with India, revoking the 25% secondary tariff on Indian purchases of Russian oil and reducing the reciprocal tariff from 25% to 18%. India will stop buying Russian oil and turn to the US. The US - Iran negotiation is still uncertain. In the short term, heavy - oil products are supported, and fuel oil will trade at a high level. FU2604 will operate in the range of 2900 - 2980, and LU2604 will operate in the range of 3360 - 3420 [3]. Summary by Directory 1. Daily Prompt - The fundamental situation of fuel oil is neutral, the basis is bullish, the inventory is bearish, the price trend on the disk is bullish, and the main positions are bearish. In the short term, fuel oil will trade at a high level, with FU2604 in the 2900 - 2980 range and LU2604 in the 3360 - 3420 range [3]. 2. Multi - Short Concerns - Bullish factors include the spot premium of fuel oil and the price above the 20 - day line. Bearish factors include the increase in Singapore's fuel oil inventory and the short positions in the main contracts [3]. 3. Fundamental Data - The Asian low - sulfur fuel oil market structure is stable, and the high - sulfur market has cooled. The basis shows that the spot is at a premium to the futures. Singapore's fuel oil inventory increased in the week ending February 4 [3]. 4. Spread Data - The report does not provide specific spread data analysis, only shows a graph of the high - low sulfur futures spread [10]. 5. Inventory Data - Singapore's fuel oil inventory increased by 950,000 barrels to 25.529 million barrels in the week ending February 4. Historical inventory data from November 26, 2025, to February 4, 2026, are also provided [3][8].

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年2月12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：美国1月非农报告整体强劲，打压降息预期，金价震荡收涨；美国三大 股指小幅收跌，欧洲三大股指收盘涨跌不一；美债收益率集体上涨，10年期美债收 益率涨2.77个基点报4.170%；美元指数涨0.01%报96.86，离岸人民币对美元微幅升 值报6.9143；COMEX黄金期货涨1.53%报5107.80美元/盎司；中性 2、基差：黄金期货1130.4，现货1126.49，基差-3.91，现货贴水期货；中性 3、库存：黄金期货仓单105072千克，增加1020千克；偏空 4、盘面：20日均线向上，k线在 ...

交易咨询业务资格：证监许可【2012】1091号 聚烯烃早报 2026-2-12 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 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-187，升贴水比例-2.8%，偏空； • 3. 库存：PE综合库存36.7万吨（-3.6），偏多； • 4. 盘面： LLD ...

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：0575-85225791 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。 沪锌期货早报-2026年2月12日 交易咨询业务资格：证监许可【2012】1091号 数据来源：SHFE 指标体系 沪锌: 1、基本面： 外媒1月21日消息：世界金属统计局（WBMS）公布最新数据显 示，2025年11月，全球锌板产量为119.7万吨,消费量为116.8万吨,供应过剩 2.9万吨.1-11月,全球锌板产量为1275.61万吨,消费量为1310.65万吨,供应 短缺35.04万吨.11月份,全球锌矿产量为106.9万吨.1-11月,全球锌矿产量为 1214.19万吨；偏多。 2、基差：现货24520，基差-65；中性。 3、库存：2月11日LME锌库存较上日减少1500吨至105250吨，2月11日上期所 锌库存仓单较上日增加8100吨至42335吨；中性。 4、盘面：昨日沪锌震荡 ...

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Views of the Report - **Palm Oil**: With limited fundamental drivers, it is expected to undergo a sideways adjustment [2][4]. - **Soybean Oil**: The report lacks highlights, and it is likely to trade within a range [2][4]. - **Soybean Meal**: After the overnight slight increase in US soybeans, the Dalian soybean meal may fluctuate [2][11]. - **Soybean**: The market is strong, and attention should be paid to changes in positions [2][11]. - **Corn**: It is expected to be slightly bullish and fluctuate upwards [2][14]. - **Sugar**: Attention should be paid to low - basis opportunities [2][18]. - **Cotton**: It is expected to maintain a sideways trend before the holiday [2][23]. - **Eggs**: It is expected to undergo a sideways adjustment [2][27]. - **Hogs**: The peak - season stocking is over, and the futures price has a premium over the small - standard warehouse receipts [2][35]. - **Peanuts**: It is expected to trade sideways [2][36]. 3. Summary by Related Catalogs Palm Oil - **Fundamental Data**: The closing price of the palm oil main contract on the day session was 8,906 yuan/ton, with a decline of 0.38%, and 8,868 yuan/ton at night, down 0.43%. The trading volume decreased by 91,226 lots, and the open interest decreased by 7,350 lots. The spot price in Guangdong was 8,950 yuan/ton, down 100 yuan/ton. The basis was 44 yuan/ton [4]. - **Macro and Industry News**: From February 1 - 10, 2026, Malaysia's palm oil yield decreased by 9.16% month - on - month, the oil extraction rate increased by 0.3%, and the production decreased by 7.58%. Indonesia's decision to suspend the expansion of biodiesel blending ratio and the expectation of increased production in the coming months may put pressure on palm oil prices, but strong demand and overall slowdown in production growth may limit the downside. The GAPKI expects palm oil prices to fluctuate between 4,100 - 4,400 ringgit per ton in the first half of 2026 and then decline to 4,000 - 4,300 ringgit in the second half [5][7][8]. - **Trend Intensity**: 0 [10] Soybean and Soybean Meal - **Fundamental Data**: The closing price of DCE soybean 2605 was 4,519 yuan/ton during the day session, up 60 yuan (+1.35%), and 4,563 yuan at night, up 62 yuan (+1.38%). The closing price of DCE soybean meal 2605 was 2,773 yuan/ton during the day session, up 40 yuan (+1.46%), and 2,768 yuan at night, up 10 yuan (+0.36%). The trading volume of soybean meal was 4.54 million tons per day, and the inventory was 88.16 million tons per week [11]. - **Macro and Industry News**: On February 11, CBOT soybean futures closed higher due to technical buying and expectations of Chinese demand. Brazil has started harvesting a record - high soybean crop, but the prospect of China buying more US soybeans has boosted the futures market. Heavy rain in Brazil's Mato Grosso state has raised concerns about soybean quality [11][13]. - **Trend Intensity**: The trend intensity of soybean meal is 0, and that of soybean is +1 [13] Corn - **Fundamental Data**: The closing price of C2603 was 2,298 yuan/ton during the day session, up 1.37%, and 2,303 yuan at night, up 0.22%. The trading volume increased by 54,540 lots, and the open interest decreased by 47,441 lots. The closing price of C2605 was 2,316 yuan/ton during the day session, up 1.58%, and remained unchanged at night. The trading volume increased by 402,301 lots, and the open interest increased by 199,841 lots [15]. - **Macro and Industry News**: The northern corn bulk shipping port price remained flat at 2,290 - 2,300 yuan/ton, and the container - shipped first - class grain port price remained flat at 2,310 - 2,330 yuan/ton. The price in Guangdong Shekou also remained flat. The price of deep - processed corn in the Northeast decreased in some areas, while the price in North China increased slightly [16]. - **Trend Intensity**: 0 [17] Sugar - **Fundamental Data**: The raw sugar price was 13.84 cents/pound, down 0.28 cents. The mainstream spot price was 5,330 yuan/ton, unchanged. The futures main contract price was 5,266 yuan/ton, down 12 yuan. The 15 - spread was 46 yuan/ton, up 31 yuan; the 59 - spread was - 9 yuan/ton, up 1 yuan; the mainstream spot basis was 64 yuan/ton, up 12 yuan [18]. - **Macro and Industry News**: As of January 31, the sugar production in the 25/26 season in India increased by 17% year - on - year. Brazil exported 2.02 million tons in January, a 2.1% year - on - year decrease. China imported 580,000 tons of sugar in December, an increase of 190,000 tons. As of the end of January, the cumulative sugar production in Guangxi in the 25/26 season was 4.03 million tons, a decrease of 790,000 tons [18]. - **Trend Intensity**: - 1 [21] Cotton - **Fundamental Data**: The closing price of CF2605 was 14,745 yuan/ton during the day session, up 0.61%, and 14,815 yuan at night, up 0.47%. The trading volume decreased by 134,609 lots, and the open interest decreased by 5,168 lots. The closing price of CY2605 was 20,590 yuan/ton during the day session, up 0.73%, and 20,650 yuan at night, up 0.29%. The trading volume decreased by 1,999 lots, and the open interest increased by 1,045 lots [23]. - **Macro and Industry News**: The spot trading of cotton was light, and the basis was generally stable. The cotton yarn market was in the final stage, and textile enterprises will concentrate on taking holidays in the second half of the week, resulting in a shrinking trading volume. ICE cotton futures continued to rebound slightly, and the near - month warehouse receipts continued to increase [24]. - **Trend Intensity**: 1 [25] Eggs - **Fundamental Data**: The closing price of egg 2603 was 2,923 yuan/500 kg, up 0.31%, with a trading volume decrease of 18,675 lots and an open - interest decrease of 17,042 lots. The closing price of egg 2604 was 3,156 yuan/500 kg, up 0.32%, with a trading volume increase of 3,339 lots and an open - interest increase of 411 lots [27]. - **Trend Intensity**: 0 [28] Hogs - **Fundamental Data**: The Henan spot price was 12,280 yuan/ton, up 200 yuan; the Sichuan spot price was 10,850 yuan/ton, unchanged; the Guangdong spot price was 11,660 yuan/ton, unchanged. The closing price of hog 2603 was 10,845 yuan/ton, up 100 yuan; the closing price of hog 2605 was 11,555 yuan/ton, up 85 yuan; the closing price of hog 2607 was 12,260 yuan/ton, up 100 yuan [32]. - **Market Information**: Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots; and Muyuan registered 80 lots [33]. - **Trend Intensity**: - 1 [34] Peanuts - **Fundamental Data**: The price of Liaoning 308 general peanuts was 9,100 yuan/ton, unchanged; the price of Henan Baisha general peanuts was 7,200 yuan/ton, unchanged; the price of Xingcheng Xiaoriben peanuts was 8,660 yuan/ton, unchanged; the price of Sudan refined peanuts was 8,650 yuan/ton, unchanged. The closing price of PK603 was 8,020 yuan/ton, down 0.32%; the closing price of PK605 was 7,970 yuan/ton, up 0.23% [36]. - **Spot Market Focus**: In Henan, Nanyang Baisha general peanuts were around 3.6 - 3.8 yuan/jin, and Kaifeng large peanuts were around 3.9 - 3.95 yuan/jin. In Jilin, 308 general peanuts were around 4.6 - 4.7 yuan/jin. In Liaoning, 308 general peanuts were around 4.5 - 4.6 yuan/jin. In Shandong, most areas had basically ended pre - holiday trading [37]. - **Trend Intensity**: 0 [38]

黄金观点：短线承压，交易重心回到利率路径。 投资咨询业务资格：证监许可【2012】669号 中信期货研究|贵⾦属策略⽇报 2026-02-12 ⾮农超预期重塑降息预期，⾦银⾼位波 动加剧 1⽉⾮农就业新增13万⼈，显著⾼于预期7万⼈，失业率降⾄4.3%，平均 时薪同⽐3.7%、环⽐0.4%，就业与薪资同步偏强。尽管此前两⽉⾮农合 计下修1.7万⼈，但年度基准修正终值为-86.2万⼈，幅度⼩于前值，整体 修正未进⼀步恶化。数据公布后美元指数快速拉升，美债收益率上⾏，现 货⻩⾦短线回落近40美元。强就业数据阶段性压制降息交易，贵⾦属⾼位 波动显著放⼤。 （以上新闻和数据均来⾃彭博终端） 逻辑：第一，新增就业与薪资数据均高于预期，失业率回落，强化劳 动力市场韧性叙事，市场对年内宽松节奏的定价面临调整。第二，美 元与收益率同步反弹，实际利率预期回升，对无息资产形成直接压 制。第三，数据公布前债市收益率处于阶段低位，市场存在弱数据预 期差，强数据触发反向对冲与多头获利了结，加剧价格波动。 展望：在就业与薪资未出现明确转弱信号前，降息交易难以单边演 绎，金价或进入高位震荡与情绪反复阶段。中期仍取决于实际利率方 向与美元趋 ...

Report Industry Investment Rating No specific industry investment rating is provided in the report. Core Viewpoints of the Report The weakening of the hawkish expectations trading on Wash has led to an upward trend in the prices of basic metals. Although the macro - outlook has improved, it is still unclear. The raw material supply remains tight, and there are still potential disturbances in the smelting process, providing strong support on the supply side. The terminal demand is weak currently, but there is an expectation of tightened supply - demand balance in the medium term. Overall, copper, aluminum, tin and other metals are expected to maintain a moderately strong oscillatory trend [1]. Summary by Relevant Catalogs 1. Market Outlook - **Copper**: High inventory levels will keep copper prices oscillating at a high level. The supply of copper ore is tight, and the expected reduction in refined copper supply is increasing. However, weak demand and high inventory limit the upward potential of copper prices. In the long - term, copper prices are expected to be moderately strong [6]. - **Alumina**: The expectation of production cuts is pitted against the reality of oversupply, causing alumina prices to oscillate. The average spot price has dropped, and the high - cost inland production capacity is facing losses, increasing the expectation of supply reduction. But the actual supply reduction is insufficient, and the cost is also decreasing [7]. - **Aluminum**: The repeated sentiment of funds causes aluminum prices to fluctuate within a narrow range. The macro - outlook is expected to be positive, but the current demand is weak, and the inventory is accumulating. In the medium - term, the supply is expected to be tight, and the price center is likely to rise [8][9]. - **Aluminum Alloy**: Cost support persists, and prices will oscillate. The cost of scrap aluminum is high, and the supply is tight. Although the demand is affected by high prices, the cost support and the expected supply - demand balance will keep prices moderately strong [10]. - **Zinc**: The significant accumulation of social inventory will keep zinc prices oscillating. The macro - outlook has improved, but the supply pressure has increased, and the demand is in the off - season. In the long - term, zinc prices are expected to decline [11]. - **Lead**: Solid cost support will keep lead prices oscillating. The production of lead ingots has decreased slightly, and the demand is weakening, but the high cost of waste batteries provides support [14]. - **Nickel**: The release of Indonesia's 2026 nickel ore quota has pushed nickel prices higher. The supply pressure is high, and the demand is in the off - season. However, the adjustment of Indonesia's policy on nickel ore has supported nickel prices, and it is expected to be moderately strong [15][16]. - **Stainless Steel**: The rise in nickel prices has led to an upward - oscillating trend in the stainless - steel market. The cost is supported, but the production is expected to decline in February due to the Spring Festival, and the demand is weak. Overall, it is expected to be moderately strong [17]. - **Tin**: The continuous supply contraction provides strong support for tin prices. The supply in some regions is still restricted, and the demand in semiconductor, photovoltaic and new - energy vehicle industries is increasing, so tin prices are expected to be moderately strong [19]. 2. Market Monitoring - **Commodity Index**: On February 11, 2026, the comprehensive index, the commodity 20 index, and the industrial product index of CITICS Futures all showed an upward trend, with increases of 0.32%, 0.27%, and 0.41% respectively. The non - ferrous metal index increased by 0.24% on the day, decreased by 0.08% in the past 5 days, decreased by 5.51% in the past month, and increased by 0.32% since the beginning of the year [147][148].