本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 工艺盈利小幅缩窄。本周暂无计划新增检修产能，前期停车装置陆续重启，PE产能利用率预计维持上升趋 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 势。受制品企业陆续休假停工，PE需求端预计延续弱势。成本方面，美伊地缘局势再次出现紧张信号，近 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 助理研究员: 徐天泽 期货从业资格号F03133092 期WTI、布伦特油价偏强波动。L2605日度区间预计在6660-6820附近。 免责声明 塑料产业日报 2026-02-10 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:聚乙烯(日,元/吨) | 6775 | 54 1月合约收盘价:聚乙烯(日,元/吨) | 6839 | 51 | | | 5月合约收盘价:聚乙烯(日,元/吨) | 6775 | 54 9月合约收盘价: ...

Report Summary - **Report Title**: "Supply and Demand Loose, Futures Market Weakly Operated - Iron Ore Weekly Report 20260210" [2] - **Report Author**: Zhou Guisheng [4] - **Industry Investment Rating**: Not provided - **Core View**: Currently, iron ore supply and demand are loose, and it will maintain a weak shock in the short - term. The overall supply has declined, the demand is weak due to poor steel mill profits, and the port and steel mill inventories have increased [5][6] Supply - Global iron ore shipments from February 2nd - 8th were 25.353 million tons, a week - on - week decrease of 5.593 million tons. Australian shipments were 12.798 million tons, down 5.406 million tons; Brazilian shipments were 6.388 million tons, down 0.534 million tons; non - mainstream ore shipments were 9.907 million tons, down 0.727 million tons [5] - China's 45 - port arrivals were 23.613 million tons, a week - on - week decrease of 1.234 million tons [5] - As of February 6th, the daily output of iron concentrate from 186 domestic mines was 456,700 tons, a week - on - week decrease of 12,000 tons, with a capacity utilization rate of 58.45%, a week - on - week decrease of 1.53%. Mine concentrate inventory was 799,000 tons, a week - on - week decrease of 73,500 tons [5] - The shipping volume of Australian ore to China decreased significantly, and Brazilian ore shipments also declined. FMG and BHP shipments to China continued to fall, RT shipments to China dropped significantly, and VALE shipments decreased slightly [40][44][48] - The shipping price index decreased slightly, and the arrival volume decreased slightly, remaining at a medium level [52][56] Demand - In the week of February 6th, the daily average pig iron production was 2.2858 million tons, a week - on - week increase of 0.06 million tons. Terminal demand was weak, steel mill profits were poor, and pig iron production remained relatively stable. As the Spring Festival approached, steel mill restocking was basically over, and raw material procurement slowed down [5] - Steel mill blast furnace profits increased slightly, blast furnace operation changed little, and pig iron production remained stable [65][71] Inventory - Imported ore inventory continued to rise this period, the number of ships at the port increased by 5 to 111. Port congestion increased, arrival volume continued to decline, port clearance volume continued to rise, and port inventory continued to accumulate, suppressing the upward space of ore prices. Steel mill inventory also continued to increase, and steel mill restocking was basically over as the Spring Festival approached [5] - The clearance volume continued to rise, port inventory continued to increase, Australian ore inventory continued to rise, Brazilian ore inventory decreased slightly, coarse powder inventory remained high, and lump ore inventory decreased slightly [80][84][94] Price and Spread - Spot prices decreased slightly, the spread between high - and medium - grade ores remained stable, the spread between medium - and low - grade ores increased slightly, the spread between PB powder and Mac powder remained stable, the 5 - 9 spread fluctuated at a low level, and the 05 basis decreased slightly [7][13][16][20] - As of February 9, 2026, the spot price of Karara powder was 863, a week - on - week decrease of 19, and the equivalent futures price was 807, a week - on - week decrease of 20; the spot price of PB powder was 763, a week - on - week decrease of 19, and the equivalent futures price was 810, a week - on - week decrease of 21; the spot price of Super Special powder was 650, a week - on - week decrease of 21, and the equivalent futures price was 849, a week - on - week decrease of 23; the high - medium grade spread was 100, and the medium - low grade spread was 113. The optimal deliverable product was 62.5 BHP Blend [29] - The rebar - to - iron - ore ratio increased slightly, and the iron - ore - to - coke ratio decreased slightly [30] Strategy - The strategy is range - bound trading [6]

Report Industry Investment Ratings - Not provided in the given content Core Views of the Report - Short - term, pre - holiday stock index is expected to oscillate strongly to accumulate strength for further upward movement, and long - term long positions in stock index should be held [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently reminded of interest rate risks, and attention should be paid to the Bank of Japan's interest rate decision [1] - Pre - holiday downstream demand is still weak, but market risk appetite has recovered, leading to a stable recovery in copper prices; the improvement of macro - sentiment has made aluminum prices oscillate strongly [1] - Due to the decline in domestic alumina operating capacity and supply - side disturbances, the short - term price is expected to run strongly; zinc prices are expected to correct under the rising market risk aversion sentiment [1] - Market sentiment has recovered. With the tightening supply of nickel ore in Indonesia, supply concerns may continue to disrupt the market, and short - term nickel prices have stabilized and recovered. Stainless steel futures oscillate, and attention should be paid to the actual production of steel mills [1] - Short - term macro - negative factors are exhausted, and tin price fluctuations are still large. Gold and silver are expected to stabilize and oscillate before the Spring Festival, and platinum and palladium are expected to fluctuate strongly in the short term [1] - Industrial silicon and polysilicon are in an oscillating state; the new energy vehicle market is in the off - season, but energy storage demand is strong. Carbonate lithium has a callback demand, and steel products such as rebar and hot - rolled coil are oscillating [1] - The iron ore market has obvious upward pressure, and it is not recommended to chase the rise; the black metal market is a combination of weak reality and strong expectations, and glass and soda ash are also oscillating [1] - Palm oil, soybean oil, and rapeseed oil are expected to turn to an oscillating state; the cotton market is currently supported but lacks a driving force; sugar has a strong short - selling consensus; corn is expected to oscillate narrowly in the short term [1] - The pulp market should be on the sidelines; the log market has upward driving forces; the livestock market's production capacity needs further release [1] - OPEC+ has suspended production increases until the end of 2026, and the geopolitical situation in the Middle East is cooling down. Fuel oil and asphalt markets are oscillating [1] - The raw material cost of rubber is strongly supported, but the downstream demand is weak; the BR rubber market is expected to oscillate widely in the short term and has an upward expectation in the long term [1] - PX maintains fundamental resilience, and the PTA industry is strong; the production profit of naphtha cracking has declined, and ethylene producers plan to maintain the operating rate [1] - Pure benzene has high inventory and weak import demand, while the Asian styrene market is recovering; urea and methanol markets are in a complex situation of multiple and short factors [1][2] - The PE market has flat demand during the holiday; the supply pressure of PP is large; the PVC market is expected to be optimistic in the future but has a poor current situation [2] - The LPG market is expected to weaken, and the basis is expected to expand; the shipping market's freight rate has peaked and declined, and airlines have a strong willingness to raise prices after the off - season [2] Summary by Related Catalogs Macro - finance - Stock index: Short - term pre - holiday strong oscillation, long - term long positions held [1] - Treasury bonds: Asset shortage and weak economy are beneficial, but central bank reminds of risks, pay attention to Bank of Japan's decision [1] Non - ferrous metals - Copper: Pre - holiday demand is weak, but prices have stabilized and recovered due to risk appetite recovery [1] - Aluminum: Macro - sentiment improvement leads to strong oscillation [1] - Alumina: Short - term strong operation due to capacity decline and supply disturbances [1] - Zinc: Price correction expected under risk - aversion sentiment [1] - Nickel: Supply concerns in Indonesia, short - term price recovery, pay attention to policies and macro - sentiment [1] - Stainless steel: Oscillation, pay attention to steel mill production [1] - Tin: High short - term volatility, pay attention to risk management [1] - Gold and silver: Stabilize and oscillate before the Spring Festival [1] - Platinum and palladium: Wide - range strong fluctuation in the short term [1] Industrial silicon and new energy - Industrial silicon: Northwest increases production, southwest reduces production, polysilicon and organic silicon production decreases in December [1] - Carbonate lithium: New energy vehicle off - season, but energy storage demand is strong, with a callback demand [1] Black metals - Rebar, hot - rolled coil: Oscillation, high production and inventory suppress price increase, unilateral long positions should be left on the sidelines, and positive arbitrage positions can be participated [1] - Iron ore: Oscillation, upward pressure is obvious, not recommended to chase the rise [1] - Coke, coking coal: Oscillation, pay attention to market sentiment and inventory [1] - Glass, soda ash: Oscillation, glass supply reduction expectation is rising, soda ash price is under pressure [1] Agricultural products - Palm oil, soybean oil, rapeseed oil: Turn to oscillation [1] - Cotton: Supported but lack of driving force, pay attention to policies and demand [1] - Sugar: Strong short - selling consensus, pay attention to cost support and capital changes [1] - Corn: Narrow - range oscillation in the short term, pay attention to post - holiday factors [1] - Soybean meal: Oscillation, pay attention to Brazilian discount and domestic supply - demand changes [1] Others - Pulp: On the sidelines due to supply - side disturbances and weak demand after restocking [1] - Log: Upward driving force due to price increase and expected decline in arrival volume [1] - Livestock: Production capacity needs further release [1] Energy and chemical industry - Crude oil: Oscillate strongly, price returns to a reasonable range [1][2] - Fuel oil: Follow crude oil in the short term [1] - Asphalt: Oscillation, profit is high [1] - Rubber: Raw material cost is strongly supported, but downstream demand is weak [1] - BR rubber: Wide - range oscillation in the short term, upward expectation in the long term [1] - PX, PTA: PX maintains resilience, PTA industry is strong [1] - Naphtha, ethylene: Naphtha cracking profit declines, ethylene producers plan to maintain the operating rate [1] - Pure benzene, styrene: Pure benzene has high inventory, styrene market recovers [1] - Urea, methanol: Complex multiple and short factors [1][2] - PE, PP, PVC: PE has flat demand, PP has large supply pressure, PVC is expected to be optimistic in the future [2] - LPG: Market expected to weaken, basis expected to expand [2] - Shipping: Freight rate peaks and declines, airlines plan to raise prices after the off - season [2]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, it is expected that stock index futures will fluctuate strongly before the Spring Festival, accumulating strength for further upward movement [6] - In the long run, in the context of low - interest rates and an "asset shortage", domestic market funds are generally abundant, and the economy is in the process of bottom - building. The medium - to - long - term upward trend of stock indices is expected to continue [6] - The strategy is to continue to hold long positions in stock indices for the medium - to - long - term [6] 3. Summary by Related Catalog 3.1 Macro - financial Market Review - The central bank conducted 113 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 75 billion yuan of reverse repurchases maturing, the net investment on the day was 38 billion yuan [4] - This week, 405.5 billion yuan of reverse repurchases will mature in the central bank's open market, and 500 billion yuan of 182 - day repurchase - style reverse repurchases will also mature on Friday [4] 3.2 Interest Rate Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DRO01 | 1.27 | - 0.24 | | DR007 | 1.54 | 7.68 | | GC001 | 1.57 | 28.50 | | GC007 | 1.66 | 6.00 | | SHBOR 3M | 1.58 | 0.00 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.31 | - 0.50 | | 5 - year Treasury Bond | 1.55 | - 0.75 | | 10 - year Treasury Bond | 1.79 | - 0.85 | | 10 - year US Treasury Bond | 1.00 | 0.00 | [4] 3.3 Stock Index Market - Yesterday, the CSI 300 rose 1.63% to 4719.1, the SSE 50 rose 1.45% to 3081.8, the CSI 500 rose 2.02% to 8311.3, and the CSI 1000 rose 2.26% to 8233.8 [5] - The trading volume of the Shanghai - Shenzhen - Beijing stock markets reached 2.27 trillion yuan, an increase of 106.7 billion yuan from the previous trading day. Most industry sectors rose, with only the mining and gas sectors falling [5] 3.4 Stock Index Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 4719 | 1.63 | - | - | | IF Current Month | 4723 | 1.8 | - 23.3 | - 1.9 | | SSE 50 | 3082 | 1.45 | - | - | | IH Current Month | 3084 | 1.5 | - 25.8 | - 5.2 | | CSI 500 | 8311 | 2.02 | - | - | | IC Current Month | 8322 | 2.2 | - 31.3 | - 3.7 | | CSI 1000 | 8234 | 2.26 | - | - | | IM Current Month | 8256 | 29 | - 23.0 | - 4.2 | [5] 3.5 Stock Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | - 2.49% | - 0.43% | 1.66% | 2.86% | | IH Premium/Discount | - 1.96% | - 0.67% | 0.25% | 1.80% | | IC Premium/Discount | - 4.28% | - 0.04% | 3.25% | 4.29% | | IM Premium/Discount | - 8.96% | 0.13% | 5.82% | 6.89% | [7]

2 2019 投资咨询业务资格:证监许可【2012】31号 贵金属数据日报 用值 | | | | | 国贸期货研究院 | | | 投资咨询号: Z0013700 | | 2026/2/10 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | | 从业资格号:F3023916 | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2026/2/9 | 5027. 67 | 81.98 | 5050. 40 | 81. 57 | 1128. 78 | 20175.00 | 1123.00 | 19750.00 | | (本表数 | | | | | | | | | ...

Interpreting DCE Iron Ore Brand & Premium Changes | 徐 柯 Xu Ke | 从业资格号 Qualification No: F03123846 投资咨询号 Consulting No.: Z0019914 | | --- | --- | | 桂晨曦 Gui ChenXi | 从业资格号 Qualification No: F3023159 | 2026/02/09 Event 事件点评 Recently, DCE released an announcement with the following adjustments: 1. Removal of Yangdi Fines and Bengang Concentrate from the list of deliverable brands. . Adjustment of premiumdiscount levels: premium for Carajas Fines reduced from 15 yuantome to 5 yuantome ; premium/discount for IOC6 ...

今日周二(2月10日)欧盘时段，白银期货目前交投于20424一线上方，今日开盘于20500元/千克，截至发 稿，白银期货暂报20507元/千克，上涨3.09%，最高触及20963元/千克，最低下探20103元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 【要闻速递】 另外，美国零售销售数据的发布将在周二成为焦点。预计该数据将显示12月份环比增长0.4%，而11月 份为0.6%。任何美国劳动力市场疲软和通胀放缓的迹象都可能在短期内支撑白银。 在越来越多的人接受美国中央银行今年将再降息两次的背景下，首次降息预计在6月进行，美元跌至超 过一周的低点。这反过来又为无收益的白银提供了顺风，并限制了其损失。交易者现在关注本周重要的 美国宏观数据发布，以获取有关美联储降息路径的更多线索。 美国非农就业数据将于本周三公布，根据彭博对经济学家的调查中值预测，1月非农就业人数可能增加 6.9万人；失业率预计维持在4.4%，略低于去年11月触及的4.5%的四年高点。 除了常规的月度非农就业和失业率数据外，将于本周三公布的1月就业报告还将包含备受关注的就业数 据修订。此前的初步估计显示，截至2 ...

Report Industry Investment Ratings - **Cautiously Bullish**: Index (IH, IF, IC, IM), Rubber, Coking Coal, Coke, Manganese Silicon, Ferrosilicon, Gold, Silver, Aluminum, Lithium Carbonate, Corn [5] - **Cautiously Bearish**: Crude Oil, Methanol, Rebar, Hot Rolled Coil, Iron Ore, Apple [5] Core Views - Geopolitical and policy factors are influencing the oil price, which shows a strong upward trend. The negotiation between Iran and the US on the nuclear issue is in progress, and the Fed's interest - rate stance affects market expectations. The global grain consumption in the 2025/26 season is expected to increase, and the domestic futures market has mixed performance [1]. - Precious metals are in a rebound phase. Although affected by short - term factors, long - term support factors remain. Silver's high volatility suggests investors to wait and see. Crude oil prices are affected by geopolitical negotiations and supply changes in Kazakhstan. Copper prices may enter an adjustment phase due to supply and demand factors [2][3]. - In the financial market, the stock index is expected to continue the phased upward trend in February, but there are potential overseas risks during the Spring Festival. The bond market is affected by factors such as the Fed's policy and domestic economic data, and the bond price is expected to stabilize [10][11]. - In the energy and chemical market, the supply and demand of various products such as crude oil, methanol, and rubber are affected by different factors, and their prices show different trends. In the metal market, precious metals, copper, zinc, aluminum, and lithium carbonate have different price trends and influencing factors. In the black market, the supply and demand of steel, iron ore, and coking coal are affected by the approaching Spring Festival and other factors. In the agricultural product market, the prices of protein meal, oil, sugar, cotton, and pork are affected by factors such as production, demand, and policies. In the shipping market, the container shipping European line is expected to be volatile before the Spring Festival and will face verification after the festival [13][19][25][28][33]. Summary by Relevant Catalogs 1. Daily Main News Focus International News - Elon Musk said that SpaceX has shifted its focus to building a "self - developing" city on the moon, which is expected to be achieved in less than 10 years. The plan to build a city on Mars will start in 5 - 7 years and is expected to take more than 20 years [6]. Domestic News - On the morning of February 9, President Xi Jinping inspected the National Information Technology Application Innovation Park in Beijing, emphasizing the importance of scientific and technological self - reliance in building a modern socialist country [7]. Industry News - Seven departments including the Ministry of Human Resources and Social Security conducted administrative guidance on 16 platform companies to protect the rights and interests of new - form workers [8]. 2. Daily Returns of Overseas Markets - The S&P 500, European STOXX 50, and FTSE China A50 futures all rose. The US dollar index fell. ICE Brent crude oil, London gold, London silver, LME aluminum, LME copper, and LME nickel all rose, while LME zinc fell. CBOT soybeans, CBOT wheat, and CBOT corn fell, while CBOT soybean oil rose [9]. 3. Morning Comments on Major Varieties Financial - **Stock Index**: The US stock market rose, and the domestic stock index rebounded. In February, the market is expected to continue the upward trend, but there are potential overseas risks during the Spring Festival [10]. - **Treasury Bond**: Treasury bonds rose slightly. The central bank's open - market operations keep the money market loose. The Fed's policy and domestic economic data affect the bond market, and it is recommended to operate cautiously before the Spring Festival [11][12]. Energy and Chemical - **Crude Oil**: The sc night - session price rose. The negotiation between Iran and the US is in progress, and Kazakhstan's oil export may decline [13]. - **Methanol**: The methanol night - session price fell. The domestic coal - to - olefin device's operating rate increased, and the methanol inventory in coastal areas decreased slightly [14]. - **Natural Rubber**: The natural rubber price rebounded. The supply is relatively stable, and the demand supports the stable operation of all - steel tires. It is expected to fluctuate and adjust before the Spring Festival [15]. - **Polyolefin**: Polyolefin futures fell slightly. The market focuses on supply improvement and macro - factors [16]. - **Glass and Soda Ash**: Glass futures rebounded slightly, and soda ash futures mainly fell. The supply and demand of glass and soda ash are gradually being repaired, and the market focuses on the real - estate and photovoltaic industries [17]. Metal - **Precious Metals**: Precious metals continued to rebound. Although affected by short - term factors, long - term support factors remain. It is recommended to wait and see for silver [19]. - **Copper**: The copper price rose at night. The concentrate supply is tight, and the copper price may enter an adjustment phase [20]. - **Zinc**: The zinc price fell at night. The zinc concentrate processing fee decreased, and the zinc price may follow the overall trend of non - ferrous metals [21]. - **Aluminum**: The Shanghai aluminum price rose at night. The domestic aluminum price is high, but the downstream demand is weak before the Spring Festival. However, long - term factors support the price [22]. - **Lithium Carbonate**: The production and demand of lithium carbonate decreased, and the inventory decreased. The market sentiment is weak, and it is recommended to pay attention to trading opportunities after the volatility decreases [23][24]. Black - **Coking Coal and Coke**: The prices of coking coal and coke were weak at night. The demand for coking coal and coke is limited, but the downstream's pre - festival replenishment provides support [25]. - **Steel**: The steel supply decreased slightly, and the demand weakened. The inventory increased, and the steel price is expected to fluctuate weakly [26]. - **Iron Ore**: The iron ore shipping and arrival increased, and the port inventory increased. The steel mill's replenishment is coming to an end, and the iron ore price is expected to fluctuate weakly [27]. Agricultural Products - **Protein Meal**: The prices of soybean meal and rapeseed meal fell at night. The Brazilian soybean harvest is in progress, and the domestic supply is expected to be sufficient, which may put pressure on the price [28]. - **Oil**: The oil prices were weak at night. The Malaysian palm oil production decreased, and the inventory is expected to decline, but the crude oil price affects the palm oil price. It is expected to fluctuate in the short term [29]. - **Sugar**: The Zhengzhou sugar price was slightly stronger at night. The global sugar supply is in an over - supply situation, and the domestic sugar supply is increasing seasonally. It is expected to fluctuate in the short term [30]. - **Cotton**: The Zhengzhou cotton price fluctuated within a range. The textile factory's replenishment is coming to an end, and the cotton price is expected to fluctuate. Attention should be paid to the direct subsidy policy [31]. - **Pork**: The pork price fell. The supply pressure increased, and the demand could not fully digest it. The pig price is expected to be weakly stable [32]. Shipping Index - **Container Shipping European Line**: The EC price fell. The spot freight rate is relatively stable before the Spring Festival, and it is expected to be volatile. After the Spring Festival, it will face the verification of the photovoltaic export rush and the implementation of the price increase letter [33][34].

来源：@华夏时报微博 本报记者 胡金华 上海摄影报道 一则《边锡明中财期货精准做空白银，三天爆赚36亿》的传闻将上海期货公司推上了风口浪尖。 上海期货交易所公布数据显示，截至2月2日，中财期货持有的白银期货空头头寸合计达到3.23万手，并 计算相应的名义价值达到百亿元之多，从1月30日—2月2日，白银期货出现暴跌，沪银期货主力合约累 计下跌27.88%，具体每千克下跌超过8200元。而沪银期货合约的交易单位为每手15千克，结合中财期 货（代客）的空单持有量，中财期货空单盈利超过36亿元。这笔巨额盈利的"客户"指向中财期货董事长 兼实控人边锡明。 随后，中财期货公开回应指出，交易所公布的中财期货席位在白银期货合约上的持仓数据及其变化，反 映的是公司客户在白银期货上的头寸变动。公司自身坚持合规经营，此传闻误将客户整体行为视为公司 自营作业。2月9日下午，《华夏时报》记者来到中财期货上海陆家嘴办公场所，公司相关负责人对本报 记者称："外界对于边锡明做空白银获利36亿元的报道实在是太离谱了，只要了解期货交易的投资者都 知道，无论是期货公司高管还是从业人员，是不能参与市场交易的，公司显示的空单背后是客户所下的 指令，公 ...

Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [8] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - The market is waiting for the US non-farm payrolls data. The US employment growth data is expected to slow down, reflecting structural changes in the labor market. The market expects about 70,000 new jobs in the January non-farm payrolls report [1]. - Due to the emergence of market risk sentiment, the demand for gold investment may increase slightly. It is expected that the gold price will mainly be in a volatile and slightly stronger pattern, and the Au2604 contract may fluctuate between 1100 yuan/gram and 1200 yuan/gram. Silver also shows a price recovery, and is expected to maintain a volatile and slightly stronger pattern, with the Ag2604 contract fluctuating between 20,000 yuan/kg and 21,000 yuan/kg [8]. Summary by Relevant Catalogs Market Analysis - The US employment growth data is expected to slow down, but this does not mean a weakening of economic growth momentum, but rather reflects structural changes in the labor market. The January non-farm payrolls report will be released on Wednesday, and the market expects about 70,000 new jobs. In addition, there was a "black swan" event in British politics, with several officials resigning and calls for the prime minister to step down [1]. Futures Quotes and Trading Volumes - On February 9, 2026, the Shanghai gold futures main contract opened at 1104.00 yuan/gram and closed at 1125.94 yuan/gram, a change of 3.29% from the previous trading day's closing price. The trading volume was 41,087 lots, and the open interest was 129,725 lots. In the night session, it opened at 1122.92 yuan/gram and closed at 1127.00 yuan/gram, a 0.09% increase from the afternoon closing price [2]. - On February 9, 2026, the Shanghai silver futures main contract opened at 19,500.00 yuan/kg and closed at 20,873.00 yuan/kg, a change of 11.03% from the previous trading day's closing price. The trading volume was 1,015,255 lots, and the open interest was 222,366 lots. In the night session, it opened at 20,500 yuan/kg and closed at 20,934 yuan/kg, a 0.29% increase from the afternoon closing price [2]. US Treasury Yield and Spread Monitoring - On February 9, 2026, the yield of the 10-year US Treasury bond closed at 4.202%, unchanged from the previous trading day. The spread between the 10-year and 2-year Treasury bonds was 0.723%, also unchanged from the previous trading day [3]. Changes in Positions and Trading Volumes of Gold and Silver on the Shanghai Futures Exchange - On the Au2604 contract, the long positions changed by 2507 lots compared with the previous day, while the short positions changed by -3023 lots. The total trading volume of the Shanghai gold contracts on the previous trading day was 447,637 lots, a change of -23.27% from the previous trading day. On the Ag2604 contract, the long positions changed by -2303 lots and the short positions changed by -3455 lots. The total trading volume of the silver contracts on the previous trading day was 1,971,263 lots, a change of -20.79% from the previous trading day [4]. Precious Metals ETF Position Tracking - The holdings of gold ETFs remained unchanged at 1,076.23 tons compared with the previous trading day. The holdings of silver ETFs decreased by 56 tons to 16,191 tons compared with the previous trading day [5]. Precious Metals Arbitrage Tracking - On February 9, 2026, the domestic premium for gold was -22.59 yuan/gram, and the domestic premium for silver was -655.69 yuan/kg. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 53.94, a change of 6.22% from the previous trading day. The foreign market gold-silver ratio was 64.99, a change of 5.27% from the previous trading day [6]. Fundamentals - On the previous trading day (February 9, 2026), the trading volume of gold on the Shanghai Gold Exchange's T+d market was 47,556 kg, a change of -2.42% from the previous trading day. The trading volume of silver was 327,768 kg, a change of -0.53% from the previous trading day. The gold delivery volume was 11,872 kg, and the silver delivery volume was 30 kg [7].