| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 24540 | 90 03-04月合约价差:沪锌(日,元/吨) | -25 | 15 | | | LME三个月锌报价(日,美元/吨) | 3383 | 84.5 沪锌总持仓量(日,手) | 194027 | 3475 | | | 沪锌前20名净持仓(日,手) | 444 | -1103 沪锌仓单(日,吨) | 0 | 0 | | | 上期所库存(周,吨) | 70689 | 5535 LME库存(日,吨) | 107600 | -200 | | 现货市场 | 上海有色网0#锌现货价(日,元/吨) | 24660 | 110 长江有色市场1#锌现货价(日,元/吨) | 24690 | 570 | | | ZN主力合约基差(日,元/吨) | 120 | 20 LME锌升贴水(0-3)(日,美元/吨) | -21.56 | -0.81 | | | 昆明50%锌精矿到厂价(日,元/吨) | 21400 | ...

股指期货数据日报 2026年2月9日 IM四合约分红影响分别为0.15点、0.15点、0.15点和 64.63点。 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 8233.78 | 2.26% | 28,285 | | 1 % | 4,826 | 9 % | | | | | | IM2602 | 8256.00 | 2.15% | 28,961 | | -25% | 476 | -24% | 45,633 | -6,572 | | 9 0 | | IM2603 | 8232.60 | 2.17% | 112,370 | | -24% | 1,841 | -22% | 179,169 | -8,746 | | 354 | | IM2606 | 8063.20 | 2.20% | 31,900 ...

棉花(纱)产业日报 2026-02-09 的状态。据Mysteel调研显示，截至2月5日，进口棉主要港口库存周环比增加4.14%，总库存51.59万吨。 数据来源第三方(wind、同花顺、棉花信息网、棉花协会网)，观点仅供参考。市场有风险，投资需谨慎！ 下游纺企陆续停机放假，暂停对原料的采购，纱线库存明显增加。考虑到当前长假临近，短期暂且观望为 研究员: 王翠冰 期货从业资格号F03139616 期货投资咨询从业证书号Z0021556 主。 免责声明 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 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | ...

幅波动，局部受农业提货带动，部分尿素工厂仍以小幅去库为主，本周春节临近物流减少，企业库存或有 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 上涨趋势，对尿素行情支撑或减弱。UR2605合约短线预计在1750-1800区间波动。 免责声明 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 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 尿素产业日报 2026-02-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1788 | 12 郑州尿素5-9价差(日,元/吨) | 40 | 2 | | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report predicts that Shanghai tin will experience a short - term recovery, and investors should pay attention to the 400,000 - yuan mark [3] 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai tin is 384,180 yuan/ton, with a month - on - month increase of 27,180 yuan/ton; the closing price of the March - April contract of Shanghai tin is 160 yuan/ton, with a month - on - month increase of 100 yuan/ton [3] - The price of LME 3 - month tin is 47,155 US dollars/ton, with a month - on - month increase of 165 US dollars/ton; the position of the main contract of Shanghai tin is 33,625 lots, with a month - on - month increase of 1,447 lots [3] - The net position of the top 20 futures of Shanghai tin is - 5,523 lots, with a month - on - month increase of 1,132 lots; the total inventory of LME tin is 7,085 tons, with a month - on - month decrease of 45 tons [3] - The inventory of tin in the Shanghai Futures Exchange is 8,750 tons, with a month - on - month decrease of 1,718 tons; the cancelled warrants of LME tin is 315 tons, with a month - on - month decrease of 20 tons [3] - The warrants of tin in the Shanghai Futures Exchange is 6,337 tons, with a month - on - month decrease of 379 tons [3] Spot Market - The spot price of SMM 1 tin is 373,500 yuan/ton, with a month - on - month increase of 17,200 yuan/ton; the spot price of 1 tin in the Yangtze River Non - ferrous Metal Market is 372,830 yuan/ton, with a month - on - month increase of 16,170 yuan/ton [3] - The basis of the main contract of Shanghai tin is - 700 yuan/ton, with a month - on - month decrease of 13,660 yuan/ton; the LME tin premium (0 - 3) is - 157 US dollars/ton, with a month - on - month decrease of 2 US dollars/ton [3] Upstream Situation - The import volume of tin ore and concentrates is 17,600 tons, with a month - on - month increase of 2,500 tons; the average price of 40% tin concentrates is 359,500 yuan/ton, with a month - on - month increase of 17,200 yuan/ton [3] - The processing fee of 40% tin concentrates by Antaike is 14,500 yuan/ton, with no month - on - month change; the average price of 60% tin concentrates is 363,500 yuan/ton, with a month - on - month increase of 17,200 yuan/ton [3] - The processing fee of 60% tin concentrates by Antaike is 10,500 yuan/ton, with no month - on - month change [3] Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons; the import volume of refined tin is 2,239.1 tons, with a month - on - month increase of 323.25 tons [3] Downstream Situation - The price of 60A solder bar in Gejiu is 237,320 yuan/ton, with a month - on - month increase of 10,630 yuan/ton; the cumulative output of tin - plated sheets (strips) is 1,528,700 tons, with a month - on - month increase of 138,700 tons [3] - The export volume of tin - plated sheets is 142,900 tons, with a month - on - month decrease of 45,000 tons [3] Industry News - Federal Reserve Vice Chairman Jefferson is "cautiously optimistic" about the US economic outlook, suggesting that strong productivity growth may help inflation fall to the central bank's 2% target [3] - The State Council executive meeting studied measures to promote effective investment, requiring innovation and improvement of policy measures to make better use of central budgetary investment, ultra - long - term special treasury bonds, local government special bonds and other funds and new policy - based financial instruments [3] - The preliminary value of the University of Michigan Consumer Confidence Index in the US in February was 57.3, reaching the highest level in six months. At the same time, the one - year inflation expectation dropped to 3.5%, the lowest level in a year [3] Fundamental Analysis - Supply side: The resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, which is expected to continue to increase in the first quarter. Recently, tin ore processing fees have increased slightly, indicating a relief of the tight supply of tin ore [3] - Smelting end: Most enterprises currently have low raw material inventories and are in a loss - making situation. Coupled with more year - end maintenance, the output of refined tin continues to be restricted, but there is pressure for output to recover after the Spring Festival [3] - Import: The export volume of tin from Indonesia has increased, the import window has gradually opened, and the import pressure has increased [3] - Demand side: The development prospects of the AI field are strong, which will drive a significant increase in solder demand. Recently, tin prices have fallen, the downstream procurement atmosphere has warmed up, inventories have decreased significantly, and the spot premium has risen to 1,750 yuan/ton; LME inventories have remained stable, and the spot premium has risen [3] Technical Analysis - The increase in positions and the rise in prices indicate that market sentiment has recovered [3]

Group 1: Investment Rating - No investment rating information is provided in the report Group 2: Core Viewpoints - The spot price of peanuts is expected to be relatively stable in the short term, with the price of Henan peanuts stable and that of Northeast peanuts slightly stronger [3][6] - The spot price of peanut oil is stable, and the peanut meal has been stable recently. Oil mills have good theoretical profitability [3][4][6] - The peanut futures are oscillating at a high level, with the market trading on the ample supply of oil peanuts and the low import price. However, the cost of warehouse receipts is still expected to be relatively high [6] Group 3: Summary by Directory Part 1: Data - **Futures盘面**: PK604 closed at 7942, up 18 (0.23%), with a trading volume of 14,856 (up 23.21%) and an open interest of 55,776 (down 2.89%); PK610 closed at 8244, up 2 (0.02%), with a trading volume of 95 (down 62.30%) and an open interest of 2,726 (up 0.89%); PK601 had no valid data [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7400, 8000, and 8000 respectively, with no change. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3040, 14300, and 8470 respectively, with the soybean meal price down 10 and the soybean oil price up 20. The basis for Henan Nanyang was - 542, and for Shandong Jining and Linyi was 58 [1] - **Import Price**: The price of Sudanese peanuts was 8600, with no change, and the price of Senegalese peanuts was also unchanged [1] - **Spread**: The spread of PK04 - PK10 was up 16 [1] Part 2: Market Analysis - The price of peanuts in Henan is stable, and that in the Northeast is slightly stronger. The pre - sale price of imported Senegalese peanuts is stable. The purchase price of some peanut oil mills is stable, with the mainstream transaction price between 6900 - 7900 yuan/ton and the theoretical break - even price of oil mills at 7800 yuan/ton. The price of soybean oil is up, and the price of peanut oil is stable. The spot price of Rizhao soybean meal is stable, and the short - term peanut meal is relatively strong [3][4] Part 3: Trading Strategies - **Unilateral**: Go long on 05 peanuts at low prices with a light position [7] - **Monthly Spread**: Wait and see [8] - **Options**: Sell pk603 - P - 8200 at high prices [9] Part 4: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the压榨 profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread of peanut 4 - 10 contracts, and the spread of peanut 1 - 4 contracts [11][14][16]

Core Viewpoint - The exchange will adjust the price limit and margin standards for various futures contracts around the 2026 Spring Festival, effective from February 12, 2026 [1] Group 1: Futures Contract Adjustments - The price limit for industrial silicon futures will be adjusted to 11%, with speculative trading margin set at 13% and hedging margin at 12% [1] - The price limit for polysilicon futures will be adjusted to 12%, while both speculative and hedging margin standards will remain unchanged [1] - The price limit for lithium carbonate futures will be adjusted to 15%, with speculative trading margin set at 17% and hedging margin at 16% [1] - The price limit for platinum and palladium futures will be adjusted to 24%, with both speculative and hedging margin standards set at 26% [1]

2026年02月09日 周报 期货研究报告 贵金属期货：中期宽幅震荡 曹宝琴 投资咨询从业资格号：Z0012851 caobaoqin@nzfco.com 报告导读： 市场回顾与展望：伊朗与美国在阿曼举行的核谈判结束，双方就继续对话达成共识。双方在阐明各自 立场和诉求的同时，同意在与各自政府进行磋商后，就下一轮对话作出决定。伊朗外交部长阿拉格齐称， 本轮美伊磋商是"良好开端"。美联储主席落地，市场对新联储主席的交易暂告一段落。美国2月密歇根 大学消费者信心指数初值录得57.3，创六个月来最高水平。与此同时，1年期通胀预期降至3.5%，为一年 来的最低水平。美联储褐皮书显示，在12个联邦储备区中，有8个地区的整体经济活动以轻微至温和的速 度增长，3个地区报告没有变化，1个地区报告温和下降。这比过去三个报告周期有所改善，此前大多数地 区报告经济活动变化不大。美国经济韧性依然比较强，这给美国对外地缘干预提供了更多支撑，近期避险 因素有所减弱，使得贵金属做多热情有所减弱，贵金属中期或陷入高位震荡局面。 关注因素：1.中东地区地缘风险演化 2.美联储高层更迭 3.美国经济数据 请务必阅读正文之后的免责条款部分 1 期货 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - In the context of oversupply, the recent focus of the oil market is still on geopolitical factors. There is an expectation that the US - Iran nuclear talks will eventually reach an agreement. The change in the Fed's policy thinking of "interest rate cut + balance - sheet reduction" has a negative impact on risk assets, and the crude oil market maintains a high - short strategy. For the chemical sector, it is recommended to focus on the high - short opportunities after the rebound of methanol, ethylene glycol, styrene, pure benzene, and rubber, and the short opportunity of soda ash is the most certain [2][4]. 3. Summary by Related Catalogs (1) Crude Oil - **Logic**: In the context of oversupply, the focus is on geopolitics. The US - Iran nuclear talks are expected to reach an agreement. The "interest rate cut + balance - sheet reduction" policy change has a negative impact on risk assets, and the macro - driver shows a bearish sign. Maintain a high - short strategy and use put options to play [2][4]. - **Technical Tracking**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. The short - term pressure above is at 489 (04 contract). The strategy is to hold the SC04P440 call option to trade the opportunity of the US - Iran nuclear talks [4]. (2) Styrene - **Logic**: The cost of crude oil has weakened significantly, the macro - sentiment has turned cold, and the micro - fundamentals of styrene have weakened. There is a strong expectation of supply increase, and the demand side has a negative feedback expectation. The fundamental driver has weakened [8]. - **Technical Tracking**: The hourly - level shows a short - term downward structure. The short - term pressure above is at 7850. Hold short positions in the hourly cycle with a stop - loss reference of 7850 [10]. (3) Pure Benzene - **Logic**: The speculation space of pure benzene is weaker than that of styrene. There is a potential positive impact on domestic imports, but the overseas demand is weak and the import pressure is the biggest negative factor. The disk shows a peak - topping signal [11]. - **Technical Tracking**: The hourly - level shows a short - term downward structure. The short - term pressure above is at 6260. Hold short positions in the hourly cycle with a stop - loss reference of 6260 [11]. (4) Rubber - **Logic**: The inventory in Qingdao is relatively high, the demand for tires is weak, and there is a strong expectation of supply increase after the rubber - tapping season in March. There is no upward driver except following the synthetic rubber. It falls with the macro - cooling [15]. - **Technical Analysis**: The daily - level shows a medium - term oscillating structure, and the hourly - level shows a short - term downward structure. The short - term pressure above is at 16410. Hold short positions in the hourly cycle with a stop - loss reference of 16410 [15]. (5) Synthetic Rubber - **Logic**: The terminal tire has high inventory and weak demand, and the production profit of synthetic rubber is in deficit. It is supported by the strength of butadiene and the geopolitical sentiment of crude oil [17]. - **Technical Analysis**: The daily - level shows a medium - term upward structure, and the hourly - level shows a short - term downward structure. The short - term pressure above is at 12450. Pay attention to the high - short signal after the rebound in the hourly cycle [17]. (6) PX - **Logic**: The supply - demand pattern is strong before the new capacity is put into operation in the third quarter, but the market has advanced trading in December. The short - term driver is bearish due to the negative feedback of textile polyester and the decline of crude oil [20]. - **Technical Tracking**: The daily - level shows a medium - term upward structure, and the hourly - level shows a short - term oscillating structure. It is in a wide - range interval of 7050 - 7500. Stay on the sidelines at the hourly level [20]. (7) PTA - **Logic**: In the off - season, demand weakens, and there is a negative feedback logic of polyester production reduction. The short - term driver is bearish due to the macro - cooling and the decline of crude oil [22]. - **Technical Tracking**: The daily - level shows a medium - term upward structure, and the hourly - level shows a short - term downward structure. The short - term pressure above is at 5295. Hold short positions in the hourly cycle with a stop - loss reference of 5255 [22]. (8) PP - **Logic**: With the geopolitical cooling and the macro - sentiment turning cold, olefins weaken. The demand is in the seasonal weakening period, and the supply pressure is high. The medium - term driver is bearish, and the disk shows a peak - topping signal [26]. - **Technical Tracking**: The hourly - level shows a short - term downward structure. The short - term pressure above is at 6825. Pay attention to the high - short signal after the rebound in the hourly cycle [26]. (9) Methanol - **Logic**: The fundamentals are weak. There is a negative feedback expectation and import pressure. The focus is on geopolitics, and the geopolitical tension has cooled but not completely lifted [28]. - **Technical Analysis**: The daily - level shows a medium - term and short - term downward structure. The short - term pressure above is at 2285. Hold short positions in the hourly cycle with a stop - loss reference of 2285 [30]. (10) Ethylene Glycol - **Logic**: The domestic fundamentals are weak, with seasonal inventory accumulation pressure and a negative feedback logic of polyester production reduction. The short - term driver turns bearish due to the macro - cooling and geopolitical cooling [31]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a short - term downward structure. The short - term pressure above is at 3810. Hold short positions in the hourly cycle with a stop - loss reference of 3810 [31]. (11) Plastic - **Logic**: With the geopolitical cooling and the macro - sentiment turning cold, olefins weaken. The demand is in the seasonal weakening period, and the supply pressure is high. The medium - term driver is bearish, and the disk shows a peak - topping signal [33]. - **Technical Analysis**: The daily - level shows a medium - term downward structure, and the hourly - level shows a downward structure. The short - term pressure above is at 6945. There is a short - selling signal in the hourly cycle with a stop - loss reference of 6825 [33]. (12) Soda Ash - **Logic**: The fundamentals of soda ash are high - supply, weak - demand, and high - inventory. The surplus pattern continues. The far - month premium is expected to be repaired downward, and the 05 contract maintains a high - short strategy [37]. - **Technical Analysis**: The hourly - level shows a short - term downward structure. The short - term pressure is in the range of 1215 - 1225. Hold short positions in the hourly cycle with a stop - loss reference of 1225 [37]. (13) PVC - **Logic**: The fundamentals are high - production, high - inventory, and weak - demand. After April 1, the export tax - rebate for PVC will be cancelled, and the export is expected to weaken, increasing the domestic supply pressure [38]. - **Technical Analysis**: The daily - level shows a medium - term upward structure, and the hourly - level structure is not clear. Stay on the sidelines in the hourly cycle [38].

Group 1 - The Guangzhou Futures Exchange announced adjustments to the price fluctuation limits and margin standards for various futures contracts ahead of the 2026 Spring Festival holiday [1][2] - Starting from the settlement on February 12, 2026, the price fluctuation limit for industrial silicon futures will be adjusted to 11%, with speculative trading margin set at 13% and hedging margin at 12% [1] - The price fluctuation limit for polysilicon futures will be adjusted to 12%, while both speculative and hedging margin standards will remain unchanged [1] - For lithium carbonate futures, the price fluctuation limit will be set at 15%, with speculative margin adjusted to 17% and hedging margin to 16% [1] - Platinum and palladium futures will see a price fluctuation limit adjustment to 24%, with both speculative and hedging margin standards set at 26% [1] Group 2 - Trading will resume on February 24, 2026, and the price fluctuation limits and margin standards for industrial silicon, polysilicon, platinum, and palladium futures will revert to pre-adjustment levels on the first trading day without unilateral price limits [2] - The price fluctuation limit for lithium carbonate futures will be adjusted to 13%, with speculative margin set at 15% and hedging margin at 14% [2] - In cases where the adjusted limits and standards differ from the current ones, the higher limits and standards will be enforced [2]