Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping over 2% and closing below 3900 points, down 2.5% at midday [3][14] - The Shenzhen Component Index fell by 2.53%, and the ChiNext Index decreased by 2.44%, indicating a broad market downturn [3][14] - Nearly 5000 stocks in the market saw declines, reflecting widespread bearish sentiment [6][12] Sector Performance - Key sectors that faced the largest declines included gold, basic metals, agriculture, aviation, semiconductors, and pharmaceuticals [5][14] - The computing hardware, AI applications, cloud computing, and consumer electronics sectors also saw significant drops [5][14] - Conversely, coal stocks showed resilience, performing well amidst the overall market decline [14] Commodity Movements - International precious metals continued to decline, with COMEX silver futures dropping over 7% to $64.7 per ounce, and spot silver falling 5% to $64.65 per ounce [6] - Spot gold prices decreased by more than 3%, reaching $4349.8 per ounce [6] - On the other hand, the main contract for butadiene rubber futures hit the daily limit up, increasing by 12% to 17470 yuan per ton [7] Specific Stock Movements - The stock of Muyuan Foods, a major player in the pork industry, approached its daily limit down, with several other related stocks dropping over 5% [6] - The stock of Cambrian Technology fell over 2%, hitting a new low since August 2025 [9] - The stock of *ST Bosen resumed trading and hit the daily limit up, with a change in its controlling shareholder to Yan Feng Digital [15] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.46 trillion yuan, an increase of 155 billion yuan compared to the previous trading day [6]

Report Summary 1. Hot News - The US President Trump stated that the war against Iran would "soon" end but "not" this week. If Iran takes any action to block oil transportation through the Strait of Hormuz, the US will launch a "20 - fold more severe strike" against it. Israeli Prime Minister Netanyahu said that the action against Iran "has not ended". Iranian Deputy Foreign Minister Garib Abadi said that Iran's current priority is only "resolute defense" and "the end of the war is in Iran's hands" [2] - In the first two months of this year, China's total value of goods trade imports and exports was 7.73 trillion yuan, a year - on - year increase of 18.3%. Exports were 4.62 trillion yuan, up 19.2%; imports were 3.11 trillion yuan, up 17.1%. China's imports and exports to the US in the first two months were 609.71 billion yuan, a decrease of 16.9%, while those to ASEAN and the EU both increased by about 20% [2] - The exchanges took action again to prevent market risks. The Shanghai Futures Exchange and the Shanghai International Energy Exchange issued notices to adjust the price limit ranges and trading margin ratios of relevant contracts for crude oil, low - sulfur fuel oil, fuel oil, petroleum asphalt, and butadiene rubber futures [2] - From March 2nd to March 8th, 2026, the total iron ore inventory at seven major ports in Australia and Brazil was 1.3179 billion tons, a month - on - month increase of 396,000 tons. The inventory scale rebounded slightly, and the current inventory is at the second - highest level since the beginning of the year [2] - According to the China Cotton Information Network, based on the spring sowing intention survey, the cotton - planting policy direction in Xinjiang is clear, but implementation measures vary by region. The cotton - planting area for the new year will be slightly reduced month - on - month. The total output calculated based on the three - year average yield per unit area will slightly decrease. The national total output will decrease by 40,000 tons to 7.24 million tons. The annual total supply will decrease by 9 tons to 1,480 tons. The total demand will increase by 70,000 tons to 885,000 tons. The ending inventory for this year will decrease by 160,000 tons to 595,000 tons [3] 2. Key Focus - The key focus includes urea, lithium carbonate, platinum, crude oil, and plastic [4] 3. Night - session Performance - The night - session performance of different commodity sectors shows that the non - metallic building materials sector rose by 2.24%, the precious metals sector by 30.75%, the oilseeds and oils sector by 7.39%, the soft commodities sector by 2.53%, the non - ferrous metals sector by 24.61%, the coal, coke, steel, and ore sector by 8.80%, the energy sector by 7.16%, the chemical sector by 12.84%, the grain sector by 1.04%, and the agricultural and sideline products sector by 2.64% [4] 4. Category Asset Performance | Category | Name | Daily % Change | Monthly % Change | Year - to - date % Change | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index, SSE 50, CSI 300 | 0.65, 0.64, 1.28 | - 0.95, - 1.89, - 0.76 | 3.89, - 1.63, 0.97 | | | CSI 500 | 1.58 | - 2.87 | 12.65 | | | S&P 500 | - 0.21 | - 1.42 | - 0.94 | | | Hang Seng Index | 2.17 | - 2.52 | 1.29 | | | German DAX | 2.39 | - 5.20 | - 2.13 | | | Nikkei 225 | 2.88 | - 7.82 | 7.77 | | | FTSE 100 | 1.59 | - 4.57 | 4.84 | | Fixed - income | 10 - year Treasury bond futures | - 0.00 | - 0.08 | 0.41 | | | 5 - year Treasury bond futures | - 0.00 | - 0.03 | 0.20 | | | 2 - year Treasury bond futures | 0.01 | 0.00 | 0.01 | | Commodity | CRB Commodity Index | - 2.48 | 11.31 | 16.48 | | | WTI Crude Oil | 0.00 | 27.18 | 48.70 | | | London Spot Gold | 0.98 | - 1.67 | 20.19 | | | LME Copper | 0.00 | - 2.84 | 3.38 | | | Wind Commodity Index | 1.73 | - 3.31 | 17.43 | | Other | US Dollar Index | 0.23 | 1.33 | 0.69 | | | CBOE Volatility Index | 0.00 | 28.40 | 70.57 | [6]

Group 1: Hot News - Trump said the war between the US and Iran may end soon and the progress is much faster than expected. He also considered taking over the Strait of Hormuz [2] - G7 finance ministers discussed how to deal with the soaring oil prices caused by the war between the US, Israel and Iran and decided not to release strategic oil reserves for the time being [2] - China's CPI in February increased by 1.3% year-on-year, the highest in nearly three years, and the core CPI increased by 1.8%. The PPI decreased by 0.9% year-on-year, with the decline narrowing for three consecutive months [2] - The Shanghai Futures Exchange adjusted trading limits and transaction fees for fuel oil futures, and adjusted the daily price limits and trading margins for petroleum asphalt and butadiene rubber futures. The Shanghai International Energy Exchange also adjusted trading limits, daily price limits, trading margins and transaction fees for crude oil and low-sulfur fuel oil futures [3] - Four Chinese nickel processing plants in Indonesia announced temporary shutdowns after a fatal landslide at a nickel waste yard in February [3] Group 2: Sector Performance - Key sectors to focus on: urea, lithium carbonate, fuel oil, PP, PVC [4] - Night session performance: Non-metallic building materials rose 2.05%, precious metals rose 30.46%, oilseeds rose 8.01%, coal, coke and steel ore rose 9.18%, energy rose 6.43%, chemicals rose 12.22%, grains rose 1.11%, agricultural and sideline products rose 2.75%, soft commodities rose 2.70%, and non-ferrous metals rose 25.08% [4][5] Group 3: Sector Positions - The chart shows the changes in commodity futures sector positions in the past five days [6] Group 4: Performance of Major Asset Classes - Equity: The Shanghai Composite Index fell 0.67% daily, 1.59% monthly, and rose 3.22% annually. Other major indices also showed different trends [7] - Fixed income: 10-year, 5-year and 2-year treasury bond futures showed different changes in daily, monthly and annual terms [7] - Commodities: The CRB commodity index, WTI crude oil, London spot gold, LME copper and Wind commodity index showed different trends [7] - Others: The US dollar index and CBOE volatility showed different changes [7] Group 5: Stock Market Risk Preference and Commodity Trends - The chart shows the trends of major commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, London spot silver, LME copper, etc. [8]

Core Viewpoint - The volatility and risks in the crude oil market are increasing, prompting exchanges to implement measures to mitigate risks and stabilize the market [1][9]. Group 1: Regulatory Measures - The Shanghai International Energy Exchange (INE) has announced adjustments to trading limits, price fluctuation limits, and margin requirements for crude oil and low-sulfur fuel oil futures [2][4]. - Starting from March 10, 2026, the price fluctuation limit for crude oil futures contracts will be set at 20%, with a margin requirement of 21% for hedging positions and 22% for general positions [4]. - The INE has also set a maximum daily opening position limit of 400 lots for non-futures company members and special non-broker participants in crude oil futures [4]. Group 2: Market Conditions - The crude oil market is experiencing significant price increases due to ongoing geopolitical tensions in the Middle East, with international crude oil prices reaching nearly $120 per barrel, reflecting a rise of over 12% [9]. - The market is influenced by production cuts from several oil-producing countries due to storage pressures and the closure of the Strait of Hormuz, leading to heightened volatility in related energy products [9][10]. - Analysts suggest that the current geopolitical situation presents high uncertainty, and prices may experience significant corrections if tensions ease [9]. Group 3: Exchange Actions - The Shanghai Futures Exchange (SHFE) has also adjusted trading limits for fuel oil futures and made changes to the price fluctuation limits and margin requirements for contracts related to petroleum asphalt and butadiene rubber [5][7]. - Effective from March 10, 2026, the price fluctuation limit for petroleum asphalt futures will be set at 12%, with a margin requirement of 13% for hedging positions and 14% for general positions [7]. - The SHFE has implemented a fee adjustment for fuel oil futures, with trading fees set at 0.01% of the transaction amount starting from March 11, 2026 [8].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoint of the Report In the short term, the butadiene rubber futures market is expected to maintain a range - bound and oscillatory pattern, with the market likely to be mainly in a state of oscillatory consolidation [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - This week (February 9 - 13, 2026), the main contract of butadiene rubber futures on the Shanghai Futures Exchange first rose and then fell, closing at the weekly low on Friday. It opened at 12765 yuan/ton on February 9, reached a maximum of 13175 yuan/ton, a minimum of 12490 yuan/ton, and closed at 12505 yuan/ton on February 13, down 285 yuan/ton from the previous Friday. The position on Friday was 14990 lots, with continuous position reduction [1]. 3.2 Spot Market Conditions - **Industrial Chain Price Changes**: The butadiene spot price first rose and then fell this week. It was 1472.20 US dollars/ton on February 9, reached a weekly high of 1504.74 US dollars/ton on February 11, and closed at 1477.92 US dollars/ton on February 13, up 0.39% from the beginning of the week. The price of styrene, the main raw material for butadiene rubber, fluctuated downward, falling from 1111.37 US dollars/ton on February 9 to 1093.95 US dollars/ton on February 13, a cumulative decrease of 1.57%, weakening the cost - side support for butadiene rubber [1][2]. - **International Market Reference**: In December 2025, the South Korean styrene - butadiene rubber export price index showed that the index in Korean won was 175.16, and in US dollars was 141.96 (both with 2020 as 100), indicating that the international styrene - butadiene rubber price was still at a relatively high level, providing some support for the domestic butadiene rubber market [2]. 3.3 Main Influencing Factors - **Macroeconomic and Market Sentiment**: A recent report from Bank of America included US raw material stocks in the "bubbly" asset watch list, warning of bubble - like price fluctuations in the raw material sector. This view has raised concerns about the overall trend of commodities and suppressed the sentiment in the butadiene rubber futures market [2][3]. - **Industrial Chain Supply and Demand Situation**: Upstream, as the Spring Festival approaches, spot market transactions are gradually coming to a halt, trade quotes are scarce, lithium salt plants are cautious about selling single orders, and there is a strong wait - and - see sentiment. The market shows a pattern of double - reduction in supply and demand, and pre - holiday market transactions are expected to remain light, which also indirectly affects the trading mentality of butadiene rubber market participants [3]. 3.4 Short - term Outlook - **Spring Festival Holiday Impact**: As the Spring Festival approaches, spot market trading will further shrink, logistics will gradually stop or increase prices, and reduced market liquidity may intensify price fluctuations. - **Raw Material Price Trends**: Continuous attention should be paid to the price changes of upstream raw materials such as butadiene and styrene, as their price fluctuations will directly affect the production cost and market price of butadiene rubber. - **Macroeconomic Market Sentiment**: Bank of America's warning about the bubble risk in the raw material sector. If there is an adjustment in the commodity market in the future, it may put pressure on the butadiene rubber futures price. - **Downstream Demand Recovery**: The automotive and tire industries, as the main consumption areas of butadiene rubber, their post - holiday resumption of work and production progress and demand recovery will be the key factors affecting the market trend [3].

Core Viewpoint - The domestic futures market shows a mixed performance with significant gains in several commodities while others experience declines, indicating volatility in market trends [6][9]. Price Movements - Silver futures (沪银) increased by over 12% [6][7]. - Lithium carbonate (碳酸锂) rose by more than 10% [6][7]. - European shipping index (集运欧线) and SC crude oil (SC原油) both saw increases exceeding 6% [6][7]. - Low sulfur fuel oil (低硫燃料油) and platinum (铂) gained over 5% [6][7]. - Palladium (钯) and butadiene rubber (丁二烯橡胶) increased by more than 4% [6][7]. Declines - Polycrystalline silicon (多晶硅) fell by over 4% [6][7]. - Coking coal (焦炭) and live pigs (生猪) both decreased by more than 2% [6][7].

Core Viewpoint - The article provides an overview of the changes in futures warehouse receipts for various commodities, indicating stability in some while showing increases in others, which may reflect market trends and supply-demand dynamics [1] Group 1: Nickel and Fuel Oil - Nickel futures warehouse receipts remain unchanged at 52,027 tons compared to the previous trading day [1] - Low-sulfur fuel oil futures warehouse receipts also remain unchanged at 4,980 tons [1] Group 2: Rubber and Aluminum - 20 rubber futures warehouse receipts remain unchanged at 50,803 tons [1] - Aluminum futures warehouse receipts increased by 33,088 tons to a total of 200,654 tons [1] Group 3: Copper and Steel - International copper futures warehouse receipts increased by 1,001 tons to 14,319 tons [1] - Hot-rolled coil futures warehouse receipts increased by 21,435 tons to 297,854 tons [1] Group 4: Other Commodities - Pulp warehouse futures receipts increased by 4,988 tons to 136,415 tons [1] - Silver futures warehouse receipts increased by 7,531 kilograms to 349,633 kilograms [1] - Lead futures warehouse receipts increased by 6,501 tons to 52,968 tons [1] - Zinc futures warehouse receipts increased by 725 tons to 43,060 tons [1] - Tin futures warehouse receipts increased by 3,780 tons to 10,296 tons [1] - Copper futures warehouse receipts increased by 8,282 tons to 187,179 tons [1]

Group 1 - The domestic futures market showed mixed results with the main contracts experiencing both gains and losses as of February 12, 2026 [1][4] - The shipping European index increased by over 6%, while lithium carbonate rose by more than 3% [1][4] - Other commodities such as urea, soybean meal, and eggs saw increases exceeding 2%, while several others including butadiene rubber, palladium, and silicon iron fell by more than 1% [1][4] Group 2 - Specific futures contracts reported significant changes, with the shipping European index at 1258.9, reflecting a 6.40% increase [2][5] - Lithium carbonate futures reached 149,420, marking a 3.66% rise, while urea futures were at 1,843, up by 2.79% [2][5] - In contrast, butadiene rubber futures decreased by 1.93%, and palm oil futures fell by 1.50% [2][5]

Core Viewpoint - The Shanghai Futures Exchange and Shanghai Gold Exchange have announced adjustments to margin ratios and price limits for various futures contracts, as well as work arrangements for the 2026 Spring Festival period to mitigate market risks during this time [1][7][14]. Group 1: Margin Ratio and Price Limit Adjustments - The margin ratios and price limits for newly listed futures contracts such as copper, aluminum, lead, and zinc have been adjusted, with price limits set at 10% and margin ratios at 11% for hedged positions and 12% for general positions [4]. - For contracts like nickel and tin, the price limit is set at 12% with margin ratios of 13% for hedged positions and 14% for general positions [4]. - Gold contracts have a price limit of 17% and margin ratios of 18% for hedged positions and 19% for general positions, while silver contracts have a price limit of 20% and margin ratios of 21% for hedged positions and 22% for general positions [4]. - Other contracts, including rebar and hot-rolled coils, have a price limit of 7% and margin ratios of 8% for hedged positions and 9% for general positions [4]. Group 2: Spring Festival Work Arrangements - The Shanghai Futures Exchange will not conduct night trading on February 13, 2026, and will be closed from February 14 to February 23, 2026, resuming trading on February 24, 2026 [8][14]. - On February 24, 2026, all futures and options contracts will undergo a collective auction from 08:55 to 09:00, followed by the resumption of night trading [9]. Group 3: Risk Control Measures - The Shanghai Gold Exchange has implemented measures to adjust margin ratios and price limits for gold and silver contracts to prevent price fluctuations during the Spring Festival [16]. - Starting from the close on February 11, 2026, the margin ratio for gold contracts will increase from 18% to 21%, and the price limit will rise from 17% to 20% [16]. - For silver contracts, the margin ratio will increase from 24% to 27%, with the price limit changing from 23% to 26% [16].

Market Overview - On February 10, 2026, the domestic futures market opened with mixed performance among the main contracts, with notable increases in certain commodities [3][7] - Silver and tin saw gains exceeding 3%, while caustic soda rose over 2% [3][7] - Other commodities such as SC crude oil, butadiene rubber, soybean one, fuel oil, international copper, and No. 20 rubber increased by more than 1% [3][7] Declines in Specific Commodities - Conversely, polysilicon, styrene, and coking coal experienced declines of over 1% [3][7] - Pulp, pure benzene, and liquefied petroleum gas (LPG) fell nearly 1% [3][7]