(亿元) 3,500 - 3,000 2,500 - 2,000 - 1,500 1,000 - 500 k kna 聯絡福 棋牌 博想 g g g 生 能 ttlet #falc 锚弱 原 ーム LG 応 関連 製菓 中 間 ICN 型 關紅灰塑 뷰祭 橡 纯 屁 胶 碱 素 s and the seen the seen and the seen and the seen and the seen and the seen and the seen and the seen and the seen and the kia l k미 l 財报 球员 延复思 IK미 n and the start of the start of the states of the states of the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seen the station 帽 白 坐 糖 t in the see of the see of the see and the s ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - Geopolitical conflicts and risks have a significant impact on the prices of precious metals and base metals. For example, the gold price is affected by the outbreak of geopolitical conflicts, and the copper price rises due to the fermentation of geopolitical risks [2][4][8]. - Different metals show different trends, including price increases, oscillations, and oscillations with an upward or downward bias [2]. 3. Summary by Relevant Catalogs Gold - **Price Performance**: The prices of domestic and international gold futures and spot markets generally rose. For example, the daily increase of Comex gold 2602 was 1.82%, and the daily increase of London gold spot was 1.88% [4]. - **Trading Volume and Open Interest**: The trading volume of some contracts increased, while the open interest decreased. For example, the trading volume of Shanghai gold 2602 increased by 25,303, and the open interest decreased by 1,496 [4]. - **Macro and Industry News**: The joint military strike by the US and Israel on Iran has led to a sharp escalation of the regional situation, which has a significant impact on the gold market [4]. Silver - **Price Performance**: The prices of domestic and international silver futures and spot markets generally rose. For example, the daily increase of Comex silver 2602 was 6.21%, and the daily increase of London silver spot was 6.30% [4]. - **Trading Volume and Open Interest**: The trading volume of some contracts increased, while the open interest decreased. For example, the trading volume of Shanghai silver 2602 increased by 31,572, and the open interest decreased by 2,359 [4]. - **Trend**: It is in an oscillatory pattern [2]. Copper - **Price Performance**: The price of the Shanghai copper main contract rose by 1.22%, and the price of the London copper 3M electronic disk rose by 0.28%. However, the night - trading price of the Shanghai copper main contract decreased by 0.62% [8]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai copper index increased by 79,669, and the open interest increased by 19,913. The trading volume of the London copper 3M electronic disk increased by 7,286, and the open interest decreased by 497 [8]. - **Macro and Industry News**: Geopolitical risks have led to a sharp escalation of the regional situation, and the supply of refined copper in December 2025 was in surplus [8]. Zinc - **Price Performance**: The closing price of the Shanghai zinc main contract rose by 0.57%, while the closing price of the London zinc 3M electronic disk decreased by 1.74% [11]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai zinc main contract increased by 10,174, and the open interest increased by 2,112. The trading volume of the London zinc increased by 434, and the open interest decreased by 3,669 [11]. - **News**: The central bank of China adjusted the forward foreign exchange sales risk reserve ratio, and the situation in the Middle East affected shipping prices [12]. - **Trend**: It is oscillating with a upward bias [2]. Lead - **Price Performance**: The closing price of the Shanghai lead main contract rose by 0.27%, while the closing price of the London lead 3M electronic disk decreased by 0.96% [14]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai lead main contract decreased by 6,221, and the open interest decreased by 1,080. The trading volume of the London lead decreased by 706, and the open interest decreased by 1,561 [14]. - **News**: Geopolitical conflicts have led to a significant escalation of the regional situation [15]. - **Trend**: The decrease in inventory supports the price, and the trend strength is neutral [2][14]. Tin - **Price Performance**: The prices of the Shanghai tin main contract and the London tin 3M electronic disk rose significantly. The daily increase of the Shanghai tin main contract was 8.53%, and the daily increase of the London tin 3M electronic disk was 6.74% [18]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai tin main contract increased by 227,884, and the open interest increased by 42,991. The trading volume of the London tin increased by 650, and the open interest decreased by 231 [18]. - **Macro and Industry News**: Geopolitical events in the Middle East have a significant impact on the tin market [20]. - **Trend**: Attention should be paid to the impact of macro - geopolitics [2]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price Performance**: The prices of aluminum, alumina, and cast aluminum alloy contracts showed different trends. For example, the closing price of the Shanghai aluminum main contract decreased by 10, and the closing price of the Shanghai alumina main contract decreased by 76 [21]. - **Trading Volume and Open Interest**: The trading volume and open interest of different contracts also showed different changes [21]. - **Comprehensive News**: The situation in Iran and the adjustment of the US PPI have an impact on the market [23]. - **Trend**: Aluminum and cast aluminum alloy have a certain upward trend, while alumina is neutral [23]. Platinum and Palladium - **Price Performance**: The prices of platinum futures and spot markets generally rose, while the prices of palladium showed different trends. For example, the increase of platinum futures 2606 was 5.81%, and the increase of palladium futures 2606 was 8.09% [24]. - **Trading Volume and Open Interest**: The trading volume and open interest of different contracts changed differently [24]. - **Macro and Industry News**: The situation in Iran and other geopolitical events have an impact on the market [27]. - **Trend**: Both platinum and palladium have a neutral trend [26]. Nickel and Stainless Steel - **Price Performance**: The closing price of the Shanghai nickel main contract rose by 520, and the closing price of the stainless - steel main contract decreased by 60 [29]. - **Trading Volume and Open Interest**: The trading volume of the Shanghai nickel main contract increased by 130,488, and the trading volume of the stainless - steel main contract increased by 29,790 [29]. - **Macro and Industry News**: There are various events in the nickel industry, such as the revision of the nickel ore benchmark price formula in Indonesia and the restart of nickel mines in Guatemala [29][30]. - **Trend**: Both nickel and stainless steel have a neutral trend [35].

所长 早读 国泰君安期货 2026-03-02 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2026-03-02 所长 早读 今 日 发 现 美伊战争开启，霍尔木兹海峡封闭，大宗商品遭殃 观点分享： 2 月 28 日美国和以色列联合对伊朗发起"先发制人"军事打击，伊朗最高领袖哈梅内伊 遇袭身亡，伊方誓言"毁灭性报复打击"，霍尔木兹海峡被封锁。作为全球能源的咽喉，这 条水道的关闭意味着每天数千万桶的石油和大量的天然气无法运出，将直接冲击全球能源供 应、通胀预期和物流格局。原油将是受冲击最直接、最剧烈的品种。霍尔木兹海峡承担着全 球约五分之一的石油运输量，日均运输量高达 1800 万至 2000 万桶，市场交易的主线将从 基本面转向地缘政治风险溢价，油价波动率将急剧上升。对于天然气市场，全球约 20%至 25% 的液化天然气贸易需经过霍尔木兹海峡，全球最大液化天然气出口国之一的卡塔尔是核 心供应方一旦卡塔尔的出口受阻，全球液化天然气供应将瞬间紧张，有专家警告，欧洲天然 气交易价格可能会重演历史。原油成本上移将直接推高石脑油、烯烃、芳烃等基础化工原料 价格，进而导致聚乙烯、聚丙烯、乙二醇等下游产品 ...

研究所 期货眼·日迹 期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 3 月 2 日 0 / 50 | | | | 蛋白粕：宏观扰动增加 | 价格整体高位 6 | | --- | --- | | 白糖：国际糖业下调全球糖产 | 国际糖价震荡 6 | | 油脂板块：地缘冲突升级，油脂波动或加大 7 | | | 玉米/玉米淀粉：产区现货上涨，盘面继续冲高 8 | | | 生猪：供应压力较大 | 价格继续下行 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：节后进入淡季 | 蛋价稳中有落 10 | | 苹果：苹果需求有所好转 | 价格较为坚挺 11 | | 棉花-棉纱：基本面有所支撑 | 棉价表现偏强 12 | | 钢材：地缘冲突爆发，钢价震荡跟涨 14 | | --- | | 双焦：地缘冲突加剧，可尝试逢低做多 14 | | 铁矿：地缘冲突加大，矿价震荡运行 15 | | 铁合金：陕西差别电价落地，震荡偏强 16 | | 金银：地缘冲突爆发，避险主导金银 17 | | --- | | 铂钯：中东地缘冲突升级 避险需求推升贵金属价格 18 | | 铜：短期高位盘整，回调后 ...

【行情资讯】 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2026-3-2 五矿期货早报 | 有色金属 地缘局势担忧推动贵金属、原油走强，美股走弱，周五铜价冲高回落，伦铜 3M 合约收涨 0.28%至 13296 美元/吨，沪铜主力合约收至 103280 元/吨。周五 LME 库存增加 100 至 253700 吨，注销仓单比例抬 升，Cash/3M 贴水缩窄。国内上期所周度库存较春节前增加 11.9 万吨，上期所日度仓单增加 0.1 至 29.1 万吨。华东地区现货贴水期货扩大至 260 元/吨，供应较多基差报价继续下调。广东地区铜现 货贴水期货缩窄至 130 元/吨，下游采购增多带动基差报价反弹。国内铜现货进口亏损有所扩大，精 废铜价差小幅缩窄至 2690 元/吨。 【策略观点】 美国、以色列对伊朗发动袭击，地缘局势扰动下虽然风险偏好受挫，但关键矿产资源属性强化和供应 中断风险下铜价仍有较强支撑。政策上看美国 PPI 强于预期，短期降息概率较低；国内进入"两会" 时间，上海发布地产"沪七条"使得情绪面偏暖 ...

2026年03月02日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：印尼矿端现实跟进，三月警惕投机属性 | 2 | | --- | --- | | 不锈钢：矿端矛盾边际增加，成本支撑重心上移 | 2 | | 碳酸锂：供需去库，关注市场情绪 | 4 | | 工业硅：关注市场情绪扰动 | 6 | | 多晶硅：关注现货成交情况 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 3 月 2 日 镍：印尼矿端现实跟进，三月警惕投机属性 究 不锈钢：矿端矛盾边际增加，成本支撑重心上移 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 141,560 | 520 | 6,370 | 9,720 | -1,500 | 26 ...

2026年03月01日 国泰君安期货研究周报-绿色金融与新能源 观点与策略 | 镍：印尼矿端现实跟进，三月警惕投机属性 | 2 | | --- | --- | | 不锈钢：矿端矛盾边际增加，成本支撑重心上移 | 2 | | 工业硅：上游复产，关注市场情绪扰动 | 11 | | 多晶硅：关注市场"反内卷"情绪 | 11 | | 碳酸锂：基本面向好，关注市场情绪 | 20 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 3 月 1 日 镍：印尼矿端现实跟进，三月警惕投机属性 不锈钢：矿端矛盾边际增加，成本支撑重心上移 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 1）精炼镍：2 月 27 日中国精炼镍社会库存增加 3616 吨至 76619 吨。其中，仓单库存增加 673 吨至 53131 吨；现货库存增加 3343 吨至 20018 吨；保税区库存减少 400 吨至 3470 吨。LME 镍库存增加 888 请务必阅读正文之后的免责条款部分 1 2 商 品 研 究 行情观点： 沪镍：印尼矿端现实跟进，三 ...

2026 年 3 月 1 日 镍：印尼矿端现实跟进，三月警惕投机属性 不锈钢：矿端矛盾边际增加，成本支撑重心上移 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 行情观点： 沪镍：印尼矿端现实跟进，三月警惕投机属性。印尼目前并行配额审批、违规开采罚款、环境治理等 多方面资源管理动作，盘面投机属性主导，持仓量高位仍在增加，盘面体现为"预期定方向，现实定弹 性"。虽然现实面镍仍然是高库存累库，或限制镍价的弹性，但是在边际上，矿端紧缺矛盾的预期逐步照 进现实，基于配额供应担忧，以及印尼季节性斋月，叠加菲律宾雨季难以回补，矿端偏紧的现实在 3 月难 有明显缓和，目前印尼镍矿明显上涨，1.6%品位镍矿总价 2 月同比/环比+23/+14 美金至 68 美金，个别成 交或更高，传导至一体化火法现金成本抬升至 13 万元/吨。在估值角度来看，若矿端矛盾在二季度至年中 降温，或出现年中至三季度湿法投产进度取代火法边际成本的逻辑，不过，短线边际成本仍然是一体化火 法路径，而且在 3 月印尼补充配额和菲律宾供应释放故事无法确定的阶段，交易面仍然是以现实矿端矛盾 为主，而且边际成本上移或增加区 ...

. 镍不锈钢产业链周报 2026/2/27 咨询业务资格：沪证监许可【2012】1515号 研报作者：陈乃轩 Z0023138 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保 ...

货源陆续入库， 节后交投回暖 不锈钢周报 2026/02/28 刘显杰（联系人） liuxianjie@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03130746 吴坤金（有色金属组） 从业资格号：F3036210 0755-23375125 目录 03 供给端 06 成本端 周度评估及策略推荐 周度要点小结 01 周度评估及策略推荐 04 需求端 02 期现市场 05 库存 高镍铁 上游 高碳铬铁 铁水/废钢 200系 中游 300系 （交割品） 400系 双相不锈钢 餐饮器具（16%） 下游 建筑装饰（19%） 设备（22%） 石化（21%） 轨道交通（9%） 家电（7%） 长流程法（铁水） 短流程法（废钢） 周度要点小结 | 不锈钢基本面评估 | 估值 驱动 | | | | | | --- | --- | --- | --- | --- | --- | | | 基差（元/吨） | 生产利润（元/吨） | 供给端 | 需求端 | 库存 | | 数据 | -65 | 360 | 353.64万吨 | 308.57万吨 | 95.37万吨 | | 多空评分 | 0 | -1 | -1 | 0 ...