Group 1 - The domestic metal futures market saw most contracts closing higher during the night session, indicating a positive trend in the sector [1] - Tin futures on the Shanghai exchange rose by 2.02%, while nickel increased by 1.65% and stainless steel by 1.03%, reflecting strong demand and market confidence [1] - International copper prices increased by 0.32%, and Shanghai copper rose by 0.25%, suggesting a stable outlook for copper-related investments [1] Group 2 - Lead futures on the Shanghai exchange experienced a slight increase of 0.12%, indicating a relatively stable market condition [1] - In contrast, aluminum oxide fell by 0.39%, aluminum alloy decreased by 0.42%, and Shanghai aluminum dropped by 0.55%, signaling potential challenges in these segments [1] - Zinc futures on the Shanghai exchange declined by 0.67%, which may reflect oversupply or weakening demand in the market [1]

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]

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]

Core Viewpoint - The Shanghai Futures Exchange, Shanghai International Energy Exchange, and Guangzhou Futures Exchange have announced adjustments to the price limits and margin requirements for various futures contracts ahead of the 2026 Spring Festival [1] Group 1: Adjustments by Shanghai Futures Exchange - Starting from the settlement on February 12, 2026, the price limit for copper, aluminum, zinc, lead, and alumina futures will be adjusted to 13%, with margin requirements set at 14% for hedging and 15% for general positions [2] - Nickel and tin futures will have a price limit of 15%, with margin requirements of 16% for hedging and 17% for general positions [2] - Futures for casting aluminum alloy, wire rod, and stainless steel will see a price limit of 11%, with margin requirements of 12% for hedging and 13% for general positions [2] - Gold futures will have a price limit of 20%, with margin requirements of 21% for hedging and 22% for general positions [2] - Silver futures will have a price limit of 25%, with margin requirements of 26% for hedging and 27% for general positions [2] - Futures for rebar, hot-rolled coils, pulp, and printing paper will have a price limit of 10%, with margin requirements of 11% for hedging and 12% for general positions [2] - Futures for fuel oil, petroleum asphalt, butadiene rubber, and natural rubber will have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [2] Group 2: Adjustments by Shanghai International Energy Exchange - From February 12, 2026, the price limit for international copper futures will be set at 13%, with margin requirements of 14% for hedging and 15% for general positions [3] - Crude oil, low-sulfur fuel oil, and No. 20 rubber futures will have a price limit of 12%, with margin requirements of 13% for hedging and 14% for general positions [3] - The shipping index (European line) futures will have a price limit of 18%, with a margin requirement of 20% [3] Group 3: Adjustments by Guangzhou Futures Exchange - Starting from February 12, 2026, the price limit for industrial silicon futures will be adjusted to 11%, with speculative margin requirements set at 13% and hedging margin requirements at 12% [3] - The price limit for polysilicon futures will be adjusted to 12%, with margin requirements remaining unchanged for both speculative and hedging positions [3] - The price limit for lithium carbonate futures will be adjusted to 15%, with speculative margin requirements set at 17% and hedging margin requirements at 16% [3] - The price limit for platinum and palladium futures will be adjusted to 24%, with both speculative and hedging margin requirements set at 26% [3] Group 4: Resumption of Trading - Trading will resume on February 24, 2026, and the price limits and margin requirements for industrial silicon, polysilicon, platinum, and palladium futures will revert to pre-adjustment levels on the first trading day without price limits and continuous quotes [4] - The price limit for lithium carbonate futures will be adjusted to 13%, with speculative margin requirements set at 15% and hedging margin requirements at 14% [4]

Core Viewpoint - The announcement from the Shanghai Futures Exchange on February 9 indicates adjustments to margin ratios and price fluctuation limits for newly listed futures contracts, reflecting a response to market conditions [1] Group 1: Margin Ratio Adjustments - The margin ratio for the crude oil 2903 contract has been set at 10% for hedging positions and 11% for general positions [1] - The margin ratio for the low-sulfur fuel oil 2703 contract is also adjusted to 10% for hedging and 11% for general positions [1] - The margin ratio for the 20 rubber 2702 contract follows the same adjustments as the previous two, with 10% for hedging and 11% for general positions [1] Group 2: Price Fluctuation Limits - The price fluctuation limit for the crude oil 2903 contract is adjusted to 9% [1] - The price fluctuation limit for the low-sulfur fuel oil 2703 contract is similarly set at 9% [1] - The price fluctuation limit for the international copper 2702 contract has been adjusted to 10% [1]

Group 1 - The Shanghai International Energy Exchange has announced the trading schedule for the Spring Festival in 2026, indicating that there will be no night trading on February 13, 2026 [1] - The market will be closed from February 14 to February 23, 2026, reopening on February 24, 2026, with a collection auction for all futures and options contracts from 08:55 to 09:00 [2][3] - Adjustments to margin ratios and price fluctuation limits for various futures contracts will take effect from the market close on February 12, 2026, with specific percentages outlined for international copper, crude oil, low-sulfur fuel oil, and shipping index futures [4] Group 2 - After the trading day on February 24, 2026, the price fluctuation limits and margin ratios for all listed futures contracts will revert to their original levels following the first trading day without a one-sided market [4] - The exchange has advised relevant parties to implement risk prevention measures to ensure market stability and smooth delivery processes [5]

Group 1 - The Shanghai International Energy Exchange announced adjustments to the margin ratios and price fluctuation limits for newly listed futures contracts including crude oil and low-sulfur fuel oil [2] - The price fluctuation limit for crude oil SC2903, low-sulfur fuel oil LU2703, and NR2702 contracts is set at 9%, with margin ratios adjusted to 10% for hedging positions and 11% for general positions [2] - The price fluctuation limit for international copper BC2702 contracts is set at 10%, with margin ratios adjusted to 11% for hedging positions and 12% for general positions [2] Group 2 - The adjustments are in accordance with the risk control management rules of the Shanghai International Energy Exchange, specifically Article 16, which allows for further adjustments under certain conditions [2] - Other matters regarding price fluctuation limits and trading margins will follow the relevant business rules of the Shanghai International Energy Exchange [2]

1. Report's Industry Investment Rating - No information provided 2. Core View of the Report - As of the close on February 9, domestic futures main contracts showed mixed performance, with some metals rising significantly and some falling. The prices of various futures varieties are expected to fluctuate in the short - term, affected by factors such as supply - demand relationships, geopolitical situations, and seasonal patterns [6][7] 3. Summary by Relevant Catalogs 3.1 Commodity Performance - Futures Market Overview - As of the close on February 9, platinum rose nearly 11%, silver futures rose over 8%, palladium rose over 7%, tin futures rose over 6%, lithium carbonate and gold futures rose over 3%, caustic soda rose over 2%, and international copper and copper futures rose nearly 2%. In terms of declines, styrene (EB) fell over 2%, and log, ferrosilicon, low - sulfur fuel oil (LU), manganese silicon, coke, asphalt, and apple fell over 1%. Stock index futures and treasury bond futures also showed varying degrees of increase. In terms of capital flow, silver 2604, lithium carbonate 2605, and rebar 2605 had capital inflows, while CSI 2603, CSI 1000 2603, and ten - year treasury bonds 2603 had capital outflows [6][7] 3.2 Market Analysis 3.2.1 Copper Futures - On February 9, copper futures opened high and moved higher. The output in January was 1.57 million tons more than expected, and it is expected to return to normal in February. The expected output in February will decrease by 3.58 million tons month - on - month, a decline of 3.04%. The demand showed an increase in December 2025, but downstream procurement decreased during the holiday. The market is affected by factors such as changes in the Fed's expectations, the proposed improvement of the copper resource reserve system, and the traditional consumption off - season. In the short - term, it will be mainly in a narrow - range shock, and the long - term outlook for copper prices is optimistic [9][10] 3.2.2 Lithium Carbonate - Lithium carbonate opened low and moved high, with an intraday decline of nearly 3%. The average price increased slightly. The supply in February will decrease due to maintenance. The export from Chile in January increased month - on - month but decreased year - on - year. The downstream demand decreased during the holiday in February, but is expected to increase in March. The inventory is gradually shifting to the downstream. The price has stopped falling and stabilized, but it is difficult to rise sharply in the short - term, and the market is mainly in a consolidation phase [11] 3.2.3 Crude Oil - OPEC+ eight member countries will maintain the original plan to suspend the increase in oil production in March. The US crude oil inventory decreased more than expected due to winter storms, but the global floating storage is high, and the supply is still in an oversupply situation. Saudi Aramco lowered the price of Arabian light crude oil for Asia. Chevron is increasing the transportation of Venezuelan crude oil. The US - Iran nuclear negotiations have ended "temporarily", and the Iranian geopolitical risk is uncertain. The US - India trade and the Russia - Ukraine situation also affect the oil market. It is expected that the crude oil price will fluctuate within a range in the near future [12][13] 3.2.4 Asphalt - The asphalt start - up rate decreased last week, and the expected output in February will decrease both month - on - month and year - on - year. The downstream start - up rate decreased, and the national shipment volume decreased. The refinery inventory rate decreased slightly. The flow of Venezuelan heavy crude oil to domestic refineries is restricted, but the possibility of domestic refineries obtaining it has increased. Some refineries have resumed production, and the start - up rate has increased slightly. It is expected that asphalt will fluctuate within a range in the short - term, and it is recommended to use reverse arbitrage [14][16] 3.2.5 PP - As of the week of February 6, the downstream start - up rate of PP decreased, and the enterprise start - up rate also decreased. The proportion of standard - grade drawing production increased. The petrochemical inventory is at a relatively low level in the same period in recent years. Affected by factors such as the uncertainty of the US - Iran situation, the supply - demand pattern of PP has limited improvement, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [17] 3.2.6 Plastic - On February 9, the plastic start - up rate remained stable at a relatively high level. The downstream start - up rate decreased, and the order volume decreased. New production capacity was put into operation in January. The supply - demand pattern has limited improvement, and it is expected to fluctuate within a range. The L - PP spread is expected to narrow [18][19] 3.2.7 PVC - The upstream calcium carbide price in the northwest region is stable. The PVC start - up rate increased slightly, while the downstream start - up rate decreased. The export order volume decreased after the price increase. The social inventory increased, and the inventory pressure is still large. The real estate market is still in the adjustment stage. The PVC is expected to fluctuate within a range due to factors such as policy and maintenance expectations after the Spring Festival [20] 3.2.8 Coking Coal - Coking coal opened low and moved high, showing a weak trend. The supply of coking coal has shrunk significantly before the Spring Festival, and the customs clearance of Mongolian coal will also be restricted during the Spring Festival. The downstream winter storage is coming to an end, and the inventory is shifting to the downstream. The downstream steel trading volume is poor. The coking coal is expected to be in a weak consolidation state [21][22] 3.2.9 Urea - Urea opened high and moved high, showing a strong trend. The order - receiving situation before the Spring Festival is acceptable, and the price is stable. The gas - based devices have basically resumed production, and the production will be normal during the Spring Festival. The agricultural demand is good, and the industrial demand is weakening. The factory inventory is slightly digested. The supply - demand is in a tight balance, and it is expected that the spot price is unlikely to drop before the festival, and the futures will fluctuate in a narrow range [23]

Group 1 - The core announcement from the Shanghai International Energy Exchange regarding the trading schedule during the 2026 Spring Festival includes a suspension of night trading on February 13, 2026, and a market closure from February 14 to February 23, 2026, with trading resuming on February 24, 2026 [1] - Adjustments to margin requirements and price fluctuation limits for various futures contracts are specified, including a 13% price fluctuation limit for international copper futures and a 12% limit for crude oil and low-sulfur fuel oil futures, effective from the market close on February 12, 2026 [1] - The margin requirements for holding positions are set at 14% for hedging and 15% for general positions in international copper futures, while for crude oil and low-sulfur fuel oil futures, the requirements are 13% and 14% respectively [1] Group 2 - Following the trading day after the first day without a one-sided market, the price fluctuation limits and margin requirements for all listed futures contracts will revert to their original levels on February 24, 2026 [2]

Market Overview - On February 9, 2026, domestic futures contracts showed mixed performance, with platinum rising nearly 11%, Shanghai silver increasing over 8%, palladium up more than 7%, and Shanghai tin gaining over 6% [2][6] - Other notable increases included lithium carbonate, Shanghai gold, which rose over 3%, and caustic soda, which increased over 2% [2][6] - In contrast, styrene (EB) fell over 2%, while raw wood, silicon iron, low-sulfur fuel oil (LU), manganese silicon, coke, asphalt, and apples all dropped more than 1% [2][6] Contract Performance - The top performing contracts included: - Platinum (contract 2606 M) at 545.05, up 10.58% [3] - Shanghai silver (contract 2604 M) at 20873, up 8.90% [3] - Palladium (contract 2092232) at 438.15, up 7.59% [3] - Shanghai tin (contract 2603 M) at 384180, up 6.61% [3] - The contracts with the largest declines included: - Styrene (contract 2603) at 7438, down 2.87% [7] - Canola seed (contract 2609 M) at 5486, down 2.54% [7] - Raw wood (contract 2603 M) at 775.0, down 1.90% [7]