来源：上海有色网 金属市场： 截至日间收盘，内盘基本金属普涨，仅沪锌唯一下跌，跌幅达0.04%。沪锡以7.62%的涨幅领涨，沪镍 涨2.32%。其余金属涨幅均在1%以内。氧化铝主连涨0.77%，铸造铝主连涨1.25%。 此外，碳酸锂主连涨3.4%，工业硅主连涨0.3%，多晶硅主连跌0.76%。欧线集运主连跌4.76%报 1278.6。 黑色系方面集体飘红，且涨幅均在1%以上，铁矿涨1.42%，不锈钢涨1.24%，螺纹钢涨1.72%，热卷涨 1.19%。双焦方面，焦煤、焦炭均涨2.32%。 外盘方面，截至15:04分，外盘基本金属普涨，伦锡以5.27%的涨幅领涨外盘基本金属，伦镍涨1%。其 余金属涨幅均在1%以内。 【上海市住房城乡建设管理委等五部门印发《关于进一步优化调整本市房地产政策的通知》 】据上海 住房城乡建设管理公众号消息：为更好满足居民刚性和改善性住房需求，促进房地产市场平稳健康发 展，2月25日，市住房城乡建设管理委、市房屋管理局、市财政局、市税务局、市公积金管理中心等五 部门联合印发《关于进一步优化调整本市房地产政策的通知》（以下简称《通知》），自2026年2月26 日起施行。一、进一步调减住房 ...

每经AI快讯，2月25日，国内商品期货收盘多数上涨，铂、沪锡涨超7%，钯、沪银涨逾4%，碳酸锂涨 超3%，焦煤、焦炭涨逾2%。跌幅方面，欧线集运跌近5%，多晶硅跌近1%。 （文章来源：每日经济新闻） ...

今日，A股迎来马年开门红。截至收盘，沪指涨0.87%，收报4117.41点；深证成指涨1.36%，收报14291.57点；创业板指涨0.99%，收报3308.27点。沪深京三 市成交额达到22184亿元，较上一交易日放量2193亿元，重回万亿成交区间。 停。玻纤概念反复活跃，国际复材涨超4天2板。下跌方面，影视院线概念股集体大跌，光线传媒、中国电影等多股跌停。 国内商品期货收盘，主力合约多数上涨。涨幅方面，沪银涨近13%，碳酸锂涨超10%，欧线集运涨近7%，原油涨超6%，低硫燃油涨近6%，铂涨超5%，钯、 丁二烯胶涨超4%，20号胶、橡胶涨近4%，棉花、苯乙烯、沪金、棉纱、对二甲苯等涨超3%，纯苯、丙烯、PTA涨近3%，燃油、LPG、短纤、聚丙烯、瓶 片等涨超2%，不锈钢涨近2%，沥青、菜油、尿素、沪镍、乙二醇涨超1%；跌幅方面，多晶硅跌超4%，焦炭、生猪跌超2%，烧碱跌近2%，铁矿石、焦煤、 苹果跌超1%。 来源：读创财经 行业板块多数收涨，贵金属、石油石化、玻璃玻纤、农化制品、化学原料、非金属材料板块涨幅居前，影视院线、传媒、旅游及景区、软件开发板块跌幅居 前。 个股方面，上涨股票数量超过4000只，逾百 ...

Metal Market - Domestic base metals experienced a general increase, with the exception of lead, which fell by 0.12%. Nickel led the gains with an increase of 1.79%, while other metals saw increases of less than 1% [1] - In the aluminum sector, alumina futures dropped by 0.35%, while casting aluminum futures rose by 0.47% [1] - Lithium carbonate futures increased by 3.66%, while industrial silicon futures fell by 0.42%, and polysilicon futures rose by 0.44% [1] - The European shipping index rose by 6.4% to 1258.9 [1] - In the black metal sector, iron ore, rebar, and stainless steel all saw declines of around 0.2%, with hot-rolled coil down by 0.31%. Coking coal fell by 0.53%, and coking coke dropped by 0.3% [1] - Internationally, base metals showed mixed results, with London aluminum up by 0.27% and lead up by 0.18%, while other metals experienced slight declines [1] - Precious metals saw COMEX gold down by 0.32% and silver down by 1.16%, while domestic gold rose by 0.03% and silver by 0.62% [1][2] Macro Environment - The State Administration for Market Regulation released guidelines for compliance in the automotive industry, highlighting significant legal risks associated with various pricing behaviors that could lead to below-cost pricing [5] - The National Energy Administration announced that by 2025, China's new wind and solar power installations are expected to exceed 430 million kilowatts, marking a 22% year-on-year increase [6][7] - The National Energy Administration emphasized the importance of developing new energy storage and future industries such as hydrogen and nuclear fusion energy [8] - The Ministry of Commerce announced that consumers purchasing new cars during the 2026 Spring Festival can apply for subsidies under the old-for-new vehicle policy [9] - The People's Bank of China conducted a net injection of 448 billion yuan through reverse repos, maintaining liquidity in the market [9]

Metal Market Summary - Domestic base metals experienced a general decline, with only copper rising by 2.6%. Tin led the decline with a drop of 6.7%, while nickel fell by 1.25%. Other metals saw declines of less than 1% [1] - In the aluminum sector, alumina rose by 0.75%, while casting aluminum fell by 1.22%. Lithium carbonate increased by 4.63%, and polysilicon rose by 6.61%. Industrial silicon decreased by 0.62% [1][4] - The black metal sector saw collective declines, with stainless steel and iron ore both dropping over 1%, specifically stainless steel down by 1.77% and iron ore down by 1.14% [1] - Internationally, base metals showed collective gains, with London copper and tin both rising over 4%, specifically copper up by 4.1% and tin by 4.53%. Nickel increased by 3.29%, while aluminum and zinc rose over 1% [1] - Precious metals saw significant increases, with COMEX gold rising by 5.3% and silver by 10.06%. In contrast, domestic silver fell by 16.71%, while domestic gold rose by 0.63% [1][2] Macroeconomic Overview - The Shanghai government set a GDP growth target of around 5% for the year, with public budget revenue expected to grow by 2%. The report emphasizes the importance of modernizing the industrial system and supporting key sectors such as integrated circuits and biomedicine [5] - The People's Bank of China conducted a net withdrawal of 296.5 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] - The US dollar index fell by 0.17% to 97.44, with discussions around interest rate policies indicating a low probability of rate cuts in the near term [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Due to recent geopolitical tensions, Maersk's stable February quotes, and potential cargo - rush and price - support stories in March, the market is likely to remain stable in the short - term. The current valuation is moderately high, and the upward potential depends on capital behavior. It's recommended to look for short - selling opportunities, focusing on the more certain far - month contract 2610 affected by the off - season and policies. Be cautious with the 2604 contract unless there is significant premium. The export tax rebate adjustment policy is negative for contracts after April. For the 06 and 08 contracts, their valuations are hard to anchor, currently within a reasonable range and highly affected by geopolitics, so operate with caution [3] 3. Summary by Relevant Catalogs Contract Information - **Contract Price and Volume**: The EC2602 contract closed at 1717.5 with a - 0.09% change, volume of 432, and a decrease of 374 in open interest. The EC2604 contract closed at 1249.7 with a 1.68% increase, volume of 27481, and a decrease of 477 in open interest. The EC2606 contract closed at 1576.0 with a 5.55% increase, volume of 1532, and an increase of 1704 in open interest. The EC2608 contract closed at 1645.4 with a 5.42% increase, volume of 1154, and an increase of 117 in open interest. The EC2610 contract closed at 1151.2 with a 1.42% increase, volume of 2032, and an increase of 211 in open interest [2] - **Month - spread**: The EC2502 - 2604 month - spread was 467.8, with a day - on - day decrease of 22.2 and a week - on - week decrease of 111.6. The EC2504 - 2606 month - spread was - 326.3, with a day - on - day decrease of 62.1 and a week - on - week decrease of 51.7 [2] - **Spot Indicators**: The spot (European route) indicator "ટરનાટ" on January 26, 2026, was 1859.31 points, a - 4.86% change from the previous period. The SCFI (European route) on January 23, 2026, was 1595 dollars/TEU, a - 4.83% change from the previous period [2] European Route Spot Situation - In Week 5, MSK opened at 2450 ( - 300 compared to the previous period), PA at 2400 (special price 2200), OA at 2500 - 2700 dollars, with a central price of 2500 dollars, equivalent to 1750 points on the futures market. In Week 6, MSK opened at 2050 ( - 400 compared to the previous period), PA around 2200, MSC at 2340, OA at 2300 - 2400 dollars, with a central price of 2300 dollars, equivalent to 1580 points on the futures market. On Tuesday, MSK opened at 1950 for February Week 7 - 9 ( - 100 compared to the previous period), lower than market expectations [4] Related News - On January 30, Hamas announced that the handover of governance in the Gaza Strip was fully ready. US President Trump said that Hamas seemed to be about to disarm and that a team was going to Iran [5]

Metal Market - Domestic base metals experienced a general increase, with Shanghai tin rising by 1.93% and Shanghai zinc by 0.77%, while other metals saw declines, with Shanghai nickel leading the drop at 1.87% [1] - In the external market, most base metals fell, except for London tin, which increased by 3.59% [1] - Precious metals showed mixed results, with COMEX gold rising by 0.07% and COMEX silver dropping by 4.4%. In the domestic market, Shanghai gold rose by 1.52%, reaching a new historical high of 1154.46 yuan per gram, while Shanghai silver surged by 7.25%, breaking the 30,000 yuan per kilogram mark [1][2] Black Metals - The black metal sector collectively declined, with stainless steel down by 1.26% and rebar down by 0.79%. Other metals also saw minor declines [1] - In the coking coal sector, coking coal fell by 3% and coking coke by 2.77% [1] Lithium and Silicon - Lithium carbonate rose by 1.5%, while polysilicon increased by 0.42%. However, industrial silicon fell by 0.78% [1] Macro Economic Indicators - The National Bureau of Statistics reported that profits for large-scale industrial enterprises in China are expected to grow by 0.6% in 2025, totaling 73,982 billion yuan [4] - The People's Bank of China conducted a net injection of 780 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] Oil Market - Oil prices fell slightly, with WTI down by 0.18% and Brent down by 0.28%. Investors are closely monitoring the resumption of supply from Kazakhstan [8] - Canada and India are set to expand their oil and gas trade, indicating a strategic value in their energy relationship [8][9]

Report Information - Report Date: January 15, 2026 [1] - Report Type: Spot and Futures Daily Report Steel and Iron Ore Futures Quotes - **Prices**: The closing prices of rebar, hot - rolled coil, iron ore, coke, and coking coal futures all showed declines, with iron ore and coking coal seeing relatively large drops of - 1.03% and - 1.00% respectively for their main contracts [2]. - **Volumes and Positions**: Trading volumes and open interest varied, with coking coal having a large trading volume of 1,022,581 for its main contract and a significant decrease in trading volume of - 234,639 [2]. Spot Prices and Basis - **Spot Prices**: The spot price of rebar in Shanghai decreased by 10 to 3290, while the spot price of hot - rolled coil remained unchanged at 3290 [3]. - **Basis**: The basis of iron ore increased by 4 to 11, and the basis of coking coal increased by 9 to 302.5 [3]. Spread and Profit - **Spread**: The spreads between different contracts of various varieties changed, and the spreads of rebar, hot - rolled coil, and coking coal all increased [4]. - **Profit**: The rebar and hot - rolled coil mill profits on the futures market increased, with hot - rolled coil mill profit rising by 15.8 to 69.2 [4]. Chemicals Futures Quotes - **Prices**: The closing prices of soda ash, glass, methanol, and PP futures generally declined, except for PP which had a small increase [8]. - **Volumes and Positions**: Soda ash had an increase in trading volume and open interest, while glass had a decrease in trading volume and open interest [8]. Spot Prices and Basis - **Spot Prices**: The spot price of methanol in Jiangsu Taicang decreased by 20 to 2240, and the spot price of PP in East China increased by 21 to 6494 [10]. - **Basis**: The basis of soda ash increased by 29 to 37, and the basis of methanol decreased by 5 to - 33 [10]. Spread - The spreads between different contracts of various varieties changed, such as the spread of soda ash 05 - 09 decreasing by 1 to - 63 [11]. Financial Futures Futures Quotes - **Prices**: The closing prices of stock index futures (IF, IH, IC, IM) and bond futures (2 - year, 5 - year, 10 - year, 30 - year) showed mixed trends, with gold and silver futures generally rising [14]. - **Volumes and Positions**: Trading volumes and open interest of most varieties decreased, except for some bond futures which had an increase in trading volume [14]. Spot Prices and Basis - **Spot Prices**: The spot price of gold was 1037.61, and the spot price of silver was 22765 [15]. - **Basis**: The basis of IM increased by 21.68 to 45.38, and the basis of silver decreased by 129 to - 258 [15]. Spread - The spreads between different contracts and varieties of bond futures changed, such as the spread of 30 - year and 10 - year bonds decreasing by 2.60 to 3.16 [16]. Energy and Petrochemicals Futures Quotes - **Prices**: The closing prices of crude oil, PTA, PX, rubber, and NR futures all declined, with PX seeing a relatively large drop of - 2.49% for its main contract [19]. - **Volumes and Positions**: Trading volumes and open interest of most varieties decreased, except for PX which had an increase in trading volume [19]. Spot Prices and Basis - **Spot Prices**: The spot price of crude oil in Oman increased by 6 to 407, and the spot price of rubber in Shanghai decreased by 150 to 15700 [21]. - **Basis**: The basis of crude oil increased by 60 to - 38, and the basis of PTA increased by 136 to 17 [21]. Spread - The spreads between different contracts of various varieties changed, such as the spread of PX main - far - month increasing by 264 to 174 [22]. Non - ferrous Metals Futures Quotes - **Prices**: The closing prices of copper, aluminum, zinc, nickel, tin, alumina, industrial silicon, and lithium carbonate futures showed mixed trends, with nickel and tin seeing relatively large increases of 4.08% and 8.30% respectively for their main contracts [24]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with nickel having a large trading volume of 1,737,987 for its main contract and an increase in trading volume of 667,293 [24]. Spot Prices and Basis - **Spot Prices**: The spot price of copper was 102575, and the spot price of aluminum was 24190 [26]. - **Basis**: The basis of zinc increased by 225 to 320, and the basis of lithium carbonate decreased by 5280 to - 4220 [26]. Ratio - The ratios between different non - ferrous metals changed, such as the copper - aluminum ratio decreasing by 0.0155 to 4.22 [27]. Agricultural Products Futures Quotes - **Prices**: The closing prices of hog, corn, soybean meal, rapeseed meal, soybean oil, rapeseed oil, palm oil, and egg futures showed mixed trends, with egg futures rising by 2.23% [30]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with egg futures having a large increase in trading volume of 267701 [30]. Spot Prices and Basis - **Spot Prices**: The spot price of hog was 13000, and the spot price of corn was 2250 [32]. - **Basis**: The basis of hog increased by 60 to 1050, and the basis of egg decreased by 59 to 534 [32]. Ratio and Spread - **Ratio**: The hog - grain ratio decreased by 0.08 to 5.2070 [33]. - **Spread**: The spread between soybean oil and palm oil increased by 108 to - 640 [33]. Other Commodities Futures Quotes - **Prices**: The closing prices of sugar, cotton, cotton yarn, apple, jujube, corn starch, and European line container shipping futures showed mixed trends, with corn starch rising by 0.59% [35]. - **Volumes and Positions**: Trading volumes and open interest of most varieties changed, with sugar having a decrease in trading volume of - 66390 [35].

Metal Market - Domestic base metals collectively declined, with all falling over 1%. Nickel led the drop with a 6.14% decrease, while copper, aluminum, and lead fell over 2% with copper down 2.76%, aluminum down 2.89%, and lead down 2.01% [1] - Lithium carbonate rose by 2.46%, while industrial silicon fell by 4.53%. Polycrystalline silicon hit a limit down with a 9% drop, priced at 53,610 yuan/ton [1][4] - In the black metal sector, stainless steel fell by 0.98% and iron ore by 0.37%, while other varieties saw slight increases, with rebar and hot-rolled coil both rising under 1% [1] - Precious metals saw declines, with COMEX gold down 0.48% and silver down 2.27%. Domestic gold fell by 0.73% and silver by 5.9% [1][2] Macro Environment - The central bank conducted a 99 billion yuan reverse repurchase operation today, with a bid amount of 99 billion yuan and a fixed interest rate of 1.40%, unchanged from previous operations [5] - The U.S. dollar index decreased by 0.04% to 98.70, with recent employment data indicating a drop in job vacancies, raising expectations for further interest rate cuts by the Federal Reserve [8][9] Oil Market - Both domestic oil prices increased, with U.S. oil rising by 0.46% and Brent oil by 0.48%. The decline in U.S. crude oil inventories exceeded expectations, supporting oil prices [10]

Metal Market - Domestic base metals collectively rose, with nickel closing at a limit-up of 8%, reaching 147,720 yuan/ton, the highest since June 2024 [1] - Tin increased by 5.33%, while aluminum and lead both rose over 1%, with aluminum up 1.18% and lead up 1.83% [1] - Alumina and casting aluminum also saw gains, with alumina rising by 4.97% and casting aluminum by 0.7% [1] - Lithium carbonate increased by 4.54%, and industrial silicon rose by 1.07%, while polysilicon fell by 2.13% [1] - In the black metal sector, stainless steel rose by 4.99%, iron ore by 4.09%, rebar by 2.87%, and hot-rolled coil by 2.52% [1] - Coking coal and coke both hit limit-up with a rise of 7.98%, priced at 1,164 yuan/ton and 1,773 yuan/ton respectively [1] - As of 15:07, foreign base metals showed mixed results, with London nickel's growth narrowing to 0.14% and copper down by 0.98% [1] - Precious metals saw COMEX gold down by 0.93% and silver down by 2.96%, while domestic gold fell by 0.17% and silver rose by 2.07% [1][2] Macro Environment - The central bank conducted a net withdrawal of 5,002 billion yuan through reverse repos, with a 7-day reverse repo operation of 286 billion yuan at a rate of 1.40% [5] - The US dollar index fell by 0.09% to 98.51, amid mixed signals from Federal Reserve officials regarding future monetary policy [6] - Upcoming economic data releases include China's foreign exchange reserves and gold reserves for December, as well as various US economic indicators [7] Oil Market - As of 15:07, both US and Brent crude oil prices fell, with US oil down by 1.58% and Brent by 1.2% [8] - Morgan Stanley analysts estimate a potential oversupply in the oil market of up to 3 million barrels per day in the first half of 2026 due to weak demand growth and increased supply from OPEC and non-OPEC countries [8] - API reported a decrease in US crude oil inventories by 2.77 million barrels, while gasoline and distillate inventories increased [8]