上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 2026 年 1 月 12 日星期一 重庆市江北区金沙门路 32 号 23 层； 023-67071029 | | | | 碳酸锂： | | 16 | | --- | --- | --- | | 铜： | | 17 | | 铝： | | 17 | | 锌： | | 17 | | 铅： | | 17 | | 锡： | | 17 | | 镍： | | 18 | | 豆油、豆粕： | | 18 | | 棕榈油： | | 19 | | 菜粕、菜油： | | 20 | | 棉花： | | 20 | | 白糖： | | 21 | | 苹果： | | 22 | | 生猪： | | 23 | | 鸡蛋： | | 24 | | 玉米&淀粉： | | 24 | | 原木： | | 25 | | 免责声明 | | 27 | 国债： 上一交易日，国债期货收盘全线下跌，30 年期主力合约跌 0.07%报 110.870 元， 10 年期主力合约跌 0.02%报 107.765 元，5 年期主力合约跌 0.03 ...

有色早报 研究中心有色团队 2026/01/12 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2026/01/05 -115 7082 111703 90282 -1655.63 -138.56 43.0 46.0 41.98 142550 32650 2026/01/06 -200 7942 111703 93271 -1275.62 53.90 39.0 44.0 2.98 146075 31875 2026/01/07 -320 7742 111703 96474 -1162.96 67.15 39.0 44.0 14.98 143225 29025 2026/01/08 -325 7168 111703 108685 -941.12 186.34 42.0 46.0 16.75 141075 25925 2026/01/09 -325 6063 180543 111216 -1676.26 202.43 42.0 46.0 41.94 138975 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold: Safe - haven sentiment has rebounded [2][4]. - Silver: Re - testing new highs [2][4]. - Copper: Demand expectations are strengthening, leading to price increases [2][8]. - Zinc: Operating in a relatively strong manner [2][11]. - Lead: Reduced overseas inventories support prices [2][14]. - Tin: Oscillating and strengthening [2][16]. - Aluminum: The price center has significantly moved up; Alumina is driven by capital risk preference; Cast aluminum alloy follows the aluminum price [2][20]. - Platinum: ETF holdings are continuously flowing out, with range - bound oscillations [2][22]. - Palladium: After surging, it declined. Attention should be paid to the price transmission related to tariffs [2][22]. - Nickel: There is a game between industrial and secondary funds, with wide - range oscillations [2][26]. - Stainless steel: Ferronickel raises the oscillation center, and the market is speculating on Indonesian policies [2][27]. 3. Summaries by Related Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 1,006.48 with a daily increase of 0.86%, and the night - session closing price was 1008.54 with a 0.80% increase. For silver, the closing price of Shanghai Silver 2602 was 18757 with a 1.55% increase, and the night - session closing price was 19438.00 with a 6.19% increase [4]. - **Inventory and ETF Holdings**: The inventory of Shanghai Gold was 97,653 kg (unchanged), and the SPDR Gold ETF holdings decreased by 3 to 1,064.56. The inventory of Shanghai Silver decreased by 17385 kg to 620,262 kg, and the SLV Silver ETF holdings (the day before yesterday) increased by 93 to 16,308.48 [4]. - **Macro and Industry News**: US December non - farm payrolls were lower than expected, but the unemployment rate decreased. The January consumer confidence index reached a four - month high. Trump threatened Iran and was reported to have listened to military strike plans [4][6][7]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 101,410 with a 0.19% increase, and the night - session closing price was 102220 with a 0.80% increase. The London Copper 3M electronic - trading price increased by 2.07% to 12,966 [8]. - **Inventory and Spread**: The Shanghai Copper inventory increased by 2,531 tons to 111,216 tons, and the London Copper inventory decreased by 2,100 tons to 138,975 tons. The spread between Shanghai copper spot and LME cash decreased by 133 to - 977 [8]. - **Macro and Industry News**: The US January consumer confidence reached a four - month high. The Kamoa - Kakula copper smelter produced its first batch of anode copper, with an expected output of 380,000 - 420,000 tons of mineral copper in 2026 [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 23970 with a - 0.02% change, and the London Zinc 3M electronic - trading price increased by 0.57% to 3149 [11]. - **Inventory and Spread**: The Shanghai Zinc inventory decreased by 599 tons to 38874 tons, and the London Zinc inventory decreased by 550 tons to 107450 tons. The LME CASH - 3M spread increased by 7.5 to - 36.5 [11]. - **News**: Trump threatened Iran, and Canada was worried about US economic actions [12]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 17395 with a 0.35% increase, and the London Lead 3M electronic - trading price increased by 1.49% to 2046.5 [14]. - **Inventory and Spread**: The Shanghai Lead inventory increased by 2321 tons to 16188 tons, and the London Lead inventory decreased by 3725 tons to 222725 tons. The LME CASH - 3M spread decreased by 2.55 to - 44.05 [14]. - **News**: The US January consumer confidence reached a four - month high, and December non - farm payrolls were lower than expected [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 352,540 with a 0.83% increase, and the night - session closing price was 359,980 with a 3.15% increase. The London Tin 3M electronic - trading price increased by 4.64% to 45,700 [17]. - **Inventory and Spread**: The Shanghai Tin inventory decreased by 359 tons to 6,429 tons. The SMM 1 tin ingot price decreased by 5,300 to 349,750 [17]. - **News**: Trump threatened Iran, and the UK considered deploying troops in Greenland [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 24330, and the night - session closing price was 24465. The closing price of the Shanghai Alumina main contract was 2843, and the night - session closing price was 2835 [20]. - **Inventory and Spread**: The LME aluminum inventory decreased by 0.19 million tons to 49.78 million tons. The domestic aluminum ingot social inventory remained unchanged at 71.80 million tons [20]. - **News**: There was a debate about AI, and countries were hoarding strategic materials [21]. Platinum and Palladium - **Price and Trading Volume**: The closing price of the Platinum 2606 futures was 599.80 with a 4.31% increase, and the Palladium 2606 futures price increased by 8.32% to 499.05 [22]. - **Inventory and ETF Holdings**: The NYMEX Platinum inventory (the day before yesterday) decreased by 260 ounces to 624,755 ounces. The Platinum ETF holdings (the day before yesterday) decreased by 14,775 ounces to 3,284,543 ounces [22]. - **News**: There were various geopolitical events such as the situation in Thailand, Israel - Gaza, and the UK's consideration of Greenland deployment [25]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 139,090, and the closing price of the stainless - steel main contract was 13,860 [27]. - **Industry News**: Indonesia suspended issuing new smelting licenses, and the Chinese government imposed export license management on some steel products [27][28].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 1 月 12 日） 一、动力煤 | 商品 | | 动力煤 | （元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/01/09 | -102.4 | 0.0 | 0.0 | 0.0 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/01/09 2026/01/08 2026/01/07 2026/01/06 2026/0 ...

Maike 迈科期货 TO DISCOVER VALUE TO CREATE VALUE TO SHARE VALUE www.mkqh.com 迈科期货基差统计表 | | 名称 | 交易代码 | 主力基差率 | 较昨日増减 | 当月基差 | 次月基差 | 再次月基差 | 录自导科 | 次月合约 | 再次月合约 | 现货价格 | 现货价格来源 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 铜 | CU | 0.21% | 0.86% | 215 | 115 | 165 | 101870 | 101970 | 101920 | 102085 | SMM 1#电解铜 | | | 指 | AL | 0.04% | 1.23% | 10 | -15 | -60 | 23990 | 24015 | 24060 | 24000 | SMM A00铝 | | | 锌 | ZN | 0.52% | 0.54% | 125 | 80 | 40 | 24045 | 24090 | 24130 | 2417 ...

20260109申万期货有色金属基差日报 | 品种 | 观点 | | --- | --- | | 铜 | 铜：夜盘铜价收低0.98%。精矿供应延续紧张状态，冶炼利润处于盈亏边缘，冶炼产量虽 环比回落，但总体延续高增长。国家统计局数据显示，电力投资稳定；汽车产销正增长； 家电产量负增长；地产持续疲弱。矿供应扰动导致全球铜供求预期转向缺口，短期铜价更 | | | 多受市场情绪影响。关注美元、铜冶炼产量和下游需求等变化。 | | 锌 | 锌：夜盘锌价收低0.73%。锌精矿加工费回落，精矿供应阶段性紧张，冶炼产量延续增长 。中钢协统计的镀锌板库存总体高位。基建投资累计增速趋缓，汽车产销正增长；家电产 | | | 量负增长；地产持续疲弱。锌供求总体差异不明显，但需要关注目前有色整体市场情绪。 建议关注美元、冶炼产量和下游需求等变化。 | | 品种 | 国内前日期货 收盘价 | 国内基差 | 前日LME3月 期收盘价 | LME现货升贴水 （CASH-3M） | LME库存 | LME库存日 度变化 | | --- | --- | --- | --- | --- | --- | --- | | | （元/吨） | （元/ ...

新能源及有色金属日报 | 2026-01-09 下游持续畏高拒采 铅价出现回落 市场要闻与重要数据 现货方面：2026-01-08，LME铅现货升水为-43.10美元/吨。SMM1#铅锭现货价较前一交易日变化-175元/吨至17300 元/吨，SMM上海铅现货升贴水较前一交易日变化 0元/吨至25.00元/吨，SMM广东铅现货较前一交易日变化-150元 /吨至17350元/吨，SMM河南铅现货较前一交易日变化-200元/吨至17275元/吨，SMM天津铅现货升贴水较前一交易 日变化-225元/吨至17300元/吨。铅精废价差较前一交易日变化0元/吨至-125元/吨，废电动车电池较前一交易日变化 0元/吨至10050元/吨，废白壳较前一交易日变化0元/吨至10150元/吨，废黑壳较前一交易日变化0元/吨至10400元/ 吨。 期货方面：2026-01-08，沪铅主力合约开于17725元/吨，收于17335元/吨，较前一交易日变化-495元/吨，全天交易 日成交87520手，较前一交易日变化4179手，全天交易日持仓46028手，手较前一交易日变化-5981手，日内价格震 荡，最高点达到17760元/吨，最低点达 ...

有色早报 研究中心有色团队 2026/01/09 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/12/31 -335 5700 111703 81775 -1808.32 -74.26 51.0 49.0 30.39 147425 36825 2026/01/05 -115 7082 111703 90282 -1655.63 -138.56 43.0 46.0 41.98 142550 32650 2026/01/06 -200 7942 111703 93271 -1275.62 53.90 39.0 44.0 2.98 146075 31875 2026/01/07 -320 7742 111703 96474 -1162.96 67.15 39.0 44.0 14.98 143225 29025 2026/01/08 -325 7168 111703 108685 -941.12 186.34 42.0 46.0 16.75 141075 2 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货品种套利数据日报（2026 年 1 月 9 日） 一、动力煤 | 商品 | | 动力煤 （元/吨） | | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2026/01/08 | -104.4 | 0.0 | 0.0 | 0.0 | | 2026/01/07 | -108.4 | 0.0 | 0.0 | 0.0 | | 2026/01/06 | -113.4 | 0.0 | 0.0 | 0.0 | | 2026/01/05 | -116.4 | 0.0 | 0.0 | 0.0 | | 2025/12/31 | -123.4 | 0.0 | 0.0 | 0.0 | www.bcqhgs.com 1 杭州市求是路8号公元大厦东南裙楼1-5层 期货研究报告 二、能源化工 www.bcqhgs.com 2 杭州市求是路8号公元大厦东南裙楼1-5层 2026/01/08 2026/01/07 2026/01/06 2026/01/05 2025/12 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report is a daily data report on futures variety arbitrage from Baocheng Futures, covering multiple futures varieties including thermal coal, energy chemicals, black metals, non-ferrous metals, agricultural products, and stock index futures. It provides data on basis, inter - month spreads, and inter - commodity spreads for different trading dates [1][2][8][10][18][19][20][28][31][38][49]. 3. Summary by Directory 3.1 Thermal Coal - The report presents the basis and inter - month spreads (5 - 1, 9 - 1, 9 - 5) of thermal coal from December 30, 2025, to January 7, 2026. During this period, the basis gradually increased from - 131.4 yuan/ton to - 108.4 yuan/ton, while the inter - month spreads remained at 0.0 [1][2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - It provides basis data for fuel oil, crude oil/asphalt, and INE crude oil from December 30, 2025, to January 7, 2026, along with price ratios for some commodities [6]. 3.2.2 Chemical Commodities - **Basis**: The report shows the basis data for rubber, methanol, PTA, LLDPE, PVC, and PP from December 30, 2025, to January 7, 2026. For example, the basis of rubber decreased from - 370 yuan/ton to - 430 yuan/ton [8]. - **Inter - month Spreads**: It presents the inter - month spreads (5 - 1, 9 - 1, 9 - 5) for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol [10]. - **Inter - commodity Spreads**: The inter - commodity spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) for different dates from December 30, 2025, to January 7, 2026, are provided [10]. 3.3 Black Metals - **Basis**: The basis data for rebar, iron ore, coke, and coking coal from December 30, 2025, to January 7, 2026, are given. For example, the basis of rebar decreased from 186.0 yuan/ton to 153.0 yuan/ton [20]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9(10) - 1, 9(10) - 5) for rebar, iron ore, coke, and coking coal are presented. Note that the main contract months of rebar are January, May, and October [19]. - **Inter - commodity Spreads**: The inter - commodity spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot - rolled coil) for different dates from December 30, 2025, to January 7, 2026, are provided [19]. 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data for copper, aluminum, zinc, lead, nickel, and tin from December 30, 2025, to January 7, 2026, are shown. For example, the basis of copper increased from - 1600 yuan/ton to 480 yuan/ton on January 7, 2026 [28]. 3.4.2 London Market - The report provides data on LME spreads, Shanghai - London ratios, CIF, domestic spot prices, and import profit and loss for copper, aluminum, zinc, lead, nickel, and tin on January 7, 2026 [31]. 3.5 Agricultural Products - **Basis**: The basis data for soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, and corn from December 30, 2025, to January 7, 2026, are presented. For example, the basis of soybeans No. 1 decreased from - 204 yuan/ton to - 324 yuan/ton [38]. - **Inter - month Spreads**: The inter - month spreads (5 - 1, 9 - 1, 9 - 5) for multiple agricultural products such as soybeans No. 1, soybeans No. 2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given [38]. - **Inter - commodity Spreads**: The inter - commodity spreads (soybeans No. 1/corn, soybeans No. 2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) for different dates from December 30, 2025, to January 7, 2026, are provided [38]. 3.6 Stock Index Futures - **Basis**: The basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from December 30, 2025, to January 7, 2026, are shown. For example, the basis of CSI 300 increased from 12.69 to 23.67 on January 7, 2026 [49]. - **Inter - month Spreads**: The inter - month spreads (next month - current month, next quarter - current quarter) for CSI 300, SSE 50, CSI 500, and CSI 1000 are presented [49].