2020年理财年报

兴证期货研发部 2020 年理财年报 目录 股指期货 ........................................................................................................................................ 3 区间震荡，重心上移 .................................................................................................................... 3 有色金属〃铜 ............................................................................................................................... 18 亏损减产或将发酵，铜价重心上移 ........................................................................................... 18 有色金属〃镍 ............................................................................................................................... 40 供需存在边际改善预期，镍价重心或将上移 ........................................................................... 40 钢材 .............................................................................................................................................. 55 钢价重心下移，走势先高后低 ................................................................................................... 55 铁矿石 .......................................................................................................................................... 80 供需逐渐宽松，价格回落 ........................................................................................................... 80 废钢 .............................................................................................................................................. 91 2020 年废钢存在供需缺口 ......................................................................................................... 91 焦煤&焦炭 .................................................................................................................................... 97 2020 年双焦价格中枢下移 ......................................................................................................... 97 原油 ............................................................................................................................................ 122 供给过剩难以改变，全年中性偏空 ......................................................................................... 122 甲醇 ............................................................................................................................................ 137 供过于求加重，单边弱势震荡，关注价差机会 ..................................................................... 137 PP&L ........................................................................................................................................... 150 山雨欲来风满楼，砥砺前行路漫漫 ......................................................................................... 150 PTA&MEG .................................................................................................................................... 169 大炼化逐步落地，聚酯原料宽幅震荡 ..................................................................................... 169 豆类油脂 ...........................................................................................................................