股票论坛 › 股票总论坛 › [原创]瑞达期货：3月7日早盘提示

瑞达期货 发表于 2011-3-7 09:28

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达期货：</SPAN><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:chsdate Year="2011" Month="3" Day="7" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日早</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">盘提示</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">金属产品<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>1<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">黄金<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘表现：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">截止<st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US>4</SPAN>日</st1:chsdate>收盘，<SPAN lang=EN-US> COMEX-4</SPAN>月期金收盘价上涨<SPAN lang=EN-US>12.2</SPAN>美元<SPAN lang=EN-US>,</SPAN>报每盎司<SPAN lang=EN-US>1428.6</SPAN>美元。盘中交投区间介于<SPAN lang=EN-US>1433.3</SPAN>至<SPAN lang=EN-US>1415.3</SPAN>美元，成交量<SPAN lang=EN-US>133238</SPAN>，持仓<SPAN lang=EN-US>314632</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>1. </SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">美国<SPAN lang=EN-US>2</SPAN>月非农就业人数增加<SPAN lang=EN-US>19.2</SPAN>万人预期中值增加<SPAN lang=EN-US>19.5</SPAN>万人<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>2. </SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">美国<SPAN lang=EN-US>2</SPAN>月<SPAN lang=EN-US>ISM</SPAN>非制造业指数为<SPAN lang=EN-US>59.7</SPAN>预期中值为<SPAN lang=EN-US>59.3<o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">期货方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN><st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on">3<SPAN lang=EN-US><SPAN lang=EN-US>月4</SPAN></SPAN><SPAN lang=EN-US><SPAN lang=EN-US>日</SPAN></SPAN></st1:chsdate><SPAN lang=EN-US>沪金1106</SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">合约早盘小幅低开<SPAN lang=EN-US>1.82</SPAN>元<SPAN lang=EN-US>/</SPAN>克至<SPAN lang=EN-US>300.98</SPAN>元<SPAN lang=EN-US>/</SPAN>克，盘中最高触及<SPAN lang=EN-US>301.11</SPAN>元<SPAN lang=EN-US>/</SPAN>克，最低<SPAN lang=EN-US>299.80</SPAN>元<SPAN lang=EN-US>/</SPAN>克，收盘下挫<SPAN lang=EN-US>2.81/</SPAN>克，跌幅<SPAN lang=EN-US>0.93%</SPAN>，成交量<SPAN lang=EN-US>10534</SPAN>手，较上一个交易日大幅减少，持仓<SPAN lang=EN-US>49930</SPAN>手，减少<SPAN lang=EN-US>1566</SPAN>手。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>ETF</SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">持仓方面：<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">全球最大的黄金上市交易基金<SPAN lang=EN-US>(ETF)--SPDR Gold Trust</SPAN>表示，其黄金持仓量截至<st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US>4</SPAN>日</st1:chsdate>维持<SPAN lang=EN-US>1,210.62</SPAN>吨，处于<SPAN lang=EN-US>8</SPAN>个多月低点附近徘徊。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：尽管美国<SPAN lang=EN-US>2</SPAN>月非农就业报告好于预期，但市场仍相信该数据仍不足以令美联储改变目前的货币政策，美联储年内加息仍然无望，美元周五夜盘在短暂上扬后继续下挫，而利比亚再次爆发冲突，在避险买盘推动下金价结束短期调整，触及下方短期趋势支撑<SPAN lang=EN-US>1412</SPAN>附近展开强劲反弹，投资者适当关注<SPAN lang=EN-US>1417-1440</SPAN>区间突破情况，短线上海期金可参考<SPAN lang=EN-US>300-305</SPAN>高抛低吸，中线投资者仍可参考<SPAN lang=EN-US>295-291</SPAN>区域分批建立多单，目标<SPAN lang=EN-US>310 315 330</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>2 </SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">锌、铝<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜，伦锌尾盘剧烈波动，日线收长腿阴星，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2488</SPAN>美元，跌幅<SPAN lang=EN-US>0.57%</SPAN>；伦铝尾盘跳水，盘中创出新高，电<SPAN lang=EN-US>3</SPAN>合约收报于<SPAN lang=EN-US>2593</SPAN>美元，跌幅<SPAN lang=EN-US>0.63%</SPAN>。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1.</SPAN>中国央行前副行长：存款准备金率仍有上调空间<SPAN lang=EN-US> 2.</SPAN>发改委：<SPAN lang=EN-US>2</SPAN>年内建<SPAN lang=EN-US>2000</SPAN>万套保障房<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：上海现货<SPAN lang=EN-US>0#</SPAN>锌报<SPAN lang=EN-US>18600-18700</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，较上交易日下跌<SPAN lang=EN-US>100</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>530-</SPAN>贴水<SPAN lang=EN-US>430</SPAN>元<SPAN lang=EN-US>/</SPAN>吨；<SPAN lang=EN-US>1#</SPAN>锌报<SPAN lang=EN-US>18550-18650</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，下跌<SPAN lang=EN-US>100</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>580-</SPAN>贴水<SPAN lang=EN-US>480</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US>A00 </SPAN>铝报在<SPAN lang=EN-US>16610-16630</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，下跌<SPAN lang=EN-US>10</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，贴水<SPAN lang=EN-US>100-</SPAN>贴水<SPAN lang=EN-US>80</SPAN>元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存方面：本周上期所锌现货库存为<SPAN lang=EN-US>341046</SPAN>吨，增加<SPAN lang=EN-US>5950</SPAN>吨，期货库存为<SPAN lang=EN-US>292471</SPAN>吨，较上周增加<SPAN lang=EN-US>3307</SPAN>吨。铝现货库存为<SPAN lang=EN-US>420059</SPAN>吨，减少<SPAN lang=EN-US>3831</SPAN>吨，期货库存为<SPAN lang=EN-US>267078</SPAN>吨，较上周减少<SPAN lang=EN-US>644</SPAN>吨。<SPAN lang=EN-US>LME</SPAN>锌库存最新库存为<SPAN lang=EN-US>719225</SPAN>吨，较上周增加<SPAN lang=EN-US>10850</SPAN>吨；<SPAN lang=EN-US>LME</SPAN>铝库存最新库存为<SPAN lang=EN-US>4606200</SPAN>吨，较上周减少<SPAN lang=EN-US>4675</SPAN>吨。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：基本面上，供求过剩的局面尚未改变。资金面上，沪铝主力合约前<SPAN lang=EN-US>20</SPAN>名净空单减少至<SPAN lang=EN-US>9000</SPAN>手以内；沪锌前<SPAN lang=EN-US>20</SPAN>名减少至<SPAN lang=EN-US>2.2</SPAN>万手左右。整体来看，锌铝净空单数量仍处于高位，资金操作偏空。技术显示，沪锌、沪铝下跌基本到位，下方空间有限，而反弹同样缺乏动力。操作建议：沪锌观望或日内交易；沪铝继续观望。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>3<SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">铜<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外盘：隔夜伦铜冲高回落，美国好于预期的非农数据和不断上涨的油价主导了铜市行情。目前铜价仍处于均线交织处运行，还未实现有效突破，高位小幅震荡整理。<SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息方面：<SPAN lang=EN-US>1</SPAN>。美国<SPAN lang=EN-US>2</SPAN>月非农就业人口增加<SPAN lang=EN-US>19.2</SPAN>万人，好于预期增加的<SPAN lang=EN-US>18.5</SPAN>万人，该增幅为<SPAN lang=EN-US>2010</SPAN>年<SPAN lang=EN-US>5</SPAN>月以来最大。<SPAN lang=EN-US>2</SPAN>月失业率为<SPAN lang=EN-US>8.9%</SPAN>，继续下跌。<SPAN lang=EN-US>2.</SPAN>有消息称利比亚东部产油区附近发生激烈冲突，导致多人死亡，且部分产油厂遭到破坏。油价受支持再次刷新两年半的新高，金价也强劲上扬至<SPAN lang=EN-US>1430</SPAN>美元<SPAN lang=EN-US>/</SPAN>盎司。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货方面：上海金属网铜现货报价为<SPAN lang=EN-US>73300-73500</SPAN>，较昨日上涨<SPAN lang=EN-US>450</SPAN>，贴水<SPAN lang=EN-US>350</SPAN>，铜价高位，现货保持较高贴水，表明现货需求不佳，上涨意愿不强；内外比价为<SPAN lang=EN-US>7.54-7.56</SPAN>，日内比价基本保持不变，沪铜表现平平。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存：<st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US>4</SPAN>日</st1:chsdate>伦铜库存增加<SPAN lang=EN-US>1250</SPAN>至<SPAN lang=EN-US>425300</SPAN>，目前注销仓单处于<SPAN lang=EN-US>3.8%</SPAN>，仍处于<SPAN lang=EN-US>5%</SPAN>之下，再结合伦铜库存的季节性变化，预计后期库存有望继续增加。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">观点总结：上周伦铜大多表现为冲高回落，疲软的美元走势对铜价起到一定的支撑作用了，但不断上行的油价迎来了投资者对全球经济成长的担忧，从而限制了铜价上涨空间。今日沪铜<SPAN lang=EN-US>1105</SPAN>合约料开至<SPAN lang=EN-US>74400</SPAN>附近，在油价大涨的背景下，今日走势料不会太强劲，继续区间震荡为主。铜价下方关注<SPAN lang=EN-US>73500</SPAN>的支撑，如跌破则多头先行离场观望。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>4 <SPAN style="mso-spacerun: yes">&nbsp;</SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">钢材<SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">现货市场：<SPAN lang=EN-US> <st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="8" UnitName="mm">8mm</st1:chmetcnv> Q235</SPAN>高线上海报价<SPAN lang=EN-US>4680</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，持平；<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="20" UnitName="mm"><SPAN lang=EN-US>20mm</SPAN></st1:chmetcnv><SPAN lang=EN-US> HRB400</SPAN>螺纹钢上海报价<SPAN lang=EN-US>4950</SPAN>元<SPAN lang=EN-US>/</SPAN>吨，持平。<SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">消息：<SPAN lang=EN-US>(1) </SPAN>日钢企与铁矿石巨头初步达一致<SPAN lang=EN-US> 4</SPAN>月起涨价<SPAN lang=EN-US>25%</SPAN>；<SPAN lang=EN-US>(2) </SPAN>工信部部长：准备多种办法控制钢材成本；<SPAN lang=EN-US>(3) </SPAN>发改委：十二五将实现保障房覆盖率达<SPAN lang=EN-US>20%</SPAN>；<SPAN lang=EN-US>(4) </SPAN>印度粉矿<st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN lang=EN-US>3</SPAN>月<SPAN lang=EN-US>4</SPAN>日</st1:chsdate><SPAN lang=EN-US>CIF</SPAN>指数<SPAN lang=EN-US>184</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨，跌<SPAN lang=EN-US>2</SPAN>美元<SPAN lang=EN-US>/</SPAN>吨。<SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">库存：上海交易所螺纹钢仓单日报为<SPAN lang=EN-US>2102</SPAN>吨，持平。线材仓单日报为<SPAN lang=EN-US>0</SPAN>，持平。<SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">小结：周五<SPAN lang=EN-US>RB1110</SPAN>合约重心再度下移，整体疲态未改。目前现货市场成交低迷，现货报价混乱下跌，同时建筑钢材社会库存继续增加。操作上建议，空单继续依托<SPAN lang=EN-US>5</SPAN>日线持有。<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">农产品</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1 <SPAN style="mso-spacerun: yes">&nbsp;</SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">大豆豆粕</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">市场重新关注偏紧的供需面</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">但是在利空压力逐步得到消化后，市场重新将目光转向大豆依旧偏紧的供需面。美国农业部预估</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2011/12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度大豆库存使用比为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4.8%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，高于</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2010/11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度的</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4.2%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。从本周的美豆出口报关看，虽然后期需求转向南美，但美豆的需求良好，这给予市场信心，主要原因是中国的需求在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份将有可能逐步恢复。另外阿根廷码头工人罢工也带来一些利多提振</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：本周</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">CBOT</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美豆上涨势头强劲，期价逐步收复前期的跌势，利多因素逐步回归，在连续的下跌后，大豆期货的价值重新显现，买盘积极性增加。美豆</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月期价重新回到</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">14</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元上方。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货：核算美豆</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月到港船期的价格在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4500</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，核算</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月船期的巴西大豆价格在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4480</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨左右，黑龙江地区国产大豆收购价格在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3840</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨左右，油厂压榨有利润，目前收购的积极性较高。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">本周豆粕现货价格在期货盘面的带动下走强，豆粕现货价格上涨，但成交价格变动受制于走货的速度，目前沿海地区豆粕现货的报价回到</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3400</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨上方，但部分油厂为了走货，实际的成交价格议价的空间较大。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">操作建议：在近几日适逢两会召开，时间也比较敏感，但是豆类长线上涨的格局没有改变，但持有豆类的多头部位仍是一个比较好的选择，操作上，投资者可回补多头仓位，但总体的仓位要把握好。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">谷物</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：受获利平仓打压，周五</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">CBOT</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">玉米期货市场在触及</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">32</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个月高点之后回落收低，但较前一周收盘有所企稳。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息方面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年南非玉米产量有望超过平均水平；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、日本农业部买入</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">129,094</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨美国小麦；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、据当地媒体报道，斯里兰卡农业部计划在全国范围内投入</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7.5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亿卢比（约合</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">670</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万美元）种植约</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">40</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万英亩水稻及其他农作物。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：目前国内玉米现货价格整体继续上涨。东北港口玉米市场价格走势坚挺，大连港内玉米平舱报价在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2150-2160</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，水分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">15%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，但市场成交依然较清淡；广东港口玉米价格相对平稳，港内质量较好的玉米主流成交价仍在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2220-2230</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，水分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16%-17%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">的玉米成交价在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2180-2200</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，眼下港口玉米库存加未卸在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">31</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨，近几日港口日走货量仍在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨左右。郑州强筋小麦出库价</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2400</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；江西九江早稻收购价</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2110</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，水分≤</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3.5%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存方面：玉米仓单为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">699</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，郑州强麦仓单为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">13606</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，早籼稻仓单为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7170</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：现货报价表现坚挺，玉米期价中长期上涨趋势未变，操作上可采取逢低买入策略；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">WS1109</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约下方</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2840</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线支撑较好，但上方均线压力显现，短期震荡思路对待；缺乏基本面指引，早籼稻期价跟随周边谷物运行，短期震荡思路对待。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">白糖</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">由于泰国生产前景看好或将缓解市场方面对供给前景的担忧，加上受巴西中</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">-</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">南部地区即将开榨的影响，周五</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">ICE</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">糖市</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原糖期货价格全线回落，近期合约领跌。当日</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1105</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价下跌</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">71</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">-2.3%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">），收于</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">29.88</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅，盘中</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1105</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一度冲击了</SPAN><st1:chsdate Year="2011" Month="2" Day="11" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">以来</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">30.76</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅的最高点，但也曾下滑至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">29</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅的地点；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1107</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期约糖价同时下跌</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">49</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">-1.8%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，以</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">27.45</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">磅报收。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">基本面消息：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、截止</SPAN><st1:chsdate Year="2011" Month="3" Day="3" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">广西已有</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">家糖厂收榨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、美国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">Cargill</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">接受所有</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月合约项下交割糖</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内现货：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp; </SPAN><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;</SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内现货小幅下跌，南宁报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7250</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存仓单（张）：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5272</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，有效预报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2416</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">国内主产区天气情况：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今天白天到晚上，梧州、贵港、玉林、南宁、崇左、北海、钦州、防城港等市阴天有小雨，我区其它地区小雨转阴天。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">南宁市</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">:</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">今天白天到晚上，小雨转阴天，东北风</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1-2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级，最高气温</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="16" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，最低气温</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="11" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp; </SPAN><o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">郑糖盘面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">郑糖</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1109</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约延续震荡调整行情，尾盘减仓下行，在股市强势影响下</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7200</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">暂显一定支撑。操作上，空单谨慎持有。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">棉花</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘走势：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">ICE</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期棉封涨停在纪录新高，受供应紧张刺激。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月期棉合约上涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分，收报每磅</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">184.23</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美分。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、美国农业部</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">(USDA)</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">最新公布的棉花出口销售报告显示，截至</SPAN><st1:chsdate Year="2011" Month="2" Day="24" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周，美国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2010-11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花净销售</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">153,300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2011-12</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花净销售</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">250,000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包。当周美国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2010-11</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年度棉花出口装船</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">423,300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">包。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、受澳元汇率走强和全球棉价高涨的影响，今年</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月份澳大利亚棉花出口量骤减至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5306</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，同比减少</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">69.3%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。当月，澳棉对各主要出口地区的装运量普遍大幅下滑，其中对中国和泰国的装运量同比分别减少</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">99.2%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">和</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">87.8%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：棉花指数</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">328</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">价格为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">30913</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，与上一交易日上涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">107</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单库存：交易所注册仓单为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">417</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，较上一交易日持平，有效预报为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">415</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。（每张对应棉花</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">40</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨）。截止</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日全国棉花交易市场业务棉花</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">278631</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较前一日增加</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">482</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">主产区天气：未来三天，西南地区东部、江汉及淮河以南大部地区多阴雨；新疆西南部山区及天山西部、西藏西部和东南部、西北地区东南部、东北地区东部等地也将先后有小雪（雨）或阵雪（雨）天气。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：受投机买盘推动，美棉封于涨停，创出纪录高位。郑商所决定全国棉花交易市场的仓单均可转换为郑商所仓单，这利于增加棉花仓单数量，同时国内政策面紧缩预期，打压棉市做多气氛。国内现货价格小幅上涨，棉企销售兑现积极性较高，纺企询盘有所增多，但实际成交形势依旧不理想。郑棉</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1109</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约继续收跌，期价位于均线密集区域承压整理，短线呈现高位震荡走势。操作上，短线交易。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5<SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">油脂</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘：隔夜美豆豆油强势上涨，期价收到三周来的高点。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">BMD</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">棕榈油期货大幅走强，延续了前三日的涨势，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月合约上涨了</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点到</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3660</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">林吉特；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：印度国家贸易公司（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">STC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）发布招标公告，寻购六千吨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">度精炼棕榈油，交货日</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期定在</SPAN><st1:chsdate Year="2011" Month="3" Day="20" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，交货地点定在孟买港口，产地必须是印尼或马来西亚</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">.</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">印度国有</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PEC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">公司</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">也发布了招标会，寻购</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1500</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨毛豆油，即期交货。交货地点定在西部古吉拉特邦的</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">Kandla </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">港口。这批豆油的产地定为阿根廷或巴西。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货价格：现货方面市场上的报价稳中略涨。沿海四级豆油约为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">10200-10400</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，报价</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">稳中有涨，部分地区上涨了</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">50</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；港口棕榈油成交价格集中在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">9850-9900</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，价格</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">稳中有涨；国内四级菜油出厂价格集中在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">10200-10400</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨水平。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">产区天气方面，国内，油菜籽主产区延续降水天气，西南地区东部、江南西部和东南部等</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点：今天期价上涨，对反弹走势进行稳固，两会召开，近期仍将是一个政策敏感期，但偏</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">强的格局没有变化，对后市仍可持有长线看多思路。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">化工品<SPAN lang=EN-US><o:p></o:p></SPAN></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>1</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">连塑</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、全球塑料瓶盖产品需求日益增长</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、中国拟禁双酚</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">A</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">塑料奶瓶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">LLDPE</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货价格大幅上升。扬子石化</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">DFDA-7042</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11350</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">250</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元。东北亚乙烯报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1349</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">——</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1351</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，东南亚乙烯报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1340</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">—</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1342</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，均无涨跌。市场交投谨慎，成交不多。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单库存：交易所仓单报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16653</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，减少</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">628</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五连塑宽幅震荡，成交量小幅萎缩，显示市场交投谨慎。基本面上，通胀压力大，货币政策收紧，对商品价格形成一定压制，但原油走势强劲，亚洲乙烯价格价格坚挺，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">LLDPE</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">利润空间狭小，进入农膜需求旺季等因素则对连塑形成一定的支撑。预计连塑仍有反弹动力。操作上，投资者手中多单可</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11860</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线为止损位谨慎持有。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>PVC<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、新疆大力推进煤炭资源转换</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">开工建设一批重点项目</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、江苏井神盐化淮安碱厂</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨联碱项目一期投料成功</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场全线走稳。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">CFR</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">远东报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1092</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，华东乙烯法</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">8200</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，华东电石法</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7920</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，西北电石报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元华东电石报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3900</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，均与上一交易日持平。市场成交仍不活跃。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单库存：交易所仓单报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1284</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，无增减。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">继续回落寻底。盘中走势疲软。基本面上，下游需求复苏缓慢，现货价格连续回调、市场成交清淡对其形成一定的压力。预计</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仍将延续震荡整理格局，但近期</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PVC</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">已连收五根阴线，预计短线或有反弹。建议投资者以日内交易为主。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">天胶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘走势：受沪胶持续大幅回落令市场担忧中国橡胶需求锐减，受此打压，</SPAN><st1:chsdate Year="2011" Month="3" Day="4" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">TOCOM</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">橡胶继续回落整理，七月合约报收于</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">472</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日元，跌</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4.1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日元，跌幅</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">0.86%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。预计其后市仍将回试</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">445</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">——</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">448</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">一线的支撑。操作上，投资者手中空单可继续谨慎持有。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、固铂轮胎橡胶公司宣布增加在亚洲工厂的投资</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、轮胎产商逢低展开采购</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场：橡胶现货价格大幅回落。上海市场云南国标一号胶报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">39300</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，跌</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">900</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元。青岛市场泰国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3#</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">烟片走势平稳，报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> 40600</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，无涨跌。合成胶价格相对平稳，丁苯橡胶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1502</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">27000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元，高桥石化顺丁橡胶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">BR9000</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">33200</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">，均与昨日持平。市场成交一般。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">亚洲各橡胶主产区天气预报如下：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">泰国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">曼谷</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">晴</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>32</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃～</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="25" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">25</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">风力：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">越南</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">河内</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">阴</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>17</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃～</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="16" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">风力：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">胡志明市</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">雷阵雨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp; </FONT></SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="33" UnitName="℃"><FONT face="Times New Roman">33</FONT><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''" lang=EN-US><SPAN lang=EN-US>℃</SPAN></SPAN></st1:chmetcnv><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''" lang=EN-US>～</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="23" UnitName="℃"><FONT face="Times New Roman">23</FONT><SPAN style="FONT-FAMILY: 宋体; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''" lang=EN-US><SPAN lang=EN-US>℃</SPAN></SPAN></st1:chmetcnv><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">风力：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">马来西亚</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吉隆坡</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">雷阵雨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN>33</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃～</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="24" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">风力：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级转</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">印尼</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">雅加达</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">雷阵雨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp; </SPAN><SPAN style="mso-spacerun: yes">&nbsp;</SPAN>31</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃～</SPAN><st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="24" UnitName="℃"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">24</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">℃</SPAN></st1:chmetcnv><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">风力：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">级</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">仓单库存：交易所仓单报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">34630</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，增加了</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">685</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：上周五沪胶弱势回调，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">60</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日均线被轻松击穿，显示短期将延续弱势调整格局。基本面上，现货价格大幅回落、下游需求复苏缓慢对沪胶形成一定的打压，市场库存不高则对其形成支撑，预计短期将延续弱势震荡格局，操作上，建议投资者以日内交易为主</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US>4 <SPAN style="mso-spacerun: yes">&nbsp;</SPAN></SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">NYMEX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油收高，受利比亚和中东局势动荡推动，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">NYMEX 4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月原油期货上涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2.51</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，收报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">104.42</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">桶。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、近期各地织造开机已恢复至正常水平，据悉下游订单量尚可，但因涤丝等原料高位及其他运营成本上升导致订单利润较薄。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> 3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、宁波台化产能</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">80</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万吨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年的</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">装置于</SPAN><st1:chsdate Year="2011" Month="2" Day="28" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">28</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">停车检修，此次检修时间计划</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">周左右，厂家表示合约货源供应不受影响。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货价格：华东</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">市场气氛清淡，市场卖方报盘在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11750</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近，买家接盘观望，实际商谈在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11650-11700</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近展开，实盘稀少。亚洲</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">市场气氛偏弱，市场台产现货报盘在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1520</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近，询盘气氛一般，商谈在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1505-1510</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近，韩货商谈在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1495</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;</SPAN><SPAN style="mso-spacerun: yes">&nbsp;&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">库存数据：交易所仓单为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">10404</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，较上一交易日增加</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">594</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张，有效预报为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1423</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">张。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：国内召开两会，政策面紧缩忧虑及下游需求表现一般打压</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">期价，棉价回落也带动</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">高位整理，原油大涨及</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">维持高位限制调整空间；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货市场气氛清淡，市场卖方报盘在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">11750-11800</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨附近，买家接盘观望。江浙涤丝市场整体稳定，产销出现回升；聚酯切片市场维持震荡，市场有适量成交。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">PTA1105</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约收跌，期价围绕</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日线承压整理，短线延续高位震荡走势。操作上，短线交易。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">沪油</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘走势：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> NYMEX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油收涨，受获利了结和头寸调整打压，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">NYMEX 4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月原油期货上涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2.51</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，收报</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">104.42</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">桶，油价创下</SPAN><st1:chsdate Year="2008" Month="9" Day="26" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">08</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">26</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">以来最高收盘价。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息方面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、中国主要石油炼厂将把</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月的原油日加工量削减至一年低位，因大量的维护活动、燃料库存的大增以及原油价格成本的高涨，都令炼厂的加工能力承压。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">、新加坡国际企业发展局（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IE</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）公布的数据显示，截至</SPAN><st1:chsdate Year="2011" Month="3" Day="1" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">当周，新加坡汽油、石脑油库存减少</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">44.9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万桶，至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">972.1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万桶的四周低位。残渣燃料油库存减少</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">83.2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万桶，至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1935.1</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万桶。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">现货方面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日黄埔到岸价，新加坡高硫</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">180</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美金价</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">662.69</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，到岸贴水</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">19-20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元，新加坡高硫</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">380</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美金价</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">651.97</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元。华南混调油最新交易估价：船用混调</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">180</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">交易过驳价至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4770-4780</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；库提价</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4780-4790</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周上涨</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">50</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨；国产锅炉用混调</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">180CST</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">交易价至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4460-4510</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">元</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">/</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">吨，较上周基本持平。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">观点总结：因利比亚冲突升级危及该国石油行业，</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">NYMEX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油大幅收高。华东地区混调油市场本轮调价基本到位，市场观望气氛浓厚；华南地区混调油市场整体行情走稳观望为主，贸易商采购兴致较低，需求跟进疲乏，非标油市场价格小幅上推。原油维持涨势支撑动燃料油市场，上行空间仍需关注需求恢复情况。沪油</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1105</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约小幅下跌，期价回测</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日线支撑，短线维持</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4800-4900</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">区间震荡走势。操作上，短线区间交易。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 12pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体" lang=EN-US><o:p>&nbsp;</o:p></SPAN></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" class=MsoNormal align=center><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">股指期货</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达期货</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">股指早盘评论</SPAN><st1:chsdate Year="2011" Month="3" Day="7" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">导读：</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">主力情绪兴奋</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">“两会”行情或本周展开</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘表现：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">外盘指数</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">收盘</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-tab-count: 1">&nbsp;&nbsp; </SPAN><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">涨幅</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">道琼斯</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>12169.88<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.72%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">纳斯达克</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>2784.67<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.50%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">标普</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">500<SPAN style="mso-tab-count: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1321.15<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.74%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">富时</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">100<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>5990.39<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.24%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">德国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">DAX<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>7178.90<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.65%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">法国</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">CAC40<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>4020.21<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-1.00%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">C0MEX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">黄金</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1433.10<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>1.18%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">NYMEX</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">原油</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>104.42<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>2.46%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元指数</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>76.409<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>-0.11%<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">小结：随着纽约原油期货收在每桶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">104</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元上方，上周五美国股市收低，但已经远离盘中最低点。原油期货价格突破每桶</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">104</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美元以及</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非农就业数据使人们担心收入增长可能跟不上能源成本上涨的步伐。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">消息面：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">1. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">政府工作报告：十二五城乡居民收入年均实际增逾</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年预期目标</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">GDP</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">8%<SPAN style="mso-spacerun: yes">&nbsp; </SPAN>CPI</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">在</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">左右，稳定物价总水平为宏调首要任务；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2011</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">年广义货币增长目标为</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">银监会：今年信贷增速将降至</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">15%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">左右。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月新增贷款低于预期，央行或再升存准率；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">发改委：十二五将实现保障房覆盖率达</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">20%</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN><o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4. IMF</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">全球粮价高涨凸显了经济的“结构性”变化，并警告粮价高涨将持续数年；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5<SPAN style="mso-spacerun: yes">&nbsp; </SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">英国央行料将在第三季升息，欧洲央行</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月料很有可能升息；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">6. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">韩国央行行长金仲秀：金融危机已不是小概率事件；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">7. </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">美</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月非农就业报告显示：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月的非农就业环比增长</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">19.2</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">万，就业增量创</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个月新高失业率好于预期；</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">持仓分析</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><st1:chsdate Year="2011" Month="3" Day="5" IsLunarDate="False" IsROCDate="False" w:st="on"><st1:chsdate Year="2011" Month="3" Day="5" IsLunarDate="False" IsROCDate="False" w:st="on"><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">月</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">日</SPAN></st1:chsdate><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">前</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">20</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">名多头主力持单（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IF1103</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">21840</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手，空头主力持仓（</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IF1103</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">）</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">26889</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手，净空持仓</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5049</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手，净空持仓增加</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">16</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">手。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> <o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">上周五股指强势反弹，迎接“两会”。在多空双方激烈博弈中，二者均采取大幅增仓继续对垒。值得注意的是空头巨头（前</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">名）增仓较为显著，而多头巨头持仓变动较为缓和。结合成交量情况和基本面，下周一盘中仍存在回调修复空间或振幅较大，应注意控制风险。从中长期（下周），期指有望继续冲高。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">瑞达研究院观点：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">主力合约</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IF1103</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">上周五报收于</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3288.6</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点，预计周一</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IF1103</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约运行区间在：</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3330-3240</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点之间。如上方冲破</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman"> 3330 </FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点可以小多，止损下设</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">15</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点；如下方破</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">3240</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">点，可以介入空单，止损上设</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">15</FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">个点。如在区间内窄幅震荡，可以高空低多的策略。</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p><FONT face="Times New Roman">&nbsp;</FONT></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">合约名称</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">强阻力位</SPAN><SPAN style="FONT-SIZE: 12pt"><FONT face="Times New Roman"> <SPAN lang=EN-US><SPAN style="mso-spacerun: yes">&nbsp;&nbsp;</SPAN></SPAN></FONT></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">阻力位</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">支撑位</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><SPAN style="mso-spacerun: yes"><FONT face="Times New Roman">&nbsp;&nbsp;&nbsp; </FONT></SPAN></SPAN><SPAN style="FONT-FAMILY: 宋体; FONT-SIZE: 12pt; mso-hansi-font-family: ''Times New Roman''; mso-ascii-font-family: ''Times New Roman''">强支撑位</SPAN><SPAN style="FONT-SIZE: 12pt" lang=EN-US><o:p></o:p></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">HS 300<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3350<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3310<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>3220<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp; </SPAN>3200<o:p></o:p></FONT></SPAN></P>
<P style="MARGIN: 0cm 0cm 0pt" class=MsoNormal><SPAN style="FONT-SIZE: 12pt" lang=EN-US><FONT face="Times New Roman">IF1103<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </SPAN>3370<SPAN style="mso-spacerun: yes">&nbsp;&nbsp;&nbsp;&nbs

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