> **来源：[研报客](https://pc.yanbaoke.cn)** # China Commodity Futures # Cross-Border Arbitrage Weekly Report # 中国商品期货跨境套利周报 February 10, 2026 # Contributors 作者 <table><tr><td>品种Commodity</td><td>作者Contributor</td><td>从业资格号Qualification No.</td><td>投资咨询号Investment No.</td></tr><tr><td>统筹制作 Production</td><td>姜婧 Jiang Jing</td><td>F3018552</td><td>Z0013315</td></tr><tr><td>统筹制作 Production</td><td>王含章 Wang Hanzhang</td><td>F03121254</td><td>Z0022985</td></tr><tr><td>统筹制作 Production</td><td>桂晨曦 Gui Chenxi, PhD</td><td>F3023159</td><td>Z0013632</td></tr><tr><td>贵金属 Precious Metals</td><td>朱善颖 Zhu Shanying</td><td>F03138401</td><td>Z0021426</td></tr><tr><td>有色金属 Non-Ferrous Metals</td><td>沈照明 Shen Zhaoming</td><td>F3074367</td><td>Z0015479</td></tr><tr><td>黑色金属 Ferrous Metals</td><td>徐轲 Xu Ke</td><td>F03123846</td><td>Z0019914</td></tr><tr><td>原油 Crude Oil</td><td>李云旭 Li Yunxu</td><td>F03141405</td><td>Z0021671</td></tr><tr><td>天然气 Natural Gas</td><td>何颢昀 He Haoyun</td><td>F03100810</td><td>Z0021074</td></tr><tr><td>农产品 Agriculturals</td><td>李青 Li Qing</td><td>F3056728</td><td>Z0014122</td></tr></table> Sources: CITIC Futures # Opportunity to Watch 重点策略推荐 <table><tr><td>重点推荐 Opportunity to Watch</td><td>策略Strategy</td><td>评级 Rating</td><td>首次推荐 Initial Opportunity</td></tr><tr><td>铜 Copper</td><td>多LME铜，空SHFE铜 Long LME, Short SHFE</td><td>关注 Potential</td><td>January 20th, 2026</td></tr><tr><td>锌 Zinc</td><td>多LME锌，空SHFE锌 Long LME, Short SHFE</td><td>关注 Potential</td><td>February 10th, 2026</td></tr><tr><td>糖 Sugar</td><td>多ICE, 空CZCE Long ICE, Short CZCE</td><td>关注 Potential</td><td>January 27th, 2026</td></tr><tr><td>铅 Lead</td><td>-</td><td>取消关注 On hold</td><td>-</td></tr><tr><td>天然气（欧美价差） Natural Gas (TFU-HH)</td><td>-</td><td>取消关注 On hold</td><td>-</td></tr></table> Sources: CITIC Futures # Rationale 重点策略逻辑 <table><tr><td>品种 Commodity</td><td colspan="2">主要逻辑 Rationale</td></tr><tr><td>铜 Copper</td><td>LME注销仓单比例较高，海外挤仓风险仍在，远期合约进口盈利已经打开，建议关注远期合约的多LME铜，空SHFE铜。</td><td>The proportion of LME warehouse receipts being cancelled is relatively high, and the risk of a squeeze in overseas markets still exists. The profit from importing through forward contracts has been unlocked. It is recommended to pay attention to taking a long position in LME copper and a short position in SHFE copper in forward contracts.</td></tr><tr><td>锌 Zinc</td><td>锌锭出口逐步减少，伦锌库存累积速度放缓，在海外锌冶炼厂尚未明显提产之前，伦锌库存回升幅度或较为有限，国内锌锭库存开始季节性累积，建议关注多LME锌，空SHFE锌。</td><td>The export of zinc ingots is gradually decreasing, and the accumulation speed of LME zinc inventory is slowing down. Before overseas zinc smelters significantly increase production, the rebound range of LME zinc inventory may be relatively limited. Domestic zinc ingot inventory has started to seasonally accumulate. It is recommended to pay attention to going long on LME zinc and shorting SHFE zinc.</td></tr><tr><td>糖 Sugar</td><td>当下内外价差处于历史同期高位，上周由于外盘下跌，内外价差环比有所扩大。巴西方面，因糖醇比价持续走弱，糖醇价差也快速下行，但因处于压榨中后期，对实际产糖量影响较小，存在减产空间。泰国因压榨进度推迟，当前累计产糖量同比下降。印度供应前景乐观，当下产量同比增加。国内市场，进入全面开榨期，供应边际增多，25/26榨季预计同比供需形势转为宽松。</td><td>Domestic-foreign price gap hits historic high; widened last week as overseas prices fell. Brazil's narrower sugar-alcohol gap has minor output impact despite late crushing, but output may drop. Thailand's delayed crushing cuts YoY output. India's output rises. Domestic supply edges up with crushing start; 25/26 supply-demand eases vs prior year.</td></tr></table> Sources: CITIC Futures # Forex Market 汇率市场 我们认为美联储货币政策将延续宽松态势，Warsh交易带来的小幅反弹持续性有限。美元指数运行区间或在95-102。当前人民币汇率或呈稳中有升局面，运行区间或在6.8-7.2，贬值空间有限，关注升值机会。 风险提示：欧美财政政策超预期；2）中国宏观政策不及预期；3）地缘政治风险升级 We expect that the Fed will maintain more accommodative in 2026 with restrained impact from Warsh trading. USD is expected to range between 95-102. RMB may show a stable upward trend, with a range of 6.8-7.2, indicating limited depreciation space. Risks: US and EU fiscal policies; China's policies fall short of expectations; geopolitical risks. Major Forex Rates 主要汇率追踪 U.S.-Germany Interest Spread 美德利差 Sources: Wind, Bloomberg, CITIC Futures. # 目录 # 贵金属 # Precious Metals 01 # 有色金属 # Non-Ferrous Metals als 02 # 黑色金属 # Ferrous Metals 03 # 能源 # Energy 04 # 农产品 # Agricultures 05 # 海外套利 # Overseas 06 # 1.1 Gold黄金 □上周表现：黄金内外价差震荡运行，海外COMEX-LBMA价差震荡； 本周推荐：黄金内外价差估值中性，人民币汇率高位震荡，内外套利暂时观望； 风险提示：汇率预期变化风险；特朗普政策风险；美联储政策变动风险。 - Last Week: The price difference between domestic and international gold markets has been fluctuating, and the price difference between COMEX and LBMA overseas has also been fluctuating. Suggestion: On hold. Risks: Exchange rate expectations volatility; Trump policy risks; Fed policy shift risks. Gold Price Spread 黄金内外价差 COMEX-LBMA Gold Price Spread 黄金海外市场价差 Source: Wind, CITIC Futures. Spread 价差 = SHFE - ((COMEX/31.1035)*USDCNY. Active contracts. 主力合约 # 1.2 Sliver 白银 上周表现：上周白银内外价差冲高回落，海外COMEX-LBMA价差震荡走低； 本周推荐：白银内外价差回落至中性估值水平，海外白银现货紧张边际缓解，做空内外价差策略离场； 风险提示：汇率预期变化风险；特朗普政策风险；美联储政策变动风险。 - Last Week: The price difference between domestic and foreign silver markets rose sharply but then declined; the price difference between COMEX and LBMA on the overseas market fluctuated and decreased. Suggestion: On hold. Risks: Exchange rate expectations volatility; Trump policy risks; Fed policy shift risks. Sliver Price Spread 白银内外价差 COMEX-LBMA Sliver Price Spread 白银海外市场价差 Source: Wind, CITIC Futures. Spread 价差 = SHFE - 1.13*((COMEX/31.1)*1000*USDCNY. Active contracts. 主力合约 # 1.3 Platinum 铂金 □上周表现：铂金内外价差大幅收敛，前期国内高溢价状态得到明显修复，跨市套利暂观望。 本周推荐：跨市套利暂观望。 风险提示：全球经济衰退；美联储货币政策变化；俄罗斯地缘冲突变化；主产区供应扰动。 - Last Week: The price gap between domestic and international platinum has significantly narrowed, and the previous high premium situation in the domestic market has been noticeably rectified. Suggestion: On hold. Risks: Global economic recession; Changes in the monetary policy of the Federal Reserve; Changes in the geopolitical situation in Russia; Supply disruptions in major production areas. Platinum Price Spread 铂金内外价差 NYMEX-LBMA Platinum Price Spread 铂金海外市场价差 # 1.4 Palladium 钯金 □上周表现：钯金内外价差大幅收敛，高溢价状态得到明显修复，建议跨市场套利暂观望。 本周推荐：跨境套利暂观望。 风险提示：全球经济衰退；美联储货币政策变化；俄罗斯地缘冲突变化；主产区供应扰动。 - Last Week: The price gap between domestic and international palladium has significantly narrowed, and the high premium state has been noticeably rectified. Suggestion: On hold. Risks: Global economic recession; Changes in the monetary policy of the Federal Reserve; Changes in the geopolitical situation in Russia; Supply disruptions in major production areas. Palladium Price Spread 钯金内外价差 NYMEX-LBMA Palladium Price Spread 钯金海外市场价差 # 2.1 Copper 铜 □上周表现：LME注销仓单比例较高，海外挤仓风险仍在，远期合约进口盈利已经打开，建议关注远期合约的多LME铜，空SHFE铜； 本周推荐：关注远期合约的多LME铜，空SHFE铜； 风险提示：宏观情绪剧烈波动、供应中断、国内消费超季节性表现。 - Last Week: Despite the domestic copper inventory still piling up in the context of a weak demand season, the import profit window for copper forward contracts has now opened. It is recommended to pay attention to taking a long position on LME copper and a short position on SHFE copper in forward contracts. # Suggestion: Long LME, Short SHFE Risks: Significant fluctuations in macro sentiment, supply disruptions, and domestic consumption exceeding seasonal performance. Copper SHFE/LME Ratio铜内外比值 Copper Import Profit/Loss (CNY/ton) 铜进口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 2.2 Aluminum 铝 □上周表现：国内铝锭库存延续累积，海外铝锭有所去化，短期内外比值维持区间震荡，跨市套利暂观望； 本周推荐：跨市套利暂时观望； 风险提示：宏观风险，供给扰动，需求不及预期。 - Last Week: Domestic aluminum ingot inventories continue to accumulate, while overseas aluminum inventories have decreased. In the short term, the foreign exchange ratio remains within a range of fluctuations, and cross-market arbitrage is currently on hold. Suggestion: On hold. Risks: Macro risks, supply disruptions, and demand falling short of expectations. Aluminum SHFE/LME Ratio 铝内外比值 Aluminum Import Profit/Loss (CNY/ton) 铝进口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 2.3 Zinc锌 □上周表现：锌锭出口逐步减少，伦锌库存累积速度放缓，在海外锌冶炼厂尚未明显提产之前，伦锌库存回升幅度或较为有限，国内锌锭库存开始季节性累积，建议关注多LME锌，空SHFE锌； 本周推荐：建议关注多LME锌，空SHFE锌； 风险提示：宏观转向风险；锌矿供应超预期回升。 - Last Week: The export of zinc ingots is gradually decreasing, and the accumulation speed of LME zinc inventory is slowing down. Before overseas zinc smelters significantly increase production, the recovery range of LME zinc inventory may be relatively limited. Domestic zinc ingot inventory has started to seasonally accumulate. # Suggestion: Long LME, Short SHFE Risks: Macro shift risks and zinc mine supply rebounding beyond expectations. Zinc SHFE/LME Ratio锌内外比值 Zinc Import Profit/Loss (CNY/ton) 锌进口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 2.4 Lead 铅 □上周表现：当前伦铅库存再度大幅累积，国内铅锭进口窗口关闭，建议退出多LME铅，空SHFE铅； 本周推荐：跨市套利暂观望； 风险提示：供应端扰动；电池出口放缓、进口大增。 - Last Week: The lead inventory in the market has once again accumulated significantly. The domestic lead ingot import window has been closed. It is recommended to exit the long position in LME lead and the short position in SHFE lead. Suggestion: On hold. Risks: Supply-side disruptions; slowing battery exports; surging imports. Lead SHFE/LME Ratio铅内外比值 Lead Import Profit/Loss (CNY/ton) 铅进口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 2.5 Nickel 镍 □上周表现：进口窗口关闭，镍平衡比值区间震荡，国内外库存仍处于相对高位，内外盘套利暂时观望； 本周推荐：跨市套利暂时观望； 风险提示：宏观及地缘政治变动超预期；印尼政策风险；供应释放不及预期。 - Last Week: The import window has been closed; the nickel balance ratio has slightly declined. Domestic and foreign inventories remain at relatively high levels. Currently, there is a temporary wait-and-see attitude towards the internal and external arbitrage. Suggestion: On hold. Risks: Unexpected changes in macroeconomic and geopolitical conditions; Indonesian policy risks; supply release falling short of expectations. Nickel SHFE/LME Ratio 镍内外比值 Nickel Import Profit/Loss (CNY/ton) 镍进口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 2.6 Tin 锡 □上周表现：短期锡平衡比值震荡，沪锡伦锡库存均有所去化，锡内外价差驱动不明显，跨市套利暂观望； 本周推荐：跨市套利暂观望； 风险提示：供应释放超预期；需求恢复不及预期。 - Last Week: The short-term tin balance ratio fluctuated. The inventories of both Shanghai tin and Lin tin decreased. The price difference between domestic and foreign tin was not significant. Cross-market arbitrage is currently on hold. Suggestion: On hold. Risks: Unexpected changes in macroeconomic and geopolitical conditions; Indonesian policy risks; supply release falling short of expectations. Tin SHFE/LME Ratio 锡内外比值 Tin Import and Export Profit/Loss (CNY/ton) 锡进出口盈亏 Sources: Wind, CITIC Futures, Equilibrium Ratio = Domestic import price / Overseas spot price. 平衡比值=国内进口价格/海外现货价格, Active contract. 主力合约 # 3.1 Iron Ore 铁矿石 □上周表现：铁矿石内外价差保持窄幅震荡，无明显驱动，价差窄幅震荡。 本周推荐：建议保持观望。 风险提示：汇率波动；部分中高品位铁矿供应下降；钢企利润大幅变动。 Last Week: The iron ore price spread remained in a narrow range with no significant drivers, experiencing slight fluctuations. Suggestion: On hold. Risks: Exchange rate fluctuations; decline in supply of some medium-to-high grade iron ore; significant changes in steel company profits. Iron Ore Price Spread 铁矿内外价差 SGX Iron Ore M+1 - M+4 Spread 新交所铁矿连——连四 Sources: Mysteel, CITIC Futures. Spread = DCE Iron Ore - SGX Iron Ore * USD/CNY * 1.13. 铁矿内外价差 = DCE主力合约收盘价 - SGX铁矿期货主力合约价格 * USD/CNY * 1.13 # 4.1 Crude Oil 原油 上周表现：SC-Brent价差震荡底部震荡。 本周推荐：观望。中东原油现货趋稳，运费大幅波动，地缘潜在风险仍存，建议观望。 风险提示：中东地缘局势，OPEC+产量政策调整，美国调整对伊朗、俄罗斯、委内瑞拉制裁政策。 - Last week: The SC-Brent spread is fluctuating around its bottom level. Suggestion: On hold. Risks: Geopolitical tensions, OPEC+ production policy adjustments, U.S. modifications to sanctions on Iran, Russia, and Venezuela. Crude oil Spread 原油内外价差 Main influence factors of Spread 内外价差主要影响因素 Sources: Refinitiv, CITIC Futures. Spread = INE SC active contract- ICE Brent active contract. 原油内外价差 = SC原油主力合约收盘价 - Brent原油主力合约收盘价 # 5.1 Soybean 大豆 □上周表现：压榨利润震荡偏弱，因中美通话，出口预期乐观，美豆走势偏强；国内供应充足，年前备货结束，情绪走弱资金离场，预计榨利低位震荡。 本周推荐：短期观望。 风险提示：主产国产量和出口预期差、南美天气异常、美国生柴政策变化等。 Last Week: Pressing profit fluctuates weakly: US-China call boosts export optimism; US soybean trend strong. Domestic supply ample, pre-holiday stockpiling ends. Sentiment weakens; funds withdraw. Pressing profit likely stays low, fluctuating. Suggestion: On hold. Risks: The main producers' output below expectations; abnormal weather conditions; macroeconomic fluctuations; and volatility in oil prices. Crush Margins of Imported Soybeans (yuan/ton) 进口大豆压榨利润（元/吨） Soybean Import Volume in China (10,000 tons) 中国大豆进口量（万吨） Data Source: Wind, CITICS Futures. Margin = Revenue from oil and meal- Import cost of soybean - Crush cost 压榨利润=豆油豆粕销售收入-进口大豆成本-压榨成本 # 5.2 Sugar 糖 上周表现：当下内外价差处于历史同期高位，上周内外价差环比继续扩大。 本周推荐：少量尝试多外空内； 风险提示：主产国产量不及预期，主产国天气异常，宏观经济波动等； - Last Week: The price gap between domestic and foreign markets is at a historically high level. Last week, due to the decline in the foreign market, the price gap between the domestic and foreign markets expanded on a month-on-month basis. Suggestion: Long ICE, Short CZCE Risks: The main producers' output below expectations; abnormal weather conditions; macroeconomic fluctuations; and volatility in oil prices. Margin from In-Quota Sugar (yuan/ton) 配额内巴西糖进口加工利润 （元/吨） Margin from Ex-Quota Sugar (yuan/ton) 配额外巴西糖进口加工利润（元/吨） Data Source: Wind, CITICS Futures. Margin =White sugar spot price - Import cost of raw sugar - Process cost 进口利润=现货价格-进口原糖成本-加工成本 # 5.3 Natural Rubber 天然橡胶 上周表现：上周变化不大，价差持续处于无套利区间。全球范围内来看逐步进入开割季，供应有增量预期，但需求端并无起色，内外双弱； 本周推荐：建议观望； 风险提示：需求不及预期，关税政策扰动。 Last Week: No major changes as spread remained no arbitrage. Supply might increase without demand surge in sight. Suggestion: On hold. Risks: Demand misses' expectation; Tarriffs. 20号胶内外价格 Prices of INE TSR20 and SICOM TSR20 20号胶内外价差 INE-SICOM TSR20 Price Spread Source: Wind, CITIC Futures. Spread 价差 = INE - SICOM/10*USDCNY. All active contracts. 主力合约 # 6.1 COMEX-LME Copper 海外铜 □上周表现：近期市场对美联储降息预期缩减，同时金银价格走弱，这对COMEX与LME铜价差构成压力。不过美国对铜加征关税的预期仍在，COMEX与LME铜价差下行空间有限。 本周进展：COMEX与LME铜价差已位于低位，持续中枢下移时间有限； 风险提示：宏观情绪剧烈波动、美国对铜232调查落地时间。 - Last Week: The personnel change at the Federal Reserve is imminent. The prices of gold and silver have strengthened again, which may lead to a recovery of the copper price spread between COMEX and LME. At the same time, the market expects a high probability of the United States imposing tariffs on copper, and the downward space for the copper price spread between COMEX and LME is limited. This Week: Insufficient downward drivers for COMEX-LME spread. Risks: The timing of the U.S. Section 232 investigation on copper, significant fluctuations in macroeconomic sentiment. COMEX and LME Copper Price COMEX与LME铜结算价 COMEX-LME Copper Premium COMEX-LME铜溢价 Sources: Wind, CITIC Futures. All active contracts. 主力合约 # 6.2 Brent-Dubai EFS 海外原油 □上周表现：Brent期货-Dubai掉期EFS震荡回落。 本周进展：俄罗斯供应存下滑预期，沙特下调3月官价，价差预计高位震荡。 风险提示：中东地缘局势，OPEC+产量政策调整，美国调整对伊朗、俄罗斯、委内瑞拉制裁政策。 Last Week: Brent futures - Dubai swap EFS fluctuates. This Week: Russian supply might decrease as Saudi Arabia lowered prices. EFS is expected remain volatile. Risks: Geopolitical tensions, OPEC+ production policy adjustments, U.S. modifications to sanctions on Iran, Russia, and Venezuela. Brent future-Dubai swap EFS U.S. and OPEC crude oil production year-on-year 美国与OPEC原油产量同比 Sources: Refinitiv, CITIC Futures. # 6.3WTI-Brent海外原油 □上周表现：WTI-Brent价差震荡。 本周进展：运费高波动，美国市场在寒潮后成品油库存压力有所缓解，但后续存炼厂降负预期，价差驱动暂有限。 风险提示：中东地缘局势，OPEC+产量政策调整，美国调整对伊朗、俄罗斯、委内瑞拉制裁政策。 Last Week: The Brent-WTI spread fluctuated. This Week: Volatile transportation fees as inventory pressure waned after winter storm, with expectation of decreasing output for refineries. No apparent driver for price spread. Risks: Geopolitical tensions, OPEC+ production policy adjustments, U.S. modifications to sanctions on Iran, Russia, and Venezuela. WTI future - Brent future C2 U.S. oil inventories 美国原油及石油产品总库存 Sources: Refinitiv, CITIC Futures. # 6.4 Natural Gas (TFU-HH) 天然气 (欧美价差) □上周表现：价差宽幅震荡，气温预报调整至偏暖，寒潮交易结束，HH回落，TTF跟随，月底合约变动较大，价差宽幅震荡。 本周进展：短期海外气价交易核心仍在天气，短时降温结构错配或加剧价差波动，假期波动较大且地缘端存扰动，假期建议离场观望；中期美国或重启新出口投产，基本面仍存边际收紧预期，而欧洲供应或受益于美出口增长。 风险提示：供应中断、气温表现超预期。 - Last Week: The spread fluctuated widely, the temperature forecast was adjusted to be warmer, the cold wave trading ended, HH dropped, TTF followed suit, the end-of-month contracts had significant changes, and the spread fluctuated widely again. This Week: Short-term trading remains centered on weather. European supply could benefit from increased U.S. exports. Risks: Supply disruptions; temperatures exceeding expectations. TTF(USD/MMBtu) - NYMEX NG M1 天然气欧美首行价差 US SP - BE Zeebrugge Freight Rate 欧美LNG海运成本 Sources: Bloomberg, Refinitiv Eikon, CITIC Futures, M1. 首行合约 # 附录：价差跟踪 # Appendix: Price Spread Tracking # Price Spread Tracking 价差追踪 SHFE-COMEX Gold 黄金 SHFE-COMEX Silver 白银 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Price Spread Tracking 价差追踪 GFE-COMEX Platinum 铂金 GFE-COMEX Palladium 钯金 Sources: Wind, CITIC Futures. All are active contracts. 均选用主力合约 SHFE-LME Copper 铜 SHFE-LME Aluminum 铝 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Price Spread Tracking 价差追踪 SHFE-LME Lead 铅 SHFE-LME Zinc 锌 SHFE-LME Nickel 镍 SHFE-LME Tin 锡 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Price Spread Tracking 价差追踪 DCE-SGX Iron Ore 铁矿石 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Price Spread Tracking 价差追踪 SC-Brent原油 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 DCE-CBOT Soybean 大豆 CZCE-ICE Sugar糖 INE-SICOM TSR20 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Price Spread Tracking 价差追踪 COMEX-LME Copper 铜 Brent-Dubai Crude Oil 原油 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 TTF-NYMEXNG天然气 WTI-Brent Crude Oil 原油 Sources: Wind, CITIC Futures. Percentile of Rolling 250D. All are active contracts. 分位数为滚动250D，均选用主力合约 # Disclaimer Unless otherwise specified, CITIC Futures Co., Ltd. (hereinafter referred to as "CITIC Futures") Possess the copyright and/or other related intellectual property rights of this report. 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