期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 1 月 14 日） 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡 ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 多空交织，焦煤低位整理 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 基本面支撑不足，焦炭低位运行 | 备注： 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 12 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2026 年 1 月 14 日） 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA10 支撑 | 基本面弱势运行，淡季钢价承压 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 行情驱动逻辑 螺纹钢供需两端有所变化，建筑钢厂生产积极，螺纹产量持续回升，且后续仍有增量空间，供 应压力在增加，关注后续变化。与此同时，螺纹钢需求表现低迷，高频需求指标继续位于近年来同 期低位，且下游行业未见改善，需求料将延续季节性弱势，继而拖累钢价。总之，螺纹钢供应回 升，而需求表 ...

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Report's Core View - The crude oil 2603 contract is expected to be volatile in the short - and medium - term, and show a stronger trend intraday, with an overall view of stronger operation. The core reason is the escalation of the US - Iran conflict, which has led to an increase in geopolitical risks and supported the crude oil price [1][5]. 3) Summary by Related Information Time - cycle Views - Short - term (within a week): The crude oil 2603 contract is expected to be volatile [1]. - Medium - term (two weeks to one month): The crude oil 2603 contract is expected to be volatile [1]. - Intraday: The crude oil 2603 contract is expected to be stronger [1]. Price Movement Reference - The reference view is that the crude oil price will run stronger [1][5]. Core Logic - The US President Trump has frequently released geopolitical risk signals, and the US may target Greenland and Mexico. Also, the US has threatened a new round of military strikes against Iran, intensifying the Middle East geopolitical risks. The strengthening of the crude oil risk premium has weakened the dominance of the weak supply - demand pattern in the oil market, supporting the stronger operation of domestic and foreign crude oil futures prices on Tuesday night. It is expected that domestic crude oil futures prices may maintain a volatile and stronger trend on Wednesday [5]. Calculation Notes - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The ending price is the day - trading closing price for calculating the price change [2]. - A decline of more than 1% is considered weak, a decline of 0 - 1% is considered weakish, an increase of 0 - 1% is considered strongish, and an increase of more than 1% is considered strong. The strongish/weakish description only applies to intraday views, not short - and medium - term views [3][4].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货豆类油脂早报（2026 年 1 月 14 日） 品种观点参考 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货农产品板块 品种：豆粕（M） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡偏弱 核心逻辑：受美国农业部供需报告超预期利空的影响，豆类期价整体转弱。美国农业部 1 月份的月度供需 报告，作为对 2025/26 产季的最终核定，以一系列超预期的数据调整，为全球大豆市场定下了基调。本次 报告的核心特征在于数据与市场普遍预期形成强烈反差，尤其是美国大豆数据的调整方向全面利空。国内 尽管豆粕现货报价保持坚挺，然而，国内大豆与豆粕库存整体仍处于历史同期偏高水平，原料供应充裕。 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 时间周期说明：短期为一周以内、中 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The iron ore market is expected to maintain high - level fluctuations. The market is in a game between expectations and reality, and there is no significant improvement in the fundamentals of the iron ore market. Attention should be paid to the support of MA10 and the steel mill restocking situation [2][3]. 3) Summary by Related Contents Variety View Reference - For the iron ore 2605 contract, the short - term and medium - term trends are expected to be volatile, and the intraday trend is expected to be slightly stronger. It is recommended to pay attention to the support of MA10. The core logic is the game between expectations and reality, leading to high - level fluctuations in ore prices [2]. Market Driving Logic - The supply - demand pattern of iron ore has not changed significantly. After the Spring Festival, steel mills have resumed production as scheduled, and the terminal consumption of ore has rebounded from a low level. However, the steel market in the off - season can't bear a large - scale increase in production, so the incremental space for ore demand is limited. The positive factor is the pre - holiday restocking by steel mills. - Domestic port arrivals have continued to rise, and miners' shipments are weakly stable, both at relatively high levels. Overseas ore supply is relatively active, and domestic ore supply is also increasing. Ore supply remains at a high level. - In general, with high - level supply and limited improvement in demand, the fundamentals of the iron ore market have not improved, inventory is rising at a high level, and the upward driving force is not strong. The pre - holiday restocking is a positive factor. Under the game of long and short factors, ore prices are expected to maintain high - level fluctuations, and attention should be paid to the restocking situation of steel mills [3].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Trends**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: strong; Overall view: run strongly [1][5] - **Driving Logic**: After Thailand and Cambodia declared a truce, the expectation of reduced rubber supply in Southeast Asia disappeared, weakening the bullish drive. However, domestic natural rubber producing areas in Yunnan and Hainan have entered the off - season, reducing domestic supply pressure, while Southeast Asia is in the peak tapping season. Also, domestic automobile production and sales data are optimistic, and the heavy - truck sales data in December are better than expected. Benefiting from the overall strength of energy - chemical products, Shanghai rubber futures maintained an oscillatory and strong trend on the night of Tuesday and are expected to continue this trend on Wednesday [5]. Synthetic Rubber (BR) - **Price Trends**: Short - term: oscillatory; Medium - term: oscillatory; Intraday: strong; Overall view: run strongly [1][7] - **Driving Logic**: The spot price of butadiene has risen sharply due to the tight supply of northern sources and downstream replenishment demand. The rapid increase in raw material costs has squeezed the profits of synthetic rubber manufacturers, leading to reduced production or shutdown of some plants and a decrease in supply expectations. In addition, domestic automobile production and sales data are optimistic, the heavy - truck sales data in December are better than expected, and the crude oil futures maintain an oscillatory and strong pattern, strengthening the cost support. Under the bullish atmosphere, synthetic rubber futures maintained an oscillatory and strong trend on the night of Tuesday and are expected to continue this trend on Wednesday [7].

时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | IH2603 | 震荡 | 震荡 | 偏强 | 震荡偏强 | 政策利好预期与资金净流入趋势 不变 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货股指期货早报（2026 年 1 月 14 日） ◼ 品种观点参考—金融期货股指板块 2.跌幅大于 1%为弱势，跌幅 0~1%为偏弱，涨幅 0~1%为偏强，涨幅大于 1%为强势。 3.偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—金融期货股指板块 品种：IF、IH、IC、IM 日内观点：偏强 中期观点：震荡 参考观点：震荡偏强 核心逻辑：昨日各股指均震荡回调，其中 IM 与 IC 跌幅居前。股市全市场成交金额为 36987 亿元， 较上日成交额放量 541 亿元。今日股市回调主要是 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On January 13, the futures prices of beans and oils showed a divergent trend. The prices of soybean No.1, soybean No.2, soybean meal, and rapeseed meal were oscillating weakly, while the prices of oils were oscillating strongly. The soybean meal market dropped significantly due to the unexpectedly bearish US Department of Agriculture supply - demand report. The short - term soybean meal futures price will run weakly in an oscillating manner. The oil market showed a trend of rising and then falling. The short - term palm oil market sentiment has improved, with the futures price oscillating strongly. The futures prices of soybean oil and rapeseed oil may enter a high - level oscillating consolidation phase [3][4][5] Summary by Related Catalogs 1. Industry Dynamics - **USDA January Supply - Demand Report**: In the 2025/26 season, US soybean production and inventory were increased, and exports were decreased. Brazilian soybean production was raised by 3 million tons. US soybean production was unexpectedly increased, exports were reduced by 60 million bushels, and inventory was increased by 60 million bushels. The estimated production was 4.262 billion bushels, with the harvest area increased to 80.4 million acres. The average yield per acre remained at 53.0 bushels. Soybean crushing was increased to 2.57 billion bushels, exports were reduced to 1.575 billion bushels, and the ending inventory was estimated to be 350 million bushels. The annual farm average price was lowered to $10.20 per bushel [7] - **Brazilian Weather**: A water vapor corridor is extending from northern to southeastern Brazil. Rainfall is expected to be unstable, especially in some areas. The weather in Mato Grosso is currently favorable for harvesting but will change. A new weather system will form in northern Argentina and bring rainfall to Brazil [8] - **US Soybean Export Inspection**: The US soybean export inspection volume increased by 55% week - on - week and 13% year - on - year. As of January 8, 2026, the inspection volume was 1,529,707 tons. The total export inspection volume for the 2025/26 season reached 17,934,546 tons, accounting for 41.8% of the annual export target [9][10] - **US Quarterly Inventory Report**: As of December 1, 2025, the inventories of US soybeans, corn, wheat, Durum wheat, barley, and oats were all higher than the previous year. The implied consumption from September to November 2025 showed different trends for different crops [11] - **Brazilian Soybean Harvest**: As of January 8, 2025/26, the Brazilian soybean harvest progress was 0.6%, exceeding last year's 0.3%. The harvest in Mato Grosso was the most active. The estimated production for the 2025/26 season is a record 180.4 million tons [12] - **Spot Market Prices**: The prices of soybeans, soybean meal, soybean oil, palm oil, and rapeseed oil in different regions showed different changes compared to the previous day [12][14] - **Oil Mill Pressing Profits**: The pressing profits of oil mills in different locations and using different types of soybeans (domestic and imported) varied [15] 2. Related Charts - The content provides charts including soybean port inventory, soybean盘面 pressing profit, soybean oil port inventory, palm oil port inventory, soybean oil basis, and palm oil basis, but specific data and analysis are not elaborated in the text [16][18][19][21][22][25]

Report Industry Investment Rating - Not provided in the content Core Views - The main contract price of rebar oscillated with a daily decline of 0%, and the volume and open interest shrank. Currently, rebar supply is rising while demand remains weak, with fundamental contradictions starting to accumulate. Steel prices are under pressure during the off - season. The relatively positive factor is the warm commodity sentiment, and the short - term trend will continue to oscillate. Attention should be paid to steel mill production [5]. - The main contract price of hot - rolled coil oscillated with a daily decline of 0.09%, with volume shrinking and open interest increasing. At present, the fundamentals of hot - rolled coils are weak under the situation of increasing supply and weak demand, and prices continue to be under pressure. The relatively positive factor is the warm commodity sentiment, and the trend is expected to maintain an oscillating state. Attention should be paid to demand performance [5]. - The main contract price of iron ore oscillated at a high level with a daily decline of 0.24%, with volume increasing and open interest shrinking. Currently, thanks to the warm commodity sentiment, iron ore prices are at a high level. However, ore supply is high while demand improvement is limited, and the fundamentals have not improved substantially. The upward driving force is not strong, and the subsequent trend will maintain a high - level oscillating state. Attention should be paid to steel mill restocking [5]. Summary by Directory 1. Industry Dynamics - The Ministry of Industry and Information Technology emphasized in the 18th manufacturing enterprise symposium on January 13 that in 2026, it is necessary to stabilize the effective investment in the manufacturing industry, consolidate the steady - improving trend of the industrial economy, implement the new round of the ten - key - industry steady - growth work plan, and stimulate the vitality of private investment [7]. - According to the Mysteel weekly report, from January 5th to January 11th, the total transaction (signing) area of new commercial housing in 10 key cities was 1.1 million square meters, a month - on - month decrease of 53% and a year - on - year decrease of 41.4%. The total transaction (signing) area of second - hand housing in 10 key cities was 1.9568 million square meters, a month - on - month increase of 59% and a year - on - year decrease of 20.8%. Only Qingdao saw a month - on - month increase in new housing area, while 9 other cities saw a decline, with Wuhan having the largest decline of 83.1% [8]. - Sichuan encourages industries such as steel, electrolytic aluminum, and copper smelting to increase the use ratio of recycled materials such as scrap steel, and guides cement enterprises to use non - carbonate raw materials to produce cement [8]. 2. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average were 3,270, 3,210, and 3,342 respectively, with changes of - 10, 10, and 0. The spot prices of hot - rolled coils in Shanghai, Tianjin, and the national average were 3,280, 3,190, and 3,308 respectively, with changes of 0, 0, and - 3. The price of Tangshan steel billet was 2,970 with no change, and the price of Zhangjiagang heavy scrap was 2,110 with a change of 20. The coil - rebar spread was 10, and the rebar - scrap spread was 1,160 with a change of - 30 [9]. - The price of PB powder at Shandong ports was 822 with a change of - 3, the price of Tangshan iron concentrate was 782 with no change, the Australian and Brazilian freight rates were 7.56 and 20.83 respectively with changes of - 0.26 and - 0.16, the SGX swap (current month) was 108.89 with a change of 0.55, and the Platts Index (CFR) was 109.25 with a change of 0.75 [9]. 3. Futures Market - The closing price of the rebar futures active contract was 3,158 with a change of 0.00%, the highest price was 3,173, the lowest price was 3,150, the trading volume was 837,879 with a decrease of 119,553, and the open interest was 1,687,943 with a decrease of 38,760 [11]. - The closing price of the hot - rolled coil futures active contract was 3,303 with a decline of 0.09%, the highest price was 3,323, the lowest price was 3,296, the trading volume was 404,061 with a decrease of 4,668, and the open interest was 1,440,250 with an increase of 12,752 [11]. - The closing price of the iron ore futures active contract was 819.5 with a decline of 0.24%, the highest price was 828.0, the lowest price was 814.0, the trading volume was 311,621 with an increase of 39,577, and the open interest was 653,307 with a decrease of 1,527 [11]. 4. Related Charts - The content mainly includes various charts related to steel and iron ore inventory, such as weekly changes in rebar and hot - rolled coil inventory, total inventory (steel mill + social inventory), national 45 - port iron ore inventory, 247 - steel - mill iron ore inventory, domestic mine iron concentrate inventory, etc., as well as charts related to steel mill production, such as the blast furnace operating rate and capacity utilization rate of 247 sample steel mills, the operating rate of 87 independent electric furnaces, the proportion of profitable steel mills among 247 steel mills, and the profit - loss situation of 75 building material independent electric arc furnace steel mills [13][21][29]. 5. Market Outlook - For rebar, the supply - demand pattern has weakened. Supply is rising with the weekly output increasing by 28,200 tons, while demand is seasonally weak with the weekly apparent demand decreasing by 254,800 tons. The fundamental contradictions are accumulating, and steel prices are under pressure during the off - season. The short - term trend will continue to oscillate, and attention should be paid to steel mill production [39]. - For hot - rolled coils, the supply - demand pattern has changed little. Supply continues to rise with the weekly output increasing by 10,000 tons and is at a relatively high level, and demand is weakening with the weekly apparent demand decreasing by 24,300 tons. The fundamentals are weak, and prices are under pressure. The trend is expected to maintain an oscillating state, and attention should be paid to demand performance [39]. - For iron ore, the supply - demand pattern is weak. Inventory is rising, and demand improvement is limited due to the poor profitability of steel mills and the off - season steel market. Supply is at a relatively high level with increasing port arrivals and stable miner shipments. The price is at a high level due to warm commodity sentiment, but the upward driving force is not strong, and the subsequent trend will maintain a high - level oscillating state. Attention should be paid to steel mill restocking [40].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Rubber: On Tuesday this week, the 2605 contract of domestic Shanghai rubber futures showed a trend of increasing volume, reducing positions, surging and then giving back gains, and stabilizing in a volatile manner. The intraday price center slightly moved down to around 15,975 yuan/ton. At the close, the price closed slightly up 0.00% at 15,975 yuan/ton. The premium of the May - September spread widened to 30 yuan/ton. Currently, the domestic rubber market is dominated by supply - demand fundamentals, and rubber prices may maintain a volatile and slightly stronger pattern [6]. - Methanol: On Tuesday this week, the 2605 contract of domestic methanol futures showed a trend of increasing volume, reducing positions, weakening in a volatile manner, and closing slightly lower. The futures price rose to a maximum of 2,295 yuan/ton and dropped to a minimum of 2,229 yuan/ton. At the close, it closed slightly down 0.18% at 2,263 yuan/ton. The discount of the May - September spread widened to 5 yuan/ton. There are differences between long and short positions, and methanol futures maintain a volatile and stable trend [6]. - Crude Oil: On Tuesday this week, the 2603 contract of domestic crude oil futures showed a trend of reducing volume, increasing positions, rebounding again, and closing sharply higher. The futures price rose to a maximum of 446.7 yuan/barrel and dropped to a minimum of 433.3 yuan/barrel. At the close, the price rose sharply 2.27% to 446.7 yuan/barrel. Geopolitical factors have become prominent again and overshadowed the weak supply - demand fundamentals. After a continuous decline in the previous period, short - term oil prices are expected to stabilize in a volatile manner [7]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics 3.1.1 Rubber - As of January 4, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 548,300 tons, a week - on - week increase of 23,500 tons, an increase of 4.48%. The general trade inventory increased by 16,900 tons to 460,300 tons, an increase of 3.80%. The bonded area inventory was 88,100 tons, an increase of 8.16% [9]. - As of January 9, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 63.78%, a week - on - week decrease of 2.75 percentage points and a year - on - year decrease of 13.97 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 55.50%, a week - on - week decrease of 2.43 percentage points and a year - on - year decrease of 3.37 percentage points. It is expected that the capacity utilization rate of tire sample enterprises will increase in the next cycle [9]. - In December 2025, China's automobile dealer inventory warning index was 57.7%, a year - on - year increase of 7.5 percentage points and a month - on - month increase of 2.1 percentage points. The inventory warning index was above the boom - bust line, indicating a decline in the prosperity of the automobile circulation industry. In December 2025, China's Logistics Industry Prosperity Index (LPI) was 52.4%, a month - on - month increase of 1.5 percentage points, reaching the highest level of the year [10]. - In December 2025, China's heavy - truck market sold about 95,000 vehicles, a month - on - month decrease of about 16% compared with November 2025 and a year - on - year increase of about 13% compared with 84,200 vehicles in the same period of the previous year. In 2025, the total sales of China's heavy - truck market reached a new high in the past four years, 1.137 million vehicles, a year - on - year increase of about 26% [10]. 3.1.2 Methanol - As of the week of January 9, 2026, the average domestic methanol operating rate was maintained at 86.38%, a slight week - on - week decrease of 0.20%, a slight month - on - month increase of 2.64%, and a significant year - on - year increase of 6.72%. The average weekly methanol production in China reached 2.0424 million tons, a slight week - on - week decrease of 8,700 tons, a slight month - on - month increase of 18,900 tons, and a significant year - on - year increase of 139,200 tons compared with 1.9032 million tons in the previous year [11]. - As of the week of January 9, 2026, the domestic formaldehyde operating rate was maintained at 31.05%, a slight week - on - week decrease of 0.65%. The dimethyl ether operating rate was maintained at 7.30%, a slight week - on - week increase of 1.51%. The acetic acid operating rate was maintained at 81.89%, a slight week - on - week increase of 4.28%. The MTBE operating rate was maintained at 58.12%, a slight week - on - week increase of 0.01%. The average operating load of domestic coal (methanol) to olefin plants was 81.65%, a slight week - on - week increase of 0.33 percentage points and a slight month - on - month decrease of 1.17 percentage points [11]. - As of January 9, 2026, the futures market profit of domestic methanol to olefin was - 270 yuan/ton, a slight week - on - week increase of 30 yuan/ton and a significant month - on - month decrease of 264 yuan/ton [11]. - As of the week of January 9, 2026, the methanol inventory in ports in East and South China was maintained at 1.1593 million tons, a slight week - on - week decrease of 9,300 tons, a slight month - on - month increase of 40,800 tons, and a significant year - on - year increase of 402,300 tons. As of the week of December 31, 2025, the total inland methanol inventory in China reached 422,700 tons, a slight week - on - week increase of 18,600 tons, a slight month - on - month increase of 49,000 tons, and a slight year - on - year increase of 80,500 tons compared with 342,200 tons in the previous year [12][13]. 3.1.3 Crude Oil - As of the week of January 2, 2026, the number of active oil drilling rigs in the United States was 412, a slight week - on - week increase of 3 and a decrease of 70 compared with the same period of the previous year. The average daily crude oil production in the United States was 13.811 million barrels, a slight week - on - week decrease of 16,000 barrels per day and a significant year - on - year increase of 248,000 barrels per day, at a historical high [14]. - As of the week of January 2, 2026, the commercial crude oil inventory in the United States (excluding strategic petroleum reserves) reached 419 million barrels, a significant week - on - week decrease of 3.832 million barrels and a significant year - on - year increase of 4.414 million barrels. The crude oil inventory in Cushing, Oklahoma, reached 22.84 million barrels, a slight week - on - week increase of 728,000 barrels. The Strategic Petroleum Reserve (SPR) inventory reached 413.5 million barrels, a slight week - on - week increase of 245,000 barrels. The refinery operating rate in the United States was maintained at 94.7%, a slight week - on - week increase of 0.1 percentage points, a slight month - on - month increase of 0.2 percentage points, and a slight year - on - year increase of 1.4 percentage points [14]. - As of January 6, 2026, the average non - commercial net long positions in WTI crude oil were maintained at 57,352 contracts, a significant week - on - week decrease of 7,239 contracts and a slight decrease of 1,419 contracts compared with the December average of 58,771 contracts, a decrease of 2.41%. As of January 6, 2026, the average net long positions of Brent crude oil futures funds were maintained at 120,686 contracts, a significant week - on - week decrease of 6,220 contracts and a significant increase of 15,227 contracts compared with the December average of 105,459 contracts, an increase of 14.44% [15]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 15,800 yuan/ton | +100 yuan/ton | 15,975 yuan/ton | - 155 yuan/ton | - 175 yuan/ton | +255 yuan/ton | | Methanol | 2,275 yuan/ton | - 5 yuan/ton | 2,263 yuan/ton | +0 yuan/ton | +12 yuan/ton | - 5 yuan/ton | | Crude Oil | 411.4 yuan/barrel | - 0.1 yuan/barrel | 446.7 yuan/barrel | +8.1 yuan/barrel | - 35.3 yuan/barrel | - 8.2 yuan/ton | [17] 3.3 Related Charts - Rubber: Includes charts of rubber basis, May - September spread, SHFE rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [18][20][22] [25][27][29]. - Methanol: Includes charts of methanol basis, May - September spread, domestic port inventory, inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [31][33][35] [37][39][41]. - Crude Oil: Includes charts of crude oil basis, SHFE crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [43][45][46] [48][50][52].