1. Report Industry Investment Rating - The investment rating for both soybeans and peanuts is neutral [3][5] 2. Core Viewpoints - For soybeans, the futures price of the main contract of Douyi had a slight correction yesterday, while the spot price in southern production areas remained stable with weak trading. Near the Spring Festival, the demand from food processing and household consumption is expected to provide some support for soybean prices. The futures price of the main contract broke through the resistance level, mainly driven by the positive macro - policy signals and the possible delay of CGSCA auctions, which boosted bullish sentiment. In the spot market, farmers in Northeast China are reluctant to sell, leading to a tight supply and expected firm purchase prices in the production areas [1][2] - For peanuts, the futures price of the main contract trended weakly yesterday. The peanut market currently has an abundant supply and weak demand, with light trading. Food processing enterprises mainly make purchases based on rigid demand, and oil - pressing plants keep the purchase price of oil peanuts stable but have strict acceptance standards. Although the arrival volume at some oil plants has decreased recently, the overall situation of oversupply still persists, and the pre - Spring Festival stocking rhythm of downstream users needs to be closely monitored [3][4] 3. Summary by Related Contents Soybeans Market Analysis - **Futures**: The closing price of the Douyi 2605 contract yesterday was 4387.00 yuan/ton, a decrease of 17.00 yuan/ton or - 0.39% from the previous day [1] - **Spot**: The basis of edible soybean spot was A05 + 53, an increase of 57 or 32.14% from the previous day. The spot price in Northeast China remained stable, and the high price suppressed trading activity. The prices of different regions in Northeast China are as follows: in Harbin, Heilongjiang, the loading price of national standard first - class 39% protein medium - sized tower - stored grain is 2.20 yuan/jin; in Baoqing, Shuangyashan, Heilongjiang, it is 2.17 yuan/jin; in Fuyin, Jiamusi, Heilongjiang, it is 2.18 yuan/jin; in Nehe, Qiqihar, Heilongjiang, the 41% protein medium - sized tower - stored grain is 2.35 yuan/jin; in Nenjiang, Heihe, Heilongjiang, it is 2.35 yuan/jin; in Hailun, Suihua, Heilongjiang, it is 2.28 yuan/jin [1] Strategy - The strategy for soybeans is neutral [3] Peanuts Market Analysis - **Futures**: The closing price of the peanut 2603 contract yesterday was 8046.00 yuan/ton, a decrease of 26.00 yuan/ton or - 0.32% from the previous day [3] - **Spot**: The average spot price of peanuts was 8016.00 yuan/ton, a decrease of 2.00 yuan/ton or - 0.02% from the previous day. The spot basis was PK03 - 1046.00, a change of + 26.00 or - 2.43%. The average price of general - quality peanuts in the national market was 4.01 yuan/jin, a decrease of 0.01 yuan/jin. The prices in different regions and varieties vary. The average contract purchase price of oil peanuts by national oil plants was 7314 yuan/ton, and the average price in Shandong was 7238 yuan/ton, remaining stable. The quotes of national oil plants range from 6800 - 7900 yuan/ton, with strict quality control [3] Strategy - The strategy for peanuts is neutral [5]

1. Report Industry Investment Rating - All three industries (cotton, sugar, and pulp) are rated as neutral [3][6][9] 2. Core View of the Report - The Zhengzhou cotton futures price fell from a high, while the sugar futures price continued to fluctuate within a narrow range. The pulp futures price weakened. In the cotton market, both global and domestic supply and demand have decreased, and the short - term price is under pressure, but the medium - to - long - term price may fluctuate upward. In the sugar market, the global sugar market is in a state of surplus, and the domestic sugar price is expected to bottom out through fluctuations. In the pulp market, overseas supply is disrupted, and domestic demand may gradually recover, but the rebound height depends on future demand and inventory digestion [1][2][5] 3. Summary of Each Industry Cotton Market News and Important Data - Futures: The closing price of the cotton 2605 contract was 14,740 yuan/ton, a change of - 295 yuan/ton (- 1.96%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,738 yuan/ton, a change of + 164 yuan/ton; the national average price was 15,992 yuan/ton, a change of + 208 yuan/ton. In December, Brazil's cotton exports were 452,000 tons, a month - on - month increase of 12.4% and a year - on - year increase of 28.2%, with China as the main destination [1] Market Analysis - Internationally, the USDA's adjustment of global cotton supply and demand data in December was small, with both production and demand decreasing in the 25/26 season and a slight increase in ending stocks. The US cotton production continued to increase slightly, and the inventory pressure increased significantly. In the short term, ICE US cotton is expected to be under pressure, but in the medium - to - long - term, the downward space is limited. Domestically, cotton production increased significantly in the 25/26 season, and the hedging resistance on the futures market decreased as sales accelerated. However, the demand side showed a marginal weakening trend [2] Strategy - A neutral stance is suggested. In the whole year, the domestic cotton supply and demand are expected to be in a relatively balanced state, and there is a possibility of tight inventory at the end of the year. The medium - to - long - term cotton price is expected to fluctuate upward, but short - term high - level callback risks need to be警惕 [3] Sugar Market News and Important Data - Futures: The closing price of the sugar 2605 contract was 5279 yuan/ton, a change of - 2 yuan/ton (- 0.04%) from the previous day. Spot: The sugar spot price in Nanning, Guangxi was 5350 yuan/ton, unchanged from the previous day; in Kunming, Yunnan, it was 5230 yuan/ton, a change of + 10 yuan/ton. As of January 7, 2026, Thailand's cumulative sugar cane crushing volume decreased by 25.35% year - on - year, and sugar production decreased by 27.03% year - on - year [4] Market Analysis - The global sugar market is in a state of surplus in the 25/26 season. In the short term, the downward space for raw sugar is limited, but the rebound momentum is restricted. In the long term, the sugar price should not be overly pessimistic. The domestic sugar production is expected to increase for the third consecutive year, and the supply is growing seasonally. The import pressure remains, but the import volume of syrup and premixes may decrease in the future [5][6] Strategy - A neutral stance is recommended. The domestic fundamentals still put downward pressure on the price. Although the current valuation is low, the price may bottom out through fluctuations in the short - to - medium - term [6] Pulp Market News and Important Data - Futures: The closing price of the pulp 2605 contract was 5504 yuan/ton, a change of - 92 yuan/ton (- 1.64%) from the previous day. Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5565 yuan/ton, a change of - 25 yuan/ton; the price of Russian softwood pulp was 5140 yuan/ton, a change of - 50 yuan/ton [6] Market Analysis - The pulp futures price weakened. Overseas, there have been continuous news of pulp mill shutdowns for maintenance. In terms of demand, the European port pulp inventory continued to decline in November, and the demand improved. In China, although a large amount of finished paper production capacity was put into operation this year, the terminal demand was insufficient, and the port inventory was still at a high level. However, the port inventory has shown a downward trend recently, and the increasing paper production capacity in the future may support the pulp price [8] Strategy - A neutral stance is advised. Overseas supply disruptions and pre - Spring Festival inventory replenishment expectations may lead to a mild recovery in domestic demand, but the rebound height depends on future demand improvement and inventory digestion [9]

Group 1: Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Views - Industrial silicon prices are expected to remain range - bound. With both supply and demand decreasing, along with the transmission effect of rising coal and photovoltaic industry chain prices, price support is obvious. The upside depends on downstream demand recovery and inventory depletion progress, while the downside is limited by cost support and production reduction expectations [1][3]. - Polysilicon prices are expected to fluctuate around 53,000 yuan/ton. Policy factors may have contributed to the sharp price drop. In the off - season of the photovoltaic market, terminal demand is weak, downstream inventories are abundant, and substantial market demand is sluggish. In the short term, pay attention to new silicon wafer quotes and the January production plan; in the long term, focus on the implementation of the storage policy and inventory depletion progress [3][6]. Group 3: Market Analysis of Industrial Silicon Price and Trading Data - On January 8, 2026, the industrial silicon futures price fluctuated and declined. The main contract 2605 opened at 8,940 yuan/ton and closed at 8,535 yuan/ton, a change of - 405 yuan/ton (- 4.53%) from the previous day's settlement. At the close, the main contract 2605 had a position of 260,531 lots. On January 7, 2026, the total number of warehouse receipts was 10,799 lots, a change of 112 lots from the previous day [1]. Supply Side - Industrial silicon spot prices were basically stable. According to SMM data, the price of East China oxygen - passed 553 silicon was 9,200 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,800 yuan/ton, Xinjiang oxygen - passed 553 price was 8,600 - 8,800 yuan/ton, and 99 silicon price was 8,600 - 8,800 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the price of 97 silicon was stable. As of December 31, the total social inventory of industrial silicon in major regions was 55.7 million tons, a change of 0.36% from the previous week [1]. Demand Side - The quoted price of silicone DMC was 13,500 - 13,700 yuan/ton. Recently, an orange pollution alert was issued in Shihezi, Xinjiang, and the expected supply contraction supported the price increase. The weekly output of silicone enterprises changed little. Under the background of emission reduction and price support, silicone monomer enterprises began to reduce production since early December. The operating rate of aluminum - silicon alloy enterprises remained stable. The recycled aluminum enterprises in Chongqing that reduced production due to air pollution last week maintained the reduced - production state this week. The downstream demand for aluminum alloys showed marginal weakness, and the subsequent operating rate is expected to be stable with a slight downward trend [2]. Group 4: Strategy for Industrial Silicon - Unilateral: Short - term range operation. - No strategies for inter - period, cross - variety, spot - futures, or options are provided [3]. Group 5: Market Analysis of Polysilicon Price and Trading Data - On January 8, 2026, the main contract 2605 of polysilicon futures fell sharply to the daily limit, opening at 57,000 yuan/ton and closing at 53,610 yuan/ton, a 9.00% drop from the previous trading day. The position of the main contract reached 58,049 lots (67,800 lots the previous day), and the trading volume was 39,605 lots [3]. Supply and Inventory - Polysilicon spot prices strengthened slightly. N - type material was 52.00 - 59.00 yuan/kg, and n - type granular silicon was 50.00 - 59.00 yuan/kg. Polysilicon manufacturer inventories and silicon wafer inventories increased. The latest polysilicon inventory was 30.60 (unit not specified), a 0.90% change from the previous period, and silicon wafer inventory was 23.19GW, a 6.92% change. The weekly polysilicon output was 24,000 tons, a - 5.10% change, and silicon wafer output was 10.18GW, a - 1.45% change [3]. Downstream Product Prices - Silicon wafers: Domestic N - type 18Xmm silicon wafers were 1.39 yuan/piece, N - type 210mm were 1.69 yuan/piece, and N - type 210R silicon wafers were 1.49 yuan/piece. - Battery cells: High - efficiency PERC182 battery cells were 0.27 yuan/W; PERC210 battery cells were about 0.28 yuan/W; TopconM10 battery cells were about 0.39 yuan/W; Topcon G12 battery cells were 0.39 yuan/W; Topcon210RN battery cells were 0.39 yuan/W; HJT210 half - cell battery was 0.37 yuan/W. - Components: PERC182mm mainstream transaction price was 0.67 - 0.74 yuan/W, PERC210mm mainstream transaction price was 0.69 - 0.73 yuan/W, N - type 182mm mainstream transaction price was 0.69 - 0.70 yuan/W, and N - type 210mm mainstream transaction price was 0.71 - 0.72 yuan/W [4][5]. Group 6: Strategy for Polysilicon - Unilateral: Short - term range operation, with the main contract expected to fluctuate in the range around 53,000 yuan/ton. - No strategies for inter - period, cross - variety, spot - futures, or options are provided [6].

原油日报 | 2026-01-09 伊朗骚乱持续升级，市场焦点转向中东 市场要闻与重要数据 1、 纽约商品交易所2月交货的轻质原油期货价格上涨1.77美元，收于每桶57.76美元，涨幅为3.16%；3月交货的伦 敦布伦特原油期货价格上涨2.03美元，收于每桶61.99美元，涨幅为3.39%。SC原油主力合约收涨1.58%，报425元/ 桶。（来源：Bloomberg） 2、 1月8日，美国财政部部长贝森特表示，美国将取消部分针对委内瑞拉实体的制裁。针对未来美国有关对委内 瑞拉"管理"的相关事宜，贝森特表示，其希望稳定委内瑞拉现有的结构。就有关委内瑞拉境内资产问题，贝森特 称，美国财政部将负责监督委内瑞拉的资产出售，并根据美国国务卿鲁比奥的指示将所得款项返还给委内瑞拉。 贝森特还表示，独立石油公司有兴趣尽快投资委内瑞拉，大型石油公司在委内瑞拉的行动可能会更加谨慎。（来源： Bloomberg） 3、 1月8日，随着海湾两大强国之间长期存在的竞争局势日益紧张，沙特阿拉伯正采取行动，旨在终结阿联酋在 也门的角色，并削弱其邻国在红海等其他领域的影力。据两名听取了情况通报的相关人士透露，在命令阿联酋从 也门撤军并轰炸了 ...

Report Summary 1) Report Industry Investment Ratings - The investment rating for the soybean meal sector is cautiously bearish [3] - The investment rating for the corn sector is neutral [6] 2) Core Views - For soybean meal, the current high inventory of soybeans and soybean meal in downstream oil mills, combined with high import costs and low arrivals in the first quarter, make the market optimistic about near - month contracts. However, due to the expected high yield in South America and low costs, far - month contracts are relatively weak. Future attention should be paid to China's US soybean purchases and the new - season Brazilian soybean production [2] - For corn, the inventories of deep - processing and feed enterprises are gradually increasing but still lower than historical levels. They are mainly purchasing on - demand, and there will be some stocking demand before the Spring Festival. With the price increase, port transactions are sluggish. Although corn imports have increased significantly this month, the overall grain imports this year are still low due to previous Sino - US trade frictions. Future focus should be on spot purchases and sales, imports, and grain auctions [4][5] 3) Summary by Related Catalogs Market News and Important Data - **Soybean Meal and Rapeseed Meal**: On the futures side, the soybean meal 2605 contract closed at 2782 yuan/ton, down 29 yuan/ton (-1.03%) from the previous day; the rapeseed meal 2605 contract closed at 2358 yuan/ton, down 61 yuan/ton (-2.52%). On the spot side, prices and basis in different regions changed. In December 2025, Brazil's soybean exports were 338.3 million tons, with a daily average of 15.4 million tons, a year - on - year increase of 68.6%. The National Grain Exporters Association of Brazil expects 2026 exports to reach a record 112 million tons, with exports to China dropping to 77 million tons [1] - **Corn and Corn Starch**: On the futures side, the corn 2603 contract closed at 2266 yuan/ton, up 18 yuan/ton (+0.80%); the corn starch 2603 contract closed at 2546 yuan/ton, up 8 yuan/ton (+0.32%). On the spot side, prices and basis in different regions changed. In December 2025, Brazil's corn exports were 612.8 million tons, a year - on - year increase of 43.6%, and the export value was 1.33 billion US dollars, a year - on - year increase of 1.7% [3] Market Analysis - **Soybean Meal**: High inventory, high import costs, and low arrivals in the first quarter affect contract expectations. South American production and domestic procurement are key factors [2] - **Corn**: Inventory is increasing but below historical levels. There is stocking demand before the Spring Festival. Price increases affect transactions, and import and auction situations need attention [4][5] Strategy - **Soybean Meal**: Cautiously bearish [3] - **Corn**: Neutral [6]

Group 1: Report Industry Investment Rating - Unilateral: Neutral, short - term wait - and - see [2] - Inter - period: None [2] - Inter - variety: None [2] - Futures - spot: None [2] - Options: None [2] Group 2: Core View of the Report - The current LPG market shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The inversion of the price of ether - after carbon four and civil gas suppresses the PG market. In the short - term, the fundamentals of LPG have both positive and negative factors. In the medium - term, the overseas supply growth trend continues, and the global supply - demand balance is expected to be oversupplied, with resistance to upward price movement. The escalation of the geopolitical situation is worthy of attention [1] Group 3: Market Analysis Summary - On January 8, the regional prices were as follows: Shandong market, 4380 - 4460; Northeast market, 3890 - 4150; North China market, 4130 - 4420; East China market, 4300 - 4500; Yangtze River market, 4780 - 4950; Northwest market, 4200 - 4350; South China market, 4800 - 4950 [1] - In the first half of February 2026, the CIF price of frozen propane in East China, China was 593 US dollars/ton, down 3 US dollars/ton, and butane was 588 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4582 yuan/ton, down 26 yuan/ton, and butane was 4543 yuan/ton, down 26 yuan/ton. In South China, the CIF price of frozen propane was 586 US dollars/ton, down 3 US dollars/ton, and butane was 581 US dollars/ton, down 3 US dollars/ton. In RMB, propane was 4528 yuan/ton, down 26 yuan/ton, and butane was 4489 yuan/ton, down 26 yuan/ton [1] - The domestic LPG spot price remained stable overall yesterday, with a slight decline in Shandong civil gas. The East China LPG market was mainly stable, with fair downstream purchasing enthusiasm, moderate trading, limited current demand, general purchasing motivation of industry players, and strong market wait - and - see sentiment [1]

Group 1: Report Title and Overview - The report is titled "Fruit and Vegetable Daily | 2026-01-09", focusing on apples and red dates [1] Group 2: Apple Analysis Market News and Key Data - Apple 2605 contract closed at 9,531 yuan/ton yesterday, down 52 yuan/ton (-0.54%) from the previous day. Shandong Qixia 80 first and second - grade late Fuji was 4.10 yuan/jin, unchanged; Shaanxi Luochuan 70 above semi - commodity late Fuji was 4.20 yuan/jin, unchanged. The spot basis AP05 was - 1331 and - 1131 respectively, up 52 from the previous day [2] Recent Market Information - In production areas, the overall transaction of late Fuji in the warehouse is limited. Gansu has good shipment, while Shaanxi and Shandong have sporadic Spring Festival gift box packaging, with transactions mainly on low - price goods. The destocking pressure of general - quality fruit farmers' goods remains. The terminal is affected by competing fruits, and demand is weak. Short - term transactions are expected to be flat, with mainstream prices stable. After the Spring Festival stocking starts, the market may diverge [3] Market Analysis - Yesterday, the apple futures price fluctuated and closed down. Transaction speeds vary by region, with Gansu attracting more customers. Inquiry customers increase, but transactions don't improve significantly. Merchants mainly trade in - stock goods. The prices of general and poor - quality apples are loose. Low - price alternative fruits in the sales area suppress apple sales. The 2025 high - quality fruit rate was poor, and cold - storage inventory is lower than usual. There are structural contradictions. The price of high - quality apples is firm, while that of poor - quality apples is loose. The cold - storage destocking speed is slower than in previous years [4] Strategy - Neutral. In January 2026, Spring Festival stocking starts, but the low high - quality fruit rate and inventory lead to high prices of high - quality apples, suppressing sales in the sales area. Low - price alternative fruits also squeeze the sales space [5] Group 3: Red Date Analysis Market News and Key Data - Red date 2605 contract closed at 9,075 yuan/ton yesterday, down 75 yuan/ton (-0.82%) from the previous day. Hebei first - grade gray jujube spot price was 8.20 yuan/kg, unchanged. The spot basis CJ05 was - 875, up 75 from the previous day [6][7] Recent Market Information - The acquisition of gray jujubes in Xinjiang production areas is almost finished. The mainstream prices vary by region. In the Hebei market, the arrival of sub - standard goods is about 10 trucks, and the finished products are few. The market price is stable, and downstream customers purchase as needed. In the Guangdong market, the arrival is 2 trucks, and the price is stable [7] Market Analysis - Red date futures prices fluctuated downward yesterday. The acquisition in production areas is ending, and prices are stable. The supply is loose due to the overlap of new and old jujubes. The arrival speed in the sales area is accelerating, and the trading atmosphere is good. The inventory pressure is large due to the overlap of two seasons. In the medium - to - long - term, the market depends on the Spring Festival consumption. If demand improves, prices may rise slightly; otherwise, they may weaken [8] Strategy - Neutral [9]

Report Industry Investment Rating - Unilateral: Cautiously bullish, buy the main contract of BU on dips, avoid excessive chasing of rising prices [2] - Inter - period: Buy the spread of BU2303/2306 on dips (positive spread trading) [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - The trade flow of Venezuelan oil continues to change, and there is still support from the cost side. The domestic asphalt spot price was stable with a slight increase, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The market is in a volatile stage after pricing in the expectation of tightened supply of Venezuelan oil. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials, which may lead to increased costs, but there is no expected shortage of raw materials [1] Market Analysis - On the afternoon of January 8th, the closing price of the main BU2603 contract of asphalt futures was 3132 yuan/ton, a decrease of 22 yuan/ton or 0.70% from the previous settlement price. The open interest was 224,334 lots, a net increase of 2,081 lots, and the trading volume was 244,582 lots, a decrease of 65,167 lots [1] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information were: 3,356 - 3,500 yuan/ton in the Northeast, 3,050 - 3,190 yuan/ton in Shandong, 3,130 - 3,150 yuan/ton in South China, and 3,140 - 3,200 yuan/ton in East China [1] - The domestic asphalt spot price was stable with a slight increase, and the spot prices in East and South China continued to rise. The spot circulation volume of asphalt in some areas was still tight, and the supply - side support was solid. The terminal demand has entered the off - season, and the market support mainly comes from the cost side. The expectation of tightened supply of Venezuelan oil to domestic refineries is continuously being realized. If the oil originally flowing to Asia continues to flow to Europe and the United States, domestic refineries may need to find alternative heavy - quality raw materials from the Middle East, Canada, South America, etc., which may lead to increased costs, but there is no expected shortage of raw materials [1] Figures Information - The report includes figures on the spot prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China, Southwest, Northwest), the closing prices of the asphalt futures index, main contract, and near - month contract, the near - month spread, trading volume and open interest of asphalt futures, domestic weekly asphalt production, asphalt production of independent refineries and in different regions, domestic asphalt consumption in different fields (road, waterproofing, coking, ship fuel), and asphalt refinery and social inventories [3]

油脂日报 | 2026-01-09 加拿大总理预计访华，或影响菜系价格 油脂观点 市场分析 期货方面，昨日收盘棕榈油2605合约8612.00元/吨，环比变化+50元，幅度+0.58%；昨日收盘豆油2605合约7944.00 元/吨，环比变化-14.00元，幅度-0.18%；昨日收盘菜油2605合约8956.00元/吨，环比变化-139.00元，幅度-1.53%。 现货方面，广东地区棕榈油现货价8580.00元/吨，环比变化+80.00元，幅度+0.94%，现货基差P05-32.00，环比变化 +30.00元；天津地区一级豆油现货价格8340.00元/吨，环比变化+10.00元/吨，幅度+0.12%，现货基差Y05+396.00， 环比变化+24.00元；江苏地区四级菜油现货价格9710.00元/吨，环比变化-140.00元，幅度-1.42%，现货基差 OI05+754.00，环比变化-1.00元。 近期市场咨询汇总：印尼政策动态：据外媒报道，印尼能源部官员透露，因资金紧张，印尼可能提高棕榈油出口 税以支持生物柴油计划；同时，B50生物柴油路测已于12月启动，计划今年下半年实施，2025年该国生物柴油消费 量 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 2 - month contract is approaching delivery, and attention should be paid to the price correction in the second half of the month. The 02 contract is expected to have a delivery settlement price between 1750 - 1850 points under relatively pessimistic estimates, and its valuation support is expected to be in this range. The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations may be revised downwards, but the situation of contracts in June and August remains uncertain. The 2 - month contract is expected to fluctuate strongly, and there is no arbitrage strategy currently [5][6][7][9] Summary by Directory 1. Futures Price - As of January 8, 2026, the total open interest of all contracts of the container shipping index (European line) futures was 58,139.00 lots, and the single - day trading volume was 46,089.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1706.00, 1163.30, 1415.00, 1527.40, 1105.20, and 1343.00 respectively [8] 2. Spot Price - Online quotes from different shipping companies vary. For example, in the Shanghai - Rotterdam route, Gemini Cooperation's Maersk's price in the fourth week of January was 1685/2710; HPL's quotes in the first and second half - months of January and the first half - month of February were 1835/3035. Different alliances and shipping companies also have different price quotes and changes [1][2] 3. Container Ship Capacity Supply - **Static Supply**: As of December 31, 2025, 268 container ships with a total capacity of 2.155 million TEU were delivered in 2025. In terms of delivery expectations, the delivery pressure of ultra - large ships in 2026 is relatively small, while the annual delivery volume of ships over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships [3] - **Dynamic Supply**: The average weekly capacity in January was 318,600 TEU, and in February it was 283,500 TEU, and in March it was 279,000 TEU. There were 4 blank sailings in January, 4 TBNs and 6 blank sailings in February, and 4 blank sailings and 5 TBNs in March [4] 4. Supply Chain - The cease - fire mediation plan in Gaza is progressing, and the probability of the Suez Canal resuming navigation in 2026 is relatively high. Currently, some shipping routes have started to resume operations, which will put pressure on the far - month contract prices [7] 5. Demand and European Economy - The cargo volume in December and January is at a relatively high level within the year. The delivery settlement price of the February contract basically reflects the spot price center at the end of January. The demand situation is affected by factors such as the approaching Spring Festival [5]