1. Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is rated as neutral [3][5] 2. Core View of the Report - The soybean market is currently characterized by tight supply and potential demand, with strong short - term upward price momentum due to factors such as traders' reluctance to sell, tight supply of high - protein soybeans, active state reserve auctions, and pre - Spring Festival stocking demand. However, high prices may suppress consumption, and price corrections should be watched out for after the pre - holiday stocking period [2] - The peanut market has an increase in supply, but due to farmers' reluctance to sell and middlemen's price - holding mentality, the overall market trading activity is low. The downstream oil mills' purchase prices are stable but with strict acceptance standards, and food processing enterprises mainly replenish inventory based on rigid demand. Attention should be paid to the downstream stocking rhythm before the Spring Festival [3][4] 3. Summary by Related Catalogs Soybean Market Analysis - **Futures**: The closing price of the soybean No. 1 2605 contract yesterday was 4404.00 yuan/ton, up 128.00 yuan/ton from the previous day, a change of +2.99% [1] - **Spot**: The basis of edible soybean spot is A05 - 4, down 88 from the previous day, a change of 32.14%. Northeast soybean spot prices continued to strengthen yesterday, generally up 20 to 40 yuan/ton. Specific spot prices in different regions of Heilongjiang are provided [1] Strategy - The investment strategy is neutral [3] Peanut Market Analysis - **Futures**: The closing price of the peanut 2603 contract yesterday was 8072.00 yuan/ton, up 10.00 yuan/ton from the previous day, a change of +0.12% [3] - **Spot**: The average spot price of peanuts was 8018.00 yuan/ton, down 18.00 yuan/ton from the previous day, a change of - 0.22%. The spot basis was PK03 - 1072.00, down 10.00 from the previous day, a change of +0.94%. National average prices for various types of peanuts and oil mills' purchase prices are provided [3] Strategy - The investment strategy is neutral [5]

Group 1: Report Investment Ratings - The investment rating for both the apple and红枣 industries is neutral [4][8] Group 2: Core Views of the Report - Apple: The trading speed of apple production areas is differentiated, with transactions improving in Shaanxi and Shanxi, but overall slow. The low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales. The market is waiting for the Spring Festival stocking to drive up sales [2][3][4] - 红枣: Although the current year's production has decreased, the market supply is still abundant due to sufficient inventory. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2605 contract was 9583 yuan/ton, a change of -31 yuan/ton or -0.32% from the previous day [1] - Spot: The price of Shandong Qixia 80 first and second-grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 above semi-commodity late Fuji was 4.20 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price opened high and closed low. Different production areas have different trading speeds. The consumption peak season may drive up sales, but the low-price alternative fruits in the sales area suppress the sales of apples. The excellent fruit rate is low, the hardness of cold storage fruits is insufficient, and the delivery cost is high [3] Strategy - Maintain a neutral view. The Spring Festival stocking season is approaching, but the low excellent fruit rate and high price of excellent fruits, along with the impact of alternative fruits, suppress sales [4] 红枣 Market News and Important Data - Futures: The closing price of the 红枣 2605 contract was 9150 yuan/ton, a change of +175 yuan/ton or +1.95% from the previous day [5] - Spot: The price of first-grade grey jujube in Hebei was 8.20 yuan/kg, unchanged from the previous day [6] Market Analysis - The 红枣 futures price closed higher at a high level. The acquisition work in the production area has basically ended. Although the production has decreased, the market supply is still abundant. The downstream consumption is in the peak season, but the sales speed is average. The market trend depends on the release of consumption demand and festival stocking progress [7] Strategy - Maintain a neutral view. The new and old stocks of 红枣 are sufficient. The sales speed in the sales area is average, and the price fluctuates at a low level. Pay attention to the downstream sales atmosphere, acquisition price changes, and peak season consumption changes [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Policy expectations are swinging back and forth. After a series of important domestic meetings and the Fed's return to a "restrictive" stance in December, there are risks of policy expectation swings both at home and abroad, with asset sentiment deviating from the macro situation. Future commodity prices will be determined by supply - side risks and loose monetary policies due to global geopolitical instability [1]. - There is a certain divergence in domestic and foreign economic outlooks. Overseas economic sentiment has been declining since October, while China's exports and new orders remain positive. China's November economic data was under pressure, but the official manufacturing and non - manufacturing PMIs in December returned to the expansion range [2]. - For commodity investment, focus on high - certainty sectors such as non - ferrous metals and precious metals. There are also opportunities for low - valued commodities to make up for price increases. In the energy sector, pay attention to the growth expectation of crude oil supply after the US "temporary management" of Venezuela. In the chemical industry, focus on the "anti - involution" space of some varieties. For agricultural products, pay attention to weather expectations and short - term pig diseases [3]. Summary by Related Catalogs Market Analysis - Policy expectations are unstable. After the Central Economic Work Conference in December and the 2026 People's Bank of China Work Conference in January, there are uncertainties in domestic and foreign policies. The Fed has internal differences. Geopolitical tensions during the New Year's Day holiday have increased supply - side risks for commodities [1]. - On January 7, the A - share market showed mixed performance. The semiconductor industry chain was active, and the coal sector had a strong performance. In the commodity futures market, many contracts such as nickel, coke, and coking coal reached the daily limit [1]. Domestic and Foreign Economic Data - Overseas economic sentiment has been declining since October, while China's November foreign trade growth rebounded. China's November economic data was under pressure, but the December official manufacturing and non - manufacturing PMIs returned to the expansion range. The US November non - farm payrolls recovered but were still weak, and the unemployment rate reached a four - year high [2]. Commodity Investment - Focus on non - ferrous metals and precious metals. Among non - ferrous metals, aluminum is a good choice. In the energy sector, pay attention to the situation in Venezuela and Iran. In the chemical industry, focus on the "anti - involution" space of methanol, PTA, etc. For agricultural products, pay attention to weather and pig diseases. There are opportunities to buy precious metals at low prices, but short - term silver risks have increased [3]. Strategy - For commodities and stock index futures, consider buying on dips in stock index futures, precious metals, and non - ferrous metals [4]. Key News - China's central bank increased its gold reserves for the 14th consecutive month in December. On January 8, the central bank carried out a 1.1 trillion - yuan buy - out reverse repurchase operation. The US Supreme Court will rule on the tariff issue on January 9. Trump announced that Venezuela will transfer 30 - 50 million barrels of oil to the US [6].

FICC日报 | 2026-01-08 下半月运价逐步修正，关注后续持续调整情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹1月第四周价格1685/2710；HPL 1月上半月报价1835/3035，1月下半月船 期报价2135/3535，2月上半月船期报价1835/3035. MSC+Premier Alliance：MSC1月上半月价格1700/2840，1月下半月船期报价1700/2840；ONE 1月上半月船期报价 2110/2835，1月下半月船期报价2440/3335；HMM上海-鹿特丹1月上半月船期报价1533/2636，1月下半月船期报价 1733/3036. Ocean Alliance：CMA 上海-鹿特丹1月上半月船期报价1859/3293，1月下半月船期报价2509/4093；EMC 1月上半 月船期报价介于3030-3230，1月下半月船期报价3330-3530美元/FEU；OOCL 1月上半月份船期报价介于3043-3130 美元/FEU，1月下半月船期报价3080-3130美元/FEU。 地缘端：管遭到以色列坦克和军队的围困，并面临特朗普彻 ...

1. Report Industry Investment Ratings - Cotton: Neutral to bullish [2] - Sugar: Neutral [4] - Pulp: Neutral [6] 2. Core Views - Cotton: 25/26 global cotton production and demand both decrease with a slight increase in ending stocks; US cotton has inventory pressure in the short - term, but is in a low - valuation range in the long - term; domestic cotton production increases, demand shows a marginal weakening trend, and medium - long - term cotton prices are expected to fluctuate upward [2] - Sugar: 25/26 global sugar production is abundant with an excess situation; short - term decline space of raw sugar is limited, but the rebound momentum is restricted; long - term sugar prices should not be overly pessimistic; domestic sugar supply pressure remains, and short - and medium - term prices are expected to fluctuate and bottom out [3][4] - Pulp: Overseas supply is disturbed, European demand improves, domestic demand is insufficient but shows marginal improvement; short - term prices are expected to fluctuate strongly, and the upward height depends on demand improvement and port inventory digestion [5][6] 3. Summary by Related Catalogs Cotton - **Market News and Important Data**: Cotton 2605 contract closed at 15,035 yuan/ton yesterday, up 180 yuan/ton or 1.21% from the previous day; 3128B cotton Xinjiang arrival price was 15,574 yuan/ton, up 87 yuan/ton; as of January 3, 2025/26 Brazilian cotton planting was 31.2% complete, up 6.1 percentage points from the previous period and 0.1 percentage points faster than the same period last year [1] - **Market Analysis**: Zhengzhou cotton futures prices fluctuated upward yesterday; globally, 25/26 cotton production and demand both decreased, and US cotton inventory pressure increased. In the short - term, ICE US cotton is under pressure, and in the long - term, it is in a low - valuation range. Domestically, cotton production increased significantly, sales progress accelerated, demand showed a marginal weakening trend [2] - **Strategy**: Neutral to bullish. The annual supply - demand is expected to be balanced, and there is a possibility of tight inventory at the end of the year. Medium - long - term cotton prices are expected to fluctuate upward, but short - term high - level callback risks should be watched out for [2] Sugar - **Market News and Important Data**: Sugar 2605 contract closed at 5,281 yuan/ton yesterday, up 22 yuan/ton or 0.42% from the previous day; Guangxi Nanning sugar spot price was 5,350 yuan/ton, up 10 yuan/ton; Brazil exported 2.913 million tons of sugar and molasses in December, a 2.8% increase from December 2024 [3] - **Market Analysis**: Zhengzhou sugar futures prices fluctuated and closed higher yesterday; globally, 25/26 sugar production is abundant with an excess situation. In the short - term, the decline space of raw sugar is limited, and the rebound momentum is restricted. In the long - term, sugar prices should not be overly pessimistic. Domestically, sugar production is expected to increase for the third year, and supply pressure remains [3] - **Strategy**: Neutral. The domestic fundamental driving force is still downward, and short - and medium - term sugar prices are expected to fluctuate and bottom out [4] Pulp - **Market News and Important Data**: Pulp 2605 contract closed at 5,596 yuan/ton yesterday, down 16 yuan/ton or 0.29% from the previous day; Shandong Chilean silver star softwood pulp spot price was 5,590 yuan/ton, unchanged; the import wood pulp spot market was mainly strong with individual fluctuations [4] - **Market Analysis**: Pulp futures prices were narrowly sorted yesterday. Overseas pulp mills have shutdown and maintenance news. European demand continues to improve, while domestic demand is insufficient, but port inventory has declined recently, and downstream demand is expected to increase marginally [5] - **Strategy**: Neutral. Overseas supply is disturbed, and domestic demand may show a mild recovery. Short - term prices are expected to fluctuate strongly, and the upward height depends on demand improvement and port inventory digestion [6]

1. Report Industry Investment Rating - PX/PTA/PF/PR is rated neutral [4] 2. Core Viewpoints of the Report - PTA/PX follows the cost - end fluctuations. The Iran situation is intensifying, and recent oil prices are oscillating. PX supply is expected to increase, while TA has a de - stocking balance in December and a controllable inventory - building pressure in January. The polyester demand may decline, and the processing fees of different products show different trends [1][2][4] 3. Summary by Relevant Catalogs 3.1 Price and Basis - Figures include TA main contract & basis & inter - period spread trend, PX main contract trend & basis & inter - period spread, PTA East China spot basis, and short - fiber 1.56D*38mm semi - bright natural white basis [10][11][16] 3.2 Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][22] 3.3 International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [24][26] 3.4 Upstream PX and PTA Operation Rates - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [27][30][32] 3.5 Social Inventory and Warehouse Receipts - Figures display PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PX warehouse receipts inventory, and PF warehouse receipts inventory [38][40][41] 3.6 Downstream Polyester Load - Figures include filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, and polyester bottle - chip load, as well as related factory inventory days and regional operation rates [48][50][59] 3.7 Detailed PF Data - Figures cover polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, pure polyester yarn operation rate, pure polyester yarn production profit, polyester - cotton yarn operation rate, and polyester - cotton yarn processing fee [73][79][82] 3.8 Detailed PR Fundamental Data - Figures show polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, and related price differences [90][92][97]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The overall supply - demand pattern of the PVC market is weak, but the release of the draft for soliciting opinions on the differential electricity price policy in Shaanxi and overseas device shutdowns support the PVC futures to rebound. The macro - expectation has improved, and the supply is abundant while downstream demand is weak. The PVC market is expected to rebound with the macro - sentiment [3]. - The spot price of caustic soda is stable with a slight decline. The market expectation is boosted by the central bank's work meeting. The current supply - demand of caustic soda is still weak, and the demand may decline in the medium - to - long term due to the anti - involution policy of alumina [3]. Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 4,972 yuan/ton (+53), the East China basis is - 272 yuan/ton (+17), and the South China basis is - 272 yuan/ton (-3) [1]. - Spot price: The East China calcium carbide - based PVC is quoted at 4,700 yuan/ton (+70), and the South China calcium carbide - based PVC is quoted at 4,700 yuan/ton (+50) [1]. - Upstream production profit: The semi - coke price is 750 yuan/ton (+0), the calcium carbide price is 2,780 yuan/ton (+0), the calcium carbide profit is - 110 yuan/ton (+0), the gross profit of PVC calcium carbide method production is - 714 yuan/ton (+47), the gross profit of PVC ethylene method production is - 279 yuan/ton (+56), and the PVC export profit is - 34.4 US dollars/ton (-19.2) [1]. - PVC inventory and operation: The in - plant PVC inventory is 30.9 million tons (+0.3), the social PVC inventory is 52.5 million tons (+1.1), the calcium carbide - based PVC operation rate is 77.46% (+0.45%), the ethylene - based PVC operation rate is 70.73% (-3.33%), and the overall PVC operation rate is 75.42% (-0.70%) [1]. - Downstream order situation: The pre - sales volume of production enterprises is 81.6 million tons (+0.9) [1]. Caustic Soda - Futures price and basis: The closing price of the SH main contract is 2,261 yuan/ton (+67), and the basis of 32% liquid caustic soda in Shandong is - 111 yuan/ton (-73) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong is 688 yuan/ton (-2), and the price of 50% liquid caustic soda in Shandong is 1,080 yuan/ton (-10) [2]. - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1,125 yuan/ton (-6), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 557.8 yuan/ton (-46.3), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 184.20 yuan/ton (+23.75), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 604.50 yuan/ton (+29.49) [2]. - Caustic soda inventory and operation: The inventory of liquid caustic soda factories is 48.57 million tons (+4.35), the inventory of flake caustic soda factories is 3.02 million tons (+0.05), and the operation rate of caustic soda is 86.40% (+0.40%) [2]. - Downstream operation of caustic soda: The operation rate of alumina is 84.67% (-0.47%), the operation rate of printing and dyeing in East China is 60.81% (-0.47%), and the operation rate of viscose staple fiber is 85.05% (-1.98%) [2]. Market Analysis PVC - The supply - demand pattern is weak, but the market rebounds due to policy and overseas factors. The supply is abundant, downstream operation declines, and the social inventory accumulates slightly. The production profit has some repair, but the upstream raw material profit is still in the red. The futures hedging pressure exists, and it is expected to rebound with the macro - sentiment [3]. Caustic Soda - The spot price is stable with a slight decline. The market expectation is boosted by the central bank's policy. The supply - demand is weak, the inventory accumulates, and the cost support may strengthen slightly. The demand may decline in the medium - to - long term, and it is necessary to focus on downstream procurement sentiment and device maintenance [3]. Strategy PVC - Unilateral: Fluctuate with the macro - sentiment [4]. - Inter - period: Wait and see [5]. - Inter - variety: None [5]. Caustic Soda - Unilateral: Fluctuate with the macro - sentiment [5]. - Inter - period: Wait and see [5]. - Inter - variety: None [5].

Report Investment Rating - Glass: Oscillating with an upward bias [2] - Soda Ash: Oscillating with an upward bias [2] - Silicomanganese: Oscillating with an upward bias [4] - Ferrosilicon: Oscillating with an upward bias [4] Core Viewpoints - The raw material cost has pushed up steel prices strongly, and the prices of glass, soda ash, and double silicon have shown an upward trend [1][3] - The supply - demand contradictions of glass and soda ash are different, and attention should be paid to production line changes and new project progress [1] - The fundamentals of silicomanganese and ferrosilicon have different characteristics, and factors such as cost and demand need to be concerned [3] Market Analysis Glass and Soda Ash - Glass: The glass futures and spot prices rose significantly. Although some production lines have been cold - repaired, the production reduction is insufficient compared to the decline in rigid demand. The purchase of futures - spot traders may relieve inventory pressure, and the market expects a peak season after the Spring Festival [1] - Soda Ash: The futures and spot prices of soda ash rose. The rigid demand from downstream is limited, but the enthusiasm of futures - spot traders and traders has increased. The supply has decreased, and the inventory has increased month - on - month. Attention should be paid to the changes in float glass production lines and new soda ash projects [1] Double Silicon - Silicomanganese: Affected by the overall rise of the black series, the silicomanganese futures rose. The South African government plans to impose tariffs on unprocessed manganese ore, which may increase the cost. The current fundamentals are not good, with high production and large inventory growth. After the New Year's Day, the resumption of steel mills may repair the rigid demand, and the low port inventory of manganese ore provides support [3] - Ferrosilicon: The ferrosilicon market is running strongly. Traders are active in purchasing during the January steel tenders, and the sales are good. The fundamentals' contradictions have been significantly alleviated, the factory inventory has decreased, and the rigid demand is expected to improve after the resumption of steel mills. The implementation of differential electricity prices in Shaanxi may increase the cost [3] Strategy - Glass: Oscillating with an upward bias [2] - Soda Ash: Oscillating with an upward bias [2] - Silicomanganese: Oscillating with an upward bias [4] - Ferrosilicon: Oscillating with an upward bias [4] - Inter - period: None [2] - Inter - variety: None [2]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The steel market is strongly rising due to the increase in raw material costs. The short - term performance of black commodities is strong, but the fundamentals need to be tested after the sentiment fades. The iron ore market is rising under the improvement of macro - sentiment, but there is a large supply - demand contradiction. The double - coking market is rising, with the demand for coke expected to improve, and the coking coal supply recovering quickly. The thermal coal market is rising due to the reduction of production capacity in the producing areas [1][3][5][8]. Summary by Related Categories Steel - **Market Analysis**: The steel futures and spot markets rose strongly yesterday. National building material prices generally increased by 20 - 40 yuan, and the market's enthusiasm for purchasing increased, with a national building material turnover of 12530 tons. The building materials market maintains a state of low production, low consumption, and low inventory, while the plate market is still restricted by high inventory [1]. - **Supply - Demand and Logic**: There is no contradiction in the supply - demand fundamentals of building materials for the time being. After the New Year's Day, the building materials will enter the winter storage market. The plate inventory pressure still exists. In the short term, black commodities are strong, but the fundamentals need to be tested later. Attention should be paid to the resumption of production of steel mills [1]. - **Strategy**: Unilateral trading is expected to be oscillating and strengthening [2]. Iron Ore - **Market Analysis**: The iron ore futures market was strong yesterday. The 2605 contract of iron ore rose significantly. In the spot market, the prices of mainstream port varieties followed the upward trend of the futures, but the market trading was cold [3]. - **Supply - Demand and Logic**: There is a large supply - demand contradiction in the iron ore market, and the overall inventory has increased significantly. The downstream replenishment willingness is insufficient. The market gives a high valuation to the iron ore price, but the price may face a downward risk after the negotiation. In the short term, the price is expected to maintain a high - level and strong oscillation [3]. - **Strategy**: Unilateral trading is expected to be oscillating and strengthening [4]. Double - Coking - **Market Analysis**: The main contracts of double - coking rose significantly yesterday. The spot price of Shanxi coking coal was relatively stable, and the spot price of Mongolian coal rose to 1000 - 1010 yuan/ton. The output of 523 coal mines increased slightly yesterday, and the mine inventory increased month - on - month [5]. - **Supply - Demand and Logic**: After the New Year's Day, with the resumption of blast furnace production and the winter storage of steel mills before the Spring Festival, the demand for coke is expected to improve. The coking coal supply is relatively loose, and the inventory accumulation trend has not been alleviated. In the short term, the coal price is strong, but the change in the production - increasing capacity in the producing areas needs to be further verified [6]. - **Strategy**: Both coking coal and coke are expected to be oscillating and strengthening [7]. Thermal Coal - **Market Analysis**: In the producing areas, the coal price rebounded slightly, and the demand for replenishment from local and surrounding power plants improved. The port market was relatively stable, with strong upstream quotations and weak downstream demand. The import coal market rose steadily [8]. - **Supply - Demand and Logic**: Yulin City plans to reduce the supply - guarantee coal mines and cut the production capacity by 19 million tons. The daily consumption of thermal coal has improved, and the coal price is oscillating and strengthening. Attention should be paid to the consumption and replenishment of non - thermal coal [8].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PE, short - term sentiment boost and cost - end disturbances drive the market to stop falling and rebound, but the improvement of supply - demand fundamentals is still limited. The supply pressure increases due to new production and expected increase in low - priced imports, while the demand is weak as it is in the off - season, and the de - stocking pressure remains [3]. - For PP, short - term market sentiment improvement, supply - side reduction expectations and cost - end support drive the price to stop falling and rebound. However, there are still supply - demand contradictions, and the short - term rebound space is expected to be limited due to insufficient demand improvement [4]. Summary by Directory 1. Polyolefin Basis Structure - The L main contract closed at 6579 yuan/ton (+130), the PP main contract closed at 6423 yuan/ton (+93). LL North China spot was 6370 yuan/ton (-30), LL East China spot was 6490 yuan/ton (+10), PP East China spot was 6220 yuan/ton (+30). LL North China basis was - 209 yuan/ton (-160), LL East China basis was - 89 yuan/ton (-120), and PP East China basis was - 203 yuan/ton (-63) [1] 2. Production Profit and Operating Rate - PE operating rate was 83.2% (+0.6%), and PP operating rate was 76.7% (-0.1%). PE oil - based production profit was 84.0 yuan/ton (+19.5), PP oil - based production profit was - 446.0 yuan/ton (+19.5), and PDH - based PP production profit was - 791.6 yuan/ton (+37.2) [1] 3. Polyolefin Non - standard Price Difference - Not provided in the content 4. Polyolefin Import and Export Profits - LL import profit was 189.1 yuan/ton (+89.8), PP import profit was - 311.0 yuan/ton (+40.1), and PP export profit was - 27.4 US dollars/ton (-5.1) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profits - PE downstream agricultural film operating rate was 39.0% (-4.9%), PE downstream packaging film operating rate was 48.4% (+0.2%), PP downstream plastic weaving operating rate was 43.1% (-0.6%), and PP downstream BOPP film operating rate was 63.2% (+0.0%) [2] 6. Polyolefin Inventory - Not provided in the content