Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - On January 12, the main contracts of rebar and hot-rolled coil futures 2605 oscillated and rebounded, recovering most of the previous day's losses. The steel price is expected to be volatile and bullish in the future, and it is advisable to try to buy for hedging or investment at low prices [5][9]. 3. Summary by Directory 3.1 Market Review - **Futures Market**: On January 12, the main contracts of rebar and hot-rolled coil futures 2605 oscillated and rebounded. The closing prices of RB2605, HC2605, and SS2603 increased by 0.60%, 0.55%, and 1.21% respectively. The trading volume and open interest of each contract also changed to some extent [5]. - **Spot Market**: On January 12, the prices of individual rebar spot markets fluctuated, and the prices of a small number of hot-rolled coil spot markets rebounded. The price of rebar in Hangzhou market rose by 20 yuan/ton, while that in Zhengzhou market fell by 10 yuan/ton. The prices of hot-rolled coils in Shanghai, Hangzhou, and other markets rose by 10 yuan/ton [7]. 3.2 Technical Analysis - The daily KDJ indicator of the rebar 2605 contract changed from a weak dead cross to a weak golden cross, and the daily KDJ indicator of the hot-rolled coil 2605 contract rose. The daily MACD red bars of the rebar and hot-rolled coil 2605 contracts turned slightly larger [7]. 3.3 Market Outlook - **Message**: Geopolitical turmoil has caused the prices of precious metals and some non-ferrous metal commodities to rise significantly and then fall back. Rebar, hot-rolled coil, coke, and coking coal futures in the black series have become hedging chips, but smart funds have begun to lay out medium- and long-term positions [8][9]. - **Fundamentals**: The output of the five major steel products has increased for two consecutive weeks, but the demand has significantly shrunk to the lowest level since mid-October last year and late February last year. Due to the weekly supply exceeding demand, the social inventory has rebounded from the lowest level since late January last year. The cost of steel still has strong support [9]. 3.4 Industry News - Baosteel Zhanjiang Iron and Steel's No. 5 heavy slab continuous caster was fully completed and put into operation on January 9. - Honglu Steel Structure's cumulative new sales contract amount in 2025 was about 29.102 billion yuan, a year-on-year increase of 2.84%, and the steel structure product output was about 5.0207 million tons, a year-on-year increase of 11.30%. - Tangshan Port expects to complete a total cargo throughput of 242 million tons in 2025, a year-on-year increase of 4.1%. - Fushun Special Steel completed the absorption and merger of its wholly-owned subsidiary Xinxing Plate. - Xinji Energy's preliminary estimated operating income in 2025 was 12.343 billion yuan, a year-on-year decrease of 3.02%. - Huayang Co., Ltd. stated that coal prices are affected by multiple factors and are volatile. - Jiangsu Province plans to arrange 670 major provincial projects in 2026, with an annual planned investment of 664.6 billion yuan. - Guangxi's 2026 annual long-term agreement transaction was successfully concluded, with a cumulative transaction electricity volume of 66.534 billion kilowatt-hours. - Mongolia's coal exports in 2025 reached 89.7093 million tons, a year-on-year increase of 7.11%. - Australia's coal export value in November 2025 was 5.644 billion Australian dollars, a month-on-month increase of 2.81%. - JSW Steel's crude steel output in the third quarter of fiscal year 2026 (October - December 2025) reached 7.48 million tons, a year-on-year increase of 6%. - India's coal production in December 2025 was 101 million tons, a year-on-year increase of 3.66% [10][11]. 3.5 Data Overview - The report presents multiple charts, including the social inventory of rebar and hot-rolled coil in major cities, the spot prices of rebar and hot-rolled coil in major markets, the weekly output of the five major steel products, the inventory of steel mills, the blast furnace opening rate, the electric furnace opening rate, the national daily average hot metal output, the apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot-rolled coil spot and May contracts [13][14][32].

行业 锌期货日报 日期 2026 年 1 月 13 日 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2601 | 24170 | 23930 | 24170 | 23820 | -290 | -1.20 | 3690 | -1410 | | 沪锌 | 2602 | 24190 | ...

Report Information - Report Title: Copper Futures Daily Report [1] - Date: January 13, 2026 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Report Core View - The copper price is expected to continue rising. Although the high copper price suppresses downstream procurement and domestic social inventory accumulates significantly, the export window is opening, which will relieve the domestic spot pressure. Additionally, the ruling on the US tariff case on January 14 may trigger market concerns about US copper tariffs again [10]. Summary by Directory 1. Market Review and Operation Suggestions - The main contract of Shanghai copper rose 3.51% to 103,800 yuan, and the total open interest increased by 12,971 lots to 695,000 lots. After the mixed US non - farm payrolls data on Friday night, the market postponed the expectation of the Fed's next interest - rate cut to June, and the US dollar index rose. However, the metal sector soared across the board during the day, and the copper price rose again under the influence of the market's bullish sentiment [10]. - The spot copper shifted to a premium of 60 yuan. As the delivery approached and the supply of high - quality copper was tight, the premium quotation increased. But the domestic social inventory increased significantly again, with an increase of 19,600 tons to 293,400 tons from last Thursday. The high copper price suppressed downstream procurement [10]. - The export window is about to open, the spot import loss widened to 1,321 yuan/ton, the LME 0 - 3 back structure widened to $41.94/ton, and the LME market supply tightened. It is expected that the domestic spot pressure will be relieved when the export window opens [10]. 2. Industry News - Lundin Mining has submitted an environmental permit application to Chile, planning to invest $150 million to upgrade its Caserones copper - molybdenum mine. The project aims to optimize mine infrastructure and extend the mine's operation period to 2039. Caserones is expected to produce 127,000 - 133,000 tons of copper this year [10]. - Pan Pacific Copper proposed a record - high copper price premium of $330 per ton to its Japanese domestic customers in 2026, more than three times the $88 premium in 2025. The reasons for the premium increase are the significant decline in TC/RC, which raises raw material procurement costs, and the market's concern that the US may impose tariffs on copper ingots later this year, leading to a shortage of supply in the Asian market [10][11].

Group 1: Report Overview - Report Date: January 13, 2026 [2] - Reported Industry: Eggs [1] - Research Team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Spot Market**: Today, the national egg price is strong. The average price in the main producing areas is 3.37 yuan/jin, up 0.12 yuan/jin from yesterday; the average price in the main selling areas is 3.57 yuan/jin, also up 0.12 yuan/jin from yesterday. Last week, the spot price of eggs rose, with both the producing and selling areas generally increasing. After the New Year's Day, the egg price was stable, and then became strong under the combined effect of the subsidence of rain and snow and the post - holiday replenishment demand [8]. - **Futures Market**: This week, the near - month contracts fluctuated slightly strongly at a low level, while the far - month contracts declined. The strength of the near - month contracts is mainly due to the pull of the spot market, while the far - month contracts are回调 because the previous expectation of the inventory inflection point has been shaken by the current rising egg price [8]. | Contract | Pre - settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2602 | 2989 | 3030 | 3032 | 2992 | 2996 | 7 | 0.23% | 32559 | 65643 | - 2887 | | Egg 2603 | 3030 | 3054 | 3060 | 3013 | 3020 | - 10 | - 0.33% | 183867 | 270221 | 19367 | | Egg 2605 | 3563 | 3579 | 3593 | 3566 | 3578 | 15 | 0.42% | 32264 | 94918 | 2653 | [7] Operation Suggestions - The 02 and 03 contracts are absolute off - season contracts. In the future, they will mainly increase the basis. Unless the intensity and duration of the current general increase in the producing and selling areas exceed expectations, the 02 and 03 contracts may always oscillate in the bottom range. - The far - month contracts have the positive factor of the inventory inflection point. Pay attention to the replenishment situation. If the continuous rise of the egg price weakens the far - month valuation, you can consider arranging long positions in the peak - season contracts such as the 05 contract, mainly through rolling operations [8]. Group 3: Industry News - **Inventory**: As of the end of December 2025, the national monthly inventory of laying hens was about 1.344 billion, a month - on - month decrease of 0.59%, and a year - on - year increase of 5.00%. The current inventory is at a high level in the same period of history [9]. - **Replenishment**: In December 2025, the monthly output of laying hen chicks in sample enterprises was about 39.59 million, basically the same as that in November, but significantly less than that in the same period in 2024. The total replenishment volume from September to December 2025 was about 157.49 million, less than that in the same period last year, indicating that the medium - term production capacity pressure may continue to ease [9]. Group 4: Data Overview - **Elimination Volume**: As of January 8, the national elimination volume of laying hens in the previous three weeks was 19.39 million, 19.82 million, and 18.96 million respectively, maintaining a relatively high level but slightly decreasing [18]. - **Elimination Age**: As of January 8, the average elimination age of laying hens was 484 days, the same as last week and 2 days earlier than last month, remaining stable [18].

Report Overview - Report Date: January 13, 2026 [2] - Report Industry: Oil and Fat [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Core Viewpoints - After the MPOB report, palm oil prices are expected to remain oscillating and strengthening this week, but the upside is limited by high inventory [8] - Driven by policy expectations, rapeseed oil prices are likely to continue the downward trend this week [8] - Domestic soybean crushing volume is expected to decline in Q1, soybean oil basis is strong, and the futures price is well - supported at 7,800 - 8,000 [8] - For arbitrage, go long on soybean oil and palm oil and short on rapeseed oil [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: In the East China market, the basis price of Grade 3 rapeseed oil, Grade 1 soybean oil, and Grade 3 soybean oil, as well as the quotes of rapeseed oil in Dongguan and palm oil in Dongguan, showed different trends from January to May [7] - **Operation Suggestions**: After the release of the MPOB report, palm oil is expected to be oscillating and strengthening; rapeseed oil is likely to decline; soybean oil futures are trending strongly, and an arbitrage strategy of long soybean oil and palm oil, short rapeseed oil is recommended [8] 2. Industry News - **Palm Oil Production**: From January 1 - 10, Malaysia's palm oil production decreased by 20.49% month - on - month, with the FFB yield down 20.49% and OER unchanged [9] - **Palm Oil Exports**: From January 1 - 10, Malaysia's palm oil exports increased by 29.2% (ITS data) or 17.7% (AmSpec data) compared to the same period in December. Exports to China decreased by 31,000 tons [10][17] 3. Data Overview - **Soybean Oil Inventory**: As of the end of the second week of 2026, domestic soybean oil inventory was 1.209 million tons, down 77,000 tons from last week; the contract volume was 1.606 million tons, up 69,000 tons [17]

Report Information - Report Type: Stock Index Daily Review [1] - Date: January 13, 2026 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] - Team: Macro Finance Team [4] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - With the strengthening of domestic economic improvement expectations, the slow - bull pattern of A - shares is gradually stabilizing. Maintain a long - term bullish mindset and adopt a strategy of low - buying. In terms of market style, IF and IC may perform relatively better [7] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook 3.1.1 Market Review - On January 12, the Wande All - A index rose 1.72% with increased trading volume, more than 4,000 stocks rose, and over 200 stocks hit the daily limit. The CSI 300, SSE 50, CSI 500, and CSI 1000 closed up 0.65%, 0.30%, 2.39%, and 2.80% respectively. In the futures market, the main contracts of IF, IH, IC, and IM rose 0.64%, 0.17%, 2.47%, and 3.27% respectively (calculated by closing price) [6] 3.1.2 Outlook - Domestically, in December 2025, macro - economic data showed that the year - on - year increase in CPI continued to expand, and the decline in PPI narrowed. Policies to expand domestic demand, promote consumption, and combat involution continued to show results. Policy - wise, the National Commercial Work Conference emphasized boosting consumption, building a strong domestic market, expanding independent opening - up, promoting trade innovation, and expanding two - way investment cooperation. In terms of enterprises, the 2025 annual performance forecasts are being disclosed. High - growth sectors such as military, gold, and high - end manufacturing are the main drivers of performance growth, while some traditional industries like chemical energy face greater loss pressure. In terms of capital, the total market trading volume has been increasing recently, reaching over 3.6 trillion yuan today, and market risk appetite has increased [7] 3.2 Data Overview - The report provides multiple data graphs, including the performance of domestic main indexes, market style, industry sector performance (Shenwan First - level Index), Wande All - A trading volume, stock index spot trading volume, stock index futures trading volume, stock index futures positions, main contract basis trends, inter - period spread trends, and statistics of main ETF fund shares and trading volumes. All data sources are from Wind and the Research and Development Department of CCB Futures [8][12][15] 3.3 Industry News - The State Council Information Office will hold a press conference on January 14, 2026, where the Deputy Director of the General Administration of Customs will introduce the 2025 full - year import and export situation. The National Commercial Work Conference held in Beijing on January 10 - 11 emphasized that in 2026, the national commercial system should focus on eight key tasks to achieve high - quality development in commerce. China and the EU had multiple rounds of consultations to resolve the EU's electric vehicle case. The EU will issue a guidance document on price - commitment applications, and both sides aim to resolve differences through dialogue and consultations to maintain the stability of the China - EU and global automotive industry chains [28]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report In 2026, precious metals, especially industrial precious metals, will continue to perform strongly. The report suggests that investors should adopt a bullish approach but strictly control their position sizes. Conservative traders can consider cross - commodity arbitrage strategies such as going long on silver and platinum while shorting gold and palladium. Long - hedgers should hedge in batches as soon as possible, and short - hedgers should appropriately reduce their hedging ratios [4][6]. 3) Summary by Relevant Sections Precious Metals Market Trends and Outlook - **Intraday Trends**: On January 12, Asian trading hours, precious metal prices continued to strengthen. The market expects the Fed to continue its loose monetary policy in 2026, and geopolitical risks have pushed up prices. The correction at the end of December 2025 has released internal adjustment risks. In 2026, precious metals will continue to be strong. Investors are advised to trade with a bullish view and control position sizes. This week, attention should be paid to US price data, Chinese import and export data, and the US Supreme Court's ruling on Trump's tariff measures [4]. - **Medium - term Trends**: In 2026, geopolitical risks may significantly increase. The restructuring of the global political and economic landscape and the loose monetary policies of central banks will boost the demand for reserve diversification, strategic value, and liquidity premiums of the precious metals sector. The sector will continue the upward trend since 2024. Silver and platinum will outperform gold, but price volatility will also increase. Investors are advised to trade with a bullish view and control positions. Conservative traders can consider cross - commodity arbitrage [6]. Precious Metals Market Data - Domestic precious metals market data shows that on January 12, the Shanghai Gold Index closed at 1,028.89, up 1.98%; the Shanghai Silver Index closed at 20,909, up 11.65%; the Guangzhou Platinum Index closed at 622.66, up 3.88%; the Guangzhou Palladium Index closed at 505.71, up 1.29% [5]. Major Macroeconomic Events/Data - **US Employment Data**: In December 2025, the US added 50,000 non - farm jobs, less than the expected 60,000. The unemployment rate dropped to 4.4%. Wage growth was stable, and the market expects the Fed to keep interest rates unchanged in January. The probability of a rate cut in April is 45%, and it is more likely to cut rates in June [18]. - **US - Venezuela Relations**: The US may lift more sanctions on Venezuela in the coming week. Venezuela is exploring expanding diplomatic relations with the US, and the US is evaluating the possibility of "phased resumption" of embassy operations in Venezuela [18]. - **Iran Situation**: In Iran, local riots have caused more than 500 deaths. Trump has threatened to intervene, and Iran blames the US and Israel. Trump will meet with senior advisors on Tuesday to discuss options against Iran [19].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Polyolefins have been boosted since the beginning of the year, but the fundamental support is not solid. The supply pressure of polypropylene has eased due to more temporary maintenance, while the overall supply pressure of plastics has slightly increased. The demand for mulch film has driven a slight increase in the start - up of agricultural film, and the start - up of other sectors is basically stable. The replenishment of some downstream factories has slightly increased, but the increase is limited. Enterprises' resistance to high prices restricts the price increase. In the short term, international oil prices have risen due to the Iranian protest activities threatening supply, but overseas geopolitical conflicts cannot change the oversupply pattern of crude oil. Polyolefins are expected to rise first and then fall driven by supply recovery, demand entering the off - season inventory digestion cycle [4]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - **Plastic Futures**: L2605 opened lower, fluctuated upward during the session, and closed up at 6737 yuan/ton, up 90 yuan/ton (1.35%), with a trading volume of 500,000 lots and a decrease of 509 lots in positions to 490,780 lots. - **PP Futures**: PP2605 closed at 6560 yuan/ton, up 68 yuan, with a gain of 1.05%, and a decrease of 614 lots in positions to 502,700 lots [3][4]. 3.2 Industry News - **Inventory**: On January 12, 2026, the inventory level of major producers was 575,000 tons, a decrease of 35,000 tons (5.74%) from the previous working day, compared with 560,000 tons in the same period last year. - **PE Market**: Most PE market prices rose. Linear futures opened higher and fluctuated. The market trading atmosphere was average. As some ex - factory prices were raised, traders followed suit and raised their quotes, and downstream buyers were cautious in purchasing. The LLDPE prices in North China, East China, and South China were 6430 - 6600 yuan/ton, 6450 - 6800 yuan/ton, and 6600 - 6850 yuan/ton respectively. - **Propylene Market**: The mainstream price of the Shandong propylene market was temporarily referred to as 5770 - 5820 yuan/ton, unchanged from the previous working day. The overall shipment of production enterprises was smooth, the propylene offer was adjusted steadily, and there was still a premium situation in the actual order auction of some enterprises. The purchasing enthusiasm of downstream factories remained high, and the overall market trading atmosphere was good. - **PP Market**: The PP market showed an obvious upward trend, and the price center of some markets rose by 50 - 70 yuan/ton. Traders' quotes followed the upward trend significantly, and the market center rose. Downstream factories were cautious in purchasing and still resisted high - priced goods, resulting in poor market transactions. The regional price ranges were 6130 - 6250 yuan/ton in North China, 6230 - 6400 yuan/ton in East China, and 6150 - 6450 yuan/ton in South China [5][6]. 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, settlement price of the main crude oil futures contract, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [8][10][11].

Report Overview - Report Date: January 13, 2026 [2] - Reported Industry: Soybean Meal [1] - Research Team: Agricultural Products Research Team [4] Core Viewpoints - The external market of US soybean futures contracts fluctuated, with the main contract approaching 1065 cents. The upward movement at the end of December was due to reaching a key support level and a year - on - year decrease in US soybean ending stocks, while the main pressure came from the approaching South American harvest. Brazilian soybean is in a crucial growth stage, with sufficient rainfall in major producing areas, and some institutions have raised the production forecast to over 180 million tons [6]. - In the domestic market, soybean meal rebounded before the festival. Rumors of delayed customs clearance and oil mill shutdowns spread. Although the current inventory is high, the pressure is expected to ease from February to March. The 03 contract has been significantly stronger than the 05 contract and the external CBOT soybean. Given the difficulty in disproving the expectation of reduced pressure by the end of the first quarter, this trend may continue. However, due to the approaching Brazilian harvest, the 05 and subsequent contracts may not see significant rebounds [6]. Section Summaries 1. Market Review and Operation Suggestions - **Market Data**: For the Soybean Meal 2601 contract, the previous settlement price, opening price, highest price, lowest price, and closing price were all 3124, with no change. The trading volume was 125, and the open interest decreased by 125. For the 2603 contract, the closing price was 3117, up 11 (0.35%), with a trading volume of 184,645 and an open - interest increase of 10,646. For the 2605 contract, the closing price was 2790, up 4 (0.14%), with a trading volume of 776,412 and an open - interest increase of 31,923 [6]. 2. Industry News - **USDA Reports**: On January 13, the USDA will release monthly supply - demand and quarterly inventory reports. Market estimates suggest a 0.24 - billion - bushel decrease in US soybean production to 42.29 billion bushels, a 0.3 - bushel decrease in yield to 52.7 bushels per acre, and a 0.13 - billion - bushel increase in ending stocks to 3.03 billion bushels, implying a decrease in export volume [9]. - **Argentine Soybean Sowing**: As of January 7, the sowing of the 2025/26 Argentine soybean crop was 88.3% complete, up from 82% a week ago. 85% of the sown area was in suitable to optimal moisture conditions, down from 96.1% a week ago. 40% of the first - season soybeans entered the reproductive stage, and 10% were in the flowering stage. The sowing progress of second - season soybeans reached 84% of the intended area [9][10]. - **Imported Soybean Auction**: The National Grain Trading Center announced an auction of 1.1396 million tons of soybeans on January 13 [10]. 3. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 01 contract, the 1 - 5 spread, and the 5 - 9 spread of soybean meal, but specific data values are not detailed in the given text [13].

行业 纸浆日报 日期 2025 年 1 月 13 日 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635727 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635727 fengzeren@ccb.ccbfutures.com 1 月 12 日消息，2025 年 12 月 13 日，Suzano 位于圣保罗内陆利梅拉工 厂的新绒毛浆生产线已开始投产。该项目投资 4.9 亿雷亚尔，使公司绒 毛浆的总产能翻了两番，从每年 10 万吨增加到 44 万吨。该项目旨在将 该工厂的纸浆生产线改造为一台能够同时生产 Eucaflu ...