1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - For crude oil, the oversupply pressure in 2026 remains the core driver of oil price movements. Geopolitical risks have fluctuated recently, with short - term price fluctuations due to the Iran situation and the Russia - Ukraine war, while the medium - term downward trend remains valid [4]. - For PX & PTA, domestic PX operating rates have increased, and future supply - demand is expected to weaken. PTA is currently in a short - term tight balance, but high operating rates may not be sustainable, and prices are expected to oscillate at high levels following the cost side [4]. - For MEG, the supply pressure has eased, but the medium - term oversupply situation remains unchanged. It is expected to continue to oscillate at low levels in the short - term [5]. - For BZ & EB, pure benzene has high inventory pressure and is expected to oscillate widely. Styrene shows a short - term strong trend but may face callback risks due to upstream cost constraints [5]. 3. Summary by Related Catalogs Crude Oil - The oversupply pressure in 2026 is the most core driver of oil price movements. Geopolitical risks in the Middle East have intensified and then weakened, and short - term price fluctuations are dominated by the uncertainty of the Iran situation and the Russia - Ukraine war, with the medium - term downward trend remaining intact [4]. PX & PTA - PX: Domestic PX operating rates have reached a two - year high, and PX processing fees have fallen to around $320/ton. Future supply - demand is expected to weaken. The annual average domestic PX capacity utilization rate is 91.95%, up 2.83% from last week; the Asian PX capacity utilization rate is 79.84%, up 0.66% from last week. The PX - naphtha spread has dropped to around $320/ton [4][8]. - PTA: The domestic PTA device load has decreased slightly, and the production capacity utilization rate is 77.22%, down 0.19% from last week. Factory inventories have increased slightly, and it is expected to accumulate inventory. The current high - operating rate may not be sustainable, and prices are expected to oscillate at high levels following the cost side. The PTA spot market price is 5068 yuan/ton, up 3 yuan/ton from last week [4][13]. MEG - The domestic ethylene glycol syngas device is undergoing spring maintenance, and the supply pressure has eased. The port inventory has increased again, but imports are expected to decline in January - February. In the short - term, the supply - demand is weak, with support around 3600 yuan/ton and limited rebound height. The medium - term oversupply situation remains unchanged, and it is expected to oscillate at low levels. The ethylene glycol price in East China is 3701 yuan/ton, up 13 yuan/ton from last week, and the comprehensive capacity utilization rate is 62.69%, up 0.37% from last week [5][19]. BZ & EB - Pure benzene: The port inventory has continued to accumulate to a historical high, and the supply - demand pattern is overall loose, expected to oscillate widely. The pure benzene operating rate is 74.26%, down 0.12% from last week, and the inventory has reached 32.4 tons, up 0.6 tons from last week [5][27]. - Styrene: The port inventory has decreased more than expected. The short - term trend is strong, but there is a callback risk due to upstream cost constraints. The styrene operating rate is 70.86%, down 0.06% from last week, and the port inventory is 10.06 tons, down 3.17 tons from last week [5][27]. Downstream Industry - The polyester industry's average capacity utilization rate is 86.7%, down 0.46% from last week. The inventory levels of polyester staple fibers and filaments have decreased slightly. - The operating rate of Jiangsu and Zhejiang weaving sample enterprises is 54.94%, down 2.95% from the previous period. The average number of terminal weaving order days is 7.73 days, down 0.96 days from last week, and the average terminal weaving finished product inventory is 28.27 days, up 0.70 days from last week. The industry is in a traditional off - season, and the clothing consumption demand is weak [22].

Report Overview - Report Title: Goldtrust Futures Daily - Report Date: January 16, 2026 - Report Author: Goldtrust Futures Research Institute 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Report Core View - Methanol futures prices are expected to be volatile and slightly stronger in the short term and range-bound in the medium term, with inventory reduction, import volume, and downstream开工 being the three key variables [2]. - The Shanghai Composite Index opened higher, fluctuated and declined, and slightly rebounded at the end of the session. The Shenzhen Component Index and the ChiNext Index performed better. The 5 - minute - level rebound is not over, and there may be an adjustment requirement tomorrow morning. It should be treated as a volatile market with high - selling and low - buying [8]. - Gold reached a new high after a volatile adjustment, and the operation should be mainly long [10]. - Iron ore is in the process of finding a bottom, with weak domestic demand support. Technically, it is consolidating at a high level after a breakthrough and can be treated as a volatile market recently [12]. - Glass has weakened with consecutive negative daily - level lines, and the short - term thinking has turned to a volatile and bearish one [16]. - Paper pulp has entered a new stage of mainly volatile and secondarily declining. It should be treated as volatile and bearish [22]. 3. Summary by Relevant Catalog 3.1 Methanol Market 3.1.1 Reasons for Price Decline - Demand is in the off - season, and some downstream MTO devices plan to stop or reduce production due to compressed profits, resulting in weak procurement willingness [3]. - High inventory suppresses prices, with port inventory reaching about 153.72 tons in early January and large shipment pressure on inland factories [3]. - There is a callback in capital sentiment, as the chemical sector has collectively corrected after a rise, and capital has taken profits, intensifying short - term fluctuations [3]. 3.1.2 Future Trend Judgment - Short - term (1 - 2 weeks): There is support at 2250 - 2260 yuan/ton (MA10 and the previous intensive trading area) and resistance at 2320 yuan/ton (the upper Bollinger Band). If the port inventory reduction accelerates, the price may rebound due to a significant reduction in Iranian imports in January (expected to drop from 135 tons to 78 tons) and stable coal prices [4]. 3.1.3 Trading Strategy - The strategy is to try to go long on dips, operate with a light position, and take profits in batches [6]. 3.2 Other Market Technical Analysis 3.2.1 Stock Index Futures - The Shanghai Composite Index opened higher, fluctuated and declined, and slightly rebounded at the end. The 5 - minute - level rebound is not over, and there may be an adjustment requirement tomorrow morning. It should be treated as a volatile market with high - selling and low - buying [8]. 3.2.2 Gold - Gold reached a new high after a volatile adjustment, and the operation should be mainly long [10]. 3.2.3 Iron Ore - Iron ore is in the process of finding a bottom, with weak domestic demand support. Technically, it is consolidating at a high level after a breakthrough and can be treated as a volatile market recently [12]. 3.2.4 Glass - Technically, the daily - level lines have been negative consecutively, and the short - term thinking has turned to a volatile and bearish one. The daily melting volume has been slightly decreasing, and the inventory has also been reduced, mainly driven by policy - side stimulus and supply - side clearance [16][17]. 3.2.5 Paper Pulp - Paper pulp has entered a new stage of mainly volatile and secondarily declining. From a fundamental perspective, recent changes include the halt of the further rise of broad - leaf pulp (maintaining around 4700), the decline of the basis of most softwood pulp, and the large - scale registration of pulp warehouse receipts. It should be treated as volatile and bearish [22].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The PTA price is expected to fluctuate at a high level following the cost - end, while the ethylene glycol price is expected to remain in a bottom - range oscillation in the short term [3][4]. 3. Summary by Related Catalogs PTA - **Main Contract**: On January 15, the PTA main futures contract TA605 fell 1.90%, and the basis strengthened to - 65 yuan/ton [2]. - **Fundamentals**: The market price of PTA in East China today is 5047 yuan/ton, down 25 yuan/ton from the previous trading day. The cost - end Brent crude oil dropped back to around $64/barrel after a sharp rise over the weekend. The PTA capacity utilization rate remained flat at 76.76% compared to the previous working day. A new materials unit reduced its load for maintenance this week, and a Xin凤鸣 unit restarted. The weekly PTA factory inventory days were 3.62 days, a 0.02 - day increase from the previous period [3]. - **Main Force Movements**: There is a divergence between long and short main forces [3]. - **Trend Expectation**: The current PTA processing fee is high, but there are no plans to further increase the load of PTA plants. The terminal weaving inventory is accumulating. Attention should be paid to the situation of polyester factories taking early holidays before the Spring Festival. It is expected that terminal demand will weaken before the end of January. The market is unanimously bullish on upstream PX, and the PTA price is expected to fluctuate at a high level following the cost - end [3]. MEG (Ethylene Glycol) - **Main Contract**: On January 15, the ethylene glycol main futures contract eg2605 fell 1.11%, and the basis weakened to - 161 yuan/ton [4]. - **Fundamentals**: The market price of ethylene glycol in East China today is 3677 yuan/ton, down 41 yuan/ton from the previous trading day. The cost - end coal price is under pressure. The total inventory of MEG in the main ports of East China is 72.8 tons, a decrease of 0.9 tons from the previous period [4]. - **Main Force Movements**: Short - side main forces increased their positions [4]. - **Trend Expectation**: The recent arrivals of ethylene glycol are still relatively high, and the inventory accumulation expectation has not been reversed. There are maintenance plans for multiple overseas units in the future, but the downstream polyester start - up is expected to decline. The ethylene glycol price is expected to remain in a bottom - range oscillation in the short term [4].

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 6 / 1 / 1 5 玻璃价格下跌，后续怎么看 核心结论：短期震荡，中期偏强，冷修预期短暂托底，春节后保交楼或加剧强势，下方成本支撑强 。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 - 供应端：日熔量降至15万吨以下，冷修增多，但行业亏损未驱动大规模产能出清，供应收缩幅度有限； 厂家库存同比偏高，累库压力未缓解 。 - 需求端：地产竣工与新开工疲软，浮法刚需持续低迷；光伏玻璃需求增量有限，深加工订单天数仅 8.6天，采购观望，支撑不足。 - 技术与资金：主力2605合约震荡，基差弱势、期货升水，资金情绪偏谨慎，反弹结束转震荡。 - 关键变量：春节前备货或短暂托底，节后需求淡季将加剧库存压力；玻璃冷修落地、地产刺激若兑现， 中期或企稳 。 - 交易策略：短期以宽幅震荡对待主； 中期关注冷修进度与库存去化，无明确利好不抄底，可配合多玻璃空纯碱正向套利。 GOLDTRUST FUTURES 数据来 ...

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA price is expected to fluctuate at a high level following the cost side, while ethylene glycol price is expected to remain in a bottom - level oscillation in the short term [3][4] 3. Summary by Related Catalogs PTA - **Main Contract**: On January 14, the PTA main futures contract TA605 declined by 0.23%, and the basis weakened to - 76 yuan/ton [2] - **Fundamentals**: The market price of PTA in East China was 5070 yuan/ton, up 12 yuan/ton from the previous trading day. Brent crude oil rose to around 64 dollars/barrel over the weekend. PTA capacity utilization decreased by 0.65% to 76.76%. The weekly PTA factory inventory days were 3.60 days, a decrease of 0.05 days compared to the previous period [3] - **Main Force Trends**: There are differences between long and short main forces [3] - **Trend Expectations**: PTA processing fees are at a high level, but there are no plans to further increase the load of PTA plants. Terminal weaving inventory is accumulating. Terminal demand is expected to weaken before the end of January. The market is generally bullish on upstream PX, and PTA price is expected to fluctuate at a high level following the cost side [3] MEG (Ethylene Glycol) - **Main Contract**: On January 14, the ethylene glycol main futures contract eg2605 rose by 0.94%, and the basis strengthened to - 142 yuan/ton [4] - **Fundamentals**: The market price of ethylene glycol in East China was 3718 yuan/ton, up 36 yuan/ton from the previous trading day. The prices of crude oil and coal rebounded. The total inventory of MEG in the main ports of East China was 73.7 tons, an increase of 4.7 tons compared to the previous period [4] - **Main Force Trends**: There are differences between long and short main forces [4] - **Trend Expectations**: There are still many arrivals of ethylene glycol in the near future, and seasonal inventory accumulation continues. Although there are maintenance plans for multiple overseas plants in the future, the downstream polyester start - up is expected to decline. The ethylene glycol price is expected to remain in a bottom - level oscillation in the short term [4]

玻璃价格下跌，后续怎么看 核心结论：短期震荡，中期偏强，冷修预期短暂托底，春节后保交楼或加剧强势，下方成本支撑强 。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 - 供应端：日熔量降至15万吨以下，冷修增多，但行业亏损未驱动大规模产能出清，供应收缩幅度有限； 厂家库存同比偏高，累库压力未缓解 。 - 需求端：地产竣工与新开工疲软，浮法刚需持续低迷；光伏玻璃需求增量有限，深加工订单天数仅 8.6天，采购观望，支撑不足。 - 技术与资金：主力2605合约震荡，基差弱势、期货升水，资金情绪偏谨慎，反弹结束转震荡。 - 关键变量：春节前备货或短暂托底，节后需求淡季将加剧库存压力；玻璃冷修落地、地产刺激若兑现， 中期或企稳 。 金信期货日刊 本刊由金信期货研究院撰写 2 0 2 6 / 1 / 1 4 - 交易策略：短期以宽幅震荡对待主； 中期关注冷修进度与库存去化，无明确利好不抄底，可配合多玻璃空纯碱正向套利。 GOLDTRUST FUTURES 数据来 ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 6 / 0 1 / 1 3 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月13日PTA主力期货合约TA605今天下跌0.31%，基差走弱至-68元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5060元/吨，较前一交易日下跌35元/吨。成本端布伦特原油周末持续上涨至64美元/桶左右；PTA产 能利用率较上一工作日持平至77.41%；周度PTA工厂库存天数3.60天，环比减少0.05天。 主力合约：1月13日乙二醇主力期货合约eg2605下跌1.40%，基差走弱至-149元/吨。 基本面：今日乙二醇华东地区市场价3682元/吨，较前一交易日下跌44元/吨。成本端原油、煤炭价格反弹；华东主港地区MEG库存总 量73.7万吨，较上一期增加4.7万吨。 主力动向：多头主力增仓 走势预期：乙二醇近期到港仍偏多，目前季节性持续累库。未来海外多套装置有检修计划，但预计下游聚酯开工回落。预计短期乙二 醇价依旧底部震荡。 GOLDTRUST FUTURES 数据来源：公开资料、Myst ...

金信期货日刊 本刊由金信期货研究院撰写 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 ibaotu.com 热点聚焦 1. 成本强支撑：现货价已至煤矿成本线，部分跌破进口煤成本，1000元/吨附近形成强支撑，估值处于 历史低位，修复动力充足。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 2. 供应收缩：主产区安检升级，山西、内蒙古部分煤矿提前停产检修，榆林核减产能约1900万吨，优 质焦煤供给偏紧。 3. 刚需与补库：钢厂1月检修复产，铁水日产量有望回升至230万吨附近；钢厂焦煤库存中低位，春节 前刚性补库需求明确 。 4. 技术与资金共振：价格突破前期震荡平台，MACD金叉、均线多头排列；主力增仓上行，多头入场 意愿强于空头，资金布局积极。 5. 政策预期向好：钢铁"反内卷"与产能优化推进，宏观稳增长加码，2605合约承载二季度需求回暖 定价预期，情绪与估值同步修复。 2 0 2 6 / 1 / 1 3 GOLDTRU ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 6 / 0 1 / 1 2 主力动向：空头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：当前PTA加工费高位但PTA装置暂无进一步提升负荷的计划。终端织造库存累积；关注聚酯工厂节前提前放假情况，预计 1月底前终端需求将转弱。市场对上游PX一致偏多看待，预计PTA价格跟随成本端高位震荡。 MEG GOLDTRUST FUTURES CO.，LTD PTA 主力合约：1月12日PTA主力期货合约TA605今天上涨1.02%，基差走弱至-61元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价5095元/吨，较前一交易日上涨57元/吨。成本端布伦特原油周末上涨至63美元/桶左右；PTA产能利 用率较上一工作日持平至77.41%；周度PTA工厂库存天数3.60天，环比减少0.05天。 主力合约：1月12日乙二醇主力期货合约eg2605上涨0.81%，基差走强 ...

Report Core View - There are five reasons to be bullish on the coking coal main contract, including strong cost support, supply contraction, rigid demand and restocking, resonance of technology and funds, and positive policy expectations [2][4] - The Shanghai Composite Index has continued to set records with 16 consecutive positive days, and the trading volume has continued to increase. Technically, there is a small - cycle adjustment [7] - The entire precious metal market has increased volatility, and caution is also advised when participating in the gold market [10] - With the commissioning of the Simandou project, the expectation of loose supply has further fermented. The demand side has weak domestic demand support. Technically, after a breakthrough, there is a pull - back, and the idea of buying on dips remains unchanged for iron ore [12][13] - For glass, technically, it is consolidating at a high level after a breakthrough, and the idea of buying on dips remains unchanged. The main drivers are policy - side stimulus policies and anti - involution policies for supply - side clearance [15][16] - It is estimated that the methanol import volume in December may exceed 1.7 million tons, with a significant month - on - month increase. The Iranian methanol export volume has significantly decreased, and the port is likely to enter a destocking cycle. The short - term price is mainly fluctuating upwards [19] - As of January 8, 2026, the inventory of mainstream Chinese pulp ports has continued to accumulate, and the futures market has recently shown a range - bound trend [22] Summary of Related Catalogs Coking Coal - Cost support: The spot price has reached the coal mine cost line, and some have fallen below the imported coal cost. A strong support is formed around 1,000 yuan/ton, and the valuation is at a historical low with sufficient repair momentum [4] - Supply: Safety inspections in major production areas have been upgraded, some coal mines in Shanxi and Inner Mongolia have shut down for maintenance in advance, and the production capacity in Yulin has been reduced by about 19 million tons, resulting in a tight supply of high - quality coking coal [4] - Demand: Steel mills will resume production after maintenance in January, and the daily hot metal output is expected to rise to around 2.3 million tons. The coking coal inventory of steel mills is at a medium - low level, and the rigid restocking demand before the Spring Festival is clear [4] - Technology and funds: The price has broken through the previous shock platform, with a MACD golden cross and a long - arranged moving average. The main contract has increased positions and risen, and the willingness of bulls to enter the market is stronger than that of bears, with active capital layout [4] - Policy: The "anti - involution" and capacity optimization of the steel industry are advancing, and macro - level stable growth measures have been intensified. The 2605 contract bears the pricing expectation of demand recovery in the second quarter, and both sentiment and valuation are being repaired [4] Stock Index Futures - The Shanghai Composite Index has continued its upward trend. Every intraday adjustment is a good opportunity to buy on dips [6][7] Gold - The entire precious metal market has increased volatility, and caution is required when participating [10] Iron Ore - Supply: With the commissioning of the Simandou project, the expectation of loose supply has further fermented [13] - Demand: Except for exports, the domestic demand in the real estate and infrastructure sectors is still weak [13] - Technology: After a breakthrough, there is a pull - back, and the idea of buying on dips remains unchanged [12] Glass - Supply and demand: The daily melting volume has continued to decline slightly, and the inventory has also decreased. The main drivers are policy - side stimulus policies and anti - involution policies for supply - side clearance [16] - Technology: It is consolidating at a high level after a breakthrough, and the idea of buying on dips remains unchanged [15] Methanol - Supply: It is estimated that the methanol import volume in December may exceed 1.7 million tons, with a significant month - on - month increase. The Iranian methanol export volume has significantly decreased, and the port is likely to enter a destocking cycle [19] - Price: The short - term price is mainly fluctuating upwards [19] Pulp - Inventory: As of January 8, 2026, the inventory of mainstream Chinese pulp ports was 2.007 million tons, an increase of 10,000 tons from the previous period, a month - on - month increase of 0.5%. The inventory has continued to accumulate, and the daily shipment speed in Qingdao Port has not changed much [22] - Market: The futures market has recently shown a range - bound trend [22]