油脂日报 油脂日报 2026 年 01 月 22 日 研究所 农产品研发报告 第一部分 数据分析 | | | | | | 银河期货油脂日报 | | | | | | 2026/1/22 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 油脂现货价格及基差 | | | | | | | | | 品种 | 2605收盘价 | 涨跌 | | 各品种地区现货价 | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8084 | 40 | 张家港 | 广东 | 天津 | | 广东 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8584 | | | | 8644 | 8474 | | 560 | 0 | 500 | -20 | 390 | 0 | | 棕榈油 | 8944 | 112 | 广东 | 张家港 | 天津 | | 广州 | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8914 | | | | 8924 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The spot freight rate is in a downward channel, with the near - month futures market remaining volatile. However, due to geopolitical factors, the expectation of full - scale resumption of the European route in the first half of the year is weak, and the far - month contracts are slightly stronger. The export tax rebate may slow down the decline of spot freight rates but is unlikely to reverse the trend. The market is divided on the intensity of the potential pre - policy rush of shipments, and the subsequent spot booking situation needs to be monitored [6][7]. 3. Summary by Section Container Shipping - Freight Index (European Route) - **Futures Market Data**: On January 22, 2026, for different EC contracts, the closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates are presented. For example, EC2602 closed at 1,707.6, up 0.4 (0.02%), with a trading volume of 748.0 (down 3.86%) and an open interest of 4,681.0 (down 8.32%) [4]. - **Spread Structure**: The spreads between different contracts and their changes are given. For instance, the spread between EC02 - EC04 was 570, down 7.6 [4]. - **Container Freight Rates**: Weekly container freight rates, including SCFIS and SCFI for various routes, show different trends. SCFIS European route was at 1954.19 points, down 0.11% week - on - week and 29.89% year - on - year. SCFI: Shanghai - Europe was at 1676 USD/TEU, down 2.50% week - on - week and 41.21% year - on - year [4]. - **Fuel Costs**: WTI crude oil near - month was at 60.45 dollars/barrel, up 1.68% week - on - week and down 19.52% year - on - year. Brent crude oil near - month was at 64.62 dollars/barrel, up 1.86% week - on - week and down 17.6% year - on - year [4]. Market Analysis and Strategy Recommendation - **Market Analysis**: Spot freight rates are in a downward trend during the off - season. The 04 contract has a discount. The high spot settlement price is due to ship delays in January, and the index is expected to decline. The spot freight rate inflection point has emerged, and the market is divided on the intensity of the potential pre - policy rush of shipments. Geopolitical uncertainties make it difficult for large - scale resumption of the European route in the first half of the year [6][7]. - **Trading Strategies**: For unilateral trading, it is recommended to wait and see due to many short - term disturbances in the 04 contract and market divergence on the rush of shipments. For arbitrage, it is recommended to hold the 6 - 10 long - short spread [8][9]. Industry News - Trump stated at the Davos World Economic Forum that the US has no intention of using excessive force to acquire Greenland and will not implement the planned European tariff measures on February 1. - The European Parliament's International Trade Committee Chairman announced an indefinite freeze on the review of the EU - US trade agreement, and Denmark rejected Trump's negotiation request regarding Greenland [10][12]. Related Attachments The report includes multiple figures showing various shipping indices and container freight rates, such as SCFIS European and US West lines, SCFI comprehensive index, and container freight rates for different routes [13][16][19].

Group 1: Report Overview - Report Title: Sugar Daily Report [2] - Date: January 22, 2026 [2] - Researcher: Liu Qiannan [4] Group 2: Data Analysis Futures Market - SR09: Closing price 5,178, up 17 (0.33%), volume 17,654 (down 7,911), open interest 98,101 (up 1,348) [3] - SR01: Closing price 5,276, up 10 (0.19%), volume 292 (down 46), open interest 650 (up 181) [3] - SR05: Closing price 5,158, up 14 (0.27%), volume 221,201 (down 2,149), open interest 477,452 (up 16,093) [3] Spot Market - Prices in different locations: Liuzhou 5,340 (down 10), Kunming 5,160 (down 35), Wuhan 5,630 (unchanged), Nanning 5,310 (down 10), Bayuquan 5,530 (unchanged), Rizhao 5,455 (down 15), Xi'an 5,750 (down 40) [3] - Basis: Liuzhou 182, Kunming 2, Wuhan 472, Nanning 152, Bayuquan 372, Rizhao 297, Xi'an 592 [3] Monthly Spread - SR05 - SR01: Spread -118 (up 4), SR09 - SR05: Spread 20 (up 3), SR09 - SR01: Spread -98 (up 7) [3] Import Profit - Brazil: ICE主力 14.77, premium 0.16, freight 32.00, in - quota price 3,992, out - of - quota price 5,070, spread with Liuzhou 270, spread with Rizhao 385, spread with futures 206 [3] - Thailand: ICE主力 14.77, premium 0.89, freight 18.00, in - quota price 4,018, out - of - quota price 5,104, spread with Liuzhou 236, spread with Rizhao 351, spread with futures 172 [3] Group 3: Market Research Important Information - Brazil (Dec second half): Sugarcane crush 2.171 million tons (up 457,000 tons, 26.60% year - on - year), ATR 127.49kg/ton (up 4.16kg/ton), sugar - making ratio 21.24% (down 11.44%), ethanol output 561 million liters (up 73 million liters, 14.91%), sugar output 0.56 million tons (down 0.1 million tons, 14.93%) [5] - Brazil (cumulative to Dec second half, 2025/26 season): Sugarcane crush 600.397 million tons (down 13.992 million tons, 2.28% year - on - year), ATR 138.35kg/ton (down 3.11kg/ton), cumulative sugar - making ratio 50.82% (up 2.66%), cumulative ethanol output 30.838 billion liters (down 1.642 billion liters, 5.06%), cumulative sugar output 40.222 million tons (up 341,000 tons, 0.86%) [6] - China (2025): Dairy product output 29.503 million tons (down 1.1% year - on - year), December output 2.667 million tons (down 1.8% year - on - year); beverage output 179.253 million tons (up 3% year - on - year), December output 13.421 million tons (up 1.1% year - on - year); refined sugar output 16.21 million tons (up 9% year - on - year), December output 3.59 million tons (up 11% year - on - year) [6][8] Logical Analysis - International: Brazilian sugarcane is approaching the end of the harvest season, supply pressure will ease. The market focus has shifted to the Northern Hemisphere, where most sugar production is in an increasing cycle. India's high bi - weekly output may lead to an unexpected increase, putting downward pressure on international sugar prices. However, due to low sugar prices and strong commodities, ICE sugar is expected to fluctuate at the bottom in the short term [9] - Domestic: China's sugar is in the peak crushing season, and this season's output is likely to increase significantly, adding supply pressure. In 2025, China imported 4.9188 million tons of sugar, an increase of 0.5622 million tons year - on - year, also pressuring the domestic market. In the short term, Zhengzhou sugar is expected to continue to decline, but the decline space is limited as prices are already low, below the cost line of most domestic sugar mills, and international sugar prices provide support. The May contract is expected to have strong support near the previous low [9] Trading Strategies - Single - side: International sugar prices are expected to fluctuate at the bottom in the short term. The May contract is expected to be weak in the short term but with limited downward space and strong support near the previous low [10] - Arbitrage: Hold off for now [11] - Options: Hold off for now [12] Group 4: Related Attachments - Figures include Guangxi and Yunnan's monthly sugar inventory, monthly sugar production, Liuzhou's sugar spot price, Liuzhou - Kunming sugar spot price spread, sugar futures' basis and spreads for different months [15][17][19][21][22][26]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This season, the high cost of apple warehouse receipts due to a low premium fruit rate strongly supports the apple futures price. As of January 14, 2026, the cold - storage inventory of apples in major producing areas was 7.0466 million tons, with a week - on - week decrease of 162,500 tons. The de - stocking speed accelerated compared to the previous week but was lower than the same period last year. Considering this year's later Spring Festival, the peak sales period is also postponed, and current demand is acceptable. With low cold - storage inventory, if the normal de - stocking volume is maintained, the later apple supply will be tight. The market previously expected weak apple demand, causing the May contract to decline slightly recently. If apple demand remains normal later, the May contract price is likely to rise [5]. 3. Summary by Relevant Catalogs 3.1 Market Information - **Spot Price**: The Fuji apple price index was 109.79, up 0.66 from the next working - day's price. The prices of various apple varieties such as Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80, and Penglai first and second - grade paper - bagged 80 remained stable. The average wholesale price of 6 kinds of fruits was 7.93, up 0.13 from the next working - day's price [2]. - **Futures Price**: AP01 was 8210, up 22 from the previous close; AP05 was 9489, up 71; AP10 was 8292, up 35. The spreads AP01 - AP05 was - 1279, down 49; AP05 - AP10 was 1197, up 36; AP10 - AP01 was 82, up 13 [2]. - **Basis**: The basis of Qixia first and second - grade 80 against AP01 was - 10, down 22 from the previous trading day; against AP05 was - 1289, down 71; against AP10 was - 92, down 32 [2]. 3.2 Market News and Views - **Market News**: As of January 23, 2026, the cold - storage inventory of apples in major producing areas was 6.8278 million tons, a year - on - year decrease of 4% with a narrowing decline. In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%; the import volume was 3100 tons, a month - on - month increase of 21.31% and a year - on - year increase of 20.02%. The annual cumulative import volume in 2025 was 116,800 tons, a year - on - year increase of 19.72%. In the Shandong production area, the price of high - quality apples remained stable, while the price of low - quality apples declined slightly. The market arrival was stable, and the mainstream market was stable. The mainstream transaction price of semi - commodity apples in Luochuan, Shaanxi, was 3.8 - 4.2 yuan per jin [7]. - **Trading Logic**: High - cost warehouse receipts support the futures price. Low cold - storage inventory and a later Spring Festival may lead to tight supply if the de - stocking volume is normal. The May contract may rise if demand remains normal [5]. - **Trading Strategy**: Hold long positions in the May contract, short the October contract on rallies. Go long on the May contract and short the October contract for arbitrage. It is recommended to wait and see for options [8]. 3.3 Relevant Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80 apples, the price of Luochuan semi - commodity paper - bagged 70 apples, the basis of AP contracts, and the spreads of different AP contracts, as well as the arrival volume of apples in wholesale markets, the price of 6 kinds of fruits, the cold - storage inventory of apples nationwide, and the cold - storage apple de - stocking volume [10][11][12]

研究所 黑色研发报告 铁矿石日报 2026 年 01 月 22 日 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 757.0 | 752.5 | 4.5 | I01-I05 | -29.5 | -31.5 | 2.0 | | DCE05 | 786.5 | 784.0 | 2.5 | I05-I09 | 17.0 | 17.5 | -0.5 | | DCE09 | 769.5 | 766.5 | 3.0 | I09-I01 | 12.5 | 14.0 | -1.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 790 | 795 | -5 | 858 | 97 | 66 | 83 | | 纽曼粉 | 790 | 795 | -5 | 864 | 104 | 72 | 90 | | 麦克粉 | 792 | 796 | -4 | 875 | 114 | 83 | 100 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Short - term cotton drivers are limited, but the medium - and long - term cotton fundamentals remain strong. After a significant recent price correction, cotton is expected to trade in a range in the short term. The short - term trend of US cotton and Zhengzhou cotton is likely to be range - bound. For cotton trading strategies, it is recommended to take a wait - and - see approach for arbitrage and options. The cotton yarn market will continue to be weak in the short term, and the overall situation of the cotton fabric market has not changed significantly [6][8][9][10] Group 3: Summary by Directory First Part: Market Information - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) futures contracts are presented. For example, the CF01 contract closed at 15300 with a price increase of 145, and the CY05 contract closed at 20620 with a price increase of 105 [2] - **Spot Market**: The prices and price changes of various cotton and cotton yarn spot varieties are provided, such as the CCIndex3128B cotton price at 15839 yuan/ton with a decrease of 17, and the CY IndexC32S cotton yarn price at 21320 with no change [2] - **Price Spreads**: Different price spreads, including cotton inter - month spreads, cotton yarn inter - month spreads, cross - variety spreads, and internal - external spreads, are given. For instance, the 1 - 5 month cotton spread is 570 with a decrease of 50, and the internal - external cotton spread (1% tariff) is 2827 with an increase of 63 [2] Second Part: Market News and Views Cotton Market News - **West African Cotton**: In the 2025/26 season, the cotton planting area in West Africa is expected to be about 2.2 million hectares (about 33 million mu), a 6% year - on - year decrease. Mali's seed cotton production will drop by over one - third to about 435,000 tons, while Benin's total production is expected to increase by 2% to about 650,000 tons. The total production of the eight West African countries is expected to be 905,000 tons, a 6% year - on - year decrease [4] - **Pakistani Textiles**: In December 2025, Pakistan's textile exports were $1.11 billion, a 6% month - on - month and 8% year - on - year decrease. In the first six months of the 2025/26 fiscal year, the cumulative total textile exports were $7.6 billion, a 1% year - on - year slight increase [5] - **Xinjiang Cotton Transportation**: On January 22, 2026, the road transportation price index of Xinjiang - outbound cotton was 0.1665 yuan/ton·km, a 0.77% month - on - month decrease. It is expected to show a narrow - range oscillation in the short term [5] Trading Logic and Strategies - **Logic**: The current cotton sales progress is fast, and downstream stocking willingness has increased. Short - term cotton drivers are limited, and the medium - and long - term fundamentals are strong. After a significant price correction, short - term range - bound trading is expected [6] - **Strategies**: For single - side trading, the short - term trends of US cotton and Zhengzhou cotton are likely to be range - bound. For arbitrage and options, a wait - and - see approach is recommended [8][9][10] Cotton Yarn Industry News - **Cotton Yarn Market**: The domestic cotton yarn market has been weak, with continuous price discounts. The trading volume is expected to decrease further. The prices of different cotton yarn products in various regions are provided [10] - **Cotton Fabric Market**: The overall situation of the cotton fabric market has not changed significantly, with slightly better sales of thinner plain - weave fabrics. Weaving mills' orders have increased slightly, but the delivery time is tight. They are cautious about the post - holiday market [10] Third Part: Options - **Option Data**: The closing prices, price changes, implied volatilities, and other relevant data of several cotton option contracts on January 19, 2026 are presented. For example, the CF605C14600.CZC option closed at 334 with a 16.9% decrease, and its implied volatility was 13.3% [12] - **Volatility Analysis**: The 60 - day historical volatility (HV) of cotton increased slightly compared to the previous day. The implied volatilities of different option contracts are also provided [12] - **Option Strategy**: A wait - and - see approach is recommended for options [14] Fourth Part: Related Attachments - Multiple figures are presented, including the internal - external cotton price difference under 1% tariff, cotton basis for different months, the price difference between cotton yarn and cotton futures contracts, and the inter - month price difference of cotton futures contracts [16][19][23][24]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Steel prices are expected to remain volatile before the Spring Festival. The market sentiment has declined recently, but there are signs of stabilization after the decline in the futures market. Attention should be paid to the impact of macro - news on the market, as well as coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5]. 3. Summary by Directory Market Information - **Spot Prices**: Shanghai Zhongtian threaded steel is priced at 3270 yuan, Beijing Jingye at 3130 yuan, Shanghai Angang hot - rolled coil at 3280 yuan (up 10 yuan), and Tianjin Hegang hot - rolled coil at 3170 yuan [4]. Market Judgement - **Trading Strategy** - **Unilateral**: Steel futures are expected to maintain a bottom - oscillating trend [6]. - **Arbitrage**: It is recommended to short the hot - rolled coil to coking coal ratio on rallies and continue to hold the short position of the hot - rolled coil to threaded steel spread [6]. - **Options**: It is recommended to wait and see [7]. - **Important Information** - **Threaded Steel**: This week, the small - sample production of threaded steel was 199.55 tons, a week - on - week increase of 9.25 tons. The estimated apparent demand was 185.52 tons (a 6% year - on - year decrease in the lunar calendar), a week - on - week decrease of 4.82 tons. In terms of inventory, the factory inventory increased by 6.32 tons, the social inventory increased by 7.71 tons, and the total inventory increased by 14.03 tons [8]. - **Hot - Rolled Coil**: This week, the production of hot - rolled coil was 305.41 tons, a week - on - week decrease of 2.95 tons. The estimated apparent demand was 309.96 tons (a 2.39% year - on - year increase in the lunar calendar), a week - on - week decrease of 4.20 tons. In terms of inventory, the factory inventory increased by 0.11 tons, the social inventory decreased by 4.66 tons, and the total inventory decreased by 4.55 tons [9]. Relevant Attachments The report provides a series of charts, including those related to the basis of different contracts of threaded steel and hot - rolled coil, price spreads between different contracts, the spread between hot - rolled coil and threaded steel, and various profit - related charts. The data sources for these charts are Galaxy Futures, Mysteel, and Wind [12][16][18].

Report Investment Rating No relevant information provided. Core Viewpoints - The impact of Venezuelan oil prices on the market has been gradually digested, the expectation of tight asphalt raw material supply has eased, and the increase in raw material discounts has not been fully traded. The asphalt is in a high - level shock. With the Iranian situation fluctuating and geopolitical risks expanding, unilateral risks should be noted. In the off - season at the beginning of the year, the weekly supply and demand decreased simultaneously, and the industrial chain inventory remained low. The spot price was relatively firm, and the short - term disk is expected to fluctuate at a high level [7] Summary by Directory Part 1: Relevant Data 1. Futures Prices and Positions - BU2603 (main contract) price rose from 3157 to 3242, an increase of 85 or 2.69%. BU2604 rose from 3170 to 3246, an increase of 76 or 2.40%. BU2605 rose from 3093 to 3247, an increase of 154 or 4.98%. SC2603 rose from 440.8 to 446.4, an increase of 5.6 or 1.27%. Brent first - line rose from 63.65 to 64.46, an increase of 0.8 or 1.27% [2] - The main contract's position increased from 18.7 million lots to 20.3 million lots, an increase of 1.6 million lots or 8.49%. The main contract's trading volume increased from 14.9 million lots to 30.0 million lots, an increase of 15.1 million lots or 101.87%. The warehouse receipt quantity remained unchanged at 45,820 tons [2] 2. Basis and Calendar Spread - BU04 - 05 decreased from 77 to - 1, a decrease of 78 or 101.30%. BU04 - 03 increased from - 13 to - 4, an increase of 9 or - 130.77%. The Shandong - main contract basis decreased from 30 to - 36, a decrease of 66 or 220.00%. The East China - main contract basis decreased from - 20 to - 96, a decrease of 76 or 580.00%. The South China - main contract basis decreased from 10 to - 66, a decrease of 76 or 760.00% [2] 3. Industrial Chain Spot Prices - The Shandong market price rose from 3070 to 3080, an increase of 10 or 0.33%. The East China and South China market prices remained unchanged at 3150 and 3180 respectively. Shandong gasoline rose from 6976 to 6983, an increase of 7 or 0.10%. Shandong diesel rose from 5662 to 5676, an increase of 14 or 0.25%. Shandong petroleum coke remained unchanged at 2890. The diluted asphalt discount remained unchanged at - 13.2, and the exchange - rate mid - price rose slightly by 0.01% [2] 4. Spread and Profit - The asphalt refinery profit decreased from 7.21 to - 20.72, a decrease of 27.94 or 387.22%. The refined oil comprehensive profit decreased from 26.22 to - 3.90, a decrease of 30.12 or 114.89%. The BU - SC crack spread increased from - 412.53 to - 386.15, an increase of 26.38 or 6.39%. The gasoline spot - Brent spread decreased from 720.16 to 683.58, a decrease of 36.58 or 5.08%. The diesel spot - Brent spread decreased from 247.33 to 216.94, a decrease of 30.39 or 12.29% [2] Part 2: Market Analysis 1. Market Overview - On January 22, the average domestic asphalt market price was 3243 yuan/ton, up 3 yuan/ton or 0.09% from the previous day. The higher asphalt futures boosted the market sentiment. Traders in Shandong raised their selling prices. In the South, the main refineries had stable shipments and lower inventory levels, supporting the stable prices of the main asphalt products. Some social warehouses in South China and East China slightly raised their selling prices [5] - In the Shandong market, the mainstream transaction price of heavy - traffic asphalt rose 10 to 3130 - 3220 yuan/ton. The strong futures price drove up the spot price, but the weak terminal demand limited the price increase [5] - In the Yangtze River Delta market, the mainstream transaction price remained stable at 3210 - 3210 yuan/ton. The main refineries' shipments by ship were good, and the inventory was at a medium - low level. However, the cold weather affected the demand, and the social warehouse shipments were average. The Zhenjiang warehouse price was slightly raised by 20 to about 3170 yuan/ton [5] - In the South China market, the mainstream transaction price remained stable at 3110 - 3150 yuan/ton. The sharp rise in the futures price boosted the market sentiment, but most downstream users were cautious, and the high - price resource transactions were average. The local main refineries will keep low production and low inventory, so the mainstream transaction price will remain stable in the short term [6] 2. Market Outlook - The discount of Venezuelan oil raw materials has risen in the market quotation but there has been no real transaction. The impact of Venezuelan oil prices on the market has been gradually digested, and the expectation of tight asphalt raw material supply has eased. The asphalt is in a high - level shock. With the Iranian situation fluctuating and geopolitical risks expanding, unilateral risks should be noted. In the off - season at the beginning of the year, the weekly supply and demand decreased simultaneously, and the industrial chain inventory remained low. The spot price was relatively firm, and the short - term disk is expected to fluctuate at a high level [7] Part 3: Relevant Attachments - The report provides several figures including BU main contract closing price, BU main contract position, East China and Shandong asphalt market prices, Shandong refinery gasoline and diesel prices, with data sources from Galaxy Futures, Wind, and Steel Union [9]

黑色金属日报 2026 年 1 月 22 日 铁合金日报 第一部分 市场信息 研究员：周涛 期货从业证号： F03134259 投资咨询证号： Z0021009 研究所 黑色金属研发报告 联系方式： :zhoutao_qh1@chinastock. com.cn | 期 货 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期货合约 收盘价 | | 日变动 | 周变动 | 成交量 | 日变化 | 持仓量 | 日变化 | | SF主力合约 5610 | | 54 | 0 | 108864 | -21998 | 244000 | -11689 | | SM主力合约 5814 | | 28 | -56 | 141601 | 6241 | 356074 | 23782 | | 现 货 | | | | | | | | | 硅铁 现货价格 | | 日变动 | 周变动 | 硅锰 | 现货价格 | 日变动 | 周变动 | | 72%FeSi内蒙 | 5370 | 20 | -80 | 硅锰6517内蒙 | 5680 | 0 | -70 | ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The US's attitude towards Iran's strikes is inconsistent. In the short term, the export and production of crude oil and fuel oil are expected to be continuously disrupted by US strategies, leading to increased unilateral fluctuations in fuel oil. The fundamental outlook for high - sulfur fuel oil is expected to remain weakly stable in the first quarter. The supply of low - sulfur fuel oil in the near term is increasing month - on - month, with supply in major regions expected to recover [7]. Group 3: Summary by Related Catalogs First Part: Related Data - On January 22, 2026, the FU main contract was 2592, up 50 from the previous day; the LU main contract was 3135, up 45 from the previous day. The FU main contract's open interest was 18.5 million lots, down 0.7 million lots from the previous day, and the LU main contract's open interest was 5.7 million lots, down 0.7 million lots from the previous day. The FU warehouse receipts were 66550 tons, down 8000 tons from the previous day, and the LU warehouse receipts remained unchanged at 13000 tons [3]. - The FU5 - 9 spread was 37, up 8 from the previous day; the LU3 - 4 spread was - 3, down 9 from the previous day; the LU - FU main contract spread was 543, down 5 from the previous day; the FU05 - foreign market 04 spread was 10.6, down 0.8 from the previous day; the LU03 - foreign market 02 spread was 14.8, up 0.7 from the previous day [3]. Second Part: Market Research and Judgment Market Overview - In the Singapore paper market, the high - sulfur Feb/Mar monthly spread remained at 7.75 US dollars/ton, and the low - sulfur Feb/Mar monthly spread rose 0.50 to 1.00 US dollars/ton [5]. Important News - Russia reported that Ukrainian drones attacked a Black Sea port on Wednesday night, causing four fuel terminals to catch fire and two people to die [6]. Market Judgment - The US's inconsistent attitude towards Iran's strikes will disrupt short - term crude oil and fuel oil exports and production. High - sulfur fuel oil fundamentals are expected to be weakly stable in Q1. Russia's high - sulfur fuel oil exports in the week of January 15 were about 650,000 tons, up from the previous two weeks. Mexico's high - sulfur exports are rising. Iran's fuel oil exports have been low since 2025. In terms of demand, the economic efficiency of high - sulfur feedstock is average, weakening the support. Low - sulfur supply is increasing, with Al - Zour refinery's units back, Dangote refinery's exports stable at a high level, and new supplies from South Sudan [7]. Third Part: Related Attachments - The report includes figures such as the Singapore high - sulfur crack spread, low - sulfur crack spread, gasoline crack spread, 10ppm diesel crack spread, high - low sulfur spread, and LSFO - GO, with data sources from Galaxy Futures and Reuters [10][14][16].