Group 1: Report Overview - Report date: February 11, 2026 [1] - Researcher: Zhao Ruochen [4] - Researcher's futures practice certificate number: F03151390 [4] - Researcher's investment consulting practice certificate number: Z0023496 [4] Group 2: Daily Data Domestic Futures - PG2602 price on February 11, 2026: 4262, up 11 from the previous day [2] - Main contract position on February 11, 2026: 25613, down 3707 from the previous day [2] - Warehouse receipt quantity on February 11, 2026: 6762, unchanged from the previous day [2] Domestic Spot - South China refinery gas price on February 11, 2026: 4750, unchanged from the previous day [2] - South China imported gas price on February 11, 2026: 4865, unchanged from the previous day [2] - East China refinery gas price on February 11, 2026: 4475, unchanged from the previous day [2] - East China imported gas price on February 11, 2026: 5026, unchanged from the previous day [2] - Shandong refinery gas price on February 11, 2026: 4430, down 60 from the previous day [2] - Shandong etherified C4 price on February 11, 2026: 4450, unchanged from the previous day [2] Basis - Basis on February 11, 2026: 486.0, down 11 from the previous day [2] External Market Prices - BRENT price on February 11, 2026: 69.4, up 0.6 from the previous day [2] - СЬ СЗ МІ price on February 11, 2026: 535.9, unchanged from the previous day [2] - FEI C3 M1 price on February 11, 2026: 593.0, unchanged from the previous day [2] - MB C3 M1 price on February 11, 2026: 0.6, down 0.012 from the previous day [2] - MOPJ M1 price on February 11, 2026: 602.8, unchanged from the previous day [2] - NAP M1 price on February 11, 2026: 563.1, unchanged from the previous day [2] Disk Profits - Import profit FEI on February 11, 2026: -450.2, up 11.8 from the previous day [2] - PDH FEI on February 11, 2026: -867.4, up 5.9 from the previous day [2] Ratios - FEI/BRENT ratio on February 11, 2026: 8.5, down 0.07 from the previous day [2] - FEI/MOPJ ratio on February 11, 2026: -9.7, unchanged from the previous day [2] Group 3: Crude Oil and Natural Gas Market - The US government issued a general license allowing oilfield service companies to operate in Venezuela. The Trump administration is relaxing sanctions and promoting the reconstruction of Venezuela's crude oil infrastructure [3] - Israeli Prime Minister Benjamin Netanyahu will meet with Donald Trump at the White House on Wednesday. Israel's concerns about a possible diplomatic agreement between Iran and the US are increasing [3] - Indian Bharat Petroleum Corporation and Mangalore Refinery and Petrochemicals Limited have purchased Venezuelan Merey crude oil, which is expected to arrive in April [3] - The Indian Coast Guard seized three oil tankers suspected of being involved in oil smuggling, the country's first tough measure against the so - called "dark fleet" [3] Group 4: Spot Situation Shandong Region - Shandong civil gas valuation on February 11, 2026: 4430 yuan/ton, down 60 yuan/ton from the previous day. After a small increase in refinery prices yesterday, sales were average, supply gradually recovered. With the approaching Spring Festival, refinery inventories were low but the willingness to support the market was weak. Today, the mainstream prices were mostly adjusted downwards [5] - Shandong etherified C4 market was stable at high levels and did not rise at low levels. The overall trading atmosphere was average. Although the low - supply situation in the region had not been substantially alleviated, high prices suppressed the profits of deep - processing plants, causing downstream resistance. With the approaching Spring Festival, the game sentiment among manufacturers was weak. It is expected that the mainstream of the Shandong etherified C4 market will remain stable tomorrow, with some prices falling [5] East China Region - The mainstream transaction price of civil gas in East China on February 11, 2026: 4475 yuan/ton, unchanged from the previous day. Today, the East China market was generally stable, with the mainstream transaction price ranging from 4150 - 4800 yuan/ton. Market transportation capacity was gradually decreasing. Refineries focused on stabilizing inventories before the festival, with a cautious attitude and limited willingness to adjust prices. It is expected that the East China market will be stable in the short term, and the local transaction center may move slightly downward [5] South China Region - The average transaction price of domestic gas in South China on February 11, 2026: 4750 yuan/ton, stable compared with yesterday. The average price of imported gas in South China: 4865 yuan/ton, stable compared with yesterday. Today, the South China market was generally stable. With the increasing festival atmosphere, downstream customers replenished stocks as needed. Affected by traffic restrictions in Guangdong, the logistics transportation efficiency further decreased. Currently, the market was mainly dominated by the festival sentiment, and there was insufficient motivation for large - scale market adjustment. It is expected that the mainstream trend will remain horizontal, and individual units may adjust flexibly according to their own situations [6] North China Region - The benchmark price of civil gas in North China on February 11, 2026: 4288 yuan/ton, down 9 yuan/ton from the previous day. In North China, prices rose and fell today. Downstream purchasing enthusiasm was fair, and the production and sales pressure was not large [6] Group 5: Market Judgment - Currently, liquefied petroleum gas (LPG) is traded around geopolitical factors. The repeated emotions amplify the market fluctuations. Be vigilant against the market's "whip effect" [7] - Fundamentally, the international LPG spot supply is generally tight, and the winter demand is strong, providing support for the overseas supply - demand fundamentals. However, the domestic fundamentals are gradually becoming looser. Although the arrival volume is low, the abundant refinery off - gas and low chemical demand cause certain resistance above the market [7] - With the Iran negotiation not yet finalized, tail risks still exist. The domestic LPG market is expected to be volatile in the short term and face pressure in the medium - to - long term [7]

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The pulp market continues to have a supply - demand imbalance with increasing domestic production and port inventory, while downstream demand from paper mills is weak. The offset printing paper market is in a weak balance, with increased production but a decline in downstream consumption and an increase in enterprise inventory [8][14] Group 3: Summary by Directory Part 1: Data Analysis - **Offset Printing Paper**: Spot prices of various types of offset printing paper remained unchanged on a daily and weekly basis. In the futures market, the 04 contract's closing price rose 0.44% daily, with a 1.32% weekly decline; the 05 and 06 contracts' closing prices rose 0.44% daily, with 0.98% and 0.69% weekly increases respectively. The 04 contract's trading volume increased 85.49% daily but decreased 0.98% weekly, and its open interest decreased 5.70% daily and 0.43% weekly [2] - **Pulp**: Spot prices of some pulp varieties decreased on a weekly basis. In the futures market, the 03 contract's closing price rose 0.58% daily and decreased 1.62% weekly; the 05 contract's closing price rose 0.65% daily and decreased 1.65% weekly; the 07 contract's closing price rose 0.61% daily and decreased 1.83% weekly. The 03 contract's trading volume decreased 31.56% daily and 36.32% weekly, and its open interest decreased 3.77% daily and 14.95% weekly [2] Part 2: Market Analysis Pulp - **Market Review**: Futures contracts rebounded slightly. In the spot market, the willingness of traders to sell was strong, but the enthusiasm of downstream paper enterprises to purchase pulp further declined. The prices of some grades in some markets were loose, and the prices of imported pulp were mainly stable [4] - **Important Information**: As of February 5, 2026, the inventory in China's main pulp ports was 218.2 million tons, a 0.6% increase from the previous period. The production of domestic broad - leaf pulp was 24.9 million tons, a 0.9 - million - ton increase from the previous week, and the production of chemical mechanical pulp was 23.9 million tons, a 0.2 - million - ton increase [8] - **Logic Analysis**: The pulp market has a pattern of oversupply. The supply side has increasing production and inventory, while the demand side has weak support [8] - **Trading Strategies**: For single - sided trading, use range - bound operations. Aggressive investors can lay out a small number of long positions near the previous low. For arbitrage, stay on the sidelines. Sell the SP2605 - P - 5150 option [9][10][11] Offset Printing Paper - **Market Review**: The OP2604 futures contract rebounded slightly. The double - offset paper market changed little, with a decrease in both supply and demand and stable paper prices. The prices of raw materials such as pulp and wood chips were mainly stable [13][14] - **Important Information**: The inventory of double - offset paper production enterprises was 142.2 million tons, a 1.1% increase. The production was 20.1 million tons, a 7.5% increase, and the capacity utilization rate was 51.4%, a 3.5% increase [14] - **Logic Analysis**: The supply and demand of double - offset paper are in a weak balance. The supply side has sufficient supply, while the demand side has weak consumption and an increase in enterprise inventory [14] - **Strategies**: For single - sided trading, short at high prices. For arbitrage, stay on the sidelines. Sell the OP2604 - C - 4200 option [15][16][17] Part 3: Relevant Attachments - The attachments include graphs showing the production volume of domestic pulp, pulp inventory, production profit of broad - leaf pulp, production profit of chemical mechanical pulp, production volume of double - offset paper, inventory of double - offset paper, social inventory of double - offset paper, and production profit of double - offset paper [20][22][26]

Group 1: Market Information - Current spot prices include Shanghai Zhongtian Thread at 3190 yuan, Beijing Jingye at 3120 yuan, Shanghai Angang Hot Rolled Coil at 3240 yuan, and Tianjin Hegang Hot Rolled Coil at 3140 yuan [4] Group 2: Market Analysis - The steel futures market maintained a volatile trend today, with further decline in volatility. Last week, the overall production of the five major steel products decreased, but hot metal production increased. Steel mills are gradually entering the holiday shutdown and maintenance mode. Steel inventories are accumulating at an accelerated pace, with thread inventory accumulating faster than hot - rolled coil. The overall social inventory pressure is greater than the mill inventory. Due to the cold weather, downstream construction sites are gradually shutting down, and the demand for building materials is rapidly declining. Steel exports are affected by the decline in export licenses, and overseas manufacturing has ended the restocking process, leading to a decline in hot - rolled coil demand. The overall fundamentals of the steel market are weakening marginally [5] - It is expected that steel prices will maintain a volatile and weak trend before the Spring Festival. Currently, steel inventories are high, post - holiday capital expenditure may fall short of expectations, and the recovery of demand remains to be seen. The pessimistic expectations of steel mills may also limit the production of hot metal this year, putting pressure on raw materials. The positions of the main steel contracts are currently high, and attention should be paid to sudden capital movements before the holiday. Future focus should be on the resumption of coal mine production, hot metal production, downstream demand performance, overseas tariffs, and domestic macro and industrial policies [5] Group 3: Trading Strategies - Unilateral: Maintain a volatile and weak trend before the holiday [6] - Arbitrage: It is recommended to short the hot - rolled coil to coking coal ratio on rallies and continue to hold the short position on the hot - rolled coil to thread spread [6] - Options: It is recommended to wait and see [7] Group 4: Important Information - China's CPI annual rate in January was 0.2%, lower than the expected 0.4% and the previous value of 0.80%. The CPI monthly rate in January was 0.2%, lower than the expected 0.3% and the same as the previous value. The PPI annual rate in January was - 1.4%, better than the expected - 1.5% and the previous value of - 1.90% [8] - In 2025, the China Development Bank, as the main bank for infrastructure construction, issued loans of 1.64 trillion yuan to infrastructure in five major areas: network - type, industrial upgrading, urban, agricultural and rural, and national security. It supported the opening and operation of projects such as the Guangzhou - Zhanjiang High - speed Railway and the acceleration of projects like the Middle Route of the South - to - North Water Diversion Project's Yangtze River Water Diversion and Han River Supplement Project. It also promoted the construction of the "East - to - West Computing" project in the national hub nodes of the national integrated computing power network and actively served the construction of scientific and technological infrastructure [8][9] Group 5: Related Attachments - The report includes various charts related to steel, such as price charts, basis charts, spread charts, and profit charts for different contracts of thread and hot - rolled coil, with data sources from Galaxy Futures, Mysteel, and Wind [11][12]

研究所 农产品研发报告 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | | 品种 各品种地区现货价 | 2605收盘价 | 涨跌 | | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 8110 | 12 | 张家港 | 广东 | 天津 | 广东 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8490 | | | | 8590 | 8390 | 480 | | 0 | 380 | 0 | 280 | 0 | | 棕榈油 | 8906 | (34) | 广东 | 张家港 | 天津 | 广州 | | | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8856 | | | | 8846 | 9006 | -50 | | 0 | -6 ...

1. Report's Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - MSK's price quotes for the first week of March remain mostly the same, weakening the price - increase expectation, and the EC futures market is expected to continue to fluctuate weakly. Given the off - season in April and ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines for unilateral trading and conduct rolling operations on the 6 - 10 calendar spread [6][8]. 3. Summary by Relevant Catalogs 3.1 Container Shipping - Container Freight Index (European Line) 3.1.1 Futures Market - The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of different EC futures contracts are presented. For example, EC2604 closed at 1,177.9 points, down 0.09% from the previous day, with a trading volume of 17,204.0 lots (down 41.80%) and an open interest of 33,027.0 lots (down 2.57%) [3]. - The price differences and their changes between different futures contracts are also provided. For instance, the price difference between EC04 and EC06 is - 323, down 2.3 [3]. 3.1.2 Container Freight Rates - Weekly container freight rates and their week - on - week and year - on - year changes are given. The SCFIS European Line index is 1657.94 points, down 7.49% week - on - week and 29.54% year - on - year. SCFI: Shanghai - Europe is 1403 USD/TEU, down 1.06% week - on - week and 34.65% year - on - year [3]. 3.1.3 Fuel Costs - The prices, week - on - week, and year - on - year changes of WTI and Brent crude oil near - month contracts are provided. WTI crude oil near - month contract is at 64.07 dollars per barrel, down 0.48% week - on - week and 10.78% year - on - year; Brent crude oil near - month contract is at 68.41 dollars per barrel, down 0.13% week - on - week and 9.2% year - on - year [3]. 3.2 Market Analysis and Strategy Recommendations 3.2.1 Market Analysis - Spot freight rates are weak, with the price - increase expectation weakening. MSK's WK10 Shanghai - Rotterdam quote is 2000 USD/40HC, the same as last week. From a fundamental perspective, demand is peaking and then declining, and the overall shipping capacity deployment has little change compared to the previous period. Geopolitical situations are volatile, and it is still difficult for a large - scale resumption of European - line shipping in the first half of the year [6][7]. 3.2.2 Strategy Recommendations - Unilateral trading: Given that Maersk's freight rates in March are mostly unchanged and it is the off - season in April, the market is expected to fluctuate. Due to ongoing geopolitical risks during the Spring Festival, it is recommended to stay on the sidelines [8]. - Arbitrage: Conduct rolling operations on the 6 - 10 calendar spread [9]. 3.3 Industry News - Local time on the 10th, US President Trump stated that "Iran will not have nuclear weapons or missiles." Iranian officials said that if the US - Iran nuclear talks are successful, the dialogue may expand to other areas. Trump said that if the talks fail, he might send another aircraft carrier strike group to the Middle East [10][11]. 3.4 Related Attachments - Multiple charts are presented, including the SCFIS European Line index and the SCFIS US West Line index, the SCFI comprehensive index, and container freight rates for different routes such as Shanghai - US West, Shanghai - US East, and Shanghai - Europe. There are also charts showing the basis of EC04 and EC06 contracts [13][15][20].

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core Viewpoints - The global corn supply pressure has weakened, but the U.S. corn is still in a bottom - oscillating state. The import profit of foreign corn has increased, and the domestic corn spot is relatively stable in the short term. After the Spring Festival, corn may decline slightly, and the short - term upward space of the 05 corn contract on the futures market is limited [4][6]. - The price of starch mainly depends on the corn price and downstream stocking. The inventory of corn starch has increased this week. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. - The U.S. corn supply pressure has weakened, and it is expected to oscillate strongly at the bottom. The corn spot in North China is strong, and the 03 corn contract may decline [8]. Group 3: Summary by Directory 1. Data Futures Market - For corn futures contracts (C2601, C2605, C2509), the closing prices are 2285, 2316, and 2331 respectively, with price increases of 21, 30, and 23, and price increase rates of 0.92%, 1.30%, and 0.99%. The trading volume of C2601 is 507 with an increase rate of 85.04%, C2605 is 790,787 with an increase rate of 103.56%, and C2509 is 31,530 with an increase rate of 188.97%. The open interest of C2601 is 3,527 with an increase rate of 2.29%, C2605 is 1,174,673 with an increase rate of 20.50%, and C2509 is 88,438 with an increase rate of 21.04% [2]. - For starch futures contracts (CS2601, CS2605, CS2509), the closing prices are 2620, 2637, and 2658 respectively, with price increases of 20, 29, and 18, and price increase rates of 0.76%, 1.10%, and 0.68%. The trading volume of CS2601 is 8 with a decrease rate of 42.86%, CS2605 is 59,825 with an increase rate of 34.94%, and CS2509 is 1,189 with a decrease rate of 55.13%. The open interest of CS2601 is 80 with an increase rate of 0.00%, CS2605 is 148,017 with an increase rate of 9.78%, and CS2509 is 8,298 with a decrease rate of 0.11% [2]. Spot and Basis - Corn spot prices in different regions: Qinggang is 2135 yuan, Songyuan Jiajie is 2190 yuan, Zhucheng Xingmao is 2362 yuan, Shouguang is 2346 yuan, Jinzhou Port is 2330 yuan, Nantong Port is 2410 yuan, and Guangdong Port is 2450 yuan. The price in Shouguang has increased by 10 yuan, while others are stable. The basis in different regions ranges from - 196 to 119 [2]. - Starch spot prices in different regions: Longfeng is 2730 yuan, COFCO is 2700 yuan, Yihai (Heilongjiang) is 2700 yuan, Yufeng is 2830 yuan, Jinyu is 2820 yuan, Zhucheng Xingmao is 2920 yuan, and Hengren Industry and Trade is 2780 yuan. All prices are stable. The basis in different regions ranges from 63 to 283 [2]. Spread - Corn inter - period spreads: C01 - C05 is - 31 with a decrease of 9, C05 - C09 is - 15 with an increase of 7, C09 - C01 is 46 with an increase of 2 [2]. - Starch inter - period spreads: CS01 - CS05 is - 17 with a decrease of 9, CS05 - CS09 is - 21 with an increase of 11, CS09 - CS01 is 38 with a decrease of 2 [2]. - Cross - variety spreads: CS09 - C09 is 327 with a decrease of 5, CS01 - C01 is 335 with a decrease of 1, CS05 - C05 is 321 with a decrease of 1 [2]. 2. Market Judgment Corn - U.S. corn prices are oscillating at the bottom. The import profit of foreign corn has increased, with the import price from Brazil in July being 2201 yuan. The northern port's flat - warehouse price is stable at around 2330 yuan, and the northeast and north China corn spot prices are stable. The price difference between north China and northeast corn has widened. Wheat and corn are being auctioned, and corn is still cost - effective. The domestic breeding demand is stable, and the downstream feed enterprises' inventory has increased. The 05 contract has increased in positions and broken through the previous high, but the short - term upward space is limited, and there may be a slight decline after the Spring Festival [4][6]. Starch - The number of vehicles arriving at Shandong deep - processing enterprises has decreased, and the Shandong corn spot price is strong. The starch price in Shandong is around 2780 yuan, and the northeast starch spot price is stable. This week, the corn starch inventory has increased to 102.5 million tons, an increase of 3.0 million tons from last week, with a monthly decrease of 0.3% and a year - on - year decrease of 23.9%. The starch price depends on the corn price and downstream stocking. The by - product price is starting to weaken but is still higher than last year. The 05 starch contract has risen following corn, and the starch spot has stabilized in the short term [7]. 3. Trading Strategy - Unilateral: The 03 U.S. corn has support at 420 cents per bushel. All long positions in the 07 and 05 corn contracts should be liquidated [9]. - Arbitrage: Reverse arbitrage for the 3 - 7 corn contracts, and go long on the spread between the 05 corn and starch contracts when the price is low [9]. 4. Corn Options - Option strategy: Short - term cumulative put option strategy with rolling operations [10]. 5. Related Attachments - The attachments include six figures showing the northern port's corn flat - warehouse price, corn 05 contract basis, corn 5 - 9 spread, corn starch 5 - 9 spread, corn starch 05 contract basis, and corn starch 05 contract spread over different time periods [14][15][19]

研究所 黑色金属研发报告 Z0021009 黑色金属日报 2026 年 2 月 11 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： 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 | 5576 | -4 | -78 | 84609 | -14616 | 166811 | -4474 | | SM主力合约 | 5824 | 6 | -44 | 99449 | -33133 | 367431 | -6906 | | 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 | 5390 | 0 | -30 | 硅锰6517内蒙 | 5650 | 0 | 0 | | 7 ...

研究所 农产品研发报告 花生日报 2026 年 2 月 11 日 | 期货从业证号： | | --- | F03107370 投资咨询证号： Z0018389 联系方式： :liudayong_qh@chinastck .c om.cn | 第一部分 | | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | | 2026/2/11 | | 期货盘面 | | | | | | | | | | 期货 成交量 | | 收盘价 | 涨跌 | 涨跌幅 | | 增减幅 | 持仓量 | 增减幅 | | PK604 22,252 | | 7960 | 12 | 0.15% | | 100.54% | 49,267 | -9.37% | | PK610 134 | | 8278 | 10 | 0.12% | | -51.27% | 2,733 | -0.11% | | PK601 | | 8250 | -8 | -0.10% | 35 | -30.00% | 38 | 11.76% | | ...

研究所 农产品研发报告 粕类日报 2026 年 2 月 11 日 【粕类日报】报告缺乏提振 盘面减仓较多 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2026/2/11 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 2950 | 2 6 | 天津 | 380 | 380 | 0 | | 东莞 | 0 5 | 2773 | 3 9 | | 270 | 260 | 1 0 | | 张家港 | 0 9 | 2888 | 3 0 | | 290 | 290 | 0 | | | | | | 日照 | 290 | 300 | -10 | | 南通 | 0 1 | 2253 | 2 2 | | 222 | 266 | -44 ...

Group 1: Report Overview - The report is a chemical research report on log market, specifically the Log Daily Report dated February 11, 2026 [1] Group 2: Data Analysis - Log prices (daily) and wood square prices (daily) for different types of logs and wood squares at various ports are presented, with all prices showing 0.00% day - on - day and week - on - week changes [2] - Futures volume and price data for LG2603, LG2605, and LG2607 contracts are provided, including closing prices, changes, and volume/position changes [2] Group 3: Market Review - On February 10, the log spot market was stable. Prices of different grades of radiata pine logs in Rizhao remained unchanged [4] - The closing price of the main contract LG2603 was 777 yuan/cubic meter, up 5.5 yuan/cubic meter from the previous trading day [5] Group 4: Important Information - In January 2026, 74 coniferous log ships arrived at 13 Chinese ports, a month - on - month decrease of 14.94%. The total arrival volume was about 166.81 million cubic meters, a month - on - month decrease of 12.80%. Among them, 45 ships were from New Zealand, with an arrival volume of about 147.45 million cubic meters, accounting for 88% and a month - on - month decrease of 10.69% [7] - From February 2 to February 8, the average daily outbound volume of coniferous logs at 13 ports in 7 Chinese provinces was 5.15 million cubic meters, a 16.53% decrease from the previous week. The average daily outbound volume of coniferous logs at Shandong ports was 3.28 million cubic meters, a 15.68% decrease, and that at Jiangsu ports was 1.29 million cubic meters, an 18.87% decrease [7] Group 5: Logic Analysis - Supply pressure is increasing marginally; demand is dragged down by the Spring Festival off - season, with the average daily outbound volume decreasing by 16.53% month - on - month. The foreign market price in February increased by 3 - 5 US dollars, raising the procurement cost. The increase in supply and weak demand will suppress prices in the short term, but the rising cost forms a bottom support. Also, the low inventory buffers the supply shock. Prices are expected to fluctuate within a range, and the post - festival demand resumption rhythm needs to be monitored [7] Group 6: Strategy - For unilateral trading, it is recommended to wait and see [7] - For arbitrage, take profit on the 3 - 5 reverse spread [8] - For options, wait and see [9] Group 7: Related Attachments - There are multiple figures showing log and wood square prices, import CFR prices, port log inventory, and other related data [11][13][14]