铁矿石日报 2026 年 01 月 08 日 研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 858.0 | 839.0 | 19.0 | I01-I05 | 45.0 | 11.0 | 34.0 | | DCE05 | 813.0 | 828.0 | -15.0 | I05-I09 | 21.0 | 23.5 | -2.5 | | DCE09 | 792.0 | 804.5 | -12.5 | I09-I01 | -66.0 | -34.5 | -31.5 | | 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%) | 828 | 809 | 19 | 899 | 52 | 63 | 87 | | 纽曼粉 | 830 | 811 | 19 | 908 | 61 | 72 | 95 | | 麦克粉 | 834 | 812 | 22 | 920 | 73 | 84 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - International sugar prices are expected to oscillate at the bottom in the short term, and considering the significant decline in commodities today, sugar prices are expected to oscillate [8][9] - Domestic sugar prices are expected to oscillate, with support from high processing costs and potential upward drive from rising foreign sugar prices, but facing sales pressure during the peak domestic sugar - pressing season and global sugar production increase expectations [8] Group 3: Summary by Related Catalogs 1. Data Analysis - **Futures Market**: SR09 closed at 5,290, down 3 (-0.06%), with a trading volume of 15,167 (down 3,837) and an open interest of 76,794 (up 909); SR01 closed at 5,300, down 7 (-0.13%), with a trading volume of 657 (down 439) and an open interest of 8,782 (down 649); SR05 closed at 5,279, down 2 (-0.04%), with a trading volume of 218,370 (down 13,539) and an open interest of 429,678 (down 10,268) [3] - **Spot Market**: The spot prices of sugar in different regions vary, with prices in Liuzhou, Kunming, Wuhan, Nanning, Bayuquan, Rizhao, and Xi'an being 5,390, 5,230, 5,660, 5,370, 5,530, 5,545, and 5,810 respectively. The price changes in Kunming, Wuhan, and Nanning are 10, and the price change in Bayuquan is 5,530. The basis in Liuzhou, Kunming, Wuhan, Nanning, Rizhao, and Xi'an are 111, - 49, 381, 91, 266, and 531 respectively [3] - **Month - to - Month Spread**: SR05 - SR01 spread is - 21 (up 5), SR09 - SR05 spread is 11 (down 1), and SR09 - SR01 spread is - 10 (up 4) [3] - **Import Profit**: For Brazilian imports, with an ICE main contract price of 14.77, a premium of 0.04, and a freight of 32.75, the in - quota price is 4,032, the out - of - quota price is 5,123, the spread with Liuzhou is 267, the spread with Rizhao is 422, and the spread with the futures market is 177. For Thai imports, with an ICE main contract price of 14.77, a premium of 0.89, and a freight of 18.00, the in - quota price is 4,078, the out - of - quota price is 5,182, the spread with Liuzhou is 208, the spread with Rizhao is 363, and the spread with the futures market is 118 [3] 2. Market Judgment - **Important Information** - In the 2025/26 sugar - crushing season as of January 7, Thailand's cumulative cane crushing volume was 16.9782 million tons, a decrease of 5.765 million tons (25.35%) compared to the same period last year. The sugar content in cane was 11.54%, a decrease of 0.08% compared to the same period last year. The sugar - producing rate was 9.017%, a decrease of 0.209% compared to the same period last year. The sugar production was 1.5309 million tons, a decrease of 0.5673 million tons (27.03%) compared to the same period last year [5] - As of the week of January 7, the number of ships waiting to load sugar at Brazilian ports was 44 (previously 42), and the quantity of sugar waiting to be loaded was 1.5823 million tons (previously 1.417 million tons), a week - on - week increase of 0.1653 million tons (11.66%) [5] - The Indian government announced a 1.5 - million - ton sugar export quota for the 2025 - 26 sugar - crushing season. If a sugar factory does not want to export according to the quota, it can abandon the quota before March 31, 2026. The government will review the export performance of sugar factories after March 31, 2026, and may re - allocate unused quotas [7] - **Logical Analysis** - Internationally, Brazilian cane is gradually entering the harvest stage, and the cumulative sugar production in central and southern Brazil is 39.904 million tons, an increase of 0.543 million tons compared to the same period last year. The supply pressure of Brazilian sugar will gradually ease, and the market focus has shifted to the Northern Hemisphere. Most sugar production in the Northern Hemisphere is in an increasing cycle. India's double - week production is high, and the over - expected increase may have a negative impact on international sugar prices. However, due to the low sugar prices and the strong performance of commodities, the US sugar price is expected to oscillate at the bottom in the short term [8] - Domestically, the current sugar price is low, in the low - price range over the years. After the previous over - expected decline, the short - covering market has been repaired. The high processing cost of domestic sugar (most sugar factories in Guangxi have a cost of over 5,400 yuan/ton) supports the futures market. The upward trend of the US sugar price on the external market has an upward driving force for Zhengzhou sugar. However, considering the peak domestic sugar - pressing season and the expected global sugar production increase in the 2025/26 season, there is significant pressure near the upper oscillation platform [8] - **Trading Strategy** - **Unilateral**: The international sugar price is expected to oscillate at the bottom in the short term, and considering the significant decline in commodities today, the sugar price is expected to oscillate [9] - **Arbitrage**: Maintain a wait - and - see attitude [10] - **Options**: Sell put options [10] 3. Relevant Attachments - The report provides multiple charts, including Guangxi and Yunnan's monthly sugar inventory, monthly sugar production, Liuzhou's white sugar spot price, Liuzhou - Kunming sugar spot price spread, white sugar basis for different contract months, and price spreads between different contracts [11][15][17]

Group 1: Report Overview - Issue date: January 8, 2026 [1] - Report type: Black Metal Daily, Ferroalloy Daily Group 2: Investment Rating - No investment rating provided Group 3: Core View - The overall market sentiment has cooled down, and both silicon ferroalloy and manganese ferroalloy are expected to fluctuate in the short term [5] - For trading strategies, it is recommended to take a wait - and - see approach for arbitrage, sell out - of - the - money straddle options, and expect short - term fluctuations for unilateral trading [6] Group 4: Market Information Futures - SF主力合约 closed at 5668, down 192 for the day and 82 for the week, with a trading volume of 276442 (down 52657) and an open interest of 245565 (down 12151) [3] - SM主力合约 closed at 5892, down 108 for the day and 50 for the week, with a trading volume of 275888 (down 41199) and an open interest of 264806 (down 19518) [3] Spot - Silicon ferroalloy spot prices in some regions increased by up to 20 yuan/ton, while manganese ferroalloy spot prices increased by 30 - 100 yuan/ton [3][5] Basis/Spread - Silicon ferroalloy basis and manganese ferroalloy basis showed different daily and weekly changes in different regions [3] - The SF - SM spread was - 224, down 84 for the day and 32 for the week [3] Raw Materials - Manganese ore prices in Tianjin Port showed a slight increase, while the prices of semi - coke small materials remained stable [3][5] Group 5: Market Judgement Silicon Ferroalloy - Supply: There is an expectation of supply contraction in the future due to the rumored differential electricity price policy in Shaanxi [5] - Demand: Steel production has increased, but inventory accumulation may limit future blast furnace复产 [5] - Cost: The electricity price in the main production areas has been stable recently [5] - Outlook: Short - term fluctuations are expected as the event - driven factor has ended [5] Manganese Ferroalloy - Supply: Some new production capacities were put into operation at the end of the year, leading to a slight increase in supply [5] - Demand: Blast furnace复产 in January and pre - Spring Festival restocking demand will support raw material demand [5] - Cost: Manganese ore port inventory remains low, and port spot prices are strong [5] - Outlook: Short - term fluctuations are expected due to cost support [5] Group 6: Important Information - On the 8th, the prices of manganese ore in Tianjin Port were reported, such as semi - carbonate Mn36.6%Fe4.6% at 36, Gabon block Mn47% at 43.5, etc [7] - US private sector employment increased by 41,000 in December, but was lower than expected [7] Group 7: Related Attachments - There are multiple charts showing the price trends, spreads, basis, costs, and profits of ferroalloys [8][11][14][16][17][20][22][25] - The production costs and profits of silicon ferroalloy and manganese ferroalloy in different regions are presented [19][25]

研究所 农产品研发报告 粕类日报 2026 年 1 月 8 日 【粕类日报】供应有所好转 价格整体回落 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 | | | | | 2026/1/8 | | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | 现货基差 | | | 品 种 涨 跌 | 合 约 | 收盘价 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | -25 豆粕 | 0 1 | 3146 | 天津 | 380 | 370 | 1 0 | | -29 | 0 5 | 2782 | 东莞 | 340 | 330 | 1 0 | | -13 | 0 9 | 2875 | 张家港 | 300 | 290 | 1 0 | | | | | 日照 | 310 | 300 | 1 0 | | -87 菜粕 | 0 1 | 2590 | 南通 | 132 | 8 1 | 5 1 | | -61 | 0 5 | ...

研究所 农产品研发报告 油脂日报 2026 年 01 月 08 日 油脂日报 第一部分 数据分析 | 银河期货油脂日报 | | | | | | | | | | 2026/1/8 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 油脂现货价格及基差 | | | | | | | | | | | | | 各品种地区现货价 品种 | 2605收盘价 | 涨跌 | | | | | | 现货基差（分别为：一豆、24度、三菜） | | | | | 豆油 | 7944 | (14) | 张家港 | 广东 | 天津 | | 广东 | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8474 | | | | 8524 | 8344 | | 580 | 10 530 | 0 | 400 | 0 | | 棕榈油 | 8612 | 50 | 广东 | 张家港 | 天津 | | 广州 | | 涨跌幅 张家港 涨跌幅 天津 涨跌幅 | | | | 8582 | | | | 8572 | 8742 | | -30 | 0 ...

研究所 农产品研发报告 玉米淀粉日报 2026 年 1 月 08 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/1/8 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2288 | 0 | 0.00% | 1,430 | -19.57% | 16,210 | -13.08% | | C2605 | | 2274 | 21 | 0.92% | 191,827 | 40.13% | 549,409 | 4.26% | | C2509 | | 2295 | 15 | 0.65% | 12,156 | 86.27% | 47,934 | 5.24% | | CS2601 | | 2486 | 1 | 0.04% | 0 | -100.00% | 2,400 | 0.00% | | CS2605 | | 2581 | 36 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The subsequent supply pressure in the live pig market is expected to continue to manifest, with the overall direction of the live pig spot price likely to decline, and the overall upside potential of pig prices is limited due to sufficient supply [3][4] - Live pig futures prices are under downward pressure. In the short - term, prices may be supported, but in the medium - to - long - term, the downward pressure on prices is obvious, and the futures market will tend to decline [4] 3. Summary by Relevant Catalogs Spot Price - Today, live pig prices across the country showed a volatile trend. The average spot price was 12.99 yuan/kg, up 0.07 yuan/kg from yesterday. The prices in different regions showed mixed trends, with some rising and some falling [3] - The number of live pigs sold by large - scale enterprises has increased significantly. The enthusiasm of ordinary farmers to sell pigs is generally average, and the secondary fattening has continued to enter the market, but the subsequent number of entrants may decrease. The slaughter weight of live pigs remains high, and the supply of large - weight pigs is relatively large [3] Futures Price - Live pig futures prices are under downward pressure. The recent slowdown in spot price increases and the recovery of slaughter have led to a decline in the futures market. In the short - term, the supply pressure is limited, and prices may be supported, but in the medium - to - long - term, the downward pressure is obvious [4] Breeding and Slaughter - The price of piglets this week was 251 yuan, up 24 yuan from last week, and the price of sows was 1554 yuan, up 3 yuan from last week. The spot breeding profit has improved, with self - breeding and self - raising profit at - 34.59 yuan/head, up 95.52 yuan from the previous period, and the profit of purchasing piglets at - 48.35 yuan/head, up 114.45 yuan from the previous period [3] - The daily slaughter volume was 189,578 heads, a decrease of 1486 heads from yesterday. The price difference between different - sized pigs showed some changes, with the price difference between medium - large pigs and standard pigs increasing by 0.02 yuan [3] Trading Strategy - Unilateral trading: Adopt a bearish approach - Arbitrage: Wait and see - Options: Sell a wide - straddle strategy [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Today, the steel futures market showed a slight decline, and steel procurement was weak. This week, the output of the five major steel products continued to increase, and the molten iron output rose due to the recovery of profit levels. The total steel inventory started to accumulate, but hot-rolled coils were still being destocked, with inventory shifting from factory warehouses to social warehouses, and the overall rebar inventory accumulating. Seasonal factors led to a further weakening of the apparent demand for construction steel, and the funds available to downstream construction sites declined. The demand for hot-rolled coils was slightly digested, but steel exports declined in January due to export license issues. On the raw material side, coal mine inventories decreased, and prices soared recently due to market news, driving up steel prices. The structural shortage of PB fines has not been resolved, and the first quarter is also the traditional off-season for iron ore shipments. Steel mills have a rigid demand for restocking, providing cost support. The continuous resumption of molten iron production also limited the further rise of steel prices. Therefore, steel prices remained volatile. Continued attention should be paid to the impact of macro news on the futures market, as well as coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [5] Group 3: Summary by Relevant Catalogs Market Information - Spot prices: Shanghai Zhongtian rebar was priced at 3,290 yuan (unchanged), Beijing Jingye rebar at 3,180 yuan (+20 yuan), Shanghai Angang hot-rolled coils at 3,320 yuan (+20 yuan), and Tianjin Hegang hot-rolled coils at 3,220 yuan (+10 yuan) [4] Market Judgments Trading Strategies - Unilateral trading: As the futures market corrected, long positions could take profits [6] - Arbitrage: It was recommended to short the hot-rolled coil to coking coal ratio at high prices and continue to hold short positions on the hot-rolled coil to rebar spread [7] - Options: It was recommended to wait and see [8] Important Information - As of January 6, the capital availability rate of sample construction sites was 59.53%, a week-on-week decrease of 0.37 percentage points. The capital availability rate of non-housing construction projects was 60.59%, a week-on-week decrease of 0.41 percentage points, and that of housing construction projects was 54.41%, a week-on-week decrease of 0.21 percentage points. The capital availability rate ended a two-week increase and started to decline, mainly due to new projects occupying some funds and the decline in payment collection for existing projects [9] - In December 2025, the average monthly working hours of major construction machinery products in China were 76.5 hours, a year-on-year decrease of 18.6% and a month-on-month decrease of 9.19%. The monthly startup rate was 51.8%, a year-on-year decrease of 12.5 percentage points and a month-on-month decrease of 4.72 percentage points. For excavators, the average monthly working hours were 69.3 hours, and the monthly startup rate was 52.6% [10] Related Attachments - The report includes various charts showing the price trends, basis, spreads, and profit margins of rebar and hot-rolled coils, such as the summary prices of rebar and hot-rolled coils in Shanghai, the basis of different contracts in Shanghai, the spreads between different contracts, and the profit margins of different contracts and production processes [15][17][19]

Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core Viewpoints - The inflection point of spot freight rates is gradually established, and some shipping companies have started to lower the spot quotes for the second half of January. The EC market as a whole has continued to weaken following the spot quotes [3]. - The high point of phased freight rates is gradually emerging. The demand for goods remains high but the growth rate is slowing down. The supply of shipping capacity has changed, and some shipping lines have announced suspension plans. Geopolitical factors may affect fuel costs and trade patterns [4]. Group 3: Summary by Directory 1. Market Analysis and Strategy Recommendations Market Analysis - On January 8, 2026, the closing price of EC2602 was 1706 points, a decrease of 4.11% from the previous trading day. On December 26, 2025, the SCFI European line was quoted at $1690/TEU, a month-on-month increase of 10.24%. The latest SCFIS European line index was 1795.83 points, a month-on-month increase of 3%, slightly lower than expected [3]. - The high point of phased freight rates is gradually emerging. Different shipping companies have different pricing and price adjustment strategies. The demand for goods remains high but the growth rate is slowing down. The shipping capacity from Shanghai to the five Nordic ports in January, February and March 2026 is expected to be 306,000, 252,700 and 288,400 TEUs respectively. CMA has announced a suspension plan for the Spring Festival, with three additional empty ships in February, with an average container capacity of 18,855 TEUs. Geopolitical factors may affect fuel costs and trade patterns [4]. Trading Strategies - Unilateral: Wait and see, and pay attention to the rate of price cuts by shipping companies [5]. - Arbitrage: Wait for opportunities to enter the market at low prices for the 6 - 10 positive spread [6]. 2. Industry News - As of January 7, 2026, the European natural gas inventory has dropped to the lowest level since the Russia - Ukraine conflict. The current inventory is far below the five - year average, less than 60%, and the EU may face the risk of natural gas shortage [9]. - Zelensky said that the Russia - Ukraine conflict is expected to end in the first half of 2026 [9]. 3. Container Shipping - Container Freight Index (European Line) Futures Market - Different futures contracts (EC2602, EC2604, etc.) have different closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interest and open interest change rates. For example, EC2602 closed at 1706.0, down 73.1 points or 4.11%, with a trading volume of 27,173.0 hands, a decrease of 37.68% [1]. - The spread between different futures contracts (such as EC04 - EC06, EC02 - EC08) has also changed [1]. Container Freight Rates - Different container freight rates (SCFIS European line, SCFIS US West line, etc.) have different prices, month - on - month and year - on - year changes. For example, the SCFIS European line was at 1795.83 points, a month - on - month increase of 3.05% and a year - on - year decrease of 46.99% [1]. Fuel Costs - The prices of Brent crude oil and WTI crude oil have month - on - month and year - on - year changes. The price of Brent crude oil near - month was $56.43/barrel, a month - on - month decrease of 0.74% and a year - on - year decrease of 23.54%. The price of WTI crude oil near - month was $59.94/barrel, a month - on - month decrease of 0.32% and a year - on - year decrease of 21.7% [1].

花生日报 2026 年 1 月 8 日 | 第一部分 | | | | 数据 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 花生数据日报 | | | | | | | 2026/1/8 | | 期货盘面 | | | | | | | | | 期货 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | PK604 | 7998 | -12 | -0.15% | 25,193 | -40.15% | 38,452 | 2.99% | | PK610 | 8308 | -2 | -0.02% | 374 | 27.21% | 2,328 | 13.40% | | PK601 | 8150 | #N/A | #N/A | 1 | #DIV/0! | 1,996 | -0.05% | | 现货与基差 | | | | | | | | | 现货 | 河南南阳 | 山东济宁 | 山东临沂 | 日照花生粕 | 日照豆粕 | 花生油 | 日照一级豆油 | | 今日报价 | 7400 | 8600 | 8600 | 3200 | ...