Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Geopolitical risks have expanded and volatility has intensified. The asphalt futures market has followed the fluctuations of crude oil. The demand in various regions has gradually weakened with the cooling of the weather and the approaching of the Spring Festival. However, supported by low inventory and low supply, the spot prices in various regions have remained basically stable, and the supply-demand imbalance in the off - season is becoming more apparent. There are still concerns about the long - term raw material shortage and cost increase in asphalt production [4]. - The trading strategies are as follows: for single - side trading, expect high - level fluctuations and consider going long on BU2606 at low prices; for arbitrage, pay attention to the spread between going long on BU and going short on LU; for options, adopt a wait - and - see approach [6]. Summary by Directory 1. Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: Geopolitical risks lead to increased volatility in the asphalt market, which follows crude oil prices. Demand weakens in the off - season, but low inventory and supply support stable spot prices. There are concerns about future raw material shortages and cost increases [4]. - **Trading Strategies**: Single - side trading: high - level fluctuations, go long on BU2606 at low prices; Arbitrage: focus on the spread of going long on BU and going short on LU; Options: wait - and - see [6]. 2. Core Logic Analysis - **Southern Demand and Refinery Price Support**: There is still demand in the South, leading some refineries to support prices. This week, the asphalt price in Shandong decreased by 10 yuan/ton, while prices in other regions increased by 5 - 115 yuan/ton. The cost of crude oil and the asphalt futures market are performing well, and there is some rush - work demand in the South. Low refinery operating rates are beneficial for social inventory sales [12]. - **Stable Spot Prices and Rising Futures Prices**: Geopolitical instability makes the crude oil cost fluctuate widely. Chinese refineries are seeking alternative raw materials, leading to an increase in feedstock costs. As of February 6, the theoretical processing profit of asphalt refineries was - 78.4 yuan/ton, a decrease of 41.6 yuan/ton from last week. This week, the asphalt futures price rose in a volatile manner, while the spot market price remained stable [15]. - **Slight Decline in Asphalt Operating Rate**: The overall asphalt operating rate decreased slightly. Different regions had different changes in operating rates due to factors such as production adjustments in individual refineries [17][18]. - **Low Refinery Inventory**: The refinery inventory remained at a low level. The inventory in different regions changed due to factors such as production, demand, and contract delivery [20][21]. - **Increased Social Inventory**: Social inventory increased steadily due to winter storage resource warehousing. However, there was still some rush - work demand in the South, which affected the local inventory level [23]. 3. Weekly Data Tracking - **Industrial Chain Data**: It includes data on spot and futures prices, spreads, and profits. For example, on February 6, 2026, the closing price of the asphalt main contract was 3386 yuan/ton, and the Brent 15:00 closing price was 68.36 US dollars/barrel. The operating rate of refineries was 31.62%, the refinery inventory rate was 23.95%, and the social inventory rate was 25.63% [26].

研究所 农产品研发报告 白糖日报 2026 年 2 月 9 日 白糖日报 第一部分 数据分析 | 白糖数据日报 | | | | | | | | 2026/2/9 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减量 | 持仓量 | 增减量 | | SR09 | | 5,274 | 35 | 0.67% | 27,307 | 1448 | 121,060 | 3977 | | SR01 | | 5,379 | 32 | 0.60% | 1,066 | 714 | 3,627 | 739 | | SR05 | | 5,261 | 33 | 0.63% | 253,424 | -4701 | 453,913 | 7005 | | 现货价格 | | | | | | | | | | 白糖 | | 柳州 | 昆明 | 武汉 | 南宁 | 鲅鱼圈 | 日照 | 西安 | | 今日报价 | | 5360 | 5155 | 5620 | 5340 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Singapore's high-sulfur spot window has seen a large number of high - price transactions, supporting the high - level oscillation of high - sulfur spot discounts. Geopolitical factors are the main bullish drivers. The supply of low - sulfur fuel oil has increased significantly in the short term [4]. - The trading strategy suggests a strong oscillation for unilateral trading, paying attention to geopolitical fluctuations; for arbitrage, take profit on the FU59 long - spread at high levels and pay attention to the LU near - month reverse spread; and adopt a wait - and - see approach for options [6]. 3. Summary by Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - High - sulfur: Singapore's high - sulfur spot window transactions support high - level oscillation of discounts. Geopolitical and macro - disturbances persist, with fuel export restrictions and concerns in Russia and Iran. China's state - owned procurement volume increase reflects feedstock demand. - Low - sulfur: The Dangote refinery's gasoline unit maintenance delay and the full - scale recovery of Kuwait's Al - Zour refinery have led to an increase in low - sulfur supply and exports [4]. 3.1.2 Strategies - Unilateral: Strong oscillation, focus on geopolitical fluctuations. - Arbitrage: Take profit on the FU59 long - spread at high levels; pay attention to the LU near - month reverse spread. - Options: Wait - and - see [6] 3.2 Core Logic Analysis 3.2.1 High - Sulfur Fuel Oil Supply - Russia: The Tuapse port has resumed exports, and the refinery's processing and export volume are expected to increase in February. In January, high - sulfur fuel oil exports increased by 27% month - on - month and 30% year - on - year [10]. - Mexico: High - sulfur exports are at a historical low. In 2026, with the full - load operation of the Olmeca refinery and the stable operation of the Tula coking unit, high - sulfur exports will decline marginally [18]. - Middle East: Iran's situation is volatile. In January, high - sulfur fuel oil exports were 110 tons, down 10 tons month - on - month and 9% year - on - year. Iraq plans to supply over 6 million tons of high - sulfur fuel oil from January to June 2026 [21]. 3.2.2 High - Sulfur Fuel Oil Demand - Feedstock demand: PetroChina has been actively purchasing high - sulfur fuel oil in the Singapore spot window. In January, China's high - sulfur arrivals increased by 5% month - on - month [24]. - Marine fuel demand: Singapore's high - sulfur marine fuel bunkering in December 2025 increased by 14% month - on - month and 15% year - on - year. The proportion of high - sulfur marine fuel consumption continued to increase marginally [27]. 3.2.3 Low - Sulfur Fuel Oil Supply - Nigeria: The Dangote refinery's RFCC unit restart has been postponed. In January, low - sulfur exports were about 360,000 tons, up 49% month - on - month [30]. - South Sudan: Energy facilities' supply is gradually recovering. In January, exports declined to about 190,000 tons but have room for further growth [31]. - Middle East: The Al - Zour refinery in Kuwait has fully recovered production. In January, low - sulfur fuel oil exports reached a record high of about 1.15 million tons [34]. - Pan - Singapore region: The Balikpapan refinery in Indonesia has completed its transformation and upgrading project, with expected offsetting changes in VLSFO production [37]. 3.2.4 Low - Sulfur Fuel Oil Demand - There is no specific driving force. Singapore's low - sulfur marine fuel bunkering in December 2025 increased by 2.4% month - on - month and 15.0% year - on - year, but the proportion decreased by 0.4 percentage points [40]. 3.2.5 Marine Fuel Oil - The proportion of high - sulfur marine fuel demand continues to increase marginally. The Red Sea suspension has indirectly promoted the growth of the high - sulfur marine fuel market share. The installation of desulfurization towers on global ships has accelerated [43]. 3.3 Weekly Data Tracking - The report provides various data charts on fuel oil prices, spreads, inventories, etc., including fuel oil spot prices, high - sulfur and low - sulfur fuel oil cross - regional and cross - period spreads, natural gas - fuel oil price ratios, cross - regional freight rates, Singapore bunkering spreads, and fuel oil inventory structures in different regions [47][52][62]

股指期货数据日报 2026年2月9日 IM四合约分红影响分别为0.15点、0.15点、0.15点和 64.63点。 IM每日行情 IM行情概要 IM成交持仓 单位：点、手、亿元 单位：手 | | 收盘价 | +/- | 成交量 | +/- | | 成交额 +/- | | 持仓量 | +/- | 持仓保证金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证1000 | 8233.78 | 2.26% | 28,285 | | 1 % | 4,826 | 9 % | | | | | | IM2602 | 8256.00 | 2.15% | 28,961 | | -25% | 476 | -24% | 45,633 | -6,572 | | 9 0 | | IM2603 | 8232.60 | 2.17% | 112,370 | | -24% | 1,841 | -22% | 179,169 | -8,746 | | 354 | | IM2606 | 8063.20 | 2.20% | 31,900 ...

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Date: 09 February 2026 [2] Group 2: Futures Market Data - DCE01 price today is 732.0, down 0.5 from yesterday [2] - DCE05 price today is 761.5, up 1.0 from yesterday [2] - DCE09 price today is 743.0, up 0.5 from yesterday [2] - I01 - I05 spread is -29.5 today, down 1.5 from yesterday [2] - I05 - I09 spread is 18.5 today, up 0.5 from yesterday [2] - I09 - I01 spread is 11.0 today, up 1.0 from yesterday [2] Group 3: Spot Market Data - PB powder (60.8%) price is 761 today, down 7 from yesterday [2] - Newman powder price is 761 today, down 7 from yesterday [2] - Mac powder price is 756 today, down 11 from yesterday [2] - Jinbuba powder (60.5%) price is 715 today, down 8 from yesterday [2] - Roy Hill powder price is 751 today, down 7 from yesterday [2] - Super Special powder price is 651 today, down 6 from yesterday [2] - BRBF (62.5%) price is 794 today, down 8 from yesterday [2] - BRBF (63%) price is 800 today, down 8 from yesterday [2] - FMG price is 707 today, down 10 from yesterday [2] - Carajás powder price is 858 today, down 6 from yesterday [2] - Karara concentrate price is 846 today, down 8 from yesterday [2] - Ukrainian concentrate price is 835 today, down 8 from yesterday [2] - IOC6 price is 737 today, down 8 from yesterday [2] - KUMBA price is 832 today, down 7 from yesterday [2] - SP10 price is 685 today, down 10 from yesterday [2] - Minmetals standard powder price is 774 today, down 6 from yesterday [2] - The optimal delivery product is Carajás powder [2] Group 4: Spot Price Spread and Import Profit - Carajás powder - PB powder spread is 93 today, up 1 from yesterday [2] - Newman powder - Jinbuba powder spread is 46 today, up 1 from yesterday [2] - Carajás powder - Jinbuba powder spread is 143 today, up 2 from yesterday [2] - PB - Jinbuba powder spread is 50 today, up 1 from yesterday [2] - Newman lump - Newman powder spread is 81 today, up 5 from yesterday [2] - Roy Hill lump - Roy Hill powder spread is 14 today, unchanged from yesterday [2] - Mac powder - Super Special powder spread is 105 today, down 5 from yesterday [2] - PB powder - Super Special powder spread is 114 today, down 1 from yesterday [2] - PB lump - PB powder spread is 74 today, up 1 from yesterday [2] - Carajás powder import profit is -1 today, up 5 from yesterday [2] - Newman powder import profit is 55 today, up 3 from yesterday [2] - PB powder import profit is 29 today, up 5 from yesterday [2] - Jinbuba powder import profit is 57 today, up 3 from yesterday [2] - Super Special powder import profit is 7 today, up 4 from yesterday [2] - PB lump import profit is 117 today, up 5 from yesterday [2] - BRBF import profit is 26 today, up 3 from yesterday [2] - Mac powder import profit is 52 today, down 1 from yesterday [2] - FMG import profit is 8 today, unchanged from yesterday [2] Group 5: Platts Index and USD Spread - Platts Iron Ore 61% price is 98.7 today, down 1.6 from yesterday [2] - Platts Iron Ore 65% price is 115.0 today, down 1.6 from yesterday [2] - Platts Iron Ore 58% price is 91.3 today, down 1.2 from yesterday [2] - SGX main - DCE01 spread is 3.5 today, down 0.1 from yesterday [2] - SGX main - DCE05 spread is -0.1 today, down 0.2 from yesterday [2] - SGX main - DCE09 spread is 2.2 today, down 0.1 from yesterday [2]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply pressure of US corn has weakened, and it is expected to fluctuate strongly at the bottom. North China corn supply has decreased, and the spot price is relatively strong, while Northeast corn is stable. The spot price is still weak in the short - term, but the purchase price at the northern ports is strong today. The price of North China wheat is strong, and the price difference between Northeast and North China corn has widened. The market expects North China corn to be stable before the Spring Festival, while Northeast corn may face selling pressure later. Corn spot prices still have room to fall, and the 03 corn contract will also decline, but the 07 corn contract has limited downside space. The 03 starch contract is expected to fluctuate at the bottom in the short - term [4][7][9] Summary by Directory Part 1: Data - **Futures Market**: For corn futures, C2601 closed at 2257 with no change; C2605 closed at 2274, down 5 (-0.22%); C2509 closed at 2301, up 1 (0.04%). For corn starch futures, CS2601 closed at 2587, up 4 (0.15%); CS2605 closed at 2596, up 2 (0.08%); CS2509 closed at 2618, up 2 (0.08%). The trading volume and open interest of each contract also changed to varying degrees [2] - **Spot and Basis**: Corn spot prices in different regions showed different trends, with prices in some areas rising slightly. The basis of corn and starch also varied by region. The price difference of corn and starch across different periods and varieties also changed [2] Part 2: Market Judgment - **Corn**: US corn prices have fallen, but the global supply pressure has weakened, and it is still in a bottom - oscillating state. The import profit of foreign corn has increased. The ex - warehouse price at northern ports is strong, and the spot price in the Northeast is stable. The supply in North China has decreased, and the spot price is stable. The price difference between North China and Northeast corn has widened. Wheat prices are strong, and corn is still cost - effective. Domestic breeding demand is stable, and the inventory of downstream feed enterprises has increased. The market is concerned about the seasonal selling pressure of Northeast corn before the Spring Festival and the inventory - building situation of downstream enterprises [4][7] - **Starch**: The number of trucks arriving at Shandong deep - processing plants has decreased, the corn spot price in Shandong is strong, and the starch price is around 2780 yuan. The starch inventory in Northeast China is stable, and the overall corn starch inventory has declined this week. The starch price mainly depends on corn price and downstream inventory - building. By - product prices are weakening but are still higher than last year. The spot price difference between corn and starch is at a low level. The 03 starch contract oscillated narrowly following corn, and the spot price is expected to stabilize in the short - term [8] - **Trading Strategies**: For single - side trading, the 03 US corn has support at 420 cents per bushel, and the 07 and 05 corn contracts can be short - bought on dips. For arbitrage, conduct a reverse spread of 3 - 7 corn and widen the spread between 05 corn and starch on dips [10] Part 3: Corn Options - Option Strategy: Adopt a short - term put - accumulation strategy with rolling operations [11] Part 4: Related Attachments - The attachments show the historical trends of North Port's corn ex - 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 [15][16][17][18][20][21]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - High - sulfur spot window transaction prices remain stable at a high level. Geopolitical and macro - disturbances are not completely settled. There are export restrictions and concerns in major fuel supply areas such as Russia and Iran. The current situation of high inventory and weak demand in the first quarter still exists. Geopolitics is the main bullish driver. Russian and Iranian near - end logistics supply remains stable for the time being. On the demand side, after Venezuelan oil is restricted, the market expects Chinese local refineries to import Iranian and Russian crude oil and fuel oil as substitutes, and the increase in state - owned procurement reflects the feedstock demand [7]. - Low - sulfur near - end supply export has a significant increase. The gasoline unit of Dangote refinery has a delayed return from maintenance, and the low - sulfur supply remains at a high level during this period. Kuwait's Al - Zour refinery has fully resumed production after a long - term unplanned shutdown, with record - high low - sulfur exports in January, especially to the Pan - Singapore direction. South Sudan has taken over the main security control of the Heglig oilfield, and energy supply is gradually recovering [7]. Summary by Directory Part 1: Related Data - **Futures Prices and Changes**: FU主力 price on February 9, 2026, was 2794, down 37 from February 6; LU主力 price was 3248, down 50 from February 6 [3]. - **Futures Positions and Changes**: FU主力持仓 on February 9 was 28.1 (in ten thousand hands), down 0.1 from February 6; LU主力持仓 was 7.0 (in ten thousand hands), down 0.6 from February 6 [3]. - **Warehouse Receipts**: FU仓单 was 9930 tons, unchanged from February 6; LU仓单 was 23140, unchanged from February 6 [3]. - **Spread Data**: FU5 - 9 was 93, up 1 from February 6; LU3 - 4 was - 19, down 35 from February 6; LU - FU主力价差 was 454, down 13 from February 6; FU05 - 外盘04 was 14.1, up 1.5 from February 6; LU03 - 外盘02 was 14.8, down 6.1 from February 6 [3]. Part 2: Market Research and Judgment - **Market Overview**: In the Singapore paper - based market, the high - sulfur Mar/Apr month - spread dropped 0.25 to 5.50 US dollars/ton, and the low - sulfur Mar/Apr month - spread rose 0.25 to 1.00 US dollars/ton [5]. - **Important Information**: Brazil's total oil exports in January were 10.57 million tons, a year - on - year increase of 13.3%, the highest monthly export volume since March 2023 [6]. Part 3: Related Attachments - **Graphs**: There are graphs including Singapore high - sulfur cracking, Singapore low - sulfur cracking, Singapore gasoline cracking, Singapore 10ppm diesel cracking, high - low sulfur spread, and LSFO - GO, with data sources from Galaxy Futures and Reuters [10][12][15]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core View - Geopolitical fluctuations intensify, and the asphalt market follows crude oil fluctuations [6] - Demand in various regions is gradually weakening due to cooling and approaching the Spring Festival, but supported by low inventory and supply, spot prices remain stable, showing a supply - demand dual - weak situation [6] - There are still expectations of a raw material shortage and cost increase in the long - term asphalt market [6] Group 3: Summary by Relevant Catalogs Part 1: Related Data - **Futures Prices and Positions**: On February 9, 2026, compared with February 6, 2026, BU2603 (the main contract) fell 52 points to 3334, a decline of 1.54%; BU2604 fell 54 points to 3347, a decline of 1.59%; BU2605 fell 48 points to 3341, a decline of 1.42%; SC2603 fell 1.2 points to 464.2, a decline of 0.26%; Brent first - line fell 1 point to 67.34, a decline of 1.49%. The main contract position decreased by 1.6 million hands to 6.7 million hands, a decline of 18.95%, and the trading volume decreased by 3.9 million hands to 12.3 million hands, a decline of 24.22%. The warehouse receipt quantity remained unchanged at 40,070 tons [2] - **Basis and Spread**: BU04 - 05 decreased by 6 points to 6, a decline of 50%; BU04 - 03 increased by 2 points to - 13, an increase of 13.33%. The Shandong - main contract basis increased by 24 points to - 7, an increase of 77.42%; the East - China - main contract basis increased by 64 points to - 87, an increase of 42.38%; the South - China - main contract basis increased by 54 points to - 37, an increase of 59.34% [2] - **Industrial Chain Spot Prices**: The Shandong market price fell 30 points to 3210, a decline of 0.93%; the East - China market price increased 10 points to 3260, an increase of 0.31%; the South - China market price remained unchanged at 3310. Shandong gasoline increased 13 points to 7183, an increase of 0.18%; Shandong diesel fell 35 points to 5613, a decline of 0.62%; Shandong petroleum coke fell 20 points to 2760, a decline of 0.72%. The diluted asphalt discount remained unchanged at - 13.2, and the exchange - rate mid - price fell 0.01 to 6.9523, a decline of 0.10% [2] - **Spread and Profit**: The asphalt refinery profit increased 27.44 to - 50.98, an increase of 34.99%; the refined - oil comprehensive profit increased 37.03 to - 99.38, an increase of 27.14%; the BU - SC cracking decreased 39.03 to - 426.71, a decline of 10.07%; the gasoline spot - Brent increased 68.12 to 734.38, an increase of 10.23%; the diesel spot - Brent increased 25.65 to 35, an increase of 274.27% [2] Part 2: Market Judgment - **Market Overview**: On February 9, the domestic asphalt market average price remained unchanged at 3324 yuan/ton. In the north, terminal projects were stagnant, and prices were stable. In the south, the rush - work demand decreased, and prices were firm. In Shandong, the mainstream transaction price was stable at 3220 - 3230 yuan/ton. In the Yangtze River Delta, the mainstream transaction price was stable at 3260 - 3260 yuan/ton. In South China, the mainstream transaction price was stable at 3240 - 3300 yuan/ton [4][5] - **Market Outlook**: The asphalt market follows crude oil due to geopolitical factors. Demand is weakening, but low inventory and supply support stable prices. There are still expectations of raw material shortages and cost increases in the long - term [6] Part 3: Related Attachments - The report provides charts including BU main - contract closing price, BU main - contract position, East - China asphalt market price, Shandong asphalt market price, Shandong refinery gasoline, and Shandong refinery diesel [9]

Group 1: Investment Rating - No investment rating for the industry is provided in the report Group 2: Core Viewpoints - Near the holiday, funds may take profits, sentiment is expected to fall, and there is a need for a correction in the oil and fat market. It is advisable to consider short - selling on rallies with light positions or waiting for the correction to end and then going long. Overall, the market will maintain a wide - range oscillation [9] Group 3: Summary by Directory 1. Data Analysis - **Spot Prices and Basis**: The closing prices of soybean oil, palm oil, and rapeseed oil on February 9, 2026 were 8114 (with a rise of 12), 9014 (with a fall of 12), and 9137 (with a fall of 7) respectively. The spot basis and its changes in different regions for various oils are also presented. For example, the spot basis of soybean oil in Zhangjiagang, Guangdong, and Tianjin were 500, 380, and 280 respectively [2] - **Monthly Spread Closing Prices**: The 5 - 9 monthly spreads of soybean oil, palm oil, and rapeseed oil were 50 (up 2), 26 (down 2), and 34 (down 20) respectively [2] - **Cross - Variety Spreads**: The Y - P spread for the 05 contract was - 900 (with a change of 24), the OI - Y spread was 1023, the OI - P spread was 123 (with a change of 5), and the oil - meal ratio was 2.97 (up 0.01) [2] - **Import Profits**: The on - paper profit of 24 - degree palm oil from Malaysia and Indonesia was - 198, and the on - paper profit of crude rapeseed oil from Rotterdam was - 1420 [2] - **Weekly Commercial Inventories**: In the 5th week of 2026, the commercial inventories of soybean oil, palm oil, and rapeseed oil were 74.2, 70.1, and 24.2 million tons respectively, compared with 94.7, 46.2, and 25.2 million tons in the previous week and 95.6, 88.7, and 62.2 million tons in the same period last year [2] 2. Fundamental Analysis - **International Market**: As of February 4, the soybean sowing in Argentina in the 2025/26 season was completed. However, the crop growth and moisture conditions deteriorated significantly. Currently, 75% of the soybean crops are rated normal to good, 5.6% less than a week ago, and 59% of the planting areas have suitable to optimal moisture conditions, 8.6% less than a week ago. More than 40% of early - sown soybeans are in the critical reproductive growth stage, and 16% of late - sown soybeans have entered the reproductive growth stage, both facing water shortages [4] - **Domestic Market (P/Y/OI)**: - **Palm oil**: On February 9, the palm oil futures price fluctuated and slightly declined. As of February 6, the national key - area commercial inventory was 72.67 million tons, a 3.61% increase from the previous week. The origin price was stable with a slight decline, and the on - paper import profit was inverted by about 200. The basis was stable with a slight weakness, and the spot market trading volume increased slightly. In the short term, palm oil will maintain a wide - range oscillation [4][6] - **Soybean oil**: On February 9, the soybean oil futures price fluctuated and slightly increased. Last week, the actual soybean crushing volume of oil mills was 2.484 million tons, and the opening rate was 68.33%. As of February 6, the national soybean oil commercial inventory was 1.1552 million tons, a 0.78% increase from the previous week. Currently, soybean oil is gradually reducing inventory, but the inventory is at a relatively high level in the same period of history. The basis is relatively stable. In the short term, the soybean oil market will follow the palm oil market [6] - **Rapeseed oil**: On February 9, the rapeseed oil futures price fluctuated and slightly declined. Last week, the rapeseed crushing volume of major coastal oil mills was 10,000 tons, and the opening rate was 2.67%. As of February 6, the coastal rapeseed oil inventory was 237,000 tons, a decrease of 5,000 tons from the previous week. The European rapeseed oil FOB price was stable at around $1030, and the import profit inversion increased to around - 1300. Recently, China has purchased a large amount of Canadian rapeseed, which may bring supply pressure in the far - term, but in the short term, the rapeseed oil inventory is gradually reducing, and the actual available inventory is tight, supporting the near - term basis [7] 3. Trading Strategies - **Unilateral Trading**: Consider short - selling on rallies with light positions or waiting for the correction to end and then going long. The market will maintain a wide - range oscillation [9] - **Arbitrage**: Consider reverse arbitrage on the Y59 contract when the price is high [10] - **Options**: Adopt a wait - and - see approach [11] 4. Related Attachments - The report provides 8 figures, including the spot basis of soybean oil, palm oil, and rapeseed oil, the monthly spreads of Y, P, and OI, and the cross - variety spreads of Y - P and OI - Y, with the time span from 2017 to 2026 [14][15][18]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The LPG market is currently trading around geopolitical factors, with the repeated sentiment amplifying price fluctuations in the market. The international LPG spot supply is generally tight, and winter demand remains strong, providing support for the overseas supply - demand fundamentals. However, the domestic fundamentals are gradually becoming more relaxed. Although the arrival volume is low, the abundant refinery off - gas and low chemical demand create some resistance to the upward movement of the price. With the Iran negotiation yet to be finalized, there are still tail risks. The domestic LPG market is expected to be volatile in the short - term and face pressure in the long - term [7]. 3. Summary by Relevant Catalogs 3.1 Daily Data - **Domestic Futures**: The price of PG2602 on February 9, 2026, was 4194, a decrease of 64 from February 6. The main position decreased by 7789 to 36863, and the number of warehouse receipts increased by 30 to 6932 [2]. - **Domestic Spot**: In the domestic spot market, the prices of products in various regions showed different trends. For example, the price of South China refinery gas decreased by 70 to 4765, and the price of South China imported gas decreased by 25 to 4890. The price of East China refinery gas remained unchanged at 4475, while the price of East China imported gas increased by 40 to 4979. The price of Shandong refinery gas increased by 30 to 4470, and the price of Shandong ether - after C4 increased by 130 to 4370 [2]. - **Basis**: The basis on February 9, 2026, was 554, an increase of 14 from February 6 [2]. - **External Market Prices**: The price of BRENT decreased by 0.5 to 67.5, and the price of MB C3 M1 decreased by 0.002 to 0.6. Other external market prices remained unchanged [2]. - **Disk Profits**: The import profit FEI decreased by 59.1 to - 436.5, and the PDH FEI decreased by 55.2 to - 834.0 [2]. - **Price Ratios**: The FEI/BRENT ratio increased by 0.07 to 8.6, while the FEI/MOPJ ratio remained unchanged at - 12.2 [2]. 3.2 Crude Oil and Natural Gas Market - Indian refiners are avoiding purchasing Russian crude oil to promote the US - India trade agreement. - Namibia refuses to recognize the acquisition of offshore rights in the Luderitz Basin by TotalEnergies and Petrobras. - The United Steelworkers of America has reached a national - level salary and welfare agreement, avoiding a national - level strike in the refining industry. - The post - disaster复产 of Chevron's Tengiz oilfield is progressing slowly, dragging down the CPC crude oil exports from Kazakhstan. - Shell's CEO has suspended further investment in Kazakhstan due to ongoing legal disputes. - A source said that Japan's Mitsui Group is close to acquiring a stake in a Qatari liquefied natural gas (LNG) project. - The UK union said that BP has no intention to comply with the national - level collective bargaining agreement in the oil industry [3]. 3.3 Spot Overview - **Shandong Region**: The estimated price of civil gas in Shandong was 4470 yuan/ton, a daily increase of 20 yuan/ton. The market showed a narrow - range price adjustment over the weekend. With the decrease in the inflow of external resources, the overall trading atmosphere was smooth. Coupled with the recovery of downstream products, the market rose steadily today. The benchmark price of ether - after C4 in Shandong was 4370 yuan/ton, a daily increase of 130 yuan/ton. The ether - after C4 market in Shandong showed a general upward trend, with a mild trading atmosphere. The inflow of external resources decreased, and the low - supply situation continued. Most manufacturers had smooth sales, and downstream profits were stable, with still some enthusiasm for entering the market. It is expected that the ether - after C4 market in Shandong will continue the trend of a slight increase [6]. - **East China Region**: The mainstream transaction price of civil gas in East China was 4475 yuan/ton, the same as the previous working day. Today, the price of civil gas in the East China market was stable, while the price of imported gas increased, with the mainstream transaction price ranging from 4150 - 4800 yuan/ton. Downstream buyers actively entered the market to purchase. Both refineries and imported gas supplies were limited, and the price difference between imported and civil gas was large. It is expected that the East China market will generally remain stable in the short - term, with a possible increase in the low - price range [6]. - **South China Region**: The average transaction price of domestic gas in South China was 4765 yuan/ton, a decrease of 65 yuan/ton from the previous day. The average price of imported gas in South China was 4890 yuan/ton, a decrease of 10 yuan/ton from the previous day. Today, the main refineries in South China started to reduce prices to clear inventory. The terminal transactions intended to maintain stability or even explore price increases, but the pre - holiday demand decreased while the supply was relatively abundant, resulting in a stable and sporadically decreasing final transaction price. Refineries prioritize pre - holiday sales, operating cautiously while ensuring price competitiveness. Although terminals have the intention to support prices due to cost support, in the context of a loose supply pattern, there is still pressure to push up prices. It is expected that the pre - holiday market will be weakly adjusted [7]. - **North China Region**: The benchmark price of civil gas in North China was 4332 yuan/ton, a decrease of 15 yuan/ton from the previous working day. The North China market was generally stable today, with sporadic small - scale adjustments. Downstream still had some restocking demand, and the overall production and sales maintained a balance [7].