1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - Short - term, the overall trend of the oil market is volatile, with many uncertainties and no prominent contradictions. It is recommended to wait and see for unilateral trading, arbitrage, and options trading [7][8][9] 3. Summary by Directory 3.1 Data Analysis - **Price and Basis**: For soybean oil, the 2605 closing price is 8044, up 12. The spot prices in Zhangjiagang, Guangdong, and Tianjin are 8564, 8604, and 8434 respectively. The basis in Zhangjiagang, Guangdong, and Tianjin are 560, 520, and 390 respectively. For palm oil, the 2605 closing price is 8832, up 84. The spot prices in Guangdong, Zhangjiagang, and Tianjin are 8802, 8822, and 8962 respectively. The basis in Guangdong, Zhangjiagang, and Tianjin are - 30, 0, and 130 respectively. For rapeseed oil, the 2605 closing price is 8947, down 1. The spot prices in Zhangjiagang, Guangxi, and Guangdong are 9747, 9547 respectively. The basis in Zhangjiagang, Guangdong, and Guangxi are 800, - 30, and 600 respectively [2] - **Monthly Spread**: The 5 - 9 monthly spread of soybean oil is 96, down 28; that of palm oil is 38, up 6; that of rapeseed oil is 9, up 36 [2] - **Cross - variety Spread**: The 05 - contract Y - P spread is - 788, down 72; the OI - Y spread is 903, down 13; the OI - P spread is 115, down 85. The oil - meal ratio is 2.95, up 0.02 [2] - **Import Profit**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia with a 2 - month ship - date is 1062, and the disk profit is - 42. The FOB price of rapeseed oil from Rotterdam with a 2 - month ship - date is 1030, and the disk profit is - 1292 [2] - **Weekly Commercial Inventory**: In the 3rd week of 2026, the soybean oil inventory is 96.3 tons, down from 102.5 tons last week and up from 87.7 tons last year. The palm oil inventory is 74.6 tons, up from 73.6 tons last week and up from 46.9 tons last year. The rapeseed oil inventory is 27.5 tons, up from 25.1 tons last week and down from 55.2 tons last year [2] 3.2 Fundamental Analysis - **International Market**: From January 1 - 20, 2026, in Malaysia, the single - yield decreased by 16.49%, the oil - extraction rate increased by 0.08%, and the production decreased by 16.06% [4] - **Domestic Market - Palm Oil**: The palm oil futures price fluctuated and closed up nearly 1% today. As of January 16, 2026, the national key - area palm oil commercial inventory is 74.61 tons, up 1.01 tons from last week, with a growth rate of 1.37%. The inventory is at a slightly above - average level in the same period of history. The origin quotation is stable, the import profit inversion has narrowed to about - 50, and there is a rumor of one palm oil purchase today. The basis is stable. In the short - term, the palm oil lacks obvious driving forces, and the de - stocking speed is expected to be slow under high inventory. The high inventory will continue, and the short - term disk will maintain a volatile trend [4] - **Domestic Market - Soybean Oil**: The soybean oil futures price fluctuated and closed slightly up today. Last week, the actual soybean crushing volume of oil mills was 199.42 tons, and the operating rate was 54.86%, an increase from the previous week. As of January 16, 2026, the national key - area soybean oil commercial inventory is 96.33 tons, down 6.18 tons from last week, with a decline rate of 6.03%. The soybean oil is in the process of continuous de - stocking but is at a relatively high level in the same period of history. The basis is stable. The oil - mill crushing rhythm is accelerating, and the downstream pre - holiday stocking demand is increasing. The soybean oil inventory is expected to decline slightly, but the overall inventory is still sufficient. In the short - term, the domestic soybean oil supply is abundant, the upward momentum is weak, and it is expected to maintain a bottom - volatile trend [4][5] - **Domestic Market - Rapeseed Oil**: The rapeseed oil futures price fluctuated and closed slightly down today. Last week, the rapeseed crushing volume of major coastal oil mills was 0 tons, and the operating rate was 0%. The rapeseed inventory is at the bottom. As of January 16, 2026, the coastal rapeseed oil inventory is 27.5 tons, up 2.4 tons from last week, at a relatively neutral level in the same period of history, and the inventory is in the process of continuous marginal de - stocking. The FOB quotation of European rapeseed oil is stable at around 1030 US dollars, and the import profit inversion has expanded to about - 1300. Recently, there are rumors of domestic purchase of Canadian rapeseed. In the short - term, the domestic rapeseed oil available for circulation is in short supply, which supports the basis. The expected increase in domestic rapeseed supply may cause the rapeseed oil to run weakly in a volatile manner. However, considering that it will take time for the rapeseed purchase ships to arrive at the port after March, and the market expects the final US biodiesel plan to be announced in March, the good biodiesel expectation has a certain positive driving force for soybean oil and rapeseed oil, and the decline space of the near - month rapeseed oil contract may be limited [5] 3.3 Trading Strategy - **Unilateral**: In the short - term, the oil market is volatile, with many uncertainties and no prominent contradictions. It is recommended to wait and see [7] - **Arbitrage**: Wait and see [8] - **Options**: Wait and see [9] 3.4 Related Attachments - The report provides 8 figures, including the spot basis of East China first - grade soybean oil, South China 24 - degree palm oil, East China third - grade rapeseed oil, and the monthly spreads and cross - variety spreads of soybean oil, palm oil, and rapeseed oil [12][13][16][20]

Group 1: Report Overview - The report is a black metal daily report on ferroalloys dated January 21, 2026 [1] Group 2: Market Information Futures - SF主力合约 closed at 5556, up 4 from the previous day and down 134 for the week, with a trading volume of 130,862 (down 17,653) and an open interest of 245,555 (down 1,555) [3] - SM主力合约 closed at 5786, down 12 from the previous day and down 134 for the week, with a trading volume of 135,360 (down 5,194) and an open interest of 332,292 (up 117,126) [3] Spot - For ferrosilicon, 72%FeSi prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin were 5350, 5320, 5300, 5650, and 5780 respectively. The daily changes were 30, 0, 0, 0, 0, and the weekly changes were -100, -100, -50, -100, -70 [3] - For silicomanganese, the spot prices of 6517 in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were 5680, 5570, 5750, 5720, and 5650 respectively. The daily changes were 0, 0, 0, -30, -30, and the weekly changes were -70, -60, -100, -100, -100 [3] Basis/Spread - For ferrosilicon, the basis of Inner Mongolia - main contract was -206, up 26 from the previous day and up 34 for the week; Ningxia - main contract was -236, down 4 from the previous day and up 34 for the week; Qinghai - main contract was -256, down 4 from the previous day and up 84 for the week; Jiangsu - Inner Mongolia was 300, down 30 from the previous day and unchanged for the week; SF - SM spread was -230, up 16 from the previous day and unchanged for the week [3] - For silicomanganese, the basis of Inner Mongolia - main contract was -106, up 12 from the previous day and up 64 for the week; Ningxia - main contract was -216, up 12 from the previous day and up 74 for the week; Guangxi - main contract was -36, up 12 from the previous day and up 34 for the week; Guangxi - Inner Mongolia was 70, unchanged from the previous day and down 30 for the week [3] Raw Materials - For manganese ore in Tianjin, the prices of Australian lump, South African semi - carbonate, and Gabon lump were 41.7, 36.2, and 42.8 respectively. The daily changes were -0.1, 0, -0.2, and the weekly changes were -0.3, -0.3, -0.7 [3] - For semi - coke small materials, the prices in Shaanxi, Ningxia, and Inner Mongolia were 770, 840, and 750 respectively, with no daily or weekly changes [3] Group 3: Market Judgment Trading Strategy - On January 21, ferroalloy futures prices showed mixed trends. The SF main contract was 5556, up 0.07%, with an open interest decrease of 1555 lots; the SM main contract closed at 5748, down 0.21%, with an open interest decrease of 11,069 lots [6] - For ferrosilicon, the spot price on the 21st was stable with a slight upward trend, with some regional spot prices rising by 30 yuan/ton. On the supply side, the short - term operating rate decreased slightly, and with the technical transformation expectation brought by the differential electricity price in Shaanxi, there was still an expectation of supply decline in the future. On the demand side, an accidental accident in a steel mill in Inner Mongolia led to production cuts, but the impact on the national scope was limited. Recently, both the apparent demand and production of steel increased, and there was short - term support for raw material demand. On the cost side, the electricity price in the main production areas was stable with a slight downward trend recently, but there was an expectation of electricity price increase in some areas. The self - valuation level of ferrosilicon was not high, and it could be used as a long - position variety on dips [6] - For silicomanganese, on the 21st, the manganese ore spot was stable with a slight downward trend. The prices of Australian lump and Gabon lump in Tianjin Port decreased by 0.1 - 0.2 yuan/ton - degree, and the spot prices of silicomanganese in some areas decreased by 30 yuan/ton. On the supply side, the operating rate of sample enterprises decreased slightly, but some new production capacities started to be put into operation, and the overall supply was stable. On the demand side, as mentioned in the ferrosilicon part, both the apparent demand and production of steel increased, and there was short - term support for raw material demand. On the cost side, the port inventory of manganese ore continued to decline, the port spot was slightly adjusted but generally firm, and the overseas mine quotes continued to rise. The valuation level of silicomanganese was not high, and the cost support was relatively strong. It could be used as a long - position variety on dips [6] Overall Strategy - Unilateral: The alloy valuation level is not high, and the cost support is relatively strong. It can be used as a long - position variety on dips [7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Important Information - On the 21st, the quotes of semi - carbonate (Mn36.48%Fe5.47%), Australian lump (Mn41.6%), South African medium - iron lump (Mn42%Fe16%), Gabon lump (Mn47%), and CML Australian lump (Mn47%) in Tianjin Port were 36, 42, 39, 43.5, and 43.5 yuan/ton - degree respectively [8] - The Chinese Ministry of Finance stated that in 2026, the overall fiscal expenditure will "only increase and not decrease", and the government debt ratio is still low; it will implement the loan interest subsidy policy for small and medium - sized enterprises and extend the implementation period of the fiscal interest subsidy policy for personal consumption loans [8] Group 4: Related Attachments - The report includes various charts such as the trend review of ferroalloy main contracts, the spread between SF and SM on the disk, the inter - month spreads of SF and SM, the basis of ferrosilicon and silicomanganese, the spot prices of silicomanganese, the electricity price of ferroalloys, the production cost and profit of ferrosilicon and silicomanganese [10][12][14][16]

Group 1: Market Information - Futures: CF01 closed at 15155 with a 10-point increase, CF05 at 14535 (10-point increase), CF09 at 14705 (5-point increase), CY05 at 20515 (unchanged), and CY09 at 20625 (55-point decrease). CY01 had no trading [2]. - Spot: CCIndex3128B was 15819 yuan/ton (-61), Cot A was 74.80 cents/pound, and various other spot prices were provided with their respective changes [2]. - Spreads: Cotton and棉纱跨期 spreads, as well as跨品种 and内外价差, were presented with their corresponding values and changes [2]. Group 2: Market News and Views Cotton Market - On January 21, 2026, the Xinjiang cotton road transport price index was 0.1678 yuan/ton·km, up 0.96% from the previous day. It's expected to fluctuate within a narrow range in the short term [4]. - As of January 15, 2026, Pakistan's 2025/26 new cotton market volume reached 85.1 tons, almost the same as the previous year. Textile mills purchased 75 tons (down 1%), and unsold new cotton was 7.4 tons (down 5%) [4]. - In December 2025, the export of all-cotton grey cloth was 48.85 million meters (up 9.3% year-on-year), and the export value was $45.68 million (up 5.3%). For the whole year of 2025, the cumulative export was 639 million meters (up 23.17%) and the cumulative export value was $613 million (up 9.34%) [5]. Trading Logic - Cotton sales are progressing quickly and are at a high level compared to previous years. Downstream demand for stocking is increasing, but considering the approaching Spring Festival, the market is expected to fluctuate within a range in the short term [6]. Trading Strategy - Unilateral: Both US cotton and Zhengzhou cotton are expected to fluctuate within a range in the short term. - Arbitrage: Hold off on trading. - Options: Hold off on trading [7]. Cotton Yarn Industry - The domestic pure cotton yarn market is sluggish overall, with a differentiation between product categories. High-count combed yarns are in high demand, while low-count yarn prices are stable or decreasing, and regular yarn orders are mediocre [8]. - The all-cotton grey cloth market has continuous transactions, mainly small and scattered orders. Some areas are starting to collect payments, and factories are increasing production to fulfill orders [8]. Group 3: Options - Volatility: On January 19, 2026, the 60-day HV of cotton was 9.2812, slightly higher than the previous day. The implied volatilities of CF605-C-14600, CF605-C-14200, and CF605-P-13800 were 13.3%, 11.3%, and 11.2% respectively [10]. - Strategy: Hold off on trading options [12]. Group 4: Related Attachments - The report includes charts showing various cotton price spreads and basis, such as the 1% tariff on the domestic and international cotton price spread, cotton 1st, 5th, and 9th month basis, CY05-CF05 and CY01-CF01 spreads, and CF9-1 and CF5-9 spreads [14][17][21]

研究所 农产品研发报告 白糖日报 2026 年 1 月 21 日 白糖日报 期货从业证号： F3013727 第一部分 数据分析 | 期货从业证号： | | --- | | F3013727 | | 投资咨询证号： | | Z0014425 | | 联系方式： | | liuqiannan_qh@china | | stock.com.cn | 第二部分 行情研判 【重要资讯】 1. 印度旁遮普邦内阁于本周二批准，2025/26 榨季为蔗农提供 685 卢比/吨（折人民币 52.38 元/吨）的直接补贴。该笔补贴将由民营糖厂代付，直接发放至蔗农账户，且补贴为额 外发放，不影响该邦现行每 4160 卢比/吨（折人民币 318.07 元/吨）的甘蔗指导价格，该价 格目前仍为全国最高。 2.沐甜讯，主产区白糖现货报价基本持稳，总体成交一般。具体情况如广西:南宁中间商 站台基准价 5320 元/吨:仓库报价 5270 元/吨，报价不变，成交一般。南宁集团厂内车板报价 5270-5320 元/吨，报价不变，成交一般。柳州中间商站台基准价 5340-5360 元/吨;仓库报价 5320-5340 元/吨，报价不变，成交 ...

Group 1: Report Overview - The report is an agricultural product research report focusing on apples, dated January 21, 2024 [1] Group 2: Market Information Spot Prices - Fuji apple price index is 109.79, up 0.66 from the next - working - day price; 6 - fruit average wholesale price is 7.80, down 0.12 from the next - working - day price [2] - Prices of various apple grades like Luochuan semi - commodity paper - bagged 70, Qixia first and second - grade paper - bagged 80 remain unchanged [2] Futures Prices - AP01 is 8188, up 44 from yesterday's close; AP05 is 9418, up 47; AP10 is 8257, up 39 [2] - AP01 - AP05 is - 1230, down 3; AP05 - AP10 is 1161, up 8; AP10 - AP01 is 69, down 5 [2] Basis - Qixia first and second - grade 80 - AP01 is 12, down 44; Qixia first and second - grade 80 - AP10 is - 57.0, down 39; Qixia first and second - grade 80 - AP05 is - 1218, down 47 [2] Group 3: Market News and Views Transaction Logic - This season's apple warehouse receipts have high costs due to low high - quality fruit rates, supporting the apple futures price [5] - As of January 14, 2026, the national main - producing area apple cold - storage inventory is 704.66 million tons, a week - on - week decrease of 16.25 million tons. The de - stocking speed is accelerating week - on - week but lower than the same period last year [5][7] - Due to the later Spring Festival in 2026, the peak sales season is also postponed, and current demand from出库 is acceptable [5] - Cold - storage inventory is at a low level. If the normal出库 volume is maintained, the later apple supply will be tight [5] - The market previously expected weak apple demand, causing the May contract to weaken recently. If demand remains normal, the May contract price is likely to rise [5] Market Data - As of January 14, 2026, the national main - producing area apple cold - storage inventory is 704.66 million tons, a week - on - week decrease of 16.25 million tons [7] - In December 2025, the export volume of fresh apples is about 15.65 million tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. The import volume is 0.31 million 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 is 11.68 million tons, a year - on - year increase of 19.72% [7] - In the origin, apple prices are stable, the number of cold - storage merchants is acceptable, and the packaging volume has increased. The market arrival is stable, and the recent sales are good with stable prices [7] - In Shaanxi, the mainstream transaction price of Luochuan apple cold - storage semi - commodity 70 is 3.8 - 4.2 yuan/jin [7] Transaction Strategy - For the single - side strategy, continue to hold long positions in the May contract and short the October contract at high prices [8] - For the arbitrage strategy, go long on the May contract and short the October contract [8] - For the options strategy, it is recommended to wait and see [8] Group 4: Related Attachments - The report includes 10 figures, such as the price of Qixia first and second - grade paper - bagged 80, Luochuan semi - commodity paper - bagged 70, AP contract basis, and various contract spreads, as well as apple arrival volume, 6 - fruit prices, national cold - storage apple inventory, and cold - storage apple出库 volume [10][13][20][22][25]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The recent price increase is mainly due to the significant rise in spot prices. Considering that the March contract is for after the Spring Festival, when egg demand is weak and prices are low, the upward space for the 03 contract is expected to be relatively limited. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months [8]. Group 3: Summary by Directory I. Fundamental Information - **Price**: The average price in the main production areas is 3.64 yuan/jin, and in the main sales areas is 3.91 yuan/jin, both remaining stable compared to the previous trading day. The national mainstream egg prices are mostly stable, with some areas showing price increases or minor fluctuations [2][4]. - **Inventory**: In December, the national in - laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, and a 5% year - on - year increase, lower than expected. The monthly hatchling volume of egg - laying chicken seedlings in December was 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease [5]. - **Slaughter**: From January 16th, the weekly slaughter volume of egg - laying hens in the main production areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens was 485 days, an increase of 1 day from the previous week [5]. - **Sales**: As of January 8th, the weekly egg sales volume in representative sales areas was 7,391 tons, a 2.6% decrease from the previous week, at a historical low [5]. - **Profit**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, a 0.26 increase from the previous week. On January 9th, the expected profit of egg - laying chicken farming was - 14.14 yuan/feather, a 0.41 yuan/jin decrease from the previous week [6]. - **Inventory Days**: As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreasing from the previous week [6]. - **Price of Culled Hens**: The price of culled hens in the main production areas is 4.45 yuan/jin, remaining stable compared to the previous trading day [7]. II. Trading Logic - Near the Spring Festival, the overall market sales are fast, and the spot price has risen significantly, providing some support for the futures market. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months. The upward space for the 03 contract is expected to be relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the far - month 5 contracts on dips [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [11].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The委内 oil raw material discount market quotation has risen, but there is still no real transaction. The impact of Venezuela on oil prices is gradually digested by the market, and the expectation of tight asphalt raw material supply has also eased. The increase in raw material discounts has not been fully traded, and asphalt shows a high - level shock. [7] - The Iranian situation is volatile, and geopolitical risks fluctuate widely. Attention should be paid to unilateral risks. [7] - At the beginning of the year, the off - season has arrived as scheduled. The weekly supply and demand have decreased synchronously, the industrial chain inventory remains at a low level, and the spot price is relatively firm. The short - term disk is expected to fluctuate at a high level. [7] 3. Summary According to Relevant Catalogs 3.1 Related Data - **Futures Prices and Positions**: On January 20, 2026, compared with the previous day, the price of BU2603 (the main contract) decreased by 3 to 3139, a decline of 0.10%; BU2604 increased by 1 to 3152, an increase of 0.03%; BU2605 increased by 71 to 3153, an increase of 2.30%; SC2603 decreased by 0.4 to 437.0, a decline of 0.09%; Brent first - line decreased by 0.5 to 63.27, a decline of 0.86%. The main contract position decreased by 0.1 to 19.1 million lots, a decline of 0.51%; the main contract trading volume decreased by 0.6 to 11.9 million lots, a decline of 4.68%; the warehouse receipt quantity remained unchanged at 46920 tons. [2] - **Basis and Spread**: BU04 - 05 decreased by 70 to - 1.00, a decline of 101.45%; BU04 - 03 decreased by 4 to - 13.00, a decline of 244.44%; the Shandong - main contract basis decreased by 11 to 48.00, a decline of 18.64%; the East China - main contract basis decreased by 1 to - 2.00, a decline of 300.00%; the South China - main contract basis decreased by 1 to 28.00, a decline of 3.45%. [2] - **Industrial Chain Spot Prices**: The Shandong market price decreased by 10 to 3070, a decline of 0.32%; the East China market price remained unchanged at 3150; the South China market price remained unchanged at 3180; Shandong gasoline decreased by 30 to 6981, a decline of 0.43%; Shandong diesel decreased by 42 to 5665, a decline of 0.74%; Shandong petroleum coke decreased by 30 to 2920, a decline of 1.02%; the diluted asphalt discount remained unchanged at - 13.2; the exchange - rate intermediate price decreased by 0.0045 to 7.0006, a decline of 0.06%. [2] - **Spread and Profit**: The asphalt refinery profit increased by 8.91 to 26.05, an increase of - 51.95% (the increase sign here may be a calculation error in the original text); the refined oil comprehensive profit decreased by 3.62 to 50.32, a decline of 6.71%; BU - SC cracking increased by 3.80 to - 400.72, an increase of 0.94%; gasoline spot - Brent increased by 4.48 to 744.92, an increase of 0.61%; diesel spot - Brent decreased by 6.14 to 270.31, a decline of 2.22%. [2] 3.2 Market Research and Judgment - **Market Overview**: The average price of the domestic asphalt market was 3240 yuan/ton, a decrease of 1 yuan/ton from the previous day, a decline of 0.03%. In the Shandong and North China markets, the demand was weak, and the market trading was light. The prices of some brands in Shandong were slightly lowered, driving the market transaction center down. In the South China market, the demand was stable, the main refineries limited the shipment, and the prices remained stable, but some traders slightly increased the prices. In the East China market, the demand was restricted, the trading was limited, and the high - price resources in the social inventory were difficult to sell, but the main refineries had no inventory pressure, and the asphalt prices remained stable. [5] - **Regional Market Conditions**: In the Shandong market, the mainstream transaction price of heavy - traffic asphalt decreased by 5 to 3110 - 3220 yuan/ton. The terminal demand further decreased, and the prices of some high - price resources decreased slightly by about 10 yuan/ton. However, the main refineries continued to implement the bottom - guarantee policy, and the shipment improved. In the short term, the terminal users picked up the goods as planned, supporting the refinery shipment, but the spot transaction would continue to weaken, and the asphalt prices might still decline. In the Yangtze River Delta market, the mainstream transaction price remained stable at 3210 - 3210 yuan/ton. The terminal demand was average, and the overall shipment was less than before. However, the main refineries adopted the price - reduction auction sales model for road transportation, which was beneficial to the shipment. In the short term, the asphalt prices might remain stable. In the social inventory, the asphalt futures disk was stable, and the price of Zhenjiang warehouse remained stable at about 3150 yuan/ton, and the high - price resources might loosen in the short term. In the South China market, the mainstream transaction price remained stable at 3110 - 3150 yuan/ton. The supply and demand in the South China region were stable, the main refineries limited the shipment, and the market mostly maintained stable - price shipments. Some traders in Foshan increased the prices, but the high - price resources had poor transactions, and the mainstream transaction price remained stable at about 3150 yuan/ton. In the short term, the local mainstream transaction price would still be mainly stable. [5][6] 3.3 Related Attachments - The report provides several figures, including the closing price of the BU main contract, the position of the BU main contract, the market price of asphalt in East China, the market price of asphalt in Shandong, the price of Shandong local refinery gasoline, and the price of Shandong local refinery diesel, with data sources from Galaxy Futures, Wind, and Steel Union. [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The short - term peanut price is relatively stable due to stable prices of domestic and imported peanuts, large price difference between oil - used and commodity peanuts, sufficient supply and weak downstream demand. Peanut futures will still fluctuate at the bottom. It is recommended to go long on 05 peanuts at low prices on a light - position short - term basis, stay on the sidelines for the month - spread, and sell pk603 - P - 8200 when the price is high [3][7][8] Group 3: Summary by Directory Part 1: Data - **Futures Disk**: PK604 closed at 7896, up 32 (0.41%), with a trading volume of 14,202 (down 33.17%) and an open interest of 26,833 (down 5.71%); PK610 closed at 8232, up 24 (0.29%), with a trading volume of 112 (up 133.33%) and an open interest of 2,742 (down 0.25%); PK601 closed at 8234, up 56 (0.68%), with a trading volume of 1 (down 66.67%) and an open interest of 2 (unchanged) [1] - **Spot and Basis**: Henan Nanyang spot price was 7400, Shandong Jining and Linyi were 8000. Sunflower meal in Rizhao was 3250, soybean meal was 3080 (down 10), peanut oil was 14320, and first - grade soybean oil in Rizhao was 8410 (down 20). Imported Sudanese rice was 8600. PK01 - PK04 spread was 338 (up 24), PK04 - PK10 was - 336 (up 8), PK10 - PK01 was - 2 (down 32) [1] Part 2: Market Analysis - Peanut prices in Henan were stable, and those in Northeast China were relatively strong. Northeast Jilin Fuyu 308 common peanuts were 4.6 yuan/jin, Liaoning Changtu was 4.6 yuan/jin. Henan Baisha common peanuts were 3.65 - 3.8 yuan/jin, Shandong Junan was 3.5 yuan/jin. Imported Sudanese refined rice was 8600 yuan/ton, Brazilian new rice was 9200 yuan/ton, and Indian 50/60 specification rice was 8000 yuan/ton. Peanut oil prices were stable, with mainstream factory purchase prices at 6900 - 7900 yuan/ton and a theoretical break - even price of 7800 yuan/ton. Rizhao soybean meal was weak, and peanut meal was relatively strong [3][5] Part 3: Trading Strategies - **Single - side**: Go long on 05 peanuts at low prices on a light - position short - term basis [8] - **Month - spread**: Stay on the sidelines [9] - **Options**: Sell pk603 - P - 8200 when the price is high [10] Part 4: Relevant Attachments - There are six figures including Shandong peanut spot price, peanut oil factory's profit, peanut oil price, peanut spot and continuous contract basis, peanut 4 - 10 contract spread, and peanut 1 - 4 contract spread [12][15][18]

玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2026/1/21 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2244 | 1 | 0.04% | 326 | -47.76% | 835 | 16.95% | | C2605 | | 2277 | 5 | 0.22% | 137,613 | -19.88% | 665,582 | 1.18% | | C2509 | | 2296 | 5 | 0.22% | 7,467 | 1.67% | 57,228 | -0.87% | | CS2601 | | 2580 | 8 | 0.31% | 2 | -50.00% | 3 | 200.00% | | CS2605 | | 2585 | -1 | -0.04% | 20,481 | -23.00% | 61,011 | 0.34% ...

1. Report Title and Date - The report is titled "Stock Index Futures Data Daily Report" and dated January 21, 2026 [1][2] 2. IM Futures 2.1 Daily Quotes - The closing price of CSI 1000 was 8,247.68, up 0.79%. The total trading volume of the four IM contracts was 214,526 lots, down 31,314 lots from the previous day. The total open interest was 381,688 lots, down 6,771 lots from the previous day [4][5] - The main contract of IM rose 1.73% to close at 8,231 points. The main contract was at a discount of 16.68 points, up 45.27 points from the previous day, and the annualized basis rate was -1.25% [4][5] 2.2 Main Seats - In IM2602, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [17] - In IM2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [21] 3. IF Futures 3.1 Daily Quotes - The closing price of CSI 300 was 4,723.07, up 0.09%. The total trading volume of the four IF contracts was 120,330 lots, down 9,379 lots from the previous day. The total open interest was 286,813 lots, down 6,447 lots from the previous day [22][23] - The main contract of IF rose 0.41% to close at 4,722.8 points. The main contract was at a discount of 0.27 points, up 10.01 points from the previous day, and the annualized basis rate was -0.04% [22][23] 3.2 Main Seats - In IF2602, the top five seats in terms of trading volume were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Orient Futures (on behalf of clients), Haitong Futures (on behalf of clients), and Galaxy Futures (on behalf of clients) [36] - In IF2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [39] 4. IC Futures 4.1 Daily Quotes - The closing price of CSI 500 was 8,340.11, up 1.12%. The total trading volume of the four IC contracts was 171,870 lots, down 41,699 lots from the previous day. The total open interest was 330,051 lots, down 8,110 lots from the previous day [41][42] - The main contract of IC rose 1.89% to close at 8,371 points. The main contract was at a premium of 30.89 points, up 29.89 points from the previous day, and the annualized basis rate was 2.28% [41][42] 4.2 Main Seats - In IC2602, the top five seats in terms of trading volume were CITIC Futures (on behalf of clients), Guotai Junan (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Zhongtai Futures (on behalf of clients) [54] - In IC2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [58] 5. IH Futures 5.1 Daily Quotes - The closing price of SSE 50 was 3,067.18, down 0.11%. The total trading volume of the four IH contracts was 54,491 lots, up 5,763 lots from the previous day. The total open interest was 96,124 lots, up 4,576 lots from the previous day [60] - The main contract of IH fell 0.01% to close at 3,073.6 points. The main contract was at a premium of 6.42 points, up 1.67 points from the previous day, and the annualized basis rate was 1.29% [60][61] 5.2 Main Seats - In IH2602, the top five seats in terms of trading volume were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Galaxy Futures (on behalf of clients) [74] - In IH2603, the top five seats in terms of long positions were Guotai Junan (on behalf of clients), CITIC Futures (on behalf of clients), Haitong Futures (on behalf of clients), Orient Futures (on behalf of clients), and Huawen Futures (on behalf of clients) [76]