1. Report Industry Investment Rating - Not provided in the content 2. Core Views - Industrial silicon prices are expected to maintain a range - bound oscillation, with significant price support due to the double reduction in supply and demand, combined with the transmission effect of rising coal and photovoltaic industry chain prices. The upside potential depends on downstream demand recovery and inventory reduction progress, while the downside is limited by cost support and production cut expectations [3] - Polysilicon prices are expected to maintain a weak oscillation and consolidation. The recent cancellation of export tax rebates in the photovoltaic industry may boost short - term export rush demand but could overdraw medium - and long - term demand. The overall market is moving towards cost - reduction and efficiency - enhancement, with downstream capacity accelerating to clear out [6] 3. Summary by Related Catalog Industrial Silicon Market Analysis - On January 20, 2026, the industrial silicon futures price oscillated downward. The main contract 2605 opened at 8,815 yuan/ton and closed at 8,745 yuan/ton, a change of (-35) yuan/ton or (-0.4)% compared to the previous day's settlement. As of the close, the main contract 2605 had a position of 224,552 lots. On January 19, 2026, the total number of warehouse receipts was 11,571 lots, a change of 288 lots from the previous day [1] - Industrial silicon spot prices were basically stable. According to SMM data, the price of East China oxygen - passing 553 silicon was 9,200 - 9,300 yuan/ton; 421 silicon was 9,500 - 9,800 yuan/ton, Xinjiang oxygen - passing 553 price was 8,600 - 8,800 yuan/ton, and 99 silicon price was 8,600 - 8,800 yuan/ton. Silicon prices in Kunming, Huangpu Port, Northwest, Tianjin, Xinjiang, Sichuan, and Shanghai remained flat, and the 97 silicon price was stable [1] - As of January 8, the total social inventory of industrial silicon in major regions was 552,000 tons, a decrease of 0.9% from the previous week [1] Consumption End - According to SMM statistics, the quotation of organic silicon DMC was 13,800 - 14,000 yuan/ton. Polysilicon production cuts continued this week, providing limited support for industrial silicon demand. However, the short - term photovoltaic export rush may boost industrial silicon demand. Organic silicon continued the peak - shifting emission reduction policy and self - disciplined production cuts, also providing weak support for industrial silicon demand. The downstream demand for aluminum alloy showed marginal weakness, and subsequent开工 was expected to be mainly stable with a slight decline. The recent cancellation of export tax rebates for photovoltaics may bring upward momentum expectations to the demand side [2] Supply End - On the same day, a large factory in Xinjiang announced production cuts, and the planned production in January was expected to decline significantly, which had a positive impact on industrial silicon prices. If the production cuts are effective, the supply side of industrial silicon will contract significantly, and inventory will shift from accumulation to reduction [2] Strategy - Industrial silicon prices are expected to maintain a range - bound oscillation. In the short term, conduct range - bound operations. There are no strategies for inter - period, cross - variety, spot - futures, and options [3] Polysilicon Market Analysis - On January 20, 2026, the polysilicon futures main contract 2605 oscillated upward, opening at 50,650 yuan/ton and closing at 50,700 yuan/ton, a change of 0.91% in the closing price compared to the previous trading day. The main contract position reached 43,632 (44,571 in the previous trading day) lots, and the trading volume on the day was 10,115 lots [3] - Polysilicon spot prices were stable. According to SMM statistics, the price of N - type material was 51.50 - 59.00 yuan/kg, and the price of n - type granular silicon was 50.00 - 59.00 yuan/kg [3] - According to SMM statistics, polysilicon manufacturer inventory increased, silicon wafer inventory increased. The latest polysilicon inventory was 32.10 (with a month - on - month change of 6.29%), silicon wafer inventory was 24.78GW (with a month - on - month change of - 5.53%), polysilicon weekly output was 21,500 tons (with a month - on - month change of - 9.66%), and silicon wafer output was 10.83GW (with a month - on - month change of 2.95%) [3] Product Prices - Silicon wafers: The price of domestic N - type 18Xmm silicon wafers was 1.39 yuan/piece, N - type 210mm was 1.69 yuan/piece, and N - type 210R silicon wafers was 1.49 yuan/piece [4] - Battery cells: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W; PERC210 battery cells was about 0.28 yuan/W; TopconM10 battery cells was about 0.41 yuan/W; Topcon G12 battery cells was 0.41 yuan/W; Topcon210RN battery cells was 0.41 yuan/W. HJT210 half - cell battery was 0.37 yuan/W [4][5] - Components: The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.73 - 0.74 yuan/W, and N - type 210mm was 0.74 - 0.77 yuan/W [5] Strategy - Polysilicon prices are expected to maintain a weak oscillation and consolidation. In the short term, conduct range - bound operations, and the main contract is expected to maintain a weak oscillation. There are no strategies for inter - period, cross - variety, spot - futures, and options [6]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: UR05 - 09 long - short spread trading on the low side [3] - Cross - variety: None [3] Core View - Some regions are affected by snow and rain, with logistics disrupted and the market trading atmosphere cooling down. Spot prices are stable with a slight decline. Manufacturers lower prices to attract orders and trading improves. Supply increases as some gas - based and technological - reform enterprises resume production in January. Demand from winter and spring fertilizers and off - season storage procurement are in progress. The resumption of compound fertilizer and melamine production boosts procurement. Both agricultural and industrial demand improve, leading to faster sales of urea enterprises and a reduction in factory and port inventories. International urea prices rise due to the Iranian situation, but there is no new news about domestic export quotas. Future attention should be paid to export dynamics, the national off - season storage rhythm, and the sustainability of spot procurement sentiment [2] Summary by Directory 1. Urea Basis Structure - On January 20, 2026, the closing price of the urea main contract was 1775 yuan/ton (+3). The ex - factory price of small - sized urea in Henan was 1750 yuan/ton (0), 1750 yuan/ton (+0) in Shandong, and 1760 yuan/ton (+0) in Jiangsu. The basis in Shandong was - 25 yuan/ton (- 3), - 25 yuan/ton (- 3) in Henan, and - 15 yuan/ton (- 3) in Jiangsu [1] 2. Urea Production - As of January 20, 2026, the enterprise capacity utilization rate was 85.25% (0.08%) [1] 3. Urea Production Profit and Operating Rate - As of January 20, 2026, the urea production profit was 185 yuan/ton (+0) [1] 4. Urea Off - shore Price and Export Profit - As of January 20, 2026, the export profit was 860 yuan/ton (+9) [1] 5. Urea Downstream Operating Rate and Orders - As of January 20, 2026, the capacity utilization rate of compound fertilizer was 40.08% (+2.91%), and the capacity utilization rate of melamine was 62.18% (+7.83%). The pre - received order days of urea enterprises were 6.06 days (- 0.35) [1] 6. Urea Inventory and Warehouse Receipts - As of January 20, 2026, the total inventory of sample enterprises was 98.61 million tons (- 3.61), and the inventory of port samples was 12.90 million tons (- 0.60) [1]

Report Summary 1. Report Industry Investment Rating - Short - term: Oil prices will fluctuate within a range; Medium - term: Bearish allocation [3] 2. Core View - Geopolitical premiums continue to disrupt the oil market. Although Trump cancelled the plan to strike Iran, the tense situation in Iran has not been completely alleviated, and it will still have an emotional impact on oil prices in the short term, but the fundamentals have not been affected by geopolitics [1][2] 3. Summary by Related Content Market News and Important Data - The price of light crude oil futures for February delivery on the New York Mercantile Exchange rose 90 cents to close at $60.34 a barrel, a gain of 1.51%. The price of Brent crude oil futures for March delivery rose 98 cents to close at $64.92 a barrel, a gain of 1.53%. The main SC crude oil contract closed up 0.91% at 443 yuan per barrel [1] - On January 21 local time, the US military boarded and seized the seventh sanctioned oil tanker related to Venezuela. The US Southern Command said the tanker violated the isolation regulations imposed on sanctioned vessels by President Trump [1] - On January 16 local time, the US is accelerating the expansion of Chevron's oil production license in Venezuela. Under the new license arrangement, Chevron will be allowed to pay the Venezuelan government in cash instead of crude oil in kind, which will significantly enhance its business flexibility [1] Investment Logic - Oil prices rebounded again yesterday. The situation in Iran remains the focus. Although Trump cancelled the plan to strike Iran, the short - term impact on oil prices still exists, but it is only an emotional impact and has not affected the fundamentals [2] Strategy - Short - term: Oil prices will fluctuate within a range; Medium - term: Bearish allocation [3] Risks - Downward risks: A peace agreement is reached between Russia and Ukraine, and macro black - swan events occur - Upward risks: Supply of sanctioned oil (from Russia, Iran, and Venezuela) tightens, and large - scale supply disruptions are caused by conflicts in the Middle East [3]

Report Investment Rating - Investment rating for the apple market: Neutral [4] - Investment rating for the red date market: Neutral [8] Core Views - The apple market has started the pre - Spring Festival stocking process, but the overall stocking progress is slow. The demand is affected by factors such as the late Spring Festival, lack of consumer power, and the impact of substitute fruits. The price of high - quality apples is firm, while that of ordinary - quality apples is under pressure. Attention should be paid to the Spring Festival stocking progress, sales area transaction atmosphere, inventory outflow, and citrus trading [2][3]. - The red date market has completed the acquisition in Xinjiang. Although there is a reduction in production this season, the overall supply is relatively loose due to the superposition of old and new supplies. The market has entered the Spring Festival stocking stage, and the downstream procurement has increased, but the acceptance of high - price goods is limited. Attention should be paid to the impact of weather on logistics and stocking rhythm, and the actual sales speed and inventory clearance in the traditional twelfth lunar month [7]. Market News and Important Data Apple - Futures: The closing price of the apple 2605 contract yesterday was 9371 yuan/ton, up 26 yuan/ton (+0.28%) from the previous day [1]. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 4.10 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commercial late Fuji was 4.20 yuan/jin, unchanged from the previous day. The spot basis AP05 - 1171 and AP05 - 971 decreased by 26 compared to the previous day [1]. Red Date - Futures: The closing price of the red date 2605 contract yesterday was 8700 yuan/ton, down 115 yuan/ton (-1.30%) from the previous day [5]. - Spot: The price of first - grade grey jujubes in Hebei was 8.00 yuan/kg, unchanged from the previous day. The spot basis CJ05 - 700 increased by 115 compared to the previous day [5]. Market Analysis Apple - The apple futures price opened low and closed down yesterday. The overall transaction in the production area is slow, and the demand is weak. The price of high - quality apples is firm, while that of ordinary - quality apples is under pressure. The stocking progress is slow, and the sales area has problems such as inventory backlog and weak demand due to the impact of substitute fruits [3]. Red Date - The red date futures price fluctuated at a low level yesterday. The acquisition in Xinjiang has ended, and the market is focusing on terminal consumption. Although there is a production reduction, the supply is loose. The market has entered the stocking stage, and the downstream procurement has increased, but the acceptance of high - price goods is limited [7]. Strategy - The strategy for both the apple and red date markets is neutral [4][8]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The overall supply - demand pattern of the PVC market remains weak, but the recent rush - to - export sentiment provides some support to the spot. After April, the expected sharp decline in exports will further ease the supply - demand relationship of subsequent contracts [3]. - The caustic soda spot price is weak due to the influence of low - price warehouse receipts, and the supply - demand situation is weak. Attention should be paid to downstream receiving sentiment and fluctuations in downstream chlorine - containing product installations [3]. 3. Summary by Relevant Catalogs Market News and Important Data PVC - **Futures price and basis**: The closing price of the PVC main contract is 4,807 yuan/ton (+6); the East China basis is - 267 yuan/ton (-6); the South China basis is - 227 yuan/ton (+14) [1]. - **Spot price**: The East China calcium carbide - based PVC is quoted at 4,540 yuan/ton (+0); the South China calcium carbide - based PVC is quoted at 4,580 yuan/ton (+20) [1]. - **Upstream production profit**: The semi - coke price is 750 yuan/ton (+0); the calcium carbide price is 2,855 yuan/ton (+0); the calcium carbide profit is - 35 yuan/ton (+0); the gross profit of PVC calcium carbide - based production is - 662 yuan/ton (-29); the gross profit of PVC ethylene - based production is - 138 yuan/ton (+54); the PVC export profit is 10.3 US dollars/ton (+9.8) [1]. - **PVC inventory and operation rate**: The in - factory PVC inventory is 31.1 tons (-1.7); the social PVC inventory is 56.2 tons (+1.5); the operation rate of PVC calcium carbide - based production is 80.66% (+0.43%); the operation rate of PVC ethylene - based production is 75.48% (-0.21%); the overall PVC operation rate is 79.08% (+0.23%) [1]. - **Downstream order situation**: The pre - sales volume of production enterprises is 92.6 tons (+1.7) [1]. Caustic Soda - **Futures price and basis**: The closing price of the SH main contract is 1,960 yuan/ton (-45); the basis of 32% liquid caustic soda in Shandong is - 7 yuan/ton (+14) [1]. - **Spot price**: The price of 32% liquid caustic soda in Shandong is 625 yuan/ton (-10); the price of 50% liquid caustic soda in Shandong is 1,060 yuan/ton (-20) [1]. - **Upstream production profit**: The profit of a single caustic soda product in Shandong is 932 yuan/ton (-31); the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 488.2 yuan/ton (-31.3); the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is - 548.83 yuan/ton (-31.25); the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 503.49 yuan/ton (+0.00) [2]. - **Caustic soda inventory and operation rate**: The inventory of liquid caustic soda factories is 51.21 tons (+1.70); the inventory of flake caustic soda factories is 2.90 tons (-0.18); the operation rate of caustic soda is 86.70% (+0.10%) [2]. - **Downstream operation rate of caustic soda**: The operation rate of alumina is 85.83% (+0.09%); the operation rate of printing and dyeing in East China is 58.76% (-1.33%); the operation rate of viscose staple fiber is 88.43% (+0.00%) [2]. Market Analysis PVC - The export tax rebate for PVC was cancelled on April 1st, and there was a rush - to - export situation before April, with export orders strengthening month - on - month. The overall supply - demand pattern of the PVC market remains weak [3]. - On the supply side, domestic PVC supply is abundant, and the operation rate has rebounded. This week, Fujian Wanhua entered maintenance, and the supply is expected to decline slightly. Downstream operation rates have decreased, with the operation rate of profiles decreasing, and those of pipes and films remaining flat. There is an expectation of further decline in the future, and downstream buyers purchase on dips [3]. - In terms of inventory, social inventory has slightly increased and is at a high level year - on - year. On the cost side, the production profit of upstream chlor - alkali has decreased this week due to the weak spot price of caustic soda and is at a low level year - on - year. The prices of calcium carbide and semi - coke are stable, and their profits are still in a loss state. PVC warehouse receipts are at a high level in the same period, and there is still pressure on the futures market for hedging [3]. Caustic Soda - Currently, the spot price of caustic soda is weak due to the influence of low - price warehouse receipts, and the spot quotation has been continuously lowered. The supply - demand situation of caustic soda is weak, and the inventory in Shandong has continued to increase [3]. - On the supply side, the overall operation rate is at a high level, the price of liquid caustic soda is falling, and chlor - alkali enterprises have a stronger willingness to support the price of liquid chlorine. The prices of some chlorine - consuming products have strengthened. The export tax rebate for polyether polyol, a downstream product of propylene oxide, was cancelled on April 1st, leading to a rush - to - export by downstream enterprises. The demand was transmitted to propylene oxide and its upstream liquid chlorine, and the price of liquid chlorine is strong. There are few caustic soda enterprises planning maintenance [3]. - On the demand side, the downstream receiving sentiment is average. The operation rate of alumina plants is relatively stable, but the unloading efficiency is average. The main alumina plants in Shandong have again lowered the purchase price of 32% caustic soda to 615 yuan/ton. The commissioning progress of alumina in Guangxi has been postponed, and the market's pessimism has led to insufficient motivation to purchase caustic soda. Non - aluminum industries are gradually entering the seasonal off - season, and export orders continue to be sluggish [3]. Strategy PVC - **Single - side trading**: Range - bound [4]. - **Inter - delivery spread trading**: Go long the V03 - 05 spread on dips [4]. - **Inter - commodity spread trading**: None [4]. Caustic Soda - **Single - side trading**: Cautiously bearish [5]. - **Inter - delivery spread trading**: Go short the SH03 - 05 spread on rallies [5]. - **Inter - commodity spread trading**: None [5].

纯苯苯乙烯日报 | 2026-01-21 EB基差继续小幅走强 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-77元/吨（+105）。纯苯港口库存29.70万吨（-2.70万吨）；纯苯CFR中国加工费178美元/ 吨（+20美元/吨），纯苯FOB韩国加工费180美元/吨（+23美元/吨），纯苯美韩价差154.0美元/吨（-6.0美元/吨）。华 东纯苯现货-M2价差-175元/吨（+15元/吨）。 纯苯下游方面：己内酰胺生产利润-990元/吨（-45），酚酮生产利润-919元/吨（+0），苯胺生产利润1171元/吨（+262）， 己二酸生产利润-921元/吨（-41）。己内酰胺开工率77.17%（+2.95%），苯酚开工率89.00%（+3.50%），苯胺开工率 73.26%（+11.95%），己二酸开工率65.30%（-2.30%）。 苯乙烯方面：苯乙烯主力基差142元/吨（+47元/吨）；苯乙烯非一体化生产利润386元/吨（-78元/吨），预期逐步压 缩。苯乙烯华东港口库存93500吨（-7100吨），苯乙烯华东商业库存58900吨（-1000吨），处于库存回建阶段。苯乙 烯开工率70.9% ...

1. Report Industry Investment Rating - Short - term neutral, medium - term bearish allocation; EG2603 - EG2605 reverse spread; long PTA short MEG [2] 2. Core Viewpoints - The EG price dropped rapidly, but the basis rebounded. The intraday ethylene glycol market trended weakly, and polyester factories actively participated in price fixing at low levels. The spot basis in the market strengthened. The production profits of ethylene - made EG and coal - based syngas - made EG decreased. The inventory data from different sources showed different trends, and the main port was expected to continue accumulating inventory. The domestic supply of ethylene glycol was at a high level and continued to increase, and the overseas import pressure would ease after February. The demand was expected to weaken with the approaching Spring Festival. Overall, the market was expected to be weak in a volatile manner [1][2] 3. Summary by Directory 3.1 Price and Basis - The closing price of the EG main contract was 3674 yuan/ton (a change of - 81 yuan/ton from the previous trading day, a decrease of 2.16%), and the spot price in the East China market was 3595 yuan/ton (a change of - 43 yuan/ton from the previous trading day, a decrease of 1.18%). The spot basis in East China was - 112 yuan/ton (a month - on - month increase of 9 yuan/ton) [1] 3.2 Production Profit and Operating Rate - According to Longzhong data, the production profit of ethylene - made EG was - 77 US dollars/ton (a month - on - month decrease of 4 US dollars/ton), and the production profit of coal - based syngas - made EG was - 927 yuan/ton (a month - on - month decrease of 25 yuan/ton) [1] 3.3 International Price Difference - No specific data or analysis content provided in the given text 3.4 Downstream Production, Sales and Operating Rate - No specific data or analysis content provided in the given text 3.5 Inventory Data - According to CCF data released every Monday, the inventory at the main ports in East China was 79.5 tons (a month - on - month decrease of 0.7 tons); according to Longzhong data released every Thursday, the inventory at the main ports in East China was 64.5 tons (a month - on - month increase of 2.8 tons). The total planned arrival volume at the main ports in East China this week is relatively high, and the main ports are expected to continue accumulating inventory [2]

Group 1: Investment Ratings - The investment strategy for the pig market is neutral [3] - The investment strategy for the egg market is cautiously bearish [5] Group 2: Core Views - Pig prices are maintaining a narrow - range fluctuation with terminal sales remaining flat. The spot price of pigs has slightly declined, showing regional differentiation. The northern market is weaker than the southern one. After the Spring Festival stocking season starts, it is expected to support pig prices. Attention should be paid to the downward pressure on pig prices after the weakening of the bullish sentiment [1][2] - The overall egg price is stable, with a slight decline in some areas. The positive effect of Spring Festival stocking on egg prices is weakening. The egg production capacity is at a high level, and the market supply pressure is increasing. The egg price is under pressure due to the weakening sentiment, but it is still at a relatively low level compared to the same period [4] Group 3: Summary by Market (Pig Market) Market News and Key Data - The closing price of the live - hog 2603 contract was 11,550 yuan/ton, a change of - 155.00 yuan/ton (- 1.32%) from the previous trading day. In the spot market, the prices of external ternary live - hogs in Henan, Jiangsu, and Sichuan were 13.23 yuan/kg, 13.66 yuan/kg, and 12.98 yuan/kg respectively, with corresponding daily price changes of - 0.08 yuan/kg, + 0.01 yuan/kg, and + 0.01 yuan/kg. The national average wholesale price of pork increased by 0.1% to 18.47 yuan/kg [1] Market Analysis - Pig spot prices have slightly declined with regional differences. The bullish sentiment in the north is not supported, while the southern prices have risen. The willingness of farmers to hold prices is weakening, and the Spring Festival stocking has not started yet. The daily slaughter volume of enterprises is increasing slowly, and the terminal sales are not strong enough to absorb price increases. Snowy weather may delay pig sales, and the Spring Festival stocking is expected to support prices later [2] Group 4: Summary by Market (Egg Market) Market News and Key Data - The closing price of the egg 2603 contract was 3027 yuan/500 kilograms, a change of + 4.00 yuan (+ 0.13%) from the previous trading day. The spot prices in Liaoning, Shandong, and Hebei were 3.44 yuan/jin, 3.80 yuan/jin, and 3.40 yuan/jin respectively, with no daily price change. On January 20, 2026, the national production - link inventory was 0.39 days, an increase of 0.05 days (14.71%) from the previous day, and the circulation - link inventory was 0.45 days, an increase of 0.03 days (7.14%) [3] Market Analysis - Egg prices are generally stable with a slight decline in some areas. The positive effect of Spring Festival stocking on egg prices is weakening. The egg - producing capacity is at a high level, the downstream circulation speed is slowing down, and the supply pressure is increasing. Traders are more cautious in purchasing, and the inventory pressure in the sales areas is rising, strengthening the bearish market sentiment [4]

化工日报 | 2026-01-21 我国12月天然橡胶进口量继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15620元/吨，较前一日变动-125元/吨；NR主力合约12550元/吨，较前一日变动-105 元/吨；BR主力合约11585元/吨，较前一日变动-20元/吨。 现货方面，云南产全乳胶上海市场价格15400元/吨，较前一日变动-100元/吨。青岛保税区泰混14750元/吨，较前一 日变动-100元/吨。青岛保税区泰国20号标胶1880美元/吨，较前一日变动-20美元/吨。青岛保税区印尼20号标胶1805 美元/吨，较前一日变动-20美元/吨。中石油齐鲁石化BR9000出厂价格11700元/吨，较前一日变动+0元/吨。浙江传 化BR9000市场价11450元/吨，较前一日变动-100元/吨。 市场资讯 2025年12月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量80.34万吨，环比增 加24.84%，同比增加25.4%，2025年1-12月累计进口数量667.51万吨，累计同比增加17.94%。 2026年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 ...

Report Industry Investment Rating - The investment rating for the lead industry is neutral [4] Core Viewpoints - The lead market currently has a pattern of weak supply and demand. The overall rise of the non - ferrous sector previously drove the lead price up, but it fell back with the general correction of non - ferrous metal prices in the second half of the week. The lead price is expected to fluctuate between 16,900 yuan/ton and 17,800 yuan/ton [4] Summary by Related Catalogs Spot Market - On January 20, 2026, the LME lead spot premium was -$47.13/ton. The SMM1 lead ingot spot price decreased by 25 yuan/ton to 17,000 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium decreased by 25 yuan/ton to 0.00 yuan/ton. SMM Guangdong lead decreased by 25 yuan/ton to 17,025 yuan/ton, SMM Henan lead decreased by 25 yuan/ton to 16,975 yuan/ton, and SMM Tianjin lead decreased by 25 yuan/ton to 17,025 yuan/ton. The lead concentrate waste price difference remained unchanged at -100 yuan/ton. The price of waste electric vehicle batteries decreased by 25 yuan/ton to 10,075 yuan/ton, while the prices of waste white shells and waste black shells remained unchanged at 10,200 yuan/ton and 10,400 yuan/ton respectively [1] Futures Market - On January 20, 2026, the main contract of Shanghai lead opened at 17,250 yuan/ton and closed at 17,225 yuan/ton, up 40 yuan/ton from the previous trading day. The trading volume was 36,736 lots, a decrease of 34,227 lots from the previous trading day, and the position was 74,190 lots, unchanged from the previous trading day. The intraday price fluctuated, with a high of 17,275 yuan/ton and a low of 17,180 yuan/ton. In the night session, the main contract of Shanghai lead opened at 17,120 yuan/ton and closed at 17,055 yuan/ton, a 1.02% decrease from the afternoon close. The SMM1 lead price decreased by 50 yuan/ton compared to the previous trading day. The downstream maintained rigid demand procurement, and the enthusiasm for stocking up at low prices was poor, with the overall spot market being dull [2] Inventory - On January 20, 2026, the total SMM lead ingot inventory was 34,000 tons, an increase of 1,600 tons compared to the same period last week. As of January 19, the LME lead inventory was 225,575 tons, a decrease of 2,850 tons from the previous trading day [3] Strategy - For enterprises with hedging needs, they can conduct buying and selling hedging operations at the edges of the price range of 16,900 - 17,800 yuan/ton according to their own needs. The option strategy is to sell a wide straddle [4]