1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Report's Core View - The supply - demand pattern of lithium carbonate is shifting towards supply - led. The lithium carbonate 2605 contract is expected to fluctuate in the range of 158,940 - 166,660. In the supply side, there are expectations of production and import volume decreases in the next month, while on the demand side, the demand is expected to strengthen and inventory may be reduced. The main logic is the emotional shock caused by news under the tight supply - demand balance [9][13]. 3. Summary by Directory 3.1 Daily View - **Supply and Demand Situation**: Last week, lithium carbonate production was 22,535 tons, a 0.51% week - on - week increase, higher than the historical average. The inventory of lithium iron phosphate sample enterprises decreased by 3.80% week - on - week to 96,094 tons, and the inventory of ternary material sample enterprises decreased by 0.80% week - on - week to 18,432 tons [8]. - **Expectations**: In December 2025, lithium carbonate production was 99,200 physical tons, and it is predicted to be 97,970 physical tons next month, a 1.23% decrease. The import volume in December 2025 was 26,000 physical tons, and it is predicted to be 22,500 physical tons next month, a 13.46% decrease. Demand is expected to strengthen next month, and inventory may be reduced. The cost of 6% concentrate CIF increased day - on - day, lower than the historical average [9]. - **Cost and Profit**: The cost of purchased lithium spodumene concentrate was 145,425 yuan/ton, unchanged day - on - day, with a production profit of 5,049 yuan/ton. The cost of purchased lithium mica was 149,161 yuan/ton, a 5.04% day - on - day increase, with a production profit of 4,680 yuan/ton. The cost of the recycling end is close to that of the ore end, with average production enthusiasm. The quarterly cash production cost of the salt lake end is 32,231 yuan/ton, with sufficient profit margins and strong production motivation [10]. - **Other Factors**: Positive factors include the production cut plan of lithium mica manufacturers and the decrease in the import volume of lithium carbonate from Chile. Negative factors are the continuous high supply at the ore/salt lake end with limited decline [11][12]. 3.2 Fundamental/Position Data - **Lithium Carbonate Market Data**: The closing price of the 05 contract of lithium carbonate futures increased, and the basis was negative, indicating that the spot price was at a discount to the futures price. The prices of upstream lithium ore and related raw materials generally increased, and the registered warehouse receipts increased by 3.57% [16]. - **Supply - Side Data**: The weekly operating rate of lithium carbonate increased to 87.14%. The monthly production of lithium carbonate was 99,200 tons, a 4.04% increase. The monthly import volume of lithium carbonate was 22,055.19 tons, a 7.64% decrease, and the import volume from Chile decreased by 26.84% [18]. - **Demand - Side Data**: The monthly production of lithium iron phosphate decreased by 1.78%, and the monthly production of lithium iron phosphate decreased by 2.17%. The monthly production of ternary materials decreased, and the weekly inventory decreased by 0.80%. The monthly installed capacity of power batteries increased by 11.18% [18]. - **New Energy Vehicle Data**: The production of new energy vehicles was 1,880,000, a 6.09% increase, the sales volume was 1.823 million, a 6.30% increase, and the export volume was 30,000, a 17.19% increase. The penetration rate of new energy vehicles increased to 53.16% [18].

1. Industry Investment Rating - No information provided 2. Core Viewpoints - Before the holiday, the 380 cracking spread fluctuated, and after the holiday, it weakened slightly. The 380 monthly spread rebounded from its low point but remained weak year-on-year. The high-sulfur cracking spread in Europe weakened, and the monthly spread oscillated at a low level. The 0.5% cracking spread in Singapore oscillated at a historical low, with the structure turning to C at a historical low and the basis oscillating at a historical low [3]. - In terms of inventory, Singapore's residual fuel oil stocks increased significantly, high-sulfur floating storage decreased significantly, ARA's residual fuel oil stocks increased slightly, Fujairah's residual fuel oil stocks decreased, high-sulfur floating storage decreased, and EIA's residual fuel oil stocks increased slightly. The conflict in Venezuela escalated over the weekend, having a short-term positive and long-term negative impact on heavy crude oil. Attention should be paid to the duration of logistics disruptions. The arrival premium for Merey crude in late December remained around -12. The high-sulfur spot market remained loose. Attention should be paid to the boost brought by the premium of heavy raw materials recently. The low-sulfur market maintained a weak oscillation pattern [9]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From January 6 to January 12, 2026, the price of Rotterdam 3.5% HSF O swap M1 decreased by 0.76, Rotterdam 0.5% VLS FO swap M1 increased by 0.63, Rotterdam HSFO - Brent M1 decreased by 0.58, Rotterdam 10ppm Gasoil swap M1 decreased by 0.35, Rotterdam VLSFO - Gasoil M1 increased by 0.98, LGO - Brent M1 decreased by 0.95, and Rotterdam VLSFO - HSFO M1 increased by 1.39 [1]. Singapore Fuel Oil Swap Data - From January 6 to January 12, 2026, the price of Singapore 380cst M1 increased by 1.60, Singapore 180cst M1 decreased by 2.67, Singapore VLSFO M1 increased by 8.50, Singapore Gasoil M1 increased by 1.31, Singapore 380cst - Brent M1 decreased by 1.46, and Singapore VLSFO - Gasoil M1 decreased by 1.19 [1]. Singapore Fuel Oil Spot Data - From January 6 to January 12, 2026, the FOB price of 380cst decreased by 3.66, the FOB price of VLSFO increased by 3.80, the 380 basis increased by 0.21, the high-sulfur domestic - foreign price difference increased by 0.6, and the low-sulfur domestic - foreign price difference decreased by 1.5 [2]. Domestic FU Data - From January 6 to January 12, 2026, the price of FU 01 increased by 10, FU 05 decreased by 37, FU 09 decreased by 9, FU 01 - 05 increased by 47, FU 05 - 09 decreased by 28, and FU 09 - 01 decreased by 19 [2]. Domestic LU Data - From January 6 to January 12, 2026, the price of LU 01 increased by 33, LU 05 increased by 1, LU 09 increased by 8, LU 01 - 05 increased by 32, LU 05 - 09 decreased by 7, and LU 09 - 01 decreased by 25 [3].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - Short - term, with the marginal weakening of macro sentiment, the upward pressure on the futures price of butadiene rubber is expected to gradually increase. The butadiene raw material market's short - term buying sentiment is marginally weakening, presenting a pattern of neutral reality and strong expectations. The short - term fundamentals of butadiene are neutral, and the butadiene rubber mainly fluctuates following the cost side [3]. Summary by Relevant Catalogs 1. Fundamentals Tracking 1.1 Futures Market - For the butadiene rubber main contract (03 contract), the daily closing price increased by 55 yuan/ton to 12,070 yuan/ton, the trading volume increased by 12,475 lots to 113,696 lots, the open interest increased by 65,592 lots to 91,931 lots, and the trading volume increased by 71,055 ten - thousand yuan to 6,810,210,000 yuan [1]. 1.2 Spread Data - The basis of Shandong butadiene - futures main contract decreased by 105 to - 120, and the monthly spread of BR02 - BR05 increased by 10 to - 60 [1]. 1.3 Spot Market - The butadiene rubber prices in North China, East China, South China, and Shandong all decreased by 50 yuan/ton. The price of Qilu styrene - butadiene rubber (model 1502) decreased by 100 yuan/ton, and the price of Qilu styrene - butadiene rubber (model 1712) remained unchanged. The mainstream price of butadiene in Jiangsu remained unchanged at 9,250 yuan/ton, and the mainstream price in Shandong increased by 25 yuan/ton to 9,475 yuan/ton [1]. 1.4 Fundamental Indicators - The butadiene rubber operating rate remained unchanged at 79.6897%. The theoretical full cost of butadiene rubber increased by 103 yuan/ton to 11,976 yuan/ton, and the profit of butadiene rubber increased by 97 yuan/ton to 124 yuan/ton [1]. 2. Industry News - As of January 7, the latest inventory of butadiene in East China ports was about 41,300 tons, a decrease of 3,400 tons from the previous period due to reduced import arrivals and normal raw material inventory consumption [2]. - As of January 7, 2026, the domestic butadiene rubber inventory was 33,100 tons, a decrease of 400 tons from the previous period, with a month - on - month decrease of 1.08%. Although the production was high and sales improved, there was some unsold inventory, and the overall inventory change was limited [2][3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stocks, with the entry of incremental funds at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. - For bonds, the improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. - For precious metals, if the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. - For non - ferrous metals, most metal prices are expected to be volatile. For example, copper prices are expected to fluctuate and consolidate in the short term; aluminum prices are expected to remain high; zinc and lead prices are expected to fluctuate widely following the sentiment of the non - ferrous sector [13][15][18]. - For black building materials, steel prices are expected to continue to fluctuate at the bottom; iron ore prices are expected to fluctuate at a relatively high level; glass and soda ash markets are generally weak; coking coal and coke prices are expected to fluctuate in a range [32][34][37]. - For energy and chemicals, different products have different trends. For example, rubber is recommended to be treated neutrally; the valuation of heavy - quality oil products is raised; methanol has the feasibility of buying on dips; urea is recommended to take profits on rallies [55][57][59]. - For agricultural products, the short - term trend of hog prices is expected to be stable or slightly rising, and different trading strategies are recommended for different contract periods; egg prices are expected to be stable or rising, and different strategies are also recommended for different contract periods [79][80][81]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index - **Market Information**: China Chamber of Commerce for Import and Export of Machinery and Electronic Products promoted a "soft landing" of the EU's anti - subsidy case on electric vehicles; Lihong No.1 completed its first sub - orbital flight test; Brain - Machine Haihe Laboratory completed the first "space brain - machine interface experiment"; prices of multiple non - ferrous and precious metal futures reached new highs [2]. - **Basis Ratio of Stock Index Futures**: Different ratios are provided for IF, IC, IM, and IH contracts in different periods [3]. - **Strategy Viewpoint**: With incremental funds entering at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. 3.1.2 Treasury Bonds - **Market Information**: On Monday, the closing prices of TL, T, TF, and TS main contracts changed by 0.30%, 0.07%, 0.05%, and 0.00% respectively. The Canadian Prime Minister will visit China, and the National Development and Reform Commission and other departments issued relevant policies on government investment funds [5]. - **Liquidity**: The central bank conducted 861 billion yuan of 7 - day reverse repurchase operations on Monday, with a net investment of 361 billion yuan [6][7]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold rose 1.31%, and Shanghai silver rose 7.23%. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell, which impacted the Fed's independence [9]. - **Strategy Viewpoint**: If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. 3.2 Non - ferrous Metals 3.2.1 Copper - **Market Information**: Silver prices were strong, and the domestic equity market strengthened, driving copper prices to rise. LME copper inventory decreased, and domestic electrolytic copper social inventory increased [12]. - **Strategy Viewpoint**: The Fed's interest - rate cut expectation has weakened, and short - term sentiment may cool down. The copper mine supply is in a tight pattern, and copper prices are expected to fluctuate and consolidate in the short term [13]. 3.2.2 Aluminum - **Market Information**: The general atmosphere of bulk commodities was strong, and aluminum prices fluctuated and rose. LME aluminum inventory decreased, and domestic aluminum ingot and aluminum rod social inventories increased [14]. - **Strategy Viewpoint**: The high - level fluctuations of precious metals and non - ferrous metals have increased, and short - term sentiment may cool down. Aluminum prices are expected to remain high [15]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose, and LME zinc also increased. Zinc ingot social inventory decreased slightly [16][17]. - **Strategy Viewpoint**: The zinc price has a large room for catch - up compared with copper and aluminum. It is expected to fluctuate widely following the sentiment of the non - ferrous sector [18]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose, and LME lead also increased. Lead ingot social inventory increased [19]. - **Strategy Viewpoint**: The lead price is approaching the upper edge of the long - term oscillation range, and it is expected to fluctuate widely following the sentiment of the non - ferrous sector [19]. 3.2.5 Nickel - **Market Information**: Nickel prices rebounded, and the prices of nickel ore and nickel iron also changed accordingly [20]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, and it is expected to fluctuate widely in the short term. It is recommended to wait and see in the short term [20][21]. 3.2.6 Tin - **Market Information**: Tin prices rose significantly. The supply in Myanmar is gradually recovering, and the demand is mainly for rigid needs [22]. - **Strategy Viewpoint**: The tin market demand is weak, and the supply is expected to improve. It is recommended to wait and see. The price is expected to fluctuate following the market risk preference [22]. 3.2.7 Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy Viewpoint**: The "rush to export" effect has increased the demand expectation, but the rapid rise may increase the callback risk. It is recommended to wait and see or try with a light position [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose, and the inventory continued to accumulate [24]. - **Strategy Viewpoint**: The mine price is expected to decline, and the alumina market continues to face over - capacity. It is recommended to wait and see and consider shorting on rallies [25]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price was stable, and the social inventory decreased [26]. - **Strategy Viewpoint**: The optimistic expectation of Indonesia's RKAB supports the price. The price is expected to remain high and volatile in the short term [27]. 3.2.10 Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy rose, and the inventory increased slightly [28]. - **Strategy Viewpoint**: The cost is strong, and the supply is disturbed. The price is expected to remain high in the short term [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil increased, and the inventory of rebar increased slightly while that of hot - rolled coil decreased slightly [31]. - **Strategy Viewpoint**: The steel price is expected to continue to fluctuate at the bottom. It is necessary to pay attention to the de - stocking of hot - rolled coil and relevant policies [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price rose, and the port inventory continued to accumulate [33]. - **Strategy Viewpoint**: The overseas iron ore shipment is in the off - season, and the iron ore price is expected to fluctuate at a relatively high level. It is necessary to pay attention to the steel mill's replenishment and iron - making rhythm [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the inventory decreased. The soda ash main contract price increased, and the inventory increased [35][37]. - **Strategy Viewpoint**: The glass price is expected to fluctuate, and it is recommended to wait and see. The soda ash market is generally weak [36][37]. 3.3.4 Coking Coal and Coke - **Market Information**: The prices of coking coal and coke rose. The spot prices of coking coal and coke also changed [38]. - **Strategy Viewpoint**: The commodity market sentiment is positive, but the fundamental support for the price is limited. The price is expected to fluctuate in a range [40][41]. 3.3.5 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The spot prices also changed [42]. - **Strategy Viewpoint**: The future market trend is mainly affected by the overall market sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [45]. 3.3.6 Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon rose slightly, and the price of polysilicon decreased. The inventory of industrial silicon may increase, and the supply of polysilicon may be adjusted [46][48]. - **Strategy Viewpoint**: Industrial silicon is expected to face inventory pressure, and polysilicon is expected to be weak and volatile. It is necessary to pay attention to relevant policies and production plans [47][49]. 3.4 Energy and Chemicals 3.4.1 Rubber - **Market Information**: The rubber price fluctuated and rebounded. The tire start - up rate had marginal fluctuations, and the inventory increased [51][53]. - **Strategy Viewpoint**: The overall commodity atmosphere is positive, but the rubber seasonality is weak. A neutral strategy is recommended, and short - selling can be considered if the price falls below a certain level [55]. 3.4.2 Crude Oil - **Market Information**: The main contract price of INE crude oil rose, and the inventories of refined oil products changed [56]. - **Strategy Viewpoint**: The Latin American geopolitical situation does not have enough positive impact on the overall oil price, but the valuation of heavy - quality oil products is raised [57]. 3.4.3 Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [58]. - **Strategy Viewpoint**: The current valuation of methanol is low, and it has the feasibility of buying on dips [59]. 3.4.4 Urea - **Market Information**: The regional spot prices of urea changed slightly, and the main contract price increased [60]. - **Strategy Viewpoint**: The import window has opened, and it is recommended to take profits on rallies [62]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene rose. The inventory of pure benzene increased, and the inventory of styrene decreased [63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long - bought before the first quarter [64]. 3.4.6 PVC - **Market Information**: The PVC main contract price rose, and the inventory increased [65]. - **Strategy Viewpoint**: The domestic PVC market has a pattern of strong supply and weak demand. It is recommended to short on rallies [66]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol main contract price rose, and the inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol market needs to increase production cuts to improve the supply - demand pattern. It is necessary to beware of rebound risks [68]. 3.4.8 PTA - **Market Information**: The PTA main contract price rose, and the inventory decreased [69]. - **Strategy Viewpoint**: The PTA is expected to enter the Spring Festival inventory - accumulation stage. It is recommended to pay attention to long - buying opportunities on dips [70]. 3.4.9 p - Xylene - **Market Information**: The p - xylene main contract price rose, and the inventory decreased [71][72]. - **Strategy Viewpoint**: The p - xylene load is high, and it is recommended to pay attention to long - buying opportunities following the crude oil price [73]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE main contract price rose, and the inventory increased [74]. - **Strategy Viewpoint**: The PE price may be supported, and it is recommended to long - buy the LL5 - 9 spread on dips [75]. 3.4.11 Polypropylene (PP) - **Market Information**: The PP main contract price rose, and the inventory situation was complex [76]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [77]. 3.5 Agricultural Products 3.5.1 Hogs - **Market Information**: The domestic hog price was mixed, and the price may stabilize or rise slightly [79]. - **Strategy Viewpoint**: The short - term hog price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [80]. 3.5.2 Eggs - **Market Information**: The national egg price mostly rose, and the price is expected to be stable or rise [81]. - **Strategy Viewpoint**: The short - term egg price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [82]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The protein meal futures price fluctuated. The import cost of soybeans may have a bottom, but the fundamental situation is weak [83][84]. - **Strategy Viewpoint**: It is recommended to wait and see in the short term due to the combination of long - and short - term factors [84]. 3.5.4 Oils and Fats - **Market Information**: The oil futures price fluctuated. The palm oil inventory in Malaysia increased, and the domestic three - major oil inventories were at a relatively high level [85][86]. - **Strategy Viewpoint**: The current fundamental situation is weak, but the long - term expectation is optimistic. The oil price may be close to the bottom [86]. 3.5.5 Sugar - **Market Information**: The Zhengzhou sugar futures price fluctuated. The spot price of sugar decreased slightly [87]. - **Strategy Viewpoint**: The international sugar price may rebound after February, and it is recommended to wait and see in the short term [89]. 3.5.6 Cotton - **Market Information**: The Zhengzhou cotton futures price decreased. The cotton supply and demand situation changed [90]. - **Strategy Viewpoint**: The cotton price may fluctuate after rising. It is recommended to wait for a callback to buy [91].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From January 5 - 11, 2026, 13 New Zealand log ships are expected to arrive at 13 Chinese ports, 1 more than last week, a week - on - week increase of 8%; the total arrival volume is about 47.9 million cubic meters, 7.05 million cubic meters more than last week, a week - on - week increase of 17% [2] - The 01 contract continues to be deeply discounted for delivery, and the buyer's willingness to take delivery remains poor. The 03 contract has less inventory pressure due to low inventory and expected reduction in later shipments. However, the demand remains weak, and the upside is limited. Overall, the contradictions are insufficient, and the upward and downward drivers are limited. The market is expected to fluctuate within a range [2] 3. Summary by Related Catalogs 3.1 Futures and Spot Prices - Futures prices: On January 9, the price of log 2601 was 742.0, unchanged from January 8; log 2603 was 774.5, down 4.0 from January 8 with a decline of - 0.51%; log 2605 was 787.0, down 2.0 with a decline of - 0.25%; log 2607 was 798.0, down 2.5 with a decline of - 0.31%. The basis of the main contract was - 34.5, up 4.0 from January 8 [1] - Spot prices: The prices of various types of logs at ports such as Rizhao and Taicang remained unchanged from January 8 to January 9. The CFR price of 4 - meter medium - A radiata pine was 110 US dollars per JAS cubic meter, down 2 US dollars with a decline of - 1.79%; the CFR price of 11.8 - meter spruce was 124 euros per JAS cubic meter, unchanged [1] 3.2 Cost: Import Cost Calculation - On January 12, the RMB - US dollar exchange rate was 6.976, unchanged from January 11. The import theoretical cost was 755.70 yuan, down 13.87 yuan from January 11 with a decline of - 2% [1] 3.3 Supply: Monthly - Port inventory: On November 30, it was 191.4 million cubic meters, up 2.2 million cubic meters from October 31 with an increase of 1.16% [1] - Departing ships from New Zealand to China, Japan and South Korea: The number of departing ships was 52.0, up 3.0 from the previous period with an increase of 6.12% [1] 3.4 Inventory: Main Port Inventory (Weekly) - As of January 2, the total inventory of coniferous logs in China was 267 million cubic meters, up 13 million cubic meters from December 26 with an increase of 5.12%. In Shandong, it was 195.00 million cubic meters, up 9.8 million cubic meters from December 26 with an increase of 5.29% [1] 3.5 Demand (Weekly) - As of January 2, the daily average outbound volume of logs in China was 5.65 million cubic meters, down 0.18 million cubic meters from the previous week with a decline of - 3%. In Shandong, it was 2.89 million cubic meters, up 0.10 million cubic meters with an increase of 4%. In Jiangsu, it was 2.17 million cubic meters, down 0.27 million cubic meters with a decline of - 11% [2]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - **Coking Coal**: The main - producing area coal mines are gradually resuming production, with a loose production expectation. Market activity has slightly recovered, and some coal prices have stopped falling and stabilized, with a slight upward - probing expectation for some mines. The short - term coking coal price is expected to remain stable. Although the profit of coking enterprises has declined, their production enthusiasm remains high, and there is still a certain rigid demand for raw material replenishment and winter storage [2]. - **Coke**: Driven by multiple positive factors, the futures market has continued to rebound. The supply - demand pattern of coke has gradually improved, and the cost support is expected to strengthen. The short - term coke price is expected to remain stable [5]. 3) Summary by Relevant Catalogs Daily Viewpoints - **Coking Coal** - **Fundamentals**: Main - producing area coal mines are resuming production, market inquiries have increased, and some speculative demands have emerged. Coal mines are less willing to cut prices further, and some coal prices have stopped falling [2]. - **Basis**: The spot market price is 1200, and the basis is 4.5, with the spot at a premium to the futures [2]. - **Inventory**: The total sample inventory is 1957 tons, a decrease of 21 tons from last week [2]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line [2]. - **Main Position**: The main position of coking coal is net long, with a decrease in long positions [2]. - **Expectation**: With the end of environmental protection and maintenance, some steel mills are resuming production, and the coking enterprises' demand for raw material replenishment and winter storage remains. The short - term price is expected to be stable [2]. - **Coke** - **Fundamentals**: Coke enterprises' shipment is good, steel mills' procurement enthusiasm has increased, and the inventory has decreased. The cost support has strengthened due to the stop - falling of some coal prices [6]. - **Basis**: The spot market price is 1630, and the basis is - 118, with the spot at a discount to the futures [6]. - **Inventory**: The total sample inventory is 858 tons, a decrease of 1 ton from last week [6]. - **Disk**: The 20 - day line is upward, and the price is above the 20 - day line [6]. - **Main Position**: The main position of coke is net long, with a decrease in long positions [6]. - **Expectation**: Driven by multiple positive factors, the futures market has rebounded, and the supply - demand pattern has improved. The short - term price is expected to be stable [5]. Influencing Factors - **Coking Coal** - **Positive**: Iron - water production has increased, and supply is difficult to increase [4]. - **Negative**: Coking and steel enterprises have slowed down the procurement of raw coal, and steel prices are weak [4]. - **Coke** - **Positive**: Iron - water production and blast - furnace operating rate have increased [8]. - **Negative**: Steel mills' profit margins are squeezed, and the replenishment demand has been partially overdrawn [8]. Price The report provides the port metallurgical coke price index on January 9th (17:30), including prices of different grades of metallurgical coke from different origins at various ports [10]. Inventory - **Port Inventory**: Coking coal port inventory is 295 tons, a decrease of 0.1 tons from last week; coke port inventory is 195.1 tons, an increase of 1 ton from last week [18]. - **Independent Coking Enterprises Inventory**: Coking coal inventory is 819.3 tons, a decrease of 69.2 tons from last week; coke inventory is 42.5 tons, an increase of 3.5 tons from last week [22]. - **Steel Mills Inventory**: Coking coal inventory is 803.8 tons, an increase of 4.3 tons from last week; coke inventory is 626.7 tons, a decrease of 13.3 tons from last week [27]. Other Data - **Coking Oven Capacity Utilization**: The capacity utilization of 230 independent coking enterprises in the country is 74.48% [40]. - **Average Profit per Ton of Coke**: The average profit per ton of coke of 30 independent coking plants in the country is 25 yuan [44].

Report Industry Investment Rating - Short-term shock is on the strong side [1] Core Viewpoints - The supply of soda ash is increasing and demand is weakening, which may intensify the supply-demand contradiction. However, in the short term, boosted by macro expectations and the sharp rise in coal prices, the price may maintain a volatile and strong operation, but the upward space may be limited. Follow-up attention should be paid to changes in downstream demand, macro policies, and market sentiment [4] Summary by Directory Market Review - **Futures Market**: The main contract of soda ash opened high and moved low, showing a weak intraday shock. The 120-minute Bollinger Bands continued to have three tracks upward, indicating a short-term shock on the strong side. The upper pressure was focused on the 20 and 60 moving averages on the weekly line, and the support continued to focus on the 40 moving average on the daily line. The trading volume decreased by 643,000 lots compared with the previous day, and the open interest decreased by 1,967 lots. The intraday high was 1,242, the low was 1,204, and the closing price was 1,228, a decrease of 20 yuan/ton (1.6% decline) compared with the previous settlement price [1] - **Spot Market**: It was stable with fluctuations. The enterprise equipment was generally stable with minor adjustments, and the maintenance expectations were few. The industrial supply hovered at a high level. The downstream purchasing sentiment was average, the demand was neither strong nor weak, and most of them maintained low-price on-demand replenishment and were resistant to high prices [1] - **Basis**: The spot price of heavy soda ash in North China was 1,250, and the basis was 22 yuan/ton [1] Fundamental Data - **Supply**: As of January 8, the domestic soda ash output was 753,600 tons, a month-on-month increase of 56,500 tons (8.11% increase). Among them, the light soda ash output was 349,100 tons, a month-on-month increase of 23,000 tons; the heavy soda ash output was 404,500 tons, a month-on-month increase of 33,500 tons. The comprehensive capacity utilization rate was 84.39%, compared with 79.96% last week, a month-on-month increase of 4.43%. Among them, the ammonia-soda process capacity utilization rate was 90.41%, a month-on-month increase of 11.20%; the combined process capacity utilization rate was 74.11%, a month-on-month increase of 1.33%. The overall capacity utilization rate of 15 enterprises with an annual production capacity of one million tons and above was 88.15%, a month-on-month increase of 2.24% [2] - **Inventory**: The total inventory of domestic soda ash manufacturers was 1.5727 million tons, an increase of 64,300 tons compared with Monday (4.26% increase). Among them, the light soda ash was 836,500 tons, a month-on-month increase of 40,800 tons; the heavy soda ash was 736,200 tons, a month-on-month increase of 23,500 tons. Compared with last Wednesday, it increased by 164,400 tons (11.67% increase). Among them, the light soda ash was 836,500 tons, a month-on-month increase of 104,300 tons; the heavy soda ash was 736,200 tons, a month-on-month increase of 60,100 tons. The inventory at the same time last year was 1.4708 million tons, a year-on-year increase of 10,190 tons (6.93% increase) [2] - **Demand**: This week, the shipment volume of soda ash enterprises was 589,200 tons, a month-on-month decrease of 18.99%; the overall shipment rate of soda ash was 78.18%, a month-on-month decrease of 26.15%. The downstream demand for soda ash was average, mainly consuming inventory and purchasing at low prices. Light soda ash was relatively stable. At the end of last month, some glass production lines were shut down for cold repair, and the rigid demand for heavy soda ash weakened [2][3] - **Profit**: According to Longzhong Information statistics, the theoretical profit (double tons) of the combined process was -40 yuan/ton, a month-on-month decrease of 12.68%. The theoretical profit of the ammonia-soda process was -57.85 yuan/ton, a month-on-month increase of 39.65%. During the week, the price of raw material ore salt was stable, and the price of thermal coal increased, resulting in an increase in costs [3] Main Logic Summary - The current daily output of soda ash has reached 110,300 tons, with a capacity utilization rate of 84.39%. Coupled with the gradual release of new production capacity, the overall output is constantly increasing. Before the New Year's Day, 6 glass production lines were shut down for cold repair, and this week, another 3 production lines were shut down for cold repair, further weakening the rigid demand for soda ash and continuously increasing the inventory. However, there is certain short-term support under continuous losses and positive macro sentiment [4]

1. Report Industry Investment Ratings - **Bullish**: PTA, methanol [29][35] - **Bearish with Rebound**: Crude oil, LPG, L, PP, LNG, asphalt, glass [1][13][18][44][48][53] - **Bearish with Consolidation**: PVC, soda ash [26][57] - **Oscillating**: Urea [40] - **Cautiously Bearish**: Ethylene glycol [32] 2. Core Views of the Report - **Crude Oil**: Short - term price rebounds due to Middle East geopolitical disturbances, but medium - to long - term prices are pressured by supply surplus [1][10] - **LPG**: The price rebounds due to cost - side support, but in the long run, it is pressured by the oversupply of upstream crude oil [13][17] - **L**: The cost support improves, and the price continues to rebound, but there is still pressure to destock [18][21] - **PP**: The high - level maintenance in the short term eases the supply pressure, and the short - term supply - demand contradiction is not prominent [22][25] - **PVC**: The upstream and mid - stream inventory accumulates rapidly, and there is a risk of short - term correction [26][28] - **PTA**: The supply - demand pattern is expected to be good, and attention should be paid to the opportunity to buy on dips [29][31] - **Ethylene Glycol**: There is an expectation of inventory accumulation, and attention should be paid to the opportunity to short on rebounds [32][34] - **Methanol**: There is a game between weak reality and strong expectation, and the rebound height may be limited [35][37] - **Urea**: It oscillates at a high level, and attention should be paid to the changes in port collection and exports [40][41] - **LNG**: The supply is sufficient, and the gas price is under downward pressure [44][47] - **Asphalt**: Attention should be paid to the import situation of raw materials, and the price still has room to compress [48][52] - **Glass**: The short - term cold repair of the device supports the price, but there is a risk of emotional correction [53][56] - **Soda Ash**: The demand weakens, and the rebound is difficult to be sustainable [57][60] 3. Summaries According to Related Catalogs 3.1 Crude Oil - **Market Review**: Overnight international oil prices rose, with WTI up 3.16%, Brent up 3.39%, and SC down 1.60% [9] - **Basic Logic**: Short - term price is affected by geopolitical factors, but the supply surplus situation remains unchanged. The core driver is the supply surplus in the off - season, and the inventory is accelerating to accumulate [10] - **Fundamentals**: Geopolitical uncertainty in the Middle East has increased, and Indian fuel consumption has reached a record high. US crude oil inventory decreased, while gasoline and distillate inventories increased [11] - **Strategy Recommendation**: Hold short positions and buy call options for risk control. Pay attention to the range of SC [415 - 435] [12] 3.2 LPG - **Market Review**: On January 8, the PG main contract closed at 4218 yuan/ton, down 0.26% [15] - **Basic Logic**: Saudi Arabia raised the CP contract price, which supported the gas price in the short term. The medium - to long - term price is anchored to the oil price and is under pressure. The supply has decreased, and the downstream demand has resilience [16] - **Strategy Recommendation**: In the long run, the price has room to compress. Pay attention to the range of PG [4150 - 4250] [17] 3.3 L - **Futures and Spot Market**: The L05 basis is - 108 yuan/ton, and the L59 spread is - 37 yuan/ton [20] - **Basic Logic**: The basis has strengthened, and the device maintenance has increased. The upstream and mid - stream have started to accumulate inventory. The parking ratio has risen to 13%, and the weighted gross profit has been compressed [21] - **Strategy Recommendation**: Pay attention to the range of L [6500 - 6750] [21] 3.4 PP - **Futures and Spot Market**: The PP05 basis is - 145 yuan/ton, and the PP59 spread is - 52 yuan/ton [24] - **Basic Logic**: The total commercial inventory has accumulated, and the high - level maintenance will be maintained in the short term. The supply - demand is weak, and the parking ratio has risen to 22% [25] - **Strategy Recommendation**: Pay attention to the range of PP [6400 - 6550] [25] 3.5 PVC - **Futures and Spot Market**: The V05 basis is - 255 yuan/ton, and the V59 spread is - 137 yuan/ton [27] - **Basic Logic**: The upstream and mid - stream inventory has accumulated rapidly. The domestic start - up has increased to 80%, and the demand is in the off - season. The cost support has strengthened [28] - **Strategy Recommendation**: Pay attention to the range of V [4800 - 4900] [28] 3.6 PTA - **Futures and Spot Market**: As of December 31, TA05 closed at 5110 yuan/ton, and the basis is - 13 yuan/ton. The TA5 - 9 spread is 100 yuan/ton [30] - **Basic Logic**: The valuation has improved, and the processing fee and profit have increased. The supply is relatively stable, and the downstream demand is good but expected to weaken. There is an expectation of inventory accumulation in January [30] - **Strategy Recommendation**: Pay attention to the opportunity to buy TA05 on dips. Pay attention to the range of TA05 [5030 - 5110] [31] 3.7 Ethylene Glycol - **Futures and Spot Market**: The EG05 basis is - 125 yuan/ton, and the EG5 - 9 spread is - 93 yuan/ton [32] - **Basic Logic**: The main contract closing price is at a low valuation. The domestic start - up load has increased, and the overseas device maintenance has increased. The downstream demand is good but expected to weaken, and there is an expectation of inventory accumulation [33] - **Strategy Recommendation**: Close short positions and pay attention to the opportunity to short on rebounds. Pay attention to the range of EG05 [3790 - 3880] [34] 3.8 Methanol - **Futures and Spot Market**: The main contract has reduced positions and risen, and the East China basis and the 1 - 5 spread have strengthened [37] - **Basic Logic**: The valuation is not low. The domestic and overseas device start - up loads have increased. The supply pressure is expected to ease in January, and the demand has weakened slightly [37] - **Strategy Recommendation**: Pay attention to the opportunity to buy methanol 05 on dips. Pay attention to the range of MA05 [2210 - 2250] [39] 3.9 Urea - **Futures and Spot Market**: The urea main contract closed at 1749 yuan/ton, and the Shandong small - particle basis is - 39 yuan/ton [42] - **Basic Logic**: The Shandong small - particle urea spot price has stabilized. The supply pressure is expected to increase in mid - January, and the demand has weakened recently. The social inventory has decreased but is still at a relatively high level [41] - **Strategy Recommendation**: Pay attention to the opportunity to go long on UR05 on dips. Pay attention to the range of UR05 [1750 - 1780] [43] 3.10 LNG - **Market Review**: On January 7, the NG main contract closed at 3.525 US dollars/million British thermal units, up 5.22% [46] - **Basic Logic**: The short - term rebound is due to an accident in a US energy company. The supply is relatively abundant, and the gas price is under pressure [47] - **Strategy Recommendation**: In winter, the demand has support, but the supply is sufficient, and the gas price is under downward pressure. Pay attention to the range of NG [3.263 - 3.695] [47] 3.11 Asphalt - **Market Review**: On January 8, the BU main contract closed at 3117 yuan/ton, down 1.08% [49] - **Basic Logic**: The South American geopolitics has affected the raw material supply. The production has decreased, and the demand has increased slightly. The inventory has increased [51] - **Strategy Recommendation**: The valuation has returned to normal, but there is still room for compression. Pay attention to the range of BU [3100 - 3250] [52] 3.12 Glass - **Futures and Spot Market**: The FG05 basis is - 143 yuan/ton, and the FG59 spread is - 86 yuan/ton [55] - **Basic Logic**: The factory inventory has decreased for two consecutive times, and the daily melting volume has continued to decline. The short - term cold repair of the device supports the price, but there is a risk of emotional correction [56] - **Strategy Recommendation**: Pay attention to the range of FG [1100 - 1150] [56] 3.13 Soda Ash - **Futures and Spot Market**: The SA05 basis is - 34 yuan/ton, and the SA59 spread is - 66 yuan/ton [59] - **Basic Logic**: The factory inventory has started to accumulate, and the demand has weakened. The restart of the device has increased, and the long - term supply is loose [60] - **Strategy Recommendation**: Pay attention to the range of SA [1180 - 1230] [60]

1. Report Industry Investment Rating - There is no mention of the report industry investment rating in the provided content. 2. Core Viewpoints - For the nickel variety, although the current fundamentals show high inventory and oversupply, with frequent positive policies from Indonesia and a long period of bottom - side oscillation, it is likely to be in a high - level oscillation state, but its trend depends on the overall sector sentiment. For the stainless - steel variety, the short - term trend highly depends on the performance of Shanghai nickel, and in the medium - to - long - term, attention should be paid to the improvement of spot trading and policy implementation rhythm [3][4]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On January 8, 2026, the Shanghai nickel main contract 2602 opened at 146,500 yuan/ton and closed at 136,440 yuan/ton, a - 6.14% change from the previous trading day. The trading volume was 1,520,564 (+388,308) lots, and the open interest was 128,055 (-4,900) lots. The sharp decline was due to the Indonesian energy and mineral resources minister not disclosing the specific amount of 2026 nickel - mine RKAB approval and the decline of the precious - metal and non - ferrous sectors [1]. - **Nickel Ore**: The nickel - ore market has limited resources. The 1.25 nickel - ore from the Benguet mine in the Philippines was tendered at $32.5, a month - on - month increase. In January 2026 (Phase 1), the domestic trade benchmark price in Indonesia increased by $0.05 - 0.08 per wet ton, and the current mainstream premium is +25 [2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 152,600 yuan/ton, a decrease of 700 yuan/ton from the previous day. Spot trading improved, and the spot premiums of refined nickel brands remained high. The previous trading day's Shanghai nickel warehouse receipts were 39,330 (+554) tons, and LME nickel inventory was 276,300 (+666) tons [2]. Strategy - Unilateral: Mainly conduct range operations. There are no strategies for cross - period, cross - variety, spot - futures, and options [3]. Stainless - Steel Variety Market Analysis - **Futures**: On January 8, 2026, the stainless - steel main contract 2603 opened at 14,050 yuan/ton and closed at 13,675 yuan/ton. The trading volume was 424,667 (+136,211) lots, and the open interest was 114,820 (-4,171) lots. The contract showed a high - opening, low - closing, and oscillating - downward trend. The stainless - steel futures are easily affected by the price fluctuations of Shanghai nickel, and the fundamentals are weak. Attention should be paid to the implementation rhythm of the Indonesian nickel - ore quota policy [3]. - **Spot**: The futures decline led to a limited callback in some spot prices, and the trading volume also decreased significantly. The stainless - steel prices in Wuxi and Foshan markets were 13,900 (+0) yuan/ton, and the 304/2B premium was 130 - 330 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 12.50 yuan per nickel point to 960.0 yuan per nickel point [3][4]. Strategy - Unilateral: Neutral. There are no strategies for cross - period, cross - variety, spot - futures, and options. It is recommended to control positions, trade based on key support levels, and be vigilant against the risk of linked callbacks [4].

Group 1: Report Industry Investment Rating - No information provided in the reports Group 2: Report Core Views Pure Benzene - Styrene - Short - term supply - demand pattern of pure benzene is weak, with limited price drivers, and BZ2603 may oscillate between 5300 - 5600 [1] - Short - term styrene price is supported by exports, but there is an inventory build - up expectation around the Spring Festival, and the rebound space is limited [1] Polyester Industry Chain - PX supply is high in January, and the supply - demand situation is expected to weaken. It is expected to oscillate between 7000 - 7500 in the short term and be considered for low - buying in the medium term [2] - PTA may be affected by inventory build - up in the first quarter, with limited self - driven factors, and will follow raw material fluctuations. It is expected to oscillate between 5000 - 5200 in the short term [2] - MEG has a large inventory build - up expectation in the near term, and its price is under pressure. Strategies include selling out - of - the - money call options and conducting high - selling and low - buying spreads [2] - Short - fiber supply - demand pattern is weak, and its absolute price has limited drivers, following raw material fluctuations in the short term [2] - Bottle - chip supply is expected to decline, and it will follow cost fluctuations in January, with limited processing fee upside [2] Urea - Urea supply is high in the short term, and demand is weak. Without new stimuli, the price may be in a weak oscillation [3] PVC and Caustic Soda - Caustic soda supply exceeds demand, and the price is expected to be stable and weak. Attention should be paid to downstream procurement volume and liquid chlorine price fluctuations [4] - PVC supply is expected to increase, demand is weak, and the market may face a decline after reaching a high [4] Polyolefins - LLDPE supply is expected to decrease marginally, and demand is in a seasonal off - season. PP supply and demand are both weak, and it is expected to turn to inventory reduction in January, with short - term strength [6] Crude Oil - International oil prices rebounded significantly, but the increase is limited due to the weak supply - demand expectation. Attention should be paid to geopolitical conflicts [7] Glass and Soda Ash - Soda ash supply increases, demand is stable, and the overall supply - demand pattern is in surplus. The price is expected to oscillate within a range [9] - Glass supply decreases, demand weakens seasonally, and the upward space of the market is limited [9] Natural Rubber - Supply in Southeast Asia increases, but overseas raw material prices may remain high. Demand is weak, and inventory accumulates. The rubber price has fallen from a high, and attention should be paid to Thai raw material conditions [11] Methanol - Methanol futures fell due to certain news, and the MTO industry faces losses. The inland market is in a situation of both weak supply and demand [13] LPG - LPG prices are in a downward trend. The upstream and downstream operating rates show different trends, and inventory changes vary [17] Group 3: Summaries According to Related Catalogs Pure Benzene - Styrene - Upstream prices: Brent crude oil (March) rose 3.4% to 61.99 dollars/barrel; CFR China pure benzene rose 0.3% to 674 dollars/ton [1] - Styrene - related prices: Styrene East China spot price fell 0.1% to 6890 yuan/ton; EB cash flow (non - integrated) fell 7.0% to 348 yuan/ton [1] - Downstream cash flows: Phenol cash flow fell 7.8% to - 1036 yuan/ton; EPS cash flow increased 220.0% to 60 yuan/ton [1] - Inventory: Pure benzene Jiangsu port inventory increased 6.0% to 31.80 tons; Styrene Jiangsu port inventory decreased 4.7% to 13.23 tons [1] - Operating rates: Asian pure benzene operating rate increased 2.3% to 78.7%; Styrene operating rate decreased 0.7% to 70.2% [1] Polyester Industry Chain - Upstream prices: Brent crude oil (March) rose 3.4% to 61.99 dollars/barrel; CFR China PX fell 1.6% to 886 dollars/ton [2] - Downstream product prices: POY150/48 price remained unchanged at 7911 yuan/ton; Polyester bottle - chip price fell 0.3% to 6032 yuan/ton [2] - PX - related spreads: PX - crude oil spread fell 6.2% to 433 dollars/ton; PX - naphtha spread fell 6.0% to 345 dollars/ton [2] - MEG: MEG port inventory decreased 0.7% to 73.0 tons; MEG to - port expectation increased 66.4% to 17.8 tons [2] - Operating rates: Asian PX operating rate increased 1.8% to 80.9%; PTA operating rate increased 10.3% to 78.1% [2] Urea - Futures prices: Urea 01 contract fell 0.77% to 1682 yuan/ton; 05 contract fell 0.78% to 1776 yuan/ton [3] - Spreads: 01 contract - 05 contract spread rose 1.09% to - 91 yuan/ton; UR - MA main contract spread rose 4.62% to - 475 yuan/ton [3] - Upstream raw materials: Anthracite small pieces (Jincheng) fell 1.11% to 890 yuan/ton; Steam coal port (Qinhuangdao) rose 0.43% to 700 yuan/ton [3] - Spot prices: Shandong (small - particle) urea rose 0.57% to 1760 yuan/ton; Shanxi (small - particle) urea fell 0.62% to 1610 yuan/ton [3] - Supply - demand: Domestic urea daily output increased 0.55% to 20.06 tons; urea plant - in inventory increased 0.29% to 102.22 tons [3] PVC and Caustic Soda - Spot and futures prices: Shandong 32% liquid caustic soda equivalent price remained unchanged at 2150 yuan/ton; East China calcium - carbide - based PVC market price fell 1.1% to 4650 yuan/ton [4] - Overseas quotes and export profits: FOB Middle - East port caustic soda price fell 1.4% to 365 dollars/ton; PVC export profit fell 118.7% to - 45.3 yuan/ton [4] - Supply: Caustic soda industry operating rate increased 0.2% to 88.7%; PVC total operating rate decreased 0.9% to 75.4% [4] - Demand: Alumina industry operating rate remained unchanged at 79.9%; Longzhong sample pipe material operating rate decreased 3.7% to 36.2% [4] - Inventory: Liquid caustic soda East China plant - in inventory decreased 2.6% to 22.1 tons; PVC total social inventory increased 0.6% to 51.4 tons [4] Polyolefins - Futures prices: L2601 closed at 6410 yuan/ton, down 0.31%; PP2605 closed at 6484 yuan/ton, down 0.03% [6] - Spreads: L15 spread fell 2.83% to - 218 yuan/ton; PP15 spread fell 12.64% to - 196 yuan/ton [6] - Spot prices: East China PP drawstring spot price remained unchanged at 6280 yuan/ton; North China LLDPE spot price rose 0.31% to 6480 yuan/ton [6] - Operating rates: PE device operating rate increased 0.52% to 83.7%; PP device operating rate decreased 1.65% to 75.5% [6] - Inventory: PE enterprise inventory increased 6.66% to 39.5 tons; PP trade - merchant inventory increased 15.52% to 20.5 tons [6] Crude Oil - Oil prices: Brent rose 3.39% to 61.99 dollars/barrel; WTI rose 3.16% to 57.76 dollars/barrel; SC fell 1.60% to 418.00 yuan/barrel [7] - Spreads: Brent M1 - M3 spread rose 37.50% to 0.77 dollars/barrel; WTI - Brent spread rose 6.55% to 4.23 dollars/barrel [7] - Refined oil prices: NYM RBOB rose 3.88% to 176.03 cents/gallon; ICE Gasoil rose 1.46% to 609.25 dollars/ton [7] Glass and Soda Ash - Glass prices: North China glass quote rose 0.99% to 1020 yuan/ton; Glass 2601 fell 0.30% to 1013 yuan/ton [9] - Soda ash prices: Northwest soda ash quote rose 2.33% to 880 yuan/ton; Soda ash 2605 fell 2.70% to 1239 yuan/ton [9] - Supply: Soda ash operating rate increased 5.93% to 84.70%; Float - glass daily melting volume decreased 0.92% to 15.01 tons [9] - Inventory: Glass factory inventory decreased 5.69% to 5551.80 tons; Soda ash factory inventory increased 4.25% to 157.25 tons [9] Natural Rubber - Spot prices: Yunnan state - owned whole - latex (SCRWF): Shanghai rose 0.63% to 15850 yuan/ton; Cup rubber: international market: FOB mid - price rose 1.16% to 52.30 Thai baht/kg [11] - Spreads: 9 - 1 spread remained unchanged at - 70 yuan/ton; 1 - 5 spread remained unchanged at 60 yuan/ton [11] - Production: November Thailand rubber production fell 9.39% to 466.20 thousand tons; November China rubber production increased 20.88% to 137.20 thousand tons [11] - Operating rates: Automobile tire: semi - steel tire operating rate decreased 3.46% to 65.89%; Automobile tire: full - steel tire operating rate decreased 0.22% to 58.02% [11] - Inventory: Bonded - area inventory increased 4.48% to 548344 tons; Natural rubber: factory - warehouse futures inventory: SHFE remained unchanged at 57959 tons [11] Methanol - Futures prices: MA2605 closed at 2231 yuan/ton, down 1.59%; MA59 spread fell 120.00% to - 4 yuan/ton [12] - Spreads: Taicang basis fell 600.00% to - 15 yuan/ton; MTO05 on - the - plate fell 13.33% to - 221 yuan/ton [12] - Spot prices: Inner Mongolia north - line spot price remained unchanged at 1848 yuan/ton; Henan Luoyang spot price fell 1.32% to 2058 yuan/ton [12] - Inventory: Methanol enterprise inventory increased 5.94% to 44.768 tons; Methanol port inventory increased 4.05% to 153.7 tons [13] - Operating rates: Upstream - domestic enterprise operating rate increased 0.54% to 78.09%; Downstream - external - procurement MTO device operating rate decreased 0.59% to 78.88% [13] LPG - Futures prices: Main PG2602 fell 0.62% to 4199 yuan/ton; PG2603 fell 0.87% to 4103 yuan/ton [17] - Spreads: South China spot - PG02 spread rose 0.77% to 781 yuan/ton [17] - External prices: FEI forward M1 contract fell 1.85% to 503.00 dollars/ton; CP swap M1 contract fell 1.15% to 517.00 dollars/ton [17] - Inventory: LPG refinery storage - capacity ratio rose 0.91% to 24.3%; LPG port inventory decreased 8.41% to 214 tons [17] - Operating rates: Upstream - major refinery operating rate remained unchanged at 75.11%; Downstream - PDH operating rate decreased 1.65% to 75.1% [17]