1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The glass market is expected to experience short - term fluctuations. Although there is an expectation of further contraction in supply due to long - term losses in glass production lines and cold - repair plans before the Spring Festival, the real - estate demand has not improved, and the decline in off - season demand may exceed the supply contraction. The market sentiment has strengthened, leading to a rebound in the market, and the short - term price is expected to fluctuate. Attention should be paid to the trend near the pressure level, as well as macro - policy changes and production line cold - repair situations [4] 3. Summary by Relevant Catalogs Market行情回顾 - **Futures market**: The glass main contract showed a slightly stronger intraday oscillation. The 120 - minute Bollinger Band contracted, indicating a short - term oscillation signal. The intraday pressure was near the middle line of the Bollinger Band, and the support was near the lower line. The trading volume increased by 17,568 lots compared to the previous day, and the open interest increased by 18,652 lots. The intraday high was 1070, the low was 1051, and the closing price was 1064, up 14 yuan/ton or 1.33% from the previous settlement price [1] - **Spot market**: In North China, the market was stable, with manufacturers having decent sales and downstream purchases being rational; in East China, the market was dull with mainly rigid - demand purchases, and some manufacturers offered discounts, with a general trading atmosphere; in Central China, there were few changes, with cautious purchases and stable prices; in South China, overall transactions were good, and some prices were increased [1] - **Basis**: The spot price in North China was 1010, and the basis was - 54 yuan/ton [1] Fundamental Data - **Supply**: As of January 22, the total output of float glass this week was 1.0552 million tons, a week - on - week increase of 0.28% and a year - on - year decrease of 3.95%. The industry's average opening rate was 71.62%, a week - on - week increase of 0.14%; the average capacity utilization rate was 75.57%, a week - on - week increase of 0.34%. There was no production line water - tapping or ignition this week, and the daily output remained stable [2] - **Inventory**: The total inventory of national float glass sample enterprises was 53.216 million weight boxes, a week - on - week increase of 203,000 weight boxes or 0.38%, and a year - on - year increase of 22.74%. The inventory days were 23.1 days, an increase of 0.1 day from the previous period. This week, the downstream's purchasing sentiment was average, and some areas were affected by the weather with weak sales, resulting in an overall inventory increase [2] - **Demand**: The average order days of national deep - processing sample enterprises was 9.3 days, a week - on - week increase of 7.9% and a year - on - year increase of 86.4%. As the Spring Festival approached, the deep - processing orders in the north and south regions showed different trends. The executable days of southern orders increased slightly, and some orders could last for more than 20 days, while the orders in the northern and central regions declined [2] - **Profit**: The weekly average profit of natural - gas float glass was - 158.69 yuan/ton, a week - on - week increase of 5.71 yuan/ton; the weekly average profit of coal - gas float glass was - 65.11 yuan/ton, a week - on - week increase of 3.9 yuan/ton; the weekly average profit of petroleum - coke float glass was - 1.78 yuan/ton, a week - on - week decrease of 5.71 yuan/ton [2][3] Main Logic Summary - The long - term losses of glass production lines have accelerated the clearance of some enterprises' production capacity, and there are still cold - repair plans for some production lines before the Spring Festival, so there is an expectation of further supply contraction. However, the real - estate development investment and capital availability have continued to decline year - on - year this month, and the completion and new construction are weak, with the real - estate demand still not improving. Overall, the real - estate data is still deteriorating, and the market's rigid demand is accelerating to weaken at the end of the month. Although there is still an expectation of cold - repair for a few production lines, the supply contraction may not be able to offset the decline in off - season demand. The anti - involution sentiment has strengthened, leading to a market rebound. The short - term price is expected to fluctuate, and attention should be paid to the trend near the pressure level. Future attention should be paid to macro - policy changes and production line cold - repair situations [4]

1. Report Industry Investment Rating - The short - term investment rating for the soda ash industry is "short - term shock", indicating a volatile trend in the short term [1]. 2. Core View of the Report - Currently, the soda ash production capacity utilization rate remains high, and with the gradual release of new production capacity, the overall output is increasing. There is an expectation of cold - repair of glass production lines near the end of the month, which may further weaken the rigid demand for soda ash. Although the anti - involution news has strengthened market sentiment and led to a short - term rebound in the market, in the medium - to - long - term, the supply of soda ash is expected to remain high, intensifying the supply - demand contradiction. Despite high exports alleviating some pressure, the high inventory still restricts price rebound. The short - term price is likely to fluctuate, and attention should be paid to the return of the market to the weak fundamentals after the sentiment fades. [4] 3. Summary by Relevant Catalogs Market行情回顾 (Market Review) - **Futures Market**: The main soda ash futures contract strengthened with fluctuations during the day. The 120 - minute Bollinger Bands' three tracks contracted, indicating a short - term shock signal. The intraday resistance was near the 60 - day moving average, and the short - term support was near the 5 - day moving average. The trading volume increased by 77,654 lots compared to the previous day, while the open interest decreased by 17,937 lots. The intraday high was 1200, the low was 1178, and the closing price was 1198, up 24 yuan/ton or 2.04% from the previous settlement price [1]. - **Spot Market**: The spot market was slightly stable with fluctuations. The enterprise equipment had a narrow - range fluctuation, and Jiangsu Huachang had a short - term shutdown. The supply was adjusted at a high level. Downstream demand was mediocre, with poor purchasing enthusiasm, and buyers mainly replenished inventory at low prices [1]. - **Basis**: The spot price of heavy soda ash in North China was 1250, and the basis was 52 yuan/ton [1]. Fundamental Data - **Supply**: As of January 22, the domestic soda ash output was 771,700 tons, a month - on - month decrease of 3600 tons or 0.46%. The light soda ash output was 358,800 tons, a month - on - month decrease of 2700 tons, and the heavy soda ash output was 412,900 tons, a month - on - month decrease of 900 tons. The comprehensive capacity utilization rate was 86.42%, down 0.40 percentage points from the previous week. The ammonia - soda process capacity utilization rate was 87.69%, down 2.27 percentage points, and the co - production process capacity utilization rate was 77.99%, down 0.89 percentage points. The overall capacity utilization rate of 15 enterprises with an annual production capacity of one million tons or more was 89.89%, a month - on - month increase of 0.42% [2]. - **Inventory**: The total inventory of domestic soda ash manufacturers was 1.5212 million tons, a decrease of 23,000 tons or 1.49% from Monday. Among them, the light soda ash inventory was 82,450 tons, a month - on - month increase of 1900 tons, and the heavy soda ash inventory was 696,700 tons, a month - on - month decrease of 24,900 tons. Compared with last Thursday, it decreased by 53,800 tons or 3.42%. Among them, the light soda ash inventory decreased by 12,500 tons, and the heavy soda ash inventory decreased by 41,300 tons. The inventory at the same time last year was 1.4295 million tons, a year - on - year increase of 9170 tons or 6.41% [2]. - **Demand**: The shipment volume of soda ash enterprises was 825,600 tons, a month - on - month increase of 6.80%. The overall shipment rate was 106.98%, a month - on - month increase of 7.27%. The downstream demand for soda ash was average, with poor purchasing enthusiasm. Buyers mainly consumed inventory and made low - price rigid - demand purchases [3]. - **Profit**: According to Longzhong Information statistics, the theoretical profit of the co - production method (double - ton) was - 40 yuan/ton, a month - on - month increase of 9.09%. The theoretical profit of the ammonia - soda method was - 96.3 yuan/ton, remaining the same as the previous month. During the week, the raw material salt price was stable, and the thermal coal price fluctuated downward, resulting in a slight decline in costs [3]. Main Logic Summary - The soda ash production capacity utilization rate remains high, and new production capacity is gradually being released, leading to an increase in overall output. There is a cold - repair expectation for glass production lines near the end of the month, which may further weaken the rigid demand for soda ash. Although the anti - involution news has strengthened market sentiment and caused a short - term rebound in the market, in the medium - to - long - term, the supply of soda ash is expected to remain high, intensifying the supply - demand contradiction. High exports alleviate some pressure, but the high inventory still restricts price rebound. The short - term price may fluctuate, and attention should be paid to the return of the market to the weak fundamentals after the sentiment fades. It is necessary to continue to monitor downstream demand, macro - policies, and market sentiment [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For sugar, the main contract of Zhengzhou sugar futures remained at a low level overnight. The seasonal increase in supply pressure led to a pessimistic market sentiment. With the southern sugar mills in the peak crushing season, the seasonal increase in sugar supply is becoming more apparent. The unexpectedly high sugar imports in December suppressed the futures prices. On the spot market, prices were weak, and pre - holiday consumption showed no signs of improvement. It is expected to remain at a low level in the short term [2]. - For cotton, the main contract of Zhengzhou cotton futures showed a slightly stronger oscillating trend overnight. Although the immediate profits of Xinjiang textile enterprises and the immediate cash flows of inland textile enterprises have been compressed to a low level, the inventory pressure of finished products is relatively limited. The operating rates of inland textile enterprises have decreased steadily, while those of Xinjiang textile enterprises remain strong. After the decline of Zhengzhou cotton prices, many textile enterprises locked in the basis for point - price trading. The rigid demand for cotton raw materials from textile enterprises still exists. In the short term, the expectation of production reduction has been reflected in the futures prices, and the market is expected to oscillate at a low level. Buying opportunities on dips can be considered [2]. 3. Summary According to the Directory 3.1 Futures Market - **Sugar Futures**: The previous day's closing prices of sugar contracts SR2609, SR2605, and SR2603 were 5178, 5158, and 5163 respectively, with increases of 17, 14, and 20, and growth rates of 0.33%, 0.27%, and 0.39% respectively. The 11 - number sugar contracts 2603, 2607, and 2605 had previous day's closing prices of 14.96, 14.46, and 14.77 respectively, with increases of 0.19, 0.11, and 0.1, and growth rates of 1.29%, 0.77%, and 0.68% respectively. The trading volumes and positions of each contract also showed different changes [1]. - **Cotton Futures**: No detailed futures - market data about cotton is provided in the given content. 3.2 Spot Market - **Sugar Spot**: The current spot prices of white sugar in Liuzhou and Kunming are 5340 and 5160 respectively. The basis for Liuzhou and Kunming relative to SR2509 are 177 and - 3 respectively. The current import prices of Brazilian sugar within and outside the quota are 3331 and 4239 respectively, and those of Thai sugar are 3847 and 4912 respectively [1]. - **Cotton Spot**: No relevant content provided 3.3 Industry Information - **Dairy and Beverage Data**: In December 2025, China's dairy production was 2.667 million tons, a year - on - year decrease of 1.8%. The cumulative dairy production in 2025 was 29.503 million tons, a year - on - year decrease of 1.1%. In December 2025, China's beverage production was 13.421 million tons, a year - on - year increase of 1.1%. The cumulative beverage production in 2025 was 179.253 million tons, a year - on - year increase of 3% [2]. - **Sugar Production Data**: In December 2025, China's refined sugar production was 3.59 million tons, a year - on - year increase of 11%. The total refined sugar production in 2025 was 16.21 million tons, a year - on - year increase of 9% [2]. - **Weather Information**: The yellow warning for freezing in Guangxi remained in effect, and freezing rain and snow would affect many areas [2]. - **Brazilian Sugar Cane Data**: In the second half of December 2025, the central - southern region of Brazil crushed 2.171 million tons of sugar cane, a year - on - year increase of 26.60%. The sugar output was 56,020 tons, a year - on - year decrease of 14.93%. The sugar - per - ton of cane (ATR) was 127.49 kg, a year - on - year increase of 3.37%. The sugar - making ratio dropped significantly to 21.24%. The total ethanol production was 561 million liters, a year - on - year increase of 14.91%. As of January 1, 2026, in the 2025/2026 sugar - cane season, the central - southern region of Brazil had cumulatively crushed 600.4 million tons of sugar cane, a slight year - on - year decrease of 2.28%. The cumulative sugar production reached 40.222 million tons, a slight year - on - year increase of 0.86%. The ethanol cumulative production was 30.838 billion liters, a year - on - year decrease of 5.06% [2].

Group 1: Report Industry Investment Rating - The investment rating for the rubber industry is "shockingly strong", and the trend strength is 1, indicating a relatively positive outlook [1]. Group 2: Core View of the Report - In the early part of the week, weak overseas demand and domestic buying sentiment led to a decline in Thai raw material prices, weakening upstream cost support. Higher-than-expected December natural rubber imports increased inventory pressure, causing rubber prices to fall. At the end of the week, a rebound in overseas raw material prices and positive news in synthetic rubber drove rubber prices up. The capacity utilization rates of Chinese tire sample enterprises showed mixed trends this week, and are expected to be slightly weaker next week [2][3]. Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: The daily and night closing prices of the rubber main contract increased by 105 yuan/ton and 200 yuan/ton respectively. The trading volume decreased by 23,739 lots, while the open interest increased by 1,899 lots. The number of warehouse receipts remained unchanged, and the net short position of the top 20 members increased by 1,373 lots [1]. - **Spread Data**: The basis of spot and mixed rubber against the futures main contract decreased by 5 yuan/ton and 25 yuan/ton respectively. The monthly spread between RU05 and RU09 remained unchanged [1]. - **Spot Market**: The outer - market quotes of various rubber types such as RSS3, STR20, etc. increased. The prices of substitutes like Qilu styrene - butadiene and Qilu cis - butadiene rubber also rose. The prices of imported rubber in the Qingdao market, such as Thai standard and Thai mixed rubber, increased [1]. Industry News - Overseas demand and domestic buying sentiment weakened in the early part of the week, causing a decline in Thai raw material prices. Higher - than - expected imports in December increased inventory pressure, leading to a decline in rubber prices. At the end of the week, a rebound in raw material prices and positive news in synthetic rubber drove prices up. The capacity utilization rates of tire sample enterprises showed mixed trends, with semi - steel tire utilization rising and full - steel tire utilization falling. It is expected to be slightly weaker next week [2][3].

Sugar Industry - The current spot price range for sugar from Guangxi Sugar Group is 5260 to 5360 CNY/ton, while Yunnan Sugar Group quotes between 5110 to 5160 CNY/ton, reflecting an overall decrease of 10 CNY/ton [2][6] - Recent rebound in raw sugar futures has not broken the range-bound pattern, attributed to declining sugar production in Brazil and supportive ethanol-to-sugar pricing, with the market currently in Brazil's off-season [2][6] - The core issue remains the estimated production for the new crushing season starting in April, with limited positive impacts from the production side at this moment, necessitating attention to the progress of northern hemisphere production [2][6] - Domestic spot prices are slowly declining, and the market lacks new drivers for further declines, with expectations of narrow fluctuations in the short term [2][6] Cotton Industry - On Thursday, ICE cotton prices fell by 0.61% to 63.91 cents/pound, while Zhengzhou cotton futures rose by 1.06% to 14730 CNY/ton, with a significant increase in open interest by 12765 contracts to 800,000 contracts [8] - The cotton 3128B spot price index increased by 75 CNY/ton to 15520 CNY/ton compared to the previous day [8] - Internationally, ongoing macroeconomic disturbances and delayed expectations for the first interest rate cut by the Federal Reserve until June have weakened the US dollar, leading to a lack of sustained upward momentum in cotton prices [8] - Domestically, the focus has shifted back to fundamentals, particularly pre-holiday inventory replenishment and operational conditions, with textile companies showing limited motivation for significant restocking ahead of the Spring Festival [8] - As the holiday approaches, operational rates are expected to gradually decline from high levels, indicating limited upward drivers for cotton prices in the short term, although future policy developments may provide some support [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Short - term cotton drivers are limited, but the medium - and long - term cotton fundamentals remain strong. After a significant recent price correction, cotton is expected to trade in a range in the short term. The short - term trend of US cotton and Zhengzhou cotton is likely to be range - bound. For cotton trading strategies, it is recommended to take a wait - and - see approach for arbitrage and options. The cotton yarn market will continue to be weak in the short term, and the overall situation of the cotton fabric market has not changed significantly [6][8][9][10] Group 3: Summary by Directory First Part: Market Information - **Futures Market**: The closing prices, price changes, trading volumes, and open interest of various cotton (CF) and cotton yarn (CY) futures contracts are presented. For example, the CF01 contract closed at 15300 with a price increase of 145, and the CY05 contract closed at 20620 with a price increase of 105 [2] - **Spot Market**: The prices and price changes of various cotton and cotton yarn spot varieties are provided, such as the CCIndex3128B cotton price at 15839 yuan/ton with a decrease of 17, and the CY IndexC32S cotton yarn price at 21320 with no change [2] - **Price Spreads**: Different price spreads, including cotton inter - month spreads, cotton yarn inter - month spreads, cross - variety spreads, and internal - external spreads, are given. For instance, the 1 - 5 month cotton spread is 570 with a decrease of 50, and the internal - external cotton spread (1% tariff) is 2827 with an increase of 63 [2] Second Part: Market News and Views Cotton Market News - **West African Cotton**: In the 2025/26 season, the cotton planting area in West Africa is expected to be about 2.2 million hectares (about 33 million mu), a 6% year - on - year decrease. Mali's seed cotton production will drop by over one - third to about 435,000 tons, while Benin's total production is expected to increase by 2% to about 650,000 tons. The total production of the eight West African countries is expected to be 905,000 tons, a 6% year - on - year decrease [4] - **Pakistani Textiles**: In December 2025, Pakistan's textile exports were $1.11 billion, a 6% month - on - month and 8% year - on - year decrease. In the first six months of the 2025/26 fiscal year, the cumulative total textile exports were $7.6 billion, a 1% year - on - year slight increase [5] - **Xinjiang Cotton Transportation**: On January 22, 2026, the road transportation price index of Xinjiang - outbound cotton was 0.1665 yuan/ton·km, a 0.77% month - on - month decrease. It is expected to show a narrow - range oscillation in the short term [5] Trading Logic and Strategies - **Logic**: The current cotton sales progress is fast, and downstream stocking willingness has increased. Short - term cotton drivers are limited, and the medium - and long - term fundamentals are strong. After a significant price correction, short - term range - bound trading is expected [6] - **Strategies**: For single - side trading, the short - term trends of US cotton and Zhengzhou cotton are likely to be range - bound. For arbitrage and options, a wait - and - see approach is recommended [8][9][10] Cotton Yarn Industry News - **Cotton Yarn Market**: The domestic cotton yarn market has been weak, with continuous price discounts. The trading volume is expected to decrease further. The prices of different cotton yarn products in various regions are provided [10] - **Cotton Fabric Market**: The overall situation of the cotton fabric market has not changed significantly, with slightly better sales of thinner plain - weave fabrics. Weaving mills' orders have increased slightly, but the delivery time is tight. They are cautious about the post - holiday market [10] Third Part: Options - **Option Data**: The closing prices, price changes, implied volatilities, and other relevant data of several cotton option contracts on January 19, 2026 are presented. For example, the CF605C14600.CZC option closed at 334 with a 16.9% decrease, and its implied volatility was 13.3% [12] - **Volatility Analysis**: The 60 - day historical volatility (HV) of cotton increased slightly compared to the previous day. The implied volatilities of different option contracts are also provided [12] - **Option Strategy**: A wait - and - see approach is recommended for options [14] Fourth Part: Related Attachments - Multiple figures are presented, including the internal - external cotton price difference under 1% tariff, cotton basis for different months, the price difference between cotton yarn and cotton futures contracts, and the inter - month price difference of cotton futures contracts [16][19][23][24]

Report Summary 1. Investment Rating - Unilateral: Cautiously bullish. - Arbitrage: Neutral [5] 2. Core View - Zinc prices have declined, and there is restocking in the spot market, but social inventories are increasing and are about to exceed the five - year average. Spot liquidity has improved, and procurement remains cautious. - The TC of domestic and imported zinc ores continues to rise, smelting profits are increasing, and the supply is expected to increase. - The pressure on the supply side is prominent, and domestic inventory accumulation is expected to continue even during the peak consumption season. If the peak - season consumption expectations are not met, zinc prices will face significant pressure [4] 3. Summary by Related Catalogs Spot Market - LME zinc spot premium is -$43.57 per ton. - SMM Shanghai zinc spot price is 24,210 yuan/ton, with a premium of 55 yuan/ton; SMM Guangdong zinc spot price is 24,200 yuan/ton, with a premium of 15 yuan/ton; Tianjin zinc spot price is 24,140 yuan/ton, with a premium of -15 yuan/ton [1] Futures Market - On January 21, 2026, the SHFE zinc main contract opened at 24,300 yuan/ton and closed at 24,350 yuan/ton, down 50 yuan/ton from the previous trading day. The trading volume was 146,086 lots, and the open interest was 121,693 lots. The highest price was 24,390 yuan/ton, and the lowest was 24,070 yuan/ton [2] Inventory - As of January 21, 2026, the total inventory of zinc ingots in seven regions monitored by SMM was 122,000 tons, an increase of 3,500 tons from the previous period. - As of January 21, 2026, LME zinc inventory was 111,850 tons, a decrease of 450 tons from the previous trading day [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For sugar, the main contract of Zhengzhou sugar continued to weaken overnight. The increasing seasonal supply pressure led to a pessimistic market sentiment and a decline in the market. With the southern sugar mills in the peak crushing period, the seasonal supply of sugar increased, and the supply pressure gradually emerged. In December, sugar imports exceeded market expectations, suppressing the market. On the spot side, prices were weak, and pre - holiday consumption did not improve. It is expected to remain at a low level in the short term [3]. - For cotton, the main contract of Zhengzhou cotton maintained a weak oscillation within the range overnight. The immediate profits of Xinjiang textile enterprises and the immediate cash - flow of inland textile enterprises in the downstream industry have been compressed to a relatively low level. However, the inventory pressure of textile enterprises' finished products is relatively limited. The operation rate of inland textile enterprises has decreased steadily, while that of Xinjiang textile enterprises remains strong. After the decline of Zhengzhou cotton, many textile enterprises locked in the basis and priced. The rigid demand for cotton raw materials from textile enterprises still exists. In the short term, the expectation of production reduction regulation has been reflected in the market. It is expected that after continuous reduction in positions and decline in the market, it will maintain a low - level oscillation in the short term, and opportunities to go long on dips can be considered [3]. 3. Summary According to Relevant Catalogs Futures Market - **Sugar Futures**: For domestic sugar futures contracts (SR2609, SR2605, SR2603), the previous day's closing prices were 5161, 5144, and 5143 respectively, down 39 from the day before yesterday, with a decline rate of 0.75%. The trading volumes were 25565, 223350, and 37264 respectively, and the open interests were 96753, 461359, and 103143 respectively, with increases of 4559, 22526, and 1653 respectively [1]. - **11 - No. Sugar Futures**: For 11 - no. sugar futures contracts (2603, 2607, 2605), the previous day's closing prices were 14.77, 14.35, and 14.67 respectively. Compared with the day before yesterday, the price of 2603 increased by 0.04 (0.27%), 2607 remained unchanged, and 2605 decreased by 0.01 (- 0.07%). The trading volumes were 46550, 19076, and 8358 respectively, and the open interests were 405922, 153199, and 86790 respectively. The open interests of 2603 decreased by 7982, while those of 2607 and 2605 increased by 1743 and 394 respectively [1]. Spot Market - **Sugar Spot**: The current spot prices of white sugar in Liuzhou and Kunming are 5350 and 5195 respectively. The previous day's prices were 5370 and 5195 respectively. The current basis of Liuzhou and Kunming relative to SR2603 is 207 and 52 respectively, compared with 188 and 13 the day before yesterday [1]. - **Sugar Import Price**: The current quota - within and quota - outside import prices of Brazilian sugar are 3331 and 4239 respectively, and those of Thai sugar are 3847 and 4912 respectively. Compared with the day before yesterday, the prices have decreased. The differences between the futures price and Thai sugar are 1297 (quota - within) and 232 (quota - outside) [1]. Inventory and Position - **Sugar Inventory**: The current number of sugar warehouse receipts is 14421, the effective forecast is 50, and the total of warehouse receipts and forecasts is 14471, slightly lower than the previous day [1]. - **ICE11 - No. Sugar Position**: The current non - commercial long and short positions of ICE11 - no. sugar are 143494 and 309205 respectively, and the long - to - short ratio is 0.46, which is lower than the previous day [1]. Industry Information - **Port Cargo Throughput**: In 2025, the Santos Port in São Paulo state set a record high in cargo throughput at 186.4 million tons, a 3.6% increase from the previous record in 2024. China was the most frequent trading partner, accounting for 29.6% of the total trade flow. The main export products were soybeans (44.9 million tons), sugar (24.1 million tons), corn (15.2 million tons), and pulp (9.8 million tons), and the main import products were fertilizers (8.3 million tons), diesel (2.4 million tons), sulfur (2.04 million tons), and wheat (1.3 million tons) [2]. - **Brazilian Sugarcane Yield**: In December 2025, the average yield per hectare of sugarcane in the central - southern region of Brazil was 73.4 tons, a 26.6% increase from the same period in 2024. The cumulative yield per hectare from April to December in the 2025/26 crushing season was 74.7 tons, a 4.6% decrease from the same period in the previous crushing season [2]. - **Indian Sugarcane Subsidy**: The Punjab state cabinet in India approved a direct subsidy of 685 rupees per ton (equivalent to 52.38 yuan per ton) for sugarcane farmers in the 2025/26 crushing season this Tuesday. This subsidy will be paid by private sugar mills and directly distributed to farmers' accounts, which is an additional subsidy and does not affect the current guidance price of 4160 rupees per ton (equivalent to 318.07 yuan per ton) in the state, which is still the highest in the country [2].

2026 年 01 月 22 日 铝：24000 一线震荡 氧化铝：反弹沽空 铸造铝合金：跟随电解铝 国 泰 君 安 期 货 研 究 王蓉 投资咨询从业资格号：Z0002529 wangrong2@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 所 铝、氧化铝、铸造铝合金基本面数据更新 | | | | | | | | | 11 | T-1 | T-5 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪铝主力合约收盘价 | | | | | | 24155 | 205 | -440 | 2185 | 3410 | | | | 沪铝主力合约夜盘收盘价 | | | | | | 24100 | l | l | l | l | | | | LME铝3M收盘价 | | | | | | 3118 | -1 | -72 | 223 | 469 | | | | 沪铝主力合约成交量 | | | | | | 46 ...

LPG：取暖需求支撑，PG 走势坚挺 丙烯：现货维持紧平衡 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 赵书岑（联系人） 期货从业资格号：F03147780 zhaoshucen@gtht.com 2026 年 1 月 22 日 【基本面跟踪】 LPG、丙烯基本面数据 | | | 2602 | 昨日收盘价 4,161 | 日涨幅 0.48% | 夜盘收盘价 夜盘涨幅 4,182 | 0.50% | | 2602 | 4,683 | 昨日成交 较前日变动 昨日持仓 较前日变动 -7,567 | 6,131 | -2,837 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | PG | 2603 | 4,069 | 0.37% | 4,104 | 0.86% | PG | 2603 | 43,015 | -11,592 | 88,100 | -2,868 | | 期货市场 | | 2604 | 4,346 | 0.58% | 4,377 | 0.71% ...