商 品 研 究 2026 年 1 月 30 日 LLDPE：进口暂难放量，油价支撑偏强 周富强 投资咨询从业资格号：Z0023304 zhoufuqiang@gtht.com 【基本面跟踪】 LLDPE 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | L2605 | 7049 | 1.18% | 630671 | -18370 | | 基差月差变化 | | 昨日价差 | | 前日价差 | | | | 05合约基差 | -169 | | -167 | | | | 05-09合约价差 | -55 | | -48 | | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华北 | 6880 | | 6800 | | | | 华东 | 6950 | | 6900 | | | | 华南 | 7030 | | 7000 | | 资料来源：卓创资讯，国泰君安期货 【现货消息】 期货偏强，上游前期库存转移，企业报价企稳反弹，月底代理开单及中游销售较弱。裕龙石化 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 宝城期货螺纹钢早报（2026 年 1 月 30 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2605 | 震荡 | 震荡 | 震荡 偏弱 | 低位震荡 | 供需格局走弱，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 商品情绪偏暖，钢材期价震荡走高，而螺纹钢供需格局延续季节性弱势，建筑钢厂生产平稳， 螺纹产量环比微增，供应持续增加，但春节临近短流程钢厂将减产，回升空间有限。与此同时，螺 纹钢需求表现偏弱，高频需求指标低位运行，继续位于近年来农历同期低位，且下游行业也未好 转，弱势需求格局未 ...

Report Summary - **Report Date**: January 30, 2026 [1] - **Analyst**: He Xiaoqin, Investment Consulting Qualification Number: Z0017709 [1] Industry Investment Ratings - PX: Unilateral upward trend, recommend reverse calendar spread strategy [1][5] - PTA: Supported by cost, unilateral upward trend [1][6] - MEG: Upward trend [1][6] Core Views - **PX**: With continuous rise in crude oil prices and overall valuation increase in the chemical sector, the medium - term unilateral trend is upward. Before the Spring Festival, there are more pullbacks, and a reverse calendar spread strategy is recommended. Supply is abundant after the restart of the 800,000 - ton Zhonghua Quanzhou plant. The trading logic is mainly on the capital side, and downstream pre - festival rigid procurement demand drives up prices [5]. - **PTA**: The unilateral trend is upward with the continuous rise in crude oil prices. Pay attention to the 5,100 - 5,200 support range. Future supply and demand will be weak, and inventory will accumulate. Some polyester plants plan to increase production cuts in February, weakening the rigid demand for PTA. There is pressure above 5,500, but there will be support around 5,100. Short the processing margin on rallies [6]. - **MEG**: Buy on dips and trade in the 3,800 - 4,200 range. Supply pressure remains high, and port inventory has increased to 860,000 tons. However, considering basis and calendar spread can cover storage costs, the downside is limited. There will be more coal - based plant maintenance during the Spring Festival, and supply will decrease marginally. The short - term trend is upward, but the upside is limited. Pay attention to the 5 - 9 reverse calendar spread during the rally [6]. Summary by Relevant Catalogs Futures Market | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing Price | Previous Day's Closing Price | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX Main | 7482 | -34 | -0.45% | PX5 - 9 | 16 | 28 | -12 | | PTA Main | 5332 | -38 | -0.71% | PTA5 - 9 | -18 | 6 | -24 | | MEG Main | 3957 | -13 | -0.33% | MEG5 - 9 | -97 | -96 | -1 | | PF Main | 6720 | -28 | -0.41% | PF3 - 4 | -56 | -48 | -8 | | SC Main | 472.5 | 12.2 | 2.65% | SC2 - 3 | -7.8 | -2.1 | -5.7 | [2] Spot Market | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 921.33 | 923.5 | -2.17 | | PTA East China (Yuan/ton) | 5250 | 5250 | 0 | | MEG Spot | 3837 | 3843 | -6 | | Naphtha MOPJ | 596 | 584.5 | 11.5 | | Dated Brent ($/barrel) | 72.36 | 70 | 2.35 | [2] Spot Processing Margin | Processing Margin | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 357.42 | 339.67 | 17.75 | | PTA Processing Margin | 415.64 | 363.95 | 51.69 | | Short - Fiber Processing Margin | 120.64 | 142.01 | -21.37 | | Bottle - Chip Processing Margin | 211.39 | 199.35 | 12.03 | | MOPJ Naphtha - Dubai Crude Spread | -4.34 | -4.34 | 0 | [2] Fundamental Data - **PX**: Naphtha prices remained strong in the afternoon. PX prices were weak today. Two April spot deals were made at $924/ton CFR. The recent PX valuation is $921/ton CFR, down $3 from yesterday [3]. - **PTA**: There were no significant changes in PTA plants in mainland China this week. The PTA load on Thursday was 76.6%, and the operating rate was around 82.7% [3]. - **MEG**: As of January 29, the overall operating rate of ethylene glycol in mainland China was 74.38% (up 1.33% from the previous period), and the operating rate of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 81.79% (up 2.39% from the previous period). A 500,000 - ton/year MEG plant in Fujian restarted recently and is expected to produce products this weekend [3]. - **Polyester**: As the Spring Festival approaches, polyester plants have frequent changes. The overall polyester load has decreased. As of Thursday, the polyester load in mainland China was around 84.7%. The operating rate of major domestic polyester industrial yarn manufacturers remained stable, at around 75% [5]. Trend Intensity - PX Trend Intensity: 1 - PTA Trend Intensity: 1 - MEG Trend Intensity: 1 Note: The trend intensity ranges from - 2 to 2. - 2 means most bearish, and 2 means most bullish [5]

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 6 / 1 / 3 0 GOLDTRUST FUTURES CO.， 棕榈油持续上涨，后市怎么看？ ibaotu.com 热点聚焦 1月29日，棕榈油主力P2605收9362元/吨，涨幅1.15%，盘中最高9396元/吨，创三个月新高，核心驱动为供 应收缩与需求回暖。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 供应端，MPOA数据显示马棕1月1-20日产量环比降14.43%，高频数据显示1月1-25日出口环比增7.97%- 9.97%，季节性减产叠加出口改善，库存去化加速。 需求端，印度斋月备货启动，国内节前备货支撑消费，美国生柴政策利多预期提振植物油需求。 政策面，印尼延续B40生物柴油政策，美国RVO终案落地前，生柴需求预期稳定，对价格形成支撑。 中长期需警惕供应恢复压力，2-3月主产国或逐步进入增产周期，产量回升将影响库存去化节奏 。此外，原油 价格波动、马币汇率及油脂间价差变化也会干扰价格走势。 操作上，短期轻仓做多 ...

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - **Soft Commodity Sector** - **Sugar**: The international raw sugar price remains in a low - level narrow - range fluctuation. With an oversupply of international sugar and a large non - commercial net short position in sugar, and sufficient domestic sugar supply, the Zhengzhou sugar futures' fundamentals are loose. It is recommended to short on rebounds for the SR2605 contract [3]. - **Pulp**: Although the supply pressure eases, the domestic finished paper is in the off - season, and paper mills' restocking motivation is weak. The pulp price is under pressure but supported by the rising cost of warehouse receipts. It is suggested to go long on the 2605 contract near 5200 [3][4]. - **Double - offset Paper**: The double - offset paper spot is stable, and the upward space of futures is limited. It is advisable to operate in the short - term with a short - bias and hold short positions with appropriate reductions [5][6][7]. - **Cotton**: Affected by the relatively loose global and US cotton supply and tariff conflicts, the external cotton price may continue to bottom out. The domestic cotton price may slowly move up in the medium - term. It is recommended to hold long positions in the 05 contract cautiously [8]. - **Fresh Fruit and Vegetable Sector** - **Apple**: During the Spring Festival stocking period, the market performance is average. The supply - side support still exists, but the marginal driving force decreases. It is recommended to go long on dips for the 2605 contract [9]. - **Jujube**: The jujube futures price is in a narrow - range shock. The spot supply and demand are both strong, and the futures - spot price difference contradiction is alleviated. It is recommended to close short positions below 9000 points for the 2605 contract, and option strategies can also be considered [10][11]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations - **Fresh Fruit Futures** - **Apple 2605**: Recommend reducing long positions. The support from the decline in new - season output, good - fruit rate, and inventory year - on - year still exists, but the suppression of insufficient consumption growth is increasing. The support range is 8800 - 8900, and the pressure range is 11000 - 11500 [19]. - **Jujube 2605**: Recommend short - term long positions on dips. The expectation of production reduction may gradually appear in the far - month contracts, and the spot inventory begins to peak and decline. The support range is 8700 - 9000, and the pressure range is 9500 - 9800 [19]. - **Soft Commodity Futures** - **Sugar 2605**: Recommend shorting on rebounds. The international and domestic sugar supplies are relatively sufficient. The support range is 5070 - 5100, and the pressure range is 5270 - 5300 [19]. - **Pulp 2605**: Recommend light - position long positions. The downstream finished paper is in the off - season, and the paper mills' restocking willingness is weak, but the rising cost of warehouse receipts may support the pulp price. The support range is 5200 - 5300, and the pressure range is 5450 - 5500 [19]. - **Double - offset Paper 2605**: Recommend range - bound operations. The spot market is stable, and the basis expansion provides phased support for the futures price. However, the rising height is still not optimistic. The support range is 4000 - 4100, and the pressure range is 4250 - 4300 [19]. - **Cotton 2605**: Recommend holding long positions cautiously. The far - end bullish expectation still exists, but the external price is bottoming out, and the internal - external price difference restricts the domestic price. The support range is 13500 - 13600, and the pressure range is 15400 - 15500 [19]. 3.2 Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In December 2025, the export volume of fresh apples was about 156,500 tons, a month - on - month increase of 28.63% and a year - on - year increase of 26.76%. As of January 21, 2026, the cold - storage inventory of apples in the main producing areas was 6.8278 million tons, a week - on - week decrease of 218,800 tons. As of January 22, 2026, it was 6.3232 million tons, a week - on - week decrease of 232,500 tons and a year - on - year decrease of 296,900 tons [20]. - **Spot Market Situation**: In the Shandong production area, the price of high - quality late - maturing bagged Fuji apples is stable, and the packaging volume in cold storage is acceptable. In the Shaanxi production area, the mainstream price is stable, and the packaging volume in cold storage has increased significantly. In the sales area, the market arrivals are increasing, and the sales are acceptable [20][21]. - **Jujube Market**: As of January 11, the physical inventory of 36 sample points was 15,300 tons, a week - on - week decrease of 349 tons, a month - on - month decrease of 2.23%, and a year - on - year increase of 41.27%. The acquisition in the production area is basically over, and the market supply and demand are expected to enter a peak period with the approaching of the Lunar New Year [22]. - **Sugar Market**: India's February 2026 domestic sugar sales quota is 2.25 million tons, an increase of 50,000 tons from January. Brazil exported 1.7376 million tons of sugar and molasses in the first four weeks of January. As of January 26, 2026, the estimated cost of processed and duty - paid Brazilian sugar within the quota is 3997 yuan/ton, and outside the quota is 5077 yuan/ton. As of January 21, the number of ships waiting to load sugar at Brazilian ports increased, and the waiting sugar volume increased by 118,700 tons week - on - week [24]. - **Pulp Market**: Affected by the decline in futures prices and weakening demand for key resale varieties, the Chinese pulp market continues to weaken. The price of imported NBSK has declined, but the prices of Canadian and Nordic NBSK remain stable [28]. - **Double - offset Paper Market**: The inventory days of double - offset paper decreased by 2.05% week - on - week, and the decline rate narrowed. The operating load rate was 57.43%, a week - on - week increase of 0.07 percentage points, and the increase rate also narrowed [29]. - **Cotton Market**: Bangladesh plans to establish a free - trade zone in Chittagong. As of January 23, the cotton sowing progress in Mato Grosso, Brazil, reached 48%, an increase of 19 percentage points from the previous week and higher than the same period last year [30]. 3.3 Third Part: Market Review - **Futures Market Review**: On the day, the closing price of Apple 2605 was 9532, up 28 (0.29%); Jujube 2605 was 8830, up 10 (0.11%); Sugar 2605 was 5187, up 19 (0.37%); Pulp 2605 was 5374, up 32 (0.60%); Cotton 2605 was 14940, up 375 (2.57%) [31]. - **Spot Market Review**: The spot price of apples was 4.45 yuan/jin, unchanged month - on - month and up 0.45 yuan year - on - year; jujubes were 9.40 yuan/kg, down 0.10 yuan month - on - month and down 5.30 yuan year - on - year; sugar was 5270 yuan/ton, unchanged month - on - month and down 640 yuan year - on - year; pulp (Shandong Yinxing) was 5400 yuan/ton, unchanged month - on - month and down 1200 yuan year - on - year; double - offset paper (Taiyang Tianyang - Tianjin) was 4350 yuan/ton, unchanged month - on - month and down 600 yuan year - on - year; cotton was 15933 yuan/ton, down 20 yuan month - on - month and up 1207 yuan year - on - year [35]. 3.4 Fourth Part: Basis Situation The report provides relevant basis data and charts for apples, jujubes, sugar, pulp, and cotton, but specific numerical summaries are not given in the text. 3.5 Fifth Part: Inter - month Spread Situation - **Apple**: The 5 - 10 spread is 1112, a week - on - week decrease of 15 and a year - on - year increase of 1622. It is expected to be volatile and bullish, and it is recommended to go long on dips [55]. - **Jujube**: The 5 - 9 spread is - 200, a week - on - week increase of 25 and a year - on - year increase of 180. It is recommended to wait and see [55]. - **Sugar**: The 5 - 9 spread is - 11, a week - on - week increase of 6 and a year - on - year decrease of 144. It is expected to be volatile, and it is recommended to wait and see [55]. - **Cotton**: The 5 - 9 spread is - 70, a week - on - week increase of 75 and a year - on - year increase of 80. It is expected to be volatile and bearish, and it is recommended to short on rallies [55]. 3.6 Sixth Part: Futures Positioning Situation The report provides charts of the top 20 long and short positions, trading volume changes, and net long and short position changes for apples, jujubes, sugar, pulp, and cotton, but specific numerical summaries are not given in the text. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt volume of apples is 0, unchanged month - on - month and year - on - year. - Jujubes have 3313 warehouse receipts, a month - on - month decrease of 12 and a year - on - year decrease of 703. - Sugar has 13715 warehouse receipts, unchanged month - on - month and a year - on - year decrease of 10413. - Pulp has 140494 warehouse receipts, unchanged month - on - month and a year - on - year decrease of 198234. - Cotton has 10209 warehouse receipts, a month - on - month increase of 4 and a year - on - year increase of 3496 [88]. 3.8 Eighth Part: Option - related Data The report provides option - related data charts for apples, sugar, and cotton, including trading volume, open interest, put - call ratios, and historical volatility, but specific numerical summaries are not given in the text.

| | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 9,270 | 涨跌幅 0.35% | 收盘价 （夜盘） 9,344 | 涨跌幅 0.80% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 8,326 | 0.82% | 8,342 | 0.19% | | | 菜油主力 | 元/吨 | 9,330 | 0.04% | 9,373 | 0.46% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,272 | 0.33% | 4,295 | 0.54% | | | CBOT豆油主力 | 美分/磅 | 54.35 | -0.11% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 513,486 | -174518 | 497,601 | -4,284 | | | 豆油主力 | 手 | 334,458 | -49,914 | 824,789 | 8,470 | | | 菜油主力 | 手 | 204,216 | -87,064 | 297,029 | ...

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - The spot market is strong, with prices rising in some specifications in Jiangsu due to low inventory. The 03 contract has less inventory pressure due to low inventory and expected decrease in future shipments, but the upside is limited by weak demand. Recently, the valuation of log futures has been slightly repaired, and it is advisable to consider going long on dips in the range of 750 - 800 [3] Group 3: Summary by Relevant Catalogs Futures and Spot Prices - On January 28, the log 2601 contract was at 810, up 37.5 from the previous day with a gain of 4.85%. The log 2603 contract remained flat at 775.5. The log 2605 contract was at 784.5, down 2 with a decline of -0.25%, and the log 2607 contract was at 796, down 1 with a decline of -0.13%. The basis of the main contract remained unchanged at -35.5 [2] - Among spot prices, the price of 3.9A small radiata pine at Rizhao Port remained at 680, 3.9A medium radiata pine at 740, and 3.9A large radiata pine at 850. The price of 4A small radiata pine at Taicang Port increased from 700 to 720, a gain of 2.86%, while the prices of 4A medium and large radiata pines remained unchanged at 770 and 800 respectively. The price of spruce 11.8 at Rizhao Port remained at 1150 [2] - The CFR price of 4 - meter medium A radiata pine remained at 110 US dollars per JAS cubic meter, and the CFR price of 11.8 - meter spruce remained at 124 euros per JAS cubic meter [2] Import Cost - On January 29, the RMB - US dollar exchange rate was 6.942, up 0.004 from the previous day with a 0% change. The import theoretical cost was 752.21 yuan, up 0.43 from the previous day with a 0% change [2] Supply - In December, the port shipping volume was 2040000 cubic meters, up 148000 cubic meters or 7.82% from November. The number of ships at the port was 55, up 6 or 12.24% from the previous period [2] Inventory - As of January 23, the total inventory of domestic coniferous logs was 2.49 million cubic meters, a decrease of 80000 cubic meters or -3.11% from the previous week. In Shandong, the inventory was 1.888 million cubic meters, a decrease of 32000 cubic meters or -1.67%. In Jiangsu, the inventory was 329700 cubic meters, a decrease of 81000 cubic meters or -19.75% [2][3] Demand - As of January 23, the daily average log出库 volume was 61800 cubic meters, an increase of 200 cubic meters or 0% from the previous week. In Shandong, it increased from 0.37 to 3.61 million cubic meters, a gain of 11%. In Jiangsu, it decreased from 2.28 to 1.94 million cubic meters, a decline of -15% [3] Forecast of Arrival - From January 26 to February 1, 2026, the number of pre - arrival New Zealand log ships at 13 Chinese ports is 7, a decrease of 1 or -13% from the previous week. The total arrival volume is about 219000 cubic meters, a decrease of 27000 cubic meters or -11% from the previous week [3]

金信期货日刊 本刊由金信期货研究院撰写 2 0 2 6 / 1 / 2 9 GOLDTRUST FUTURES CO.， 棕榈油持续上涨，后市怎么看？ ibaotu.com 热点聚焦 1月28日，棕榈油主力P2605收9270元/吨，涨幅1.49%，盘中最高9306元/吨，创三个月新高，核心驱动为供 应收缩与需求回暖 。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 供应端，MPOA数据显示马棕1月1-20日产量环比降14.43%，高频数据显示1月1-25日出口环比增7.97%- 9.97%，季节性减产叠加出口改善，库存去化加速 。 需求端，印度斋月备货启动，国内节前备货支撑消费，美国生柴政策利多预期提振植物油需求 。 政策面，印尼延续B40生物柴油政策，美国RVO终案落地前，生柴需求预期稳定，对价格形成支撑。 中长期需警惕供应恢复压力，2-3月主产国或逐步进入增产周期，产量回升将影响库存去化节奏 。此外，原油 价格波动、马币汇率及油脂间价差变化也会干扰价格走势 。 操作上，短期 ...

核心逻辑：现阶段交易所监管趋严，同时昨天盘后交易所又发布 了对部分客户采取限制开仓，限制出金的警告，在此影响下，盘面出 现了多头资金大幅减仓，价格下行。但整体基本面的走向没有改变， 趋势依旧向上，维持逢回调买入思路。需要注意的是，当前碳酸锂期 价波动幅度较大，易受市场消息与情绪影响，要重视入场点以及风险 控制。 技术面分析：当前碳酸锂主力 2605 合约 5 分钟级别周期为绿线 蓝带绿阶梯。隔夜 2 小时级别周期仍是红色阶梯线偏强，临近多空分 水位 165680 元/吨。 碳酸锂、多晶硅、工业硅日报 （一）碳酸锂 市场走势：今日碳酸锂期价维持，主力 2605 合约较上一交易日 收盘价下跌 7.42%，报 166280 元/吨。 策略建议：维持逢回调买入。近期碳酸锂波动幅度较大，需谨慎 操作。日内依据"首 K 突破法"或"三线共振法"寻找好的入场位置， 具体操作可以听 8:30 的早直播。 关注点：是否有监管升级的情况、枧下窝复产进度、需求端排产 情况。 碳酸锂 2605 合约 5 分钟级别周期 碳酸锂 2605 合约 2 小时级别周期 数据来源：博易大师，天富研询 （二）多晶硅 市场走势：今日多晶硅期货震荡偏 ...

Report Summary 1) Report Industry Investment Rating - The report maintains a cautious bullish view on pure benzene and styrene, suggesting waiting for low - buying opportunities after a pullback, but also warning of the risk of a pullback [5]. 2) Core View - The upward momentum of aromatics has slowed, and there is a need to guard against the risk of a pullback. The prices of pure benzene and styrene have risen significantly, and with subsequent partial device resumptions and high inventory of pure benzene, a pullback may occur [5]. 3) Summary by Relevant Sections Fundamental Analysis - As of the week of January 22, the overall output of Chinese styrene plants was 349,300 tons, a week - on - week decrease of 6,100 tons or 1.72%. The plant capacity utilization rate was 69.63%, a week - on - week decrease of 1.23%. Overall losses were greater than increments, leading to a decline in output [1]. - As of the week of January 22, the EPS capacity utilization rate was 58.71%, a week - on - week increase of 4.66%. In the off - season of downstream demand, merchants were cautious about chasing the rise, and the overall trading atmosphere was poor [1]. - The PS capacity utilization rate was 57.3%, a week - on - week decrease of 0.1%. The industry supply was temporarily stable, the total supply was flat, the market shipments were average, and the inventory started to rise [1]. - The ABS capacity utilization rate was 66.8%, a week - on - week decrease of 3%. Manufacturers' supply was still very tight, mainly controlling shipments. After the holiday, market inquiries increased, trading volume expanded, and prices rebounded. The UPR capacity utilization rate was 38%, a week - on - week decrease of 1%; the butadiene - styrene rubber operation rate was 82.92%, remaining stable week - on - week [2]. Macroeconomic Analysis - In recent days, a large - scale winter storm has swept across many parts of the United States, with 24 states and Washington, D.C. declaring a state of emergency, and 7 deaths reported due to the cold weather [3]. - The USS Abraham Lincoln Carrier Strike Group has arrived in the Middle East, and Iran has warned the United States that it will attack U.S. aircraft carriers if subjected to military strikes [3]. Futures and Spot Market Analysis - Pure benzene and styrene strengthened slightly during the day. The supply - demand of pure benzene has marginally improved, and port inventories have started to decline from high levels. There are opportunities for low - buying after a pullback, but the risk of a pullback should be guarded against [5].