Report Industry Investment Ratings No relevant information provided. Core Views Oils and Fats - Palm oil: Facing pressure from high inventory, slow - down in export growth, and policy changes, it may weaken further after potentially breaking through the 4000 - ringgit support. Domestic palm oil may also fall below 8500 yuan [1]. - Soybean oil: CBOT soybean oil may oscillate narrowly. In the domestic market, although it is in the Spring Festival stocking season, the supply of soybeans and soybean oil is sufficient, and the spot basis quotation will have limited short - term fluctuations [1]. - Rapeseed oil: Affected by macro - sentiment and international oil price drops, as well as news from Canada, the rapeseed oil futures market is under pressure [1]. Cotton - ICE cotton futures are affected by the strong US dollar and demand concerns but supported by a strong export sales report. It is expected to maintain a low - level oscillation. Zhengzhou cotton may face short - term adjustments, but the overall bullish trend remains [2]. Sugar - ICE raw sugar futures continue to decline due to increased sugar production in India and sufficient supply. The domestic sugar market is expected to maintain a low - level oscillation [3]. Red Dates - With sufficient supply and weak demand in the 2025/26 production season, the futures price of red dates is running weakly [4]. Apples - In the short - term, the price in the production area is weakly stable, and the market activity in the sales area has declined. In the long - term, high prices may suppress consumption, and the futures market shows a pattern of near - strong and far - weak [7][12]. Corn and Corn Starch - The corn price in the Northeast is strong, and in North China, it oscillates narrowly. The demand side has different inventory situations. In the short - term, the corn price is supported by supply tightness and pre - holiday stocking, but the increase is limited by policy auctions [16][17]. Pigs - The spot price of pigs is back in an oscillatory pattern. The overall supply in January is expected to be sufficient. The basis is strong, but there is no obvious fundamental positive. It is recommended to short at high levels after the price stabilizes [18]. Meal - USDA's report has a short - term negative impact on the market, but the decline space of CBOT is limited. The domestic meal market is in a loose situation, but the low - level arrival expectation in the first quarter limits the downward space. The market will oscillate in the short - term [21]. Eggs - The egg market is in a situation of overall supply exceeding demand. The pre - holiday stocking drives up demand, but the price may experience short - term digestion pressure and a slight correction. The futures price is expected to oscillate within a range [25]. Summaries by Catalog Oils and Fats - **Price Changes**: On January 15, the prices of soybean oil, palm oil, and rapeseed oil all declined. The decline rates of soybean oil, palm oil, and rapeseed oil futures were - 0.78%, - 1.94%, and - 1.35% respectively [1]. - **Inventory and Warehouse Receipts**: The inventory and warehouse receipts of palm oil decreased, and the inventory of soybean oil and rapeseed oil also showed certain changes [1]. Cotton - **Futures Market**: On January 16, the prices of cotton 2605 and 2609 decreased, and the ICE cotton price increased slightly. The 5 - 9 spread decreased significantly [2]. - **Spot Market**: The spot prices of cotton in Xinjiang and the CC Index increased slightly [2]. - **Industry Situation**: The commercial inventory of Xinjiang cotton is rising, and the export sales of US cotton are strong [2]. Sugar - **Futures Market**: On January 16, the prices of sugar 2605 and 2609 decreased, and the ICE raw sugar price also declined [3]. - **Spot Market**: The spot price in Nanning remained unchanged, and the price in Kunming decreased slightly [3]. - **Industry Situation**: The sugar production in India increased, and the domestic sugar production, sales, and inventory showed different trends [3]. Red Dates - **Futures Market**: On January 16, the prices of red dates 2605, 2607, and 2609 all decreased [4]. - **Spot Market**: The spot prices of red dates in Cangzhou remained unchanged [4]. Apples - **Futures Market**: On January 16, the prices of apple 2605 and 2610 decreased, and the 5 - 10 spread decreased [7]. - **Spot Market**: The prices in the main production areas were weakly stable [12]. - **Market Activity**: The arrival volume in the wholesale market increased slightly, and the inventory in the cold storage decreased [7]. Corn and Corn Starch - **Corn**: The price of corn in the Northeast is strong, and in North China, it oscillates narrowly. The demand side has different inventory situations [16]. - **Corn Starch**: The price of corn starch increased slightly, and the basis decreased [16]. Pigs - **Futures Market**: On January 16, the prices of pig 2605 and 2603 decreased, and the 3 - 5 spread decreased [18]. - **Spot Market**: The spot prices in different regions showed different trends [18]. - **Industry Situation**: The slaughter volume decreased slightly, and the prices of piglets and sows increased slightly [18]. Meal - **Price Changes**: On January 16, the prices of soybean meal and rapeseed meal futures decreased slightly [21]. - **Inventory and Warehouse Receipts**: The warehouse receipts of soybean meal increased, and those of rapeseed meal remained unchanged [21]. - **Spreads and Ratios**: The spreads and ratios such as the oil - meal ratio and the soybean - rapeseed meal spread changed slightly [21]. Eggs - **Futures Market**: On January 16, the prices of egg 03 and 04 increased, and the 3 - 4 spread increased [25]. - **Spot Market**: The prices of egg - related products such as egg - laying chicken seedlings and culled chickens increased [25]. - **Industry Situation**: The egg market is in a situation of supply exceeding demand, but the pre - holiday stocking drives up demand [25].

2026 年 01 月 16 日 甲醇：跟随商品指数震荡回落 【基本面跟踪】 甲醇基本面数据 | 项 | 目 | 项目名称 | | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 甲醇主力 | 收盘价 | （元/吨） | 2,273 | 2,288 | -15 -99314 | | | | 结算价 | （元/吨） | 2,284 | 2,285 | - 1 | | | | 成交量 | （手） | 1,472,669 | 1,571,983 | | | | （05合约） | 持仓量 | （手） | 829,376 | 823,784 | 5592 | | | | 仓单数量 | （吨） | 8,355 | 7,655 | 700 | | | | 成交额 | （万元） | 3,363,551 | 3,592,518 | -228968 | | | 基 差 | 基 差 | | -33 | -31 | - 2 | | | 月 差 | MA01-MA05 | | -115 | -37 | -78 | | 现货市场 | | ...

Report Summary 1. Report Information - Research Variety: Soybean oil [1] - Report Cycle: Daily report [1] - Date: January 13, 2026 [1][2][5][6] 2. Investment Rating - Not provided 3. Core View - The current market features "tight supply and cautious demand". Spot prices are supported by tight circulation of grass - root grain sources. Although the auction of imported soybeans increases long - term supply, the short - term impact is limited. With the oil mills' operating rate at a medium level and slow downstream demand, the short - term soybean oil price is expected to maintain a moderately strong and volatile pattern [9] 4. Summary by Directory 4.1 Futures Market - On January 13, 2026, the opening price of the DCE soybean oil main contract (Y.DCE) was 8008 yuan/ton, the closing price was 7986 yuan/ton, the highest price was 8038 yuan/ton, and the lowest price was 7976 yuan/ton. It rose 0.18% on the day, with a trading volume of 27,977 lots, a trading value of 22.411 billion yuan, and an open interest of 709,684 lots [2] 4.2 Spot Market - On January 13, the spot price of Wuhan Grade 4 soybean oil was 8610 yuan/ton, and that of Huangpu Grade 4 soybean oil was 8550 yuan/ton. The basis of all soybean oil contracts was positive [5] 4.3 Influencing Factors - **Industry Information** - Domestic soybean market: The circulation of grass - root grain sources is tight, and grain - holding entities are determined to hold up prices. The price of high - quality high - protein sources is firm, showing a "strong - price and weak - volume" situation. The mainstream reference price in the domestic soybean spot market today is 4355 yuan/ton, unchanged from the previous working day [6] - Pressing situation: Today, the operating rate of oil mills is about 53.71%. Last week, domestic soybean crushing was 1.83 million tons, a week - on - week decrease of 50,000 tons, an increase of 50,000 tons compared with the same period last year, and a decrease of 30,000 tons compared with the average of the same period in the past three years [6] - Imported soybean cost: On January 13, the arrival cost of imported soybeans was 3848.91 yuan/ton, a decrease of 43.58 yuan/ton or 1.12% from the previous working day. Among them, the arrival cost of US soybeans was 4106.11 yuan/ton, a decrease of 45.05 yuan/ton; the arrival cost of South American soybeans was 3463.12 yuan/ton, a decrease of 41.39 yuan/ton [6] - US soybean exports: As of the week ending January 8, the US soybean export inspection volume was 1,529,707 tons, a 55% increase from the previous week and a 13% increase year - on - year. The total export inspection volume since the 2025/26 season has reached 17,934,546 tons, a 42.8% decrease year - on - year [6] - **Technical Analysis** - In the past five trading days, soybean oil futures have shown a volatile consolidation trend. The closing prices from January 7 to 13 were 7958 yuan, 7944 yuan, 7994 yuan, 7994 yuan, and 7986 yuan respectively, with prices fluctuating in the range of 7940 - 8000 yuan [6] 4.4 Market Outlook - The short - term soybean oil price is expected to maintain a moderately strong and volatile pattern due to tight supply, cautious demand, and the medium - level operating rate of oil mills [9]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Corn: The market is expected to be volatile. The near - month contracts lead the rise, and the spot market is supported by pre - holiday stocking. However, factors such as reserve grain release, imported corn, and substitutes suppress price increases [2]. - Soybean Meal: The market is in a volatile and bearish trend. Weakness in US soybeans, lower import costs, and expected improvement in China - Canada relations contribute to the decline. A double - selling strategy is recommended [2]. - Edible Oils: The market is volatile. BMD palm oil dropped due to Indonesia's cancellation of the B50 plan, but export demand from major consumer countries limited the decline. A strategy of selling put options is suggested [2]. - Eggs: The market will continue to be in a volatile adjustment pattern. Spot prices are rising, and the narrowing of breeding losses is not conducive to effective capacity reduction in the long - term [2]. - Pigs: The market shows a volatile trend. The futures contract may continue to rebound in the short - term, but high - price acceptance from slaughtering enterprises is low, restricting price increases [3]. 3. Summary by Relevant Catalogs 2. Market Information - Malaysia's palm oil data for December 2026: Production was 1.83 million tons, a 5.46% month - on - month decrease; exports were 1.3165 million tons, an 8.52% month - on - month increase; apparent demand was 331,000 tons, slightly down from the previous month; and inventory was 3.05 million tons. The data was relatively neutral compared to expectations. Production in January - February is expected to decline seasonally, and the high - inventory inflection point may occur. Attention should be paid to the implementation of Indonesia's export LEVY increase and the US RVO policy [4]. 3.1 Contract Spreads - The report presents contract spreads of various agricultural products including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific spread analysis is provided [5][6][8][9][12]. 3.2 Contract Basis - The report shows the contract basis of multiple agricultural products such as corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, with no detailed basis analysis [14][15][18][20][25].

Group 1: Report Industry Investment Rating - No information available Group 2: Core View of the Report - On January 14th, industrial silicon fluctuated strongly. The main contract 2605 closed at 8,755 yuan/ton, with an intraday increase of 0.34%. The position decreased by 7,380 lots to 235,000 lots. The spot reference price of industrial silicon from Baichuan remained stable at 9,628 yuan/ton compared to the previous trading day. The price of the lowest deliverable product remained stable at 8,850 yuan/ton, and the spot premium narrowed to 95 yuan/ton. Polysilicon fluctuated weakly. The main contract 2605 closed at 48,945 yuan/ton, with an intraday decrease of 1.46%. The position decreased by 405 lots to 48,439 lots. The price of N-type re - fed silicon material from Baichuan dropped to 54,750 yuan/ton. The price of the lowest deliverable silicon material was 54,750 yuan/ton, and the spot premium widened to 5,805 yuan/ton. Large factories in Xinjiang have entered the maintenance period. Silicon factories are hedging at high prices and actively selling to spot - futures traders. The manufacturers' inventory is gradually transferred to the intermediate links, and the hidden inventory increases. Recently, the cost side has been relatively stable with minor fluctuations. The supply and demand of industrial silicon have both decreased, maintaining a fluctuating trend. There have been frequent news of anti - involution and industry self - discipline. Due to the pressure of logistics shutdown in Xinjiang before the Spring Festival, the production areas have started pre - festival rush operations, resulting in concentrated warrant registrations, and the over - speculative sentiment has cooled down. The upside premium space of polysilicon is limited [2] Group 3: Summary by Relevant Catalog 1. Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract increased from 8,635 yuan/ton on January 13th to 8,755 yuan/ton on January 14th, up 120 yuan/ton. The prices of various spot grades remained stable, and the spot premium narrowed from 215 yuan/ton to 95 yuan/ton. The industrial silicon warehouse receipts increased by 12 to 11,140 (daily), the Guangzhou Futures Exchange inventory increased by 3,285 tons to 54,440 tons (weekly), the Huangpu Port inventory decreased by 1,000 tons to 58,000 tons (weekly), the Tianjin Port inventory remained unchanged at 80,000 tons (weekly), the Kunming Port inventory remained unchanged at 52,000 tons (weekly), the industrial silicon factory inventory increased by 1,000 tons to 267,850 tons (weekly), and the total social inventory of industrial silicon remained unchanged at 457,850 tons [4] - **Polysilicon**: The futures settlement price of the main contract decreased from 49,005 yuan/ton on January 13th to 48,945 yuan/ton on January 14th, down 60 yuan/ton. The spot prices of various grades remained stable, and the spot premium widened from 5,745 yuan/ton to 5,805 yuan/ton. The polysilicon warehouse receipts increased by 40 to 4,500 (daily), the Guangzhou Futures Exchange inventory increased by 1.2 tons to 13.29 tons (weekly), the polysilicon factory inventory increased by 0.4 tons to 31.18 tons (weekly), and the total social inventory of polysilicon increased by 0.4 tons to 31.2 tons [4] - **Organic Silicon**: The price of DMC in the East China market remained stable at 14,000 yuan/ton, the price of raw rubber remained stable at 14,800 yuan/ton, the price of 107 - glue remained stable at 14,500 yuan/ton, and the price of dimethyl silicone oil increased by 1,000 yuan/ton to 15,500 yuan/ton [4] 2. Chart Analysis 2.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][9][11] 2.2 Downstream Product Prices - Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][15][16] 2.3 Inventory - Charts show the futures inventories of industrial silicon and polysilicon, the weekly industry inventories of industrial silicon, the weekly inventory changes of industrial silicon, the weekly inventories of polysilicon, and the weekly inventory of DMC [18][19][21] 2.4 Cost - Profit - Charts show the average cost and profit levels of industrial silicon, the weekly cost - profit of industrial silicon, the processing industry profit of polysilicon, the cost - profit of DMC, and the cost - profit of aluminum alloy [24][26][28] 3. Team Introduction - The non - ferrous metal team of Everbright Futures Research Institute includes Zhan Dapeng, Wang Heng, and Zhu Xi, who have rich experience and achievements in the field of non - ferrous metal research [34][35]

1. Report Industry Investment Rating - The investment rating for both the soybean and peanut industries is neutral [3][6] 2. Core Views - For soybeans, the price is at an annual high, and its future trend depends on whether downstream stocking demand can be effectively released before and after the Spring Festival. If the demand starts as expected, the price may continue to rise; otherwise, market support may weaken [2] - For peanuts, the market shows a supply - demand surplus. In the short - term, prices are expected to remain weakly stable, and the focus should be on oil mill purchase dynamics and whether pre - festival stocking demand can bring improvement [5] 3. Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the Douyi 2605 contract was 4323.00 yuan/ton, down 6.00 yuan/ton (-0.14%) from the previous day [1] - Spot: The edible soybean spot basis was A05 + 117, up 6 (32.14%) from the previous day. Northeast soybean spot prices were stable, with a strong bottom support due to scarce grain, farmers' reluctance to sell, and national reserve policies. Southern soybean spot prices were stable, but terminal demand was weak, leading to slow sales. Some enterprises tried to raise prices, but market acceptance was limited [1][2] Strategy - The strategy for soybeans is neutral [3] Peanuts Market Analysis - Futures: The closing price of the Peanut 2603 contract was 7844.00 yuan/ton, down 18.00 yuan/ton (-0.23%) from the previous day [3] - Spot: The average peanut spot price was 7982.00 yuan/ton, down 9.00 yuan/ton (-0.11%) month - on - month. The spot basis was PK03 - 844.00, up 18.00 (-2.09%) month - on - month. The overall peanut market had a loose supply - demand pattern, with sufficient supply in the producing areas and weak terminal demand [3][4][5] Strategy - The strategy for peanuts is neutral [6]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The rubber market is expected to experience wide - range fluctuations [1] - The trend strength of rubber is 0, indicating a neutral outlook [2] Summary of Related Catalogs Fundamental Data - **Futures Market**: The daily closing price of the rubber main contract was 16,160 yuan/ton, up 185 yuan from the previous day; the night - closing price was 16,155 yuan/ton, up 15 yuan. The trading volume was 481,772 lots, an increase of 101,516 lots. The open interest of the 05 contract was 199,739 lots, an increase of 5,065 lots, and the number of warehouse receipts remained unchanged at 105,590 tons. The net short position of the top 20 members increased by 1,154 lots to 47,479 lots [2] - **Spread Data**: The basis of spot - futures main contract decreased by 35 to - 310, the basis of mixed - futures main contract decreased by 85 to - 1,010, and the monthly spread of RU05 - RU09 decreased by 10 to 20 [2] - **Spot Market**: The outer - market quotes of RSS3, STR20, SMR20, and SIR20 remained unchanged. The prices of Qilu styrene - butadiene rubber and Qilu cis - butadiene rubber increased by 100 yuan/ton. The prices of Thai mixed rubber and Thai standard rubber in the Qingdao market decreased by 10 dollars/ton, and the price of African 10 decreased by 15/10 dollars/ton [2] Industry News - As of January 11, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 56.82 million tons, a month - on - month increase of 1.98 million tons or 3.62%. The bonded area inventory increased by 6.14% to 9.35 million tons, and the general trade inventory increased by 3.13% to 47.47 million tons. The inbound rate of sample bonded warehouses decreased by 1.64 percentage points, and the outbound rate increased by 1.97 percentage points; the inbound rate of general trade warehouses decreased by 0.33 percentage points, and the outbound rate increased by 0.33 percentage points [3][4] - The spread between the main contracts of RU and NR widened by 10 yuan/ton to 3,145 yuan/ton, and the spread between mixed standard rubber and the main RU contract widened by 85 yuan/ton to - 1,010 yuan/ton [4] - There is a certain difference in the release of production capacity between enterprises. Some semi - steel tire enterprises have an increase in foreign trade orders, and their production has been further released. Some are still under production control due to sales pressure. Overall, foreign trade shipments support the overall shipments, but domestic sales pressure remains high [4]

Group 1: Report Overview - Report date: January 12, 2026 [1] - Report cycle: Daily [1] - Research variety: Palm oil [1] - Researcher: You Zhenqi (Qualification No.: F3012673; Investment consulting certificate No.: Z0012990) [1] Group 2: Futures Market - The closing price of the palm oil futures main contract P2605 was 8,724 yuan/ton, up 0.93% from the previous trading day. The opening price was 8,630 yuan/ton, the highest price was 8,748 yuan/ton, the lowest price was 8,574 yuan/ton, the trading volume was 512,074 lots, and the trading volume was 44.339 billion yuan [2] Group 3: Spot Market - The basis was -74.00 yuan/ton, and the basis rate was -0.86%, continuing the contango structure [4] Group 4: Influencing Factors - Malaysia's palm oil ending inventory was 2.34 million tons (data as of December 31, 2025), and the high inventory suppressed price increases. The national commercial inventory of palm oil was 765,000 tons (as of January 7, 2026), and the inventory in East China was 335,000 tons, and the inventory pressure remained. The spot price was lower than the futures price, and the basis remained negative, reflecting the market's expectation of loose future supply [5] Group 5: Market Outlook - It is expected to fluctuate in a range in the short term. Supported by a technical rebound in the short term, but the upside space is restricted by high inventory and import replenishment pressure. Attention should be paid to changes in Malaysia's production and the rhythm of domestic imports [7]

Group 1: Report Industry Investment Ratings - Steel: Unilateral range - bound震荡思路, hot - rolled coil futures - spot positive arbitrage rolling operation, or use option strategies to assist spot procurement [6] - Ferrosilicon and Manganese Silicon: Industrial customers hedge at high prices [6] - Coking Coal and Coke: Buy on dips [6] - Iron Ore: Hold a wait - and - see attitude [6] Group 2: Core Views - Steel market fluctuates greatly, spot follow - up momentum is weak, price has support at low levels but cannot form a resonance rebound [2] - Ferrosilicon and Manganese Silicon fundamentals continue to be under pressure, with high supply and weak demand, and there is a high risk of a subsequent decline [2] - Coking coal spot auctions are mostly rising, and the market enters the "expectation" stage in the off - season, with a preference for buying on dips [4] - Iron ore price touches the resistance level and falls back, with neutral - high valuation and clear upward pressure, and it is recommended to wait and see [5] Group 3: Summary by Category Steel - On January 13, the closing prices and price changes of far - month and near - month contracts of steel futures are as follows: for far - month contracts, the closing price of RB2610 is 3321.00 yuan/ton, down 27.50 yuan; for near - month contracts, the closing price of RB2605 is 3303.00 yuan/ton, unchanged. The spot prices of steel in different regions also have corresponding changes. The follow - up of spot prices is weak, and the de - stocking pressure of five - type steel plates exists [1][2] Ferrosilicon and Manganese Silicon - Market sentiment is changeable, prices fluctuate greatly, affected by coal - power news. Demand is under pressure due to poor steel prices and low steel mill profits, and supply is high with insufficient production reduction drive from alloy plants [2] Coking Coal and Coke - Spot trading atmosphere of coking coal improves with coke enterprises' replenishment and intermediate - link purchases. Online auctions are mostly rising. In the futures market, there is more resonance and fluctuation in the capital market, with a long - bias. The market is in the off - season, and the subsequent market depends on whether there is enough "expectation" to drive up the price [4] Iron Ore - The iron ore price falls back when it touches the resistance level. The valuation is neutral - high, and the inventory pressure is increasing. It is recommended not to chase long or short, but to wait and see [5]

Report Summary 1. Industry Investment Ratings - Aluminum: Bullish [1] - Alumina: Bearish [1] - Cast Aluminum Alloy: Follows the trend of electrolytic aluminum [1] 2. Core Views - The aluminum market is expected to remain strong, while the alumina market will continue to decline. The cast aluminum alloy market is expected to follow the trend of electrolytic aluminum [1]. 3. Market Data Summary 3.1 Futures Market - **Aluminum**: The closing price of the SHFE aluminum main contract was 24,375 yuan, down 275 yuan from the previous trading day. The trading volume was 825,553 lots, and the open interest was 370,981 lots [1]. - **Alumina**: The closing price of the SHFE alumina main contract was 2,780 yuan, down 86 yuan from the previous trading day. The trading volume was 964,869 lots, and the open interest was 553,364 lots [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 23,165 yuan, down 175 yuan from the previous trading day. The trading volume was 27,925 lots, and the open interest was 22,099 lots [1]. 3.2 Spot Market - **Aluminum**: The domestic social inventory of aluminum ingots was 740,000 tons, unchanged from the previous trading day. The SHFE aluminum ingot warehouse receipt was 100,800 tons, up 3,300 tons from the previous trading day [1]. - **Alumina**: The average domestic alumina price was 2,688 yuan, down 3 yuan from the previous trading day. The CIF price of alumina in Lianyungang was 334 US dollars/ton, unchanged from the previous trading day [1]. - **Aluminum Alloy**: The price of Baotai ADC12 was 23,500 yuan, up 100 yuan from the previous trading day [1]. 4. Other Information - The New York Fed President Williams warned against undermining the independence of the central bank and said that the current monetary policy stance is stable, with no need to adjust interest rates in the short term. He expects GDP growth of 2.5%-2.75% in 2026 and inflation to fall back to the 2% target in 2027 [2]. - The CME will change the margin setting method for gold, silver, platinum, and palladium contracts from a fixed amount to a certain percentage of the contract's nominal value. The margin ratio for some non-high-risk gold contracts will be adjusted to about 5% of the nominal value, and about 9% for silver [2]. - The trend strength of aluminum, alumina, and aluminum alloy is 1, 0, and 1 respectively [2].