Group 1 - The main contract for natural rubber futures experienced a rapid increase, reaching a peak of 16,740.00 yuan, with a current price of 16,700.00 yuan, reflecting a rise of 2.67% [1] Group 2 - Xinhu Futures predicts that natural rubber will continue to follow the rise of synthetic rubber, despite weak overseas demand and high import volumes [2] - Southwest Futures anticipates a wide fluctuation in the natural rubber market in the short term, with reduced supply from overseas and a steady but weak operational capacity utilization rate among tire manufacturers [3] - Guoxin Futures expects the rubber price to maintain a strong fluctuation in the short term, supported by robust procurement activity from processing plants and steady demand from downstream tire manufacturers [3]

Report Summary 1. Market Performance on January 28, 2026 - A-shares: The Shanghai Composite Index rose 0.27% to 4151.24, the Shenzhen Component Index rose 0.09% to 14342.89, and the ChiNext Index fell 0.57% to 3323.56. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2992.6 billion yuan, an increase of 70.9 billion yuan from the previous day [1]. - CSI 300 Index: It closed at 4717.99, up 12.30 [2]. 2. Futures Market Performance 2.1 Energy and Chemical Futures - Coke: The weighted index closed at 1686.5, down 2.0 [2]. - Coking Coal: The weighted index closed at 1142.6 yuan, up 6.1 [3]. - Zhengzhou Sugar: The 2605 contract of Zhengzhou sugar oscillated upward. The price of Brazilian sugar was affected by dry weather, and the spot price limited its upside. At night, it continued to rise due to short - covering [4]. - Rubber: Affected by the expected decrease in spot supply and rising crude oil prices, Shanghai rubber oscillated higher. At night, it oscillated and closed slightly higher due to technical factors [4]. - Palm Oil: The futures contract P2605 closed at 9270, up 0.35%. From January 1 - 25, 2026, Malaysian palm oil production decreased by 14.81% month - on - month [6]. - Asphalt: The 2603 contract closed at 3410 yuan, up 3.96%. Refinery supply was low, inventory was slightly accumulated, and prices oscillated due to cost support [8]. 2.2 Agricultural Futures - Soybean Meal: The CBOT soybean main contract rose 0.68% to 1074.75 cents per bushel. The domestic M2505 contract rose 0.58% to 2782 yuan/ton. Brazilian harvest pressure and US dollar weakness co - existed. Domestic inventory decreased, and post - holiday supply was expected to be loose [6]. - Live Hogs: The LH2603 contract closed at 11270 yuan/ton, down 0.13%. Supply pressure increased, and demand support was limited [6]. - Cotton: The main contract of Zhengzhou cotton closed at 14875 yuan/ton at night, and inventory increased by 4 lots [6]. 2.3 Metal Futures - Shanghai Copper: The 2603 contract closed at 103060 yuan/ton. It first declined and then rebounded. Volume and open interest decreased. Inventory accumulated, and demand was weak [6]. - Iron Ore: The 2605 contract closed at 783 yuan, down 0.7%. Port inventory increased, and prices oscillated due to pre - holiday restocking demand [8]. - Steel: The rb2605 contract closed at 3123 yuan/ton, and the hc2605 contract closed at 3280 yuan/ton. Demand was weak, costs had some support, and prices were expected to adjust narrowly [8]. - Alumina: The ao2605 contract closed at 2811 yuan/ton. The oversupply situation was hard to change in the short term, and prices were expected to oscillate [8]. - Shanghai Aluminum: The al2603 contract closed at 25640 yuan/ton. Supply was stable, inventory increased slightly, and demand pressure increased [8]. 2.4 Log Futures - Logs: The 2603 contract closed at 775.5. The spot price in Shandong and Jiangsu was stable. Attention should be paid to spot support [6][8]. 3. Market Analysis - Coke and Coking Coal: Coke production was at a low level due to losses, and demand was rigid. Coking coal supply was loose both domestically and abroad, and demand was weak [4]. - Soybean Meal: International market was affected by Brazilian harvest and US dollar. Domestic market had pre - holiday demand and post - holiday supply concerns [6]. - Live Hogs: Supply pressure was high in the medium term, and demand increase during the Spring Festival was limited [6]. - Iron Ore: Port inventory was rising, and prices were oscillating due to pre - holiday restocking [8]. - Steel: Weak demand and high costs led to narrow price adjustments [8]. - Alumina: Oversupply and cost decline limited price increases [8]. - Shanghai Aluminum: Supply was stable, and demand pressure was gradually emerging [8].

Group 1 - The Shanghai Gold Futures main contract increased by over 3%, reaching 1179.6 yuan per gram [1] - The European shipping main contract surged by 6%, closing at 1250 points [1]

Group 1 - The domestic futures market closed mostly higher on January 21, with lithium carbonate futures leading the gains, rising by 7.26% [1] - Other notable gainers included tin futures up 5.79%, gold futures up 3.69%, and butadiene rubber futures up 3.43% [2] - The trading volume for lithium carbonate futures reached 1.958 billion yuan, while tin futures had a trading volume of 1.3374 billion yuan [2] Group 2 - The leading decliners included glass futures, which fell by 2.35%, followed by caustic soda futures down 2.02% and coking coal futures down 1.83% [1] - The trading volume for glass futures was 949.3 million yuan, while caustic soda futures had a trading volume of 471.1 million yuan [2] - Other declining commodities included polysilicon futures down 1.59% and white sugar futures down 1.38% [2]

Report Information - Report Title: Zinc Futures Daily Report [1] - Date: January 20, 2026 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not provided in the report Core Viewpoints - The market has gradually digested the news of LME suspending Korea Zinc's delivery permission, and the market sentiment in the confrontation between the US and Europe has become cautious. Short - term long - term funds have loosened. The long - short game in the market has intensified, and the combination of mood withdrawal and high - price suppression effects has led to a high - level correction. The short - term technical support can be focused on the 24,000 yuan/ton line [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of SHFE Zinc closed at 24,450 yuan/ton, down 475 yuan or 1.91%, with shrinking volume and reduced positions. The trading volume decreased by 13,597 lots to 128,677 lots. Among them, the 2602 contract closed at 24,410 yuan/ton, down 435 yuan or 1.75%; the 2604 contract closed at 24,490 yuan/ton, down 435 yuan or 1.75% [7] - **Industry Aspects**: As the SHFE - LME ratio rebounds, the zinc ore import window continues to open, but the actual increase in imported ore is limited due to the constraint of previous import losses. The imported ore processing fee continues to decline, and the weekly average domestic TC is flat at 1,500 yuan/metal ton. The decline of the overall TC has eased and may be approaching the stage bottom. The refined zinc output in December decreased significantly. Although the output in January is expected to rise slightly, the zinc ingot import window is still closed, and the supply pressure is limited [7] - **Demand Side**: Affected by the environmental protection warning in the north and high zinc prices, the primary consumption start - up has declined. After the end of the environmental protection production - restriction policy this week, affected enterprises may gradually resume production. However, in the seasonal off - season and with high zinc prices squeezing the profit space of downstream enterprises, some enterprises have entered equipment maintenance and holiday in advance, and the start - up recovery is expected to be limited [7] 2. Industry News - On January 19, 2026, the mainstream transaction price of 0 zinc was concentrated at 24,135 - 24,280 yuan/ton, Shuangyan was traded at 24,325 - 24,480 yuan/ton, and 1 zinc was traded at 24,065 - 24,210 yuan/ton. In the morning, the market quoted a premium of 50 - 60 yuan/ton to the SMM average price, and there were almost no quotes against the market [8] - In the Ningbo market, the mainstream brand 0 zinc was traded at about 24,165 - 24,280 yuan/ton. The conventional brand in Ningbo quoted a premium of 175 yuan/ton to the 2602 contract and a premium of 100 yuan/ton to the Shanghai spot price. The mainstream in the Ningbo area quoted against the 2602 contract [8] - In the Tianjin market, 0 zinc ingots were mainly traded at 24,010 - 24,180 yuan/ton, Zijin was traded at 24,050 - 24,230 yuan/ton, and 1 zinc ingots were traded at around 23,880 - 24,020 yuan/ton. Zijin quoted a premium of 50 - 100 yuan/ton to the 2602 contract, Hu zinc quoted around 25,640 yuan/ton to the 2602 contract, 0 zinc ingots quoted around 10 - 50 yuan/ton to the 2602 contract, and the Tianjin market quoted a discount of around 70 yuan/ton to the Shanghai market [8] - In Guangdong, 0 zinc was mainly traded at 23,955 - 24,175 yuan/ton, and the mainstream brand quoted a premium of 20 yuan/ton to the 2602 contract. The price difference between Shanghai and Guangdong has narrowed [8] 3. Data Overview - The report provides information about data sources including Wind and the Research and Development Department of CCB Futures, and mentions some data charts such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, but no specific data content is given [10][11][13]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On January 19, 2026, the A-share market showed mixed trends, with the Shanghai Composite Index rising 0.29%, the Shenzhen Component Index rising 0.09%, and the ChiNext Index falling 0.70%. The trading volume of the three major markets decreased significantly. Different futures varieties also showed different trends affected by various factors such as supply and demand, policies, and international situations [1] 3. Summary by Variety Stock Index Futures - On January 19, the A-share three major indexes showed mixed trends. The Shanghai Composite Index rose 0.29% to close at 4114.00 points, the Shenzhen Component Index rose 0.09% to close at 14294.05 points, and the ChiNext Index fell 0.70% to close at 3337.61 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2732.5 billion yuan, a significant decrease of 324.3 billion yuan from the previous trading day. The CSI 300 index fluctuated narrowly, closing at 4734.46, a环比 increase of 2.58 [1][2] Coke and Coking Coal - On January 19, the coke weighted index was narrowly sorted, closing at 1722.8, a环比 decrease of 17.8; the coking coal weighted index fluctuated within the range, closing at 1180.2 yuan, a环比 decrease of 8.5. The comprehensive absolute price index of coke was 1381.7 yuan/ton (unchanged), and the ex-warehouse price of first-class metallurgical coke at Rizhao Port decreased by 10 yuan/ton. The daily consumption of coke decreased, the blast furnace operating rate of 247 steel mills decreased, and the daily molten iron output decreased. The port inventory of coke increased, the inventory of independent coking enterprises decreased, and the inventory of 247 steel enterprises increased. The domestic coking coal spot price index increased, the price of Luliang low-sulfur main coking coal remained unchanged, and the price of Ganqimaodu raw coal increased. The daily output of clean coal from 523 sample mines and 110 sample coal washing plants increased, while the daily output of independent coking enterprises and 247 steel enterprises decreased. The inventory of clean coal from 523 sample mines decreased, the port inventory of coking coal decreased, and the inventory of independent coking enterprises increased [2][3][4][5] Zhengzhou Sugar - Affected by factors such as the significant increase in imports in December 2025 and the downward adjustment of spot quotes, the short side suppressed the Zhengzhou Sugar 2605 contract, which fluctuated slightly lower on January 19. The short side continued to suppress the contract at night, causing it to fluctuate lower. China's sugar imports in December were 580,000 tons, a year-on-year increase of 47.9%, and the cumulative imports from January to December were 4.92 million tons, a year-on-year increase of 13.1% [5] Rubber - The latest tariff threat issued by the United States to Europe over the Greenland issue made investors uneasy. Long positions were closed, causing the Shanghai Rubber to fluctuate lower on January 19 and continue to decline at night. In the first 10 months of 2025, the cumulative number of tire imports in the United States was 240.001 billion, a year-on-year increase of 5.4%. Among them, the imports of passenger car tires increased by 3.4% year-on-year to 145.42 million, the imports of truck and bus tires increased by 6% year-on-year to 51.73 million, the imports of aircraft tires decreased by 8% year-on-year to 227,000, the imports of motorcycle tires increased by 15% year-on-year to 3.25 million, and the imports of bicycle tires decreased by 3% year-on-year to 5.41 million [5][7] Palm Oil - On January 19, the palm oil market showed slight fluctuations. The main contract P2605 closed with a negative doji. The highest price was 8684, the lowest price was 8606, and the closing price was 8648, a 0.30% decrease from the previous day. As of January 16, 2026 (week 3), the commercial inventory of palm oil in key regions across the country was 746,100 tons, a 1.01 million-ton increase from the previous week, an increase of 1.37%; a 264,300-ton increase from 481,800 tons in the same period last year, an increase of 54.86% [7] Soybean Meal - In the international market on January 19, the closing price of the CBOT soybean main contract was 1056.25 cents per bushel, a 0.36% increase from the previous trading day. Brazil began to harvest a record soybean crop, and as of last Thursday, the soybean harvest rate in the 2025/26 season was 2%, higher than the same period last year. Brazil exported 1.3073 million tons of soybeans in the first three weeks of January, higher than the export volume in January last year. It is expected that Brazilian soybeans will dominate the global soybean export business in the next few months, and the expected bumper harvest of Brazilian soybeans will continue to limit the increase in soybean prices. In the domestic market, on January 19, the soybean meal main contract M2505 closed at 2727 yuan/ton, unchanged from the previous day. China's soybean imports in 2025 exceeded 110 million tons for the first time, and the high transaction rate of imported soybean auctions supplemented the market supply. The supply of soybean meal in the first quarter is expected to be loose. Currently, the soybean meal inventory of oil mills is at a relatively high level in the same period of the year, and the abundant soybean supply and high inventory pattern continue to restrict the upward space of soybean meal prices. It is recommended to focus on the weather changes in South America and the arrival volume of soybeans in the future [7] Live Pigs - On January 19, the live pig main contract LH2603 closed at 11,705 yuan/ton, a 2.3% decrease. The latest data released by the National Bureau of Statistics showed that the annual slaughter volume in 2025 was 719.73 million, a year-on-year increase of 2.4%; the year-end live pig inventory was 429.67 million, a year-on-year increase of 0.5%; the annual pork output was 59.38 million tons, a year-on-year increase of 4.1%. The data shows that the supply of live pigs remains at a high level, and the output reduction is relatively slow. Both live pigs and pork are in a situation of loose supply. On the demand side, the southern cured meat production is coming to an end, and the demand for large pigs has weakened. However, with the Spring Festival approaching in about a month, the market has gradually started stocking for the Spring Festival. In addition, the large-scale snow and rain weather across the country may lead to a short-term shortage of live pig sources in some areas. It is recommended to focus on the changes in the inventory of breeding sows, the slaughter rhythm of large-scale pig enterprises, and the actual fulfillment of peak-season demand in the future [7] Shanghai Copper - The main contract of Shanghai Copper closed down, showing a wide range of fluctuations during the day and a weak close. The core drivers were inventory accumulation, weak demand, and the cooling of tariff expectations. The opening price was 101,030, the highest price was 101,860, the lowest price was 99,620, and the closing price was 101,180; the settlement price was 100,650. The trading volume was 240,300 lots, and the open interest was 217,400 lots. In terms of inventory, the Shanghai Copper inventory was 338,000 tons. The arrival of domestic goods increased, and downstream procurement was sluggish. Inventory accumulation suppressed short-term prices. In terms of demand, high prices inhibited procurement, the price difference between refined and scrap copper narrowed, and the demand support from the processing end was insufficient. On the supply side, five smelters were under maintenance in January, and the refined copper output may decline; there were still concerns about overseas copper mines. In terms of policy sentiment, the United States postponed the imposition of tariffs, cooling the market sentiment and suppressing short-term speculative demand [7] Cotton - The main contract of Zhengzhou Cotton closed at 14,465 yuan/ton on the night of January 19. The cotton inventory decreased by 8 lots compared with the previous trading day. The operating rate of downstream spinning mills was relatively high, but the profit was not high [8] Iron Ore - On January 19, the main contract of iron ore 2605 fluctuated and fell, with a decline of 2.58%, and the closing price was 794 yuan. The iron ore shipments from Australia and Brazil decreased环比, the arrival volume continued to increase, and the port inventory continued to accumulate. Currently, some steel mills in certain regions are still in the annual maintenance stage, and the molten iron output has decreased. The short-term iron ore price is in a fluctuating trend [8] Asphalt - On January 19, the main contract of asphalt 2603 fluctuated and closed up, with an increase of 0.29%, and the closing price was 3142 yuan. The asphalt output increased, and the inventory continued to accumulate, but the overall supply pressure was not large. As the weather cools down, the market's rigid demand will become dull, and it will mostly turn into stocking demand. The short-term asphalt price shows a fluctuating trend [8] Logs - The main contract of logs 2603 opened at 780 on January 19, with the lowest price of 763, the highest price of 780, and the closing price of 763. The daily increase in positions was 1621 lots. The price fell on heavy volume today, and attention should be paid to the support from the spot end. The spot price of 3.9-meter medium-A radiata pine logs in Shandong was 740 yuan per cubic meter, unchanged from the previous day, and the spot price of 4-meter medium-A radiata pine logs in Jiangsu was 760 yuan per cubic meter, a 10-yuan increase per cubic meter from the previous day. There is no major contradiction in the supply-demand relationship. In the future, attention should be paid to the spot price, import data, inventory changes, and the support of macro expectations and market sentiment on the price [8][9] Steel - On January 19, rb2605 closed at 3140 yuan/ton, and hc2605 closed at 3299 yuan/ton. The China Meteorological Administration upgraded and launched a level-three emergency response for cold snaps, freezing, and blizzards. With the arrival of the cold snap, outdoor construction has been affected, and the demand for steel this week may weaken. At the same time, steel mills may increase the intensity of maintenance and production reduction, and the replenishment demand will weaken, suppressing the prices of raw fuels. In the short term, the steel market has weak supply and demand, and the cost support is unstable. Steel prices may fluctuate weakly [9] Alumina - On January 19, ao2605 closed at 2733 yuan/ton. Domestic alumina enterprises have not significantly reduced production, and the operating capacity remains high, with continuous high production and unabated supply pressure. On the demand side, the terminal demand is weak in the off-season. The raw material inventory of electrolytic aluminum plants is piling up, with high loading, unloading, and storage capacity pressures, and low picking-up efficiency. Some goods are stranded at the platform. At the same time, the delivery warehouses in various places are fully booked and goods are arriving one after another, and the in-transit and platform inventories are increasing. The social inventory of alumina and the raw material inventory of aluminum plants continue to accumulate. In the spot market, the inventory pressure of holders has increased, and their willingness to sell has increased. Goods have flowed into the market, but downstream buyers only maintain rigid demand procurement and have a strong fear of falling prices, resulting in poor overall transactions. Alumina is under upward pressure [9] Shanghai Aluminum - On January 19, al2603 closed at 24,090 yuan/ton. From a macro perspective, China's GDP growth rate in 2025 was 5%, reflecting the strong resilience and momentum of the economic operation. In terms of capital, the situation in the Middle East has eased, and the United States has postponed the imposition of tariffs on key mineral sectors, but attention should be paid to the trade game between Europe and the United States over the Greenland issue. The sentiment continues to cool down, and the aluminum price continues to retreat. On the fundamental supply side, the operation is normal, and the social inventory continues to accumulate, reaching a high level compared with the same period last year. The demand side still faces pressure, and the aluminum price continues to retreat. Downstream buyers mainly make rigid demand purchases, and the situation of traders taking delivery has improved. Large-scale downstream processing plants maintain a certain level of demand, while small and medium-sized plants have shrinking orders, and some plan to reduce or stop production before the Spring Festival [9][10]

Group 1 - The night trading of silver in Shanghai rose by 5.88%, reaching a record closing high of 23,565 RMB per kilogram [1] - Gold in Shanghai increased by 1.35%, closing at 1,053.46 RMB [1] - The night trading of crude oil futures for the 2503 contract fell by 0.52%, settling at 440.30 RMB per barrel [1]

Group 1 - The domestic futures market showed mixed performance on January 19, with the main contracts experiencing varying degrees of change [1] - Silver futures rose over 2%, while low-sulfur fuel oil, gold, and pure benzene increased by more than 1% [1] - On the downside, tin futures fell by over 5%, lithium carbonate dropped nearly 4%, and iron ore, glass, butadiene rubber, the shipping index (European line), soybean meal, and lead futures all decreased by more than 2% [1]

Group 1 - The domestic futures market closed mostly lower on January 19, with notable declines in various commodities such as tin, lithium carbonate, butadiene rubber, glass, and iron ore, all dropping over 2.5% [1] - The leading gainers included pure benzene, which rose by 3.48%, and silver, which increased by 2.75%, indicating some positive movement in specific sectors [2] - The trading volume for the top gaining futures contracts was significant, with pure benzene reaching a transaction value of 941 million yuan, while silver had a transaction value of 2.698 billion yuan [2] Group 2 - The largest declines were seen in tin, which fell by 5.98%, and lithium carbonate, which dropped by 3.83%, reflecting a bearish trend in these markets [2] - Other notable losers included butadiene rubber and glass, both of which experienced declines of over 2.9%, indicating a broader weakness in the commodity sector [2] - The trading volume for the top losing futures contracts was also substantial, with tin's transaction value at 1.4074 billion yuan and lithium carbonate at 847.3 million yuan [2]

Group 1 - The Bloomberg Grains Index rose by 1.02% to 28.7983 points, but experienced a cumulative decline of 1.84% for the week [1] - CBOT corn futures fell by 4.66%, closing at $4.25 per bushel [1] - CBOT wheat futures increased by 0.14%, ending at $5.18 per bushel [1] - CBOT soybean futures decreased by 0.59%, settling at $10.5675 per bushel [1] - Soymeal futures dropped by 4.54%, while soybean oil futures rose by 5.68% [1]