（原标题：焦炭期货主力合约涨幅扩大至4%） 人民财讯1月23日电，焦炭期货主力合约涨幅扩大至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].

光大期货煤化工商品日报 光大期货煤化工商品日报（2026 年 1 月 23 日） 一、研究观点 1、郑商所数据：1 月 22 日纯碱期货仓单数量 70 张，较上一交易日-152 张，有效预报 2747 张；玻璃期货仓单数量 250 张，较上一交易日-283 张。 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周四尿素期货价格坚挺震荡，主力05合约收盘价1776元/吨，涨幅0.23%。现货市场 价格多数稳定，山东、河南地区市场价格分别维持在1750元/吨、1740元/吨。基本 | | | | 面来看，近期尿素日产水平位于20万吨以上波动，昨日维持在20.51万吨。需求跟 | | | | 进放量，昨日主流地区产销率多数攀升至160%~224%区间，少部分地区成交偏弱， | | | | 产销率在50%~80%附近。后续虽仍有淡储肥及部分春耕前置储备需求预期，但近 | | | 尿素 | 日中下游补库后需求承接力需继续观 ，后续采购需求力度依旧取决于市场对价格 | 宽幅 震荡 | | | 的接受程度。本周尿素企业库存继续下降4.07%，支撑厂家订单及提价心态。但鉴 | | | | 于 ...

农产品日报 | 2026-01-23 需求预期增量，猪价进入调整 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11600元/吨，较前交易日变动+130.00元/吨，幅度+1.13%。现货方面，河南地 区外三元生猪价格13.06元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH03+1460，较前交易日变动-130；江 苏地区外三元生猪价格 13.27元/公斤，较前交易日变动-0.13元/公斤，现货基差LH03+1670，较前交易日变动-260； 四川地区外三元生猪价格12.77元/公斤，较前交易日变动-0.11元/公斤，现货基差LH03+1170，较前交易日变动-240。 据农业农村部监测，1月22日"农产品批发价格200指数"为130.10，比昨天下降0.03个点，"菜篮子"产品批发价格指 数为132.98，比昨天下降0.04个点。全国农产品批发市场猪肉平均价格为18.50元/公斤，与昨天持平；牛肉65.79元/ 公斤，比昨天下降0.2%；羊肉63.60元/公斤，比昨天上升0.6%；鸡蛋8.27元/公斤，比昨天上升0.9%；白条鸡17.27 元/公斤，比昨天下降0.3%。 市场 ...

化工日报 | 2026-01-23 下游半钢胎开工率继续回升 市场要闻与数据 期货方面，昨日收盘RU主力合约15850元/吨，较前一日变动+105元/吨；NR主力合约12735元/吨，较前一日变动+120 元/吨；BR主力合约12270元/吨，较前一日变动+355元/吨。 现货方面，云南产全乳胶上海市场价格15600元/吨，较前一日变动+100元/吨。青岛保税区泰混14880元/吨，较前 一日变动+80元/吨。青岛保税区泰国20号标胶1905美元/吨，较前一日变动+15美元/吨。青岛保税区印尼20号标胶 1825美元/吨，较前一日变动+15美元/吨。中石油齐鲁石化BR9000出厂价格12000元/吨，较前一日变动+300元/吨。 浙江传化BR9000市场价11850元/吨，较前一日变动+250元/吨。 市场资讯 2025年12月中国天然橡胶（含技术分类、胶乳、烟胶片、初级形状、混合胶、复合胶）进口量80.34万吨，环比增 加24.84%，同比增加25.4%，2025年1-12月累计进口数量667.51万吨，累计同比增加17.94%。 据中国海关总署1月18日公布的数据显示，2025年中国橡胶轮胎出口量达965 ...

聚烯烃日报 | 2026-01-23 市场情绪提振，盘面大幅反弹 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为6814元/吨（+148），PP主力合约收盘价为6624元/吨（+139），LL华北现货为 6600元/吨（+60），LL华东现货为6680元/吨（+30），PP华东现货为6410元/吨（+0），LL华北基差为-214元/吨（-88）， LL华东基差为-134元/吨（-118）， PP华东基差为-214元/吨（-139）。 上游供应方面，PE开工率为84.7%（+3.1%），PP开工率为76.0%（+0.4%）。 生产利润方面，PE油制生产利润为8.4元/吨（-76.9），PP油制生产利润为-471.6元/吨（-76.9），PDH制PP生产利润 为-666.0元/吨（-21.6）。 进出口方面，LL进口利润为125.8元/吨（+30.1），PP进口利润为-407.5元/吨（-3.9），PP出口利润为-52.8美元/吨（+5.5）。 下游需求方面，PE下游农膜开工率为36.3%（-0.6%），PE下游包装膜开工率为45.0%（-3.2%），PP下游塑编开工率 为42.0%（-0.6%），PP下 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The tight supply of nickel ore supports the high - level volatility of nickel and stainless - steel prices. The nickel market is affected by macro - sentiment, supply expectations, and technical factors, while the stainless - steel market is influenced by cost support and weak downstream demand [1][3] - Due to high inventory and oversupply, nickel prices are expected to remain in a low - level volatile range, and stainless - steel prices are expected to maintain high - level volatility in the short term, with the need to focus on Indonesian policy implementation, downstream demand recovery, and inventory changes [3][4] Summary by Related Catalogs Nickel Variety Market Analysis - On January 22, 2026, the Shanghai nickel main contract opened at 143,140 yuan/ton and closed at 142,500 yuan/ton, a 1.15% change from the previous trading day. The trading volume was 588,698 (- 156,970) lots, and the open interest was 69,610 (- 6,282) lots [1] - The price movement of the Shanghai nickel main contract was driven by three factors: macro - sentiment and external market linkages, the continuous fermentation of the expectation of reduced Indonesian nickel ore quotas, and technical support at the 140,000 yuan/ton mark [1] - The nickel ore market was stable, with prices in a high - level consolidation phase after consecutive increases. There was no new public tender or large - scale transaction information. In Indonesia, the market was waiting for the possible increase of the February domestic trade benchmark price (HPM) [2] - The spot price of Jinchuan Group in the Shanghai market was 122,800 yuan/ton, up 100 yuan/ton from the previous day. The spot trading was average, and the spot premiums of various refined nickel brands were mostly stable [2] Strategy - Due to high inventory and oversupply, nickel prices are expected to remain in a low - level volatile range. The recommended strategy is mainly range - trading, with no suggestions for inter - period, inter - variety, spot - futures, or options trading [3] Stainless Steel Variety Market Analysis - On January 22, 2026, the stainless - steel main contract opened at 12,720 yuan/ton and closed at 14,650 yuan/ton. The trading volume was 389,457 (- 37,459) lots, and the open interest was 163,858 (- 4,171) lots [3] - The stainless - steel main contract showed a trend of rising and then falling, weakening after high - level volatility and slightly stabilizing at the end. The cost side had strong support, but downstream demand was weak, suppressing price increases [3] - The stainless - steel prices in the Wuxi and Foshan markets were 14,550 (+ 250) yuan/ton and 14,450 (+ 250) yuan/ton respectively, and the 304/2B premium was 80 - 180 yuan/ton [4] Strategy - In the short term, high inventory, weak spot demand, rising costs, and macro - policies create long - short contradictions. Stainless - steel prices are expected to maintain high - level volatility. The recommended strategy is mainly range - trading, with no suggestions for inter - period, inter - variety, spot - futures, or options trading [4]

新能源及有色金属日报 | 2026-01-23 双硅同步上涨，库存维持高位 工业硅： 市场分析 2026-01-22，工业硅期货价格震荡上涨，主力合约2605开于8770元/吨，最后收于8825元/吨，较前一日结算变化（90） 元/吨，变化（1.03）%。截止收盘，2605主力合约持仓228488手，2026-01-21仓单总数为11955手，较前一日变化 384手。 供应端：工业硅现货价格基本持稳。据SMM数据，昨日华东通氧553#硅在9200-9300（0）元/吨；421#硅在9500-9800 （0）元/吨，新疆通氧553价格8600-8800（0）元/吨，99硅价格在8600-8800（0）元/吨。昆明、黄埔港、西北、天 津、新疆、四川、上海地区硅价持平，97硅价格持稳。 SMM统计1月15日工业硅主要地区社会库存共55.5万吨，较上周增加0.54%。 消费端：据SMM统计，有机硅DMC报价13800-14000（0）元/吨。本周多晶硅维持减产，对工业硅需求支撑有限， 但短期光伏抢出口显现易拉动工业硅需求。有机硅维持错峰减排政策，持续自律减产，对工业硅需求支撑同样乏 力。铝合金下游需求呈现边际走弱，预 ...

Group 1: Overall Market Situation - The fundamentals of steel are under continued pressure, and steel prices are fluctuating [1] Group 2: Glass and Soda Ash Market Analysis - Glass futures fluctuated and rose yesterday, while the spot market quotes remained stable, with dull production and sales by manufacturers and a cold trading atmosphere in the spot and futures markets This week, the inventory of float glass manufacturers was 53.216 million heavy boxes, a 0.38% increase from the previous week [2] - Soda ash futures also fluctuated and rose yesterday, with limited rigid demand procurement from downstream. This week, the soda ash inventory was 1.5212 million tons, a 1.49% decrease from the previous week [2] Supply - Demand and Logic - The supply - demand contradiction in the glass market is still significant. Although some production lines have been gradually cold - repaired, the production reduction is still insufficient compared to the decline in rigid demand. With the procurement by spot - futures traders, the inventory pressure is expected to ease, and the market anticipates a peak season after the Spring Festival. Attention should be paid to the progress of glass cold - repair [2] - The supply - demand contradiction in the soda ash market is relatively limited. Some soda ash plants have completed maintenance, and supply has increased. Considering the upcoming new production projects in the future and the expected increase in cold - repair of float glass production lines, it is necessary to suppress the production profit of soda ash enterprises to avoid supply - demand imbalance. In the short term, the speculative demand for soda ash has increased under the influence of macro - sentiment. Attention should be paid to the changes in float glass production lines and the progress of new soda ash production projects [2] Strategy - The glass market is expected to be in a state of fluctuation, while the soda ash market is expected to fluctuate weakly [3] Group 3: Silicon Manganese and Silicon Ferrosilicon Market Analysis - The main contract of silicon manganese opened lower and moved higher yesterday, with trading volume increasing as the market fluctuated at a high level. The cost support for the alloy is acceptable. The price of 6517 silicon manganese in the northern market is 5,570 - 5,680 yuan/ton, and in the southern market is 5,700 - 5,750 yuan/ton [4] - The silicon ferrosilicon futures fluctuated strongly yesterday, and the market adjusted slightly, with strong cautious waiting - and - seeing sentiment. The ex - factory price of 72 - grade natural block silicon ferrosilicon in the main production areas is 5,200 - 5,250 yuan/ton, and the price of 75 - grade silicon ferrosilicon is 5,800 - 5,850 yuan/ton [4] Supply - Demand and Logic - The fundamentals of silicon manganese have improved, but the inventory pressure is still large, and there are new production capacities coming on - stream, so the supply - demand is still relatively loose. There is an expectation of an increase in pig iron production in the future, and combined with the expectation of steel mills' inventory replenishment before the Spring Festival, the demand for silicon manganese is expected to improve. The recent tariff policy changes in South Africa may increase the cost of manganese ore. Attention should be paid to the cost support of manganese ore and production changes [4] - The fundamental contradictions of silicon ferrosilicon are controllable, and enterprises have actively reduced production loads. Considering the resumption of production by steel mills and winter - storage inventory replenishment, the demand for silicon ferrosilicon is expected to improve. The differential electricity price policy implemented in Shaanxi in the second half of the year has affected market sentiment, but considering the expected further decline in domestic electricity prices this year and the overall over - capacity of silicon ferrosilicon, the price increase is limited. Attention should be paid to the inventory reduction of silicon ferrosilicon and the electricity price policies in production areas [4] Strategy - Both the silicon manganese and silicon ferrosilicon markets are expected to be in a state of fluctuation [5]

黑色建材日报 | 2026-01-23 基本面承压继续，钢价震荡运行 钢材：基本面承压继续，钢价震荡运行 市场分析 昨日螺纹钢期货主力合约收于3124元/吨，热卷主力合约收于3287元/吨。现货方面，周三杭州螺纹库存47.2万吨， 螺纹出库3.9万吨，农历同比去年库存42.3万吨,去年出库4.3万吨。全国建材成交71531万吨。 期权：无 风险 宏观政策、成材产销情况、钢材出口、钢厂利润、成本支撑等。 铁矿：成交有所回升，矿价震荡运行 供需与逻辑：建材基本面承压，需求走弱，淡季钢价震荡运行。板材基本面矛盾有限，高库存始终压制价格边际 弹性。短期市场情绪较弱，价格底部不排除投机需求发生，关注减产情况及冬储情况，需求去库变化、利润状况、 成本支撑、原料补库、钢材出口及国内政策。 策略 单边：震荡 跨期：无 跨品种：无 期现：无 市场分析 期现货方面：昨日铁矿石价格震荡运行。现货方面，22日全国主港铁矿累计成交91.3万吨，环比上涨12.44%；本周 平均每日成交102.1万吨，环比上涨3.76%；本月平均每日成交95.8万吨，环比下跌6.54%。远期现货方面，远期现 货累计成交10.5万吨（2笔），环比下跌94. ...