Group 1: Report Industry Investment Ratings - The investment ratings for cotton, sugar, and pulp are all neutral [2][6][8] Group 2: Report Core Views - For cotton, in the short - term, the domestic market faces downstream and price - difference pressures with a risk of high - level correction. In the long - term, the upward space depends on policy implementation. The global market has short - term supply pressure and weak consumption, while the US cotton is in a low - valuation range [2] - For sugar, the 2025/26 global sugar market is in surplus. In the short - term, the trade flow is in a tight balance, and in the long - term, the market should not be overly pessimistic. The domestic market has increasing supply and inventory pressure, and the price is expected to oscillate at the bottom [4][6] - For pulp, overseas supply is disrupted, and there is a pre - Spring Festival restocking expectation. The short - term trend is expected to be slightly stronger in oscillation, but the upward height depends on demand improvement and inventory digestion [8] Group 3: Summary by Related Contents Cotton Market News and Key Data - Futures: The closing price of cotton 2605 contract was 14,675 yuan/ton, down 135 yuan/ton (- 0.91%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,727 yuan/ton, up 10 yuan/ton; the national average price was 15,972 yuan/ton, up 2 yuan/ton [1] - India's 2025/26 cotton production increased by 130,000 tons, domestic demand by 170,000 tons, and exports decreased by 50,000 tons compared to last month's assessment. Compared with the previous year, the ending inventory increased by 800,000 tons [1] Market Analysis - Internationally, the new cotton in the Northern Hemisphere is on the market, with high supply pressure and weak consumption. The US cotton export is slow, and it is under short - term pressure. Domestically, the 2025/26 cotton production increased, the commercial inventory rose seasonally, the downstream orders declined, and the inventory increased. The annual supply - demand is expected to be balanced, with a possible inventory shortage at the end of the year [2] Strategy - Neutral. Be vigilant against high - level correction in the short term, and the long - term upward space depends on policy implementation [2] Sugar Market News and Key Data - Futures: The closing price of sugar 2605 contract was 5,280 yuan/ton, down 19 yuan/ton (- 0.36%) from the previous day. Spot: The sugar price in Nanning, Guangxi was 5,360 yuan/ton, down 10 yuan/ton; in Kunming, Yunnan it was 5,215 yuan/ton, down 15 yuan/ton [2] - As of January 12, 2026, Punjab, India had crushed over 18.647 million tons of sugarcane, producing 1.712 million tons of sugar [3] Market Analysis - The global 2025/26 sugar market is in surplus. In the short term, the trade flow is in a tight balance, and in the long term, the market should not be overly pessimistic. Domestically, sugar production is increasing, the supply is growing seasonally, and the import pressure remains high [4][5] Strategy - Neutral. The price may oscillate at the bottom in the short - to - medium term, with limited downward space [6] Pulp Market News and Key Data - Futures: The closing price of pulp 2605 contract was 5,436 yuan/ton, down 58 yuan/ton (- 1.06%) from the previous day. Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,515 yuan/ton, down 35 yuan/ton; the price of Russian softwood pulp was 5,090 yuan/ton, down 45 yuan/ton [6] - The import wood pulp spot market price turned weak. The price of imported softwood pulp in some markets decreased by 10 - 50 yuan/ton, and the price of imported hardwood pulp in some markets decreased by 10 - 20 yuan/ton [6] Market Analysis - Supply: Overseas pulp mills had shutdown and maintenance. Demand: European port inventory decreased, and domestic port inventory was high but decreased slightly in December. The expanding paper production capacity will increase the demand for pulp [7] Strategy - Neutral. The short - term trend is expected to be slightly stronger in oscillation, and the upward height depends on demand and inventory [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The geopolitical situation in Iran has eased, the upward trend of oil prices has slowed down, and the focus will return to the fundamentals of pure benzene and styrene [3]. - The fundamentals of pure benzene have improved, with downstream开工率 bottoming out and rebounding. However, the port inventory is still at a historical high, and the sustainability of the improvement in downstream开工率 needs to be monitored [3]. - For styrene, the port inventory is still being depleted, the recovery rate of styrene开工率 is slow, and the downstream开工率 has increased, with the inventory pressure of ABS gradually alleviating [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - month contracts; also styrene's main basis and main contract, EB main contract basis, and the spread between the first - and third - month contracts [8][12][17] II. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures cover naphtha processing fee, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profit, and various spreads and profits related to pure benzene and styrene in different regions [19][22][29] III. Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [35][38][40] IV. Styrene Downstream Operating Rates and Production Profits - Figures display the operating rates and production profits of EPS, PS, and ABS [49][51][53] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, and other downstream products of pure benzene [59][61][70] 4. Strategy - Unilateral: Cautiously go long and hedge EB2602 and BZ2603 at low prices [4] - Basis and inter - period: No strategy [4] - Cross - variety: No strategy [4]

Group 1: Report Investment Rating - Unilateral trading: Cautiously bullish [5] - Arbitrage: Neutral [5] Group 2: Core View - The suspension of KZ and YP zinc delivery by the LME has limited impact. The brand's inventory in LME is only 600 tons and it's mainly for direct downstream sales, and delivery rights will be restored after procedure updates. Downstream consumption is entering the off - season, social inventory accumulation is slow, smelter raw material availability days are low, short - term TC is hard to rise, smelting comprehensive profit is difficult to repair, January production may be lower than expected, supply pressure is expected to decrease, zinc price has limited downside even with emotional pullbacks [4] Group 3: Key Data Spot - LME zinc spot premium: -$14.32/ton. SMM Shanghai zinc spot price: changed by 840 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. SMM Guangdong zinc spot price: changed by 860 yuan/ton to 25410 yuan/ton, spot premium: 35 yuan/ton. Tianjin zinc spot price: changed by 840 yuan/ton to 25350 yuan/ton, spot premium: -25 yuan/ton [1] Futures - On 2026 - 01 - 15, SHFE zinc main contract opened at 24740 yuan/ton, closed at 25090 yuan/ton (up 500 yuan/ton from previous trading day), with trading volume of 502358 lots and positions of 142972 lots, intraday high: 25650 yuan/ton, intraday low: 24475 yuan/ton [2] Inventory - As of 2026 - 01 - 15, SMM seven - region zinc ingot inventory: 11.84 tons (down 0.05 tons from previous period). As of the same date, LME zinc inventory: 106700 tons (down 25 tons from previous trading day) [3]

Report Industry Investment Ratings - **Short - term decline**: Soybean meal, rapeseed meal, soybean oil, rapeseed oil [2][5][7] - **Short - term adjustment**: Palm oil [2][10] - **Rebound under pressure**: Cotton [2] - **Short - term rebound**: Live pigs, red dates [2][3] Core Views - **Soybean meal**: In the first quarter, the estimated imports are expected to decline year - on - year, and the cost of importing US soybeans has increased, making domestic spot prices resistant to decline. The soft inventory of US soybeans, along with increased area, production, and end - of - season inventory, has led to a decline in US soybeans. The continuous decline of rapeseed meal has also dragged down soybean meal. However, supported by cost and stocking demand, the short - term adjustment space is limited [2][6]. - **Rapeseed meal**: The pressure on rapeseed meal spot inventory has eased, and supply is tight. Although the January USDA report reduced the global rapeseed production and end - of - season inventory month - on - month, the upcoming visit of the Canadian Prime Minister to China and the expectation of canceling oil and meal tariffs have affected the market. After an overnight rebound, attention should be paid to the results of the China - Canada meeting from the 13th to the 17th [2][9]. - **Palm oil**: Domestic spot trading is light. Indonesia's announcement that it will not implement the B50 policy in 2026 has dampened market bullish sentiment. Fortunately, the export data of Malaysian palm oil in the first 15 days of this month increased month - on - month. Palm oil is in a short - term adjustment phase, and short - long opportunities after the adjustment can be noted [2][11]. - **Soybean oil**: Domestic soybean oil inventory has decreased month - on - month but is still higher than the five - year average. Pre - holiday stocking has led to good domestic spot trading. However, the bearish data from the US soybean side and the decline of palm oil have caused soybean oil to decline. Bullish sentiment should be put on hold for now, and attention should be paid to when palm oil stops falling [2][4]. - **Rapeseed oil**: The market is weak externally and strong internally. The suspension of China - Canada rapeseed trade has tightened domestic supply, but the visit of the Canadian Prime Minister to China and the expectation of canceling oil and meal tariffs have suppressed market bullish sentiment. After a significant overnight rebound, attention should be paid to the results of the China - Canada meeting this week [2]. - **Cotton**: The January USDA data is moderately bullish for the ICE market. The decline of the US dollar index and the strength of external commodities support the cotton market, and the US cotton market is expected to be strong in the short term. In China, new cotton processing is basically completed, and the sales progress has slowed down. The pressure on raw material inventory has increased, and attention should be paid to the suppression of the market by the further deterioration of textile enterprises' profits. In the short term, the market is expected to rebound under pressure, and in the long - term, prices are expected to continue to recover [2][13][15]. - **Red dates**: Recently, the spot market has been dull. With the peak of new product listing and the arrival of the consumption season, market fluctuations have increased. High inventory levels are still putting pressure on the rebound of jujube prices. In a supply - demand surplus situation, a generally bearish attitude is recommended. In the short term, the bearish trend has slowed down, and short - term rebound opportunities can be noted [2][17]. - **Live pigs**: In mid - to - early January, the market is expected to show a situation of weak supply and demand. Recently, affected by the entry of second - fattening pigs and the reduction of group sales volume, the spot market still has some support in the short term, and the supply - side pressure will be postponed to the end of January to February. Attention should be paid to the demand before the Spring Festival. For contracts, after the 01 contract enters delivery, focus on the 03 contract; the 05 contract has a weak supply - demand pattern; the 09 and 11 contracts are in a short - term data vacuum period and should be observed [2][3][19]. Summary by Variety Soybean Meal - **Inventory**: As of January 9, 2026, national port soybean inventory was 802.8 million tons, a week - on - week decrease of 20.8 million tons; 125 oil mills' soybean inventory was 713.12 million tons, a week - on - week increase of 2.87 million tons, and a year - on - year increase of 108.56 million tons. The soybean meal inventory was 104.4 million tons, a week - on - week decrease of 12.62 million tons [6]. - **Price**: The futures price of the main contract closed at 2751 yuan/ton, unchanged from the previous day. The national average spot price was 3204.29 yuan/ton, a slight increase of 1.15 yuan/ton from the previous day [5]. Rapeseed Meal - **Inventory**: As of January 9, the coastal area's main oil mills' rapeseed inventory was 6 million tons, a week - on - week increase of 6 million tons; rapeseed meal inventory was 0 million tons, unchanged from the previous week [9]. - **Price**: The futures price of the main contract closed at 2289 yuan/ton, unchanged from the previous day. The national average spot price was 2455.26 yuan/ton, a decrease of 18.95 yuan/ton from the previous day [7]. Palm Oil - **Inventory**: As of January 9, 2026, the national key area's palm oil commercial inventory was 73.6 million tons, a week - on - week increase of 0.22 million tons [11]. - **Export**: From January 1 - 15, 2026, Malaysia's palm oil export volume increased month - on - month [11]. - **Price**: The futures price of the main contract closed at 8578 yuan/ton, a decrease of 170 yuan/ton from the previous day. The national average price was 8633 yuan/ton, a decrease of 165 yuan/ton from the previous day [10]. Cotton - **International**: The January USDA report had a moderately bullish impact on the global cotton market. In the 2025/2026 season, global cotton production was revised down by 7.8 million tons, consumption was revised up by 6.7 million tons, and the end - of - season inventory was revised down by 32.4 million tons [13]. - **Domestic**: New cotton picking is basically completed, with a ginned cotton inspection volume exceeding 6.6 million tons. The national total production is expected to increase by 26 million tons to 7.68 million tons. The new - season lint cost is basically locked between 14,600 - 15,200 yuan/ton, and the sales progress has slowed down [14]. - **Price**: The futures price of the main contract (CF2605) closed at 14,675 yuan/ton, a decrease of 135 yuan/ton from the previous day. The CCIndex (3218B) spot price was 15,972 yuan/ton, a slight increase of 2 yuan/ton from the previous day [12]. Red Dates - **Supply and Demand**: The acquisition in the production area is almost over, and market supply has increased. It has entered the winter consumption season. The inventory of 36 sample enterprises was 15,300 tons, a week - on - week decrease of 349 tons, but still higher than the same period last year [17]. - **Price**: The futures price of the main contract (CJ2605) closed at 9040 yuan/ton, a decrease of 90 yuan/ton from the previous day. The spot prices in different regions remained stable [16]. Live Pigs - **Supply**: In January, the planned slaughter of sample enterprises is expected to decrease, but there is still pressure on the supply side, especially at the end of January. The number of new - born piglets in December increased, and the inventory of breeding sows decreased [19]. - **Price**: The futures price of the main contract (lh2603) closed at 11,950 yuan/ton, a decrease of 60 yuan/ton from the previous day. The national average slaughter price was 12,740 yuan/ton, a slight decrease of 20 yuan/ton from the previous day [18].

Report Summary - **Report Date**: January 13, 2026 [1] - **Report Cycle**: Daily - **Research Variety**: Soybean Meal - **Researcher**: Chen Bo (Qualification No.: F03138462; Investment Consultation Certificate No.: Z0022938) [1] 1. Report Industry Investment Rating - Not provided 2. Report's Core View - The soybean meal futures price is expected to remain under pressure in the short term due to the bearish USDA report and high inventory of imported soybeans, while the domestic soybean meal inventory remains high and the overall consumption has not improved significantly. Technically, the price has fallen below the lower edge of the recent trading range, indicating a clear bearish pattern. Investors are advised to be cautious and pay attention to the impact of subsequent imported soybean auctions and South American weather changes on market sentiment. [9] 3. Summary by Relevant Catalogs 3.1 Futures Market - On January 13, 2026, the opening price of the DCE soybean meal main contract (M.DCE) was 2,799 yuan/ton, the closing price was 2,761 yuan/ton, a 0.9% decline from the previous trading day. The highest price was 2,805 yuan/ton, the lowest price was 2,756 yuan/ton, the daily trading volume was 1,180,639 lots, and the open interest was 2,258,105 lots. [2] 3.2现货市场 - On January 13, 2026, the spot price of soybean meal in Tianjin was 3,200 yuan/ton, and the closing price of the futures main contract was 2,761 yuan/ton, with a basis of 439 yuan/ton. The spot market was strong while the futures market was weak. [5] 3.3影响因素 3.3.1产业资讯 - International market: The USDA January supply and demand report was bearish. The US soybean production reached 4.262 billion bushels, higher than the December estimate, and the Brazilian soybean production in 2025/26 was raised to 178 million tons. The CBOT soybean March contract closed down at 1,050 cents/bushel. [6] - Supply and demand fundamentals: In the first week of 2026, the imported soybean inventory was 7.1025 million tons, an increase of 558,100 tons or 8.53% from the previous week, and the soybean meal inventory was 1.1702 million tons, an increase of 2,600 tons or 0.22% from the previous week, both at relatively high levels, indicating supply pressure. [6] - Market transactions: On January 12, the total soybean meal transactions of major oil mills in China were 1.1593 million tons, an increase of 675,100 tons from the previous trading day, with the forward basis transactions accounting for 93%, concentrated in May - July 2026. [6] - Cost side: On January 13, the arrival cost of imported soybeans was 3,848.91 yuan/ton, a decrease of 43.58 yuan/ton or 1.12% from the previous workday, weakening the cost support. [6] 3.3.2技术分析 - In the past five trading days, the soybean meal main contract showed a downward - oscillating trend. From January 7 to January 13, the price fluctuated in the range of 2,756 - 2,827 yuan/ton, showing an "M" - shaped pattern overall. The price rose 1.74% on January 7, then fell for two consecutive days, rebounded slightly by 0.14% on January 12, and fell again by 0.90% on January 13, indicating that the bearish force was dominant. [6] 3.4行情展望 - The soybean meal futures price is expected to remain under pressure in the short term. Investors are advised to be cautious and pay attention to imported soybean auctions and South American weather changes. [9]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - **PTA**: The short - term PTA spot price is expected to fluctuate with the cost side, and the spot basis will run weakly. The supply - demand pattern remains stable for now, but the willingness of traders to hold goods has decreased, and the spot basis has further declined [5]. - **MEG**: The price center of ethylene glycol has moderately increased recently due to the strong crude oil and geopolitical concerns. However, the medium - term fundamentals are weak, and there is heavy pressure on the price upside [7]. 3. Summary by Directory 3.1. Previous Day Review No specific content provided in the report. 3.2. Daily Tips - **PTA**: - Fundamentals: The PTA futures fluctuated and closed lower yesterday, the spot market negotiation atmosphere was average, and the spot basis was weak. - Basis: The spot price was 5072, and the 05 - contract basis was - 44, with the futures price higher than the spot price. - Inventory: The PTA factory inventory was 3.6 days, a decrease of 0.01 days compared to the previous period. - Market: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average. - Main positions: Net short positions increased. [5] - **MEG**: - Fundamentals: On Wednesday, the price center of ethylene glycol fluctuated and was firm, and the market negotiation was acceptable. The night - session opened low and moved up, and the spot basis strengthened slightly. - Basis: The spot price was 3718, and the 05 - contract basis was - 149, with the futures price higher than the spot price. - Inventory: The total inventory in East China was 66.9 tons, an increase of 0.55 tons compared to the previous period. - Market: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average. - Main positions: Net short positions decreased. [7][8] 3.3. Today's Focus - **Influencing Factors Summary**: - Positive factors: None mentioned. - Negative factors: A 400,000 - ton/year synthetic gas - to - ethylene glycol plant in Inner Mongolia restarted and produced products, and the load is increasing [10]. - **Current Main Logic and Risk Points**: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be monitored when the market rebounds [11]. 3.4. Fundamental Data - **PTA Supply - Demand Balance Sheet**: Details of PTA supply and demand from January 2024 to December 2025 are provided, including production capacity, output, import, export, and inventory changes [13]. - **Ethylene Glycol Supply - Demand Balance Sheet**: Details of ethylene glycol supply and demand from January 2024 to December 2025 are provided, including production, import, consumption, and inventory changes [14]. - **Price and Profit Data**: Data on the prices and profits of various products such as naphtha, PX, PTA, MEG, and polyester products on January 14 and 13, 2026 are provided [15]. - **Graphical Data**: Multiple graphs show historical data on prices, basis, spreads, inventory, and operating rates of PTA, MEG, PET bottle chips, and polyester products from 2022 to 2026 [16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54][55][56][57][58][59][60][61][62][63][64][65][66][67][68]

Group 1 - The futures market is characterized by constant fluctuations influenced by geopolitical changes, policy adjustments, and unexpected events, requiring traders to adapt their strategies flexibly [1] - Market volatility creates uncertainty but also presents hidden opportunities, necessitating a proactive approach to data analysis and strategy development [1] - Professionals in the industry must maintain a clear mind and sharp insight under pressure, continuously monitoring global news and market changes to capitalize on fleeting opportunities [1] Group 2 - The ability to remain calm and adjust strategies in response to unexpected events is a valuable skill developed in the futures market, which can also enhance personal life experiences [2][3]

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 | | ...

交易咨询业务资格：证监许可【2012】1091号 PTA&MEG早报-2026年1月16日 大越期货投资咨询部 金泽彬 投资咨询资格证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 今日关注 基本面数据 5 PTA 每日观点 PTA： 1、基本面：昨日PTA期货震荡下跌，现货市场商谈氛围一般，现货基差走强。1月货在05贴水60~68附近商谈成交，价格商谈区 间在4975~5110。2月上在05贴水60成交，2月下在05贴水50有成交。3下在05贴水25成交。今日主流现货基差在05-64。中性 6、预期：近期PTA自身装置变动不多，供需格局暂时维持，上周下游聚酯减产消息集中发酵后，贸易商持货意愿持续减弱，现 货基差进一步走低，预计短期内PTA现货价格跟随成本端震荡，现货基差偏弱运行。关注油价波动及下游装置变动。 MEG： 5、主力持仓：净空 空增 偏空 6 ...