Group 1: Rubber Market - Domestic all-latex rubber price is 15,700 yuan/ton, down 100 yuan/ton from the previous day; Thai No. 20 mixed rubber price is 15,050 yuan/ton, down 80 yuan/ton [4] - As of January 11, 2026, the total inventory of natural rubber in Qingdao is 568,200 tons, an increase of 1,980 tons, or 3.62% from the previous period [4][17] - With the arrival of winter in the Northern Hemisphere, the pricing framework is expected to shift from dynamic pricing based on supply and demand to static pricing based on inventory levels, leading to high volatility in rubber prices [5][18] Group 2: PX Market - The PX industry load in China increased by 0.3 percentage points to 90.9%, while the Asian industry load also increased by 0.3 percentage points to 81.2%, indicating stable supply and demand [6][19] - The demand side is supported by the restart of downstream PTA facilities, which is expected to boost PX demand [19] - The overall supply of PX is expected to remain high in January, with inventory accumulation expected to narrow [19] Group 3: PTA Market - The PTA industry load increased by 0.1 percentage points to 78.2%, remaining at a low level compared to previous years [7][20] - New order sentiment is weak, and the operating rate of terminal factories in Jiangsu and Zhejiang is declining [20] - PTA inventory is expected to face accumulation pressure in January due to seasonal demand weakness [20] Group 4: EG Market - The domestic ethylene glycol (EG) industry load increased by 0.5 percentage points to 74.2%, indicating stable supply and demand [21] - Despite rising shipping costs and potential import reductions, domestic supply remains ample, leading to significant supply pressure [21] - January is expected to see inventory accumulation, with February potentially being the peak period for inventory pressure in the first half of the year [21] Group 5: Soda Ash Market - Soda ash futures experienced a slight decline, with the latest production increasing by 57,000 tons to 754,000 tons, indicating rising supply pressure [24] - Downstream demand has slightly decreased, with the latest inventory at 156,500 tons, down 800 tons from the previous week [24] - The overall market sentiment is weak, with short-term soda ash prices expected to fluctuate [24] Group 6: Glass Market - Glass futures saw a significant decline, while spot prices remained stable [25] - Recent production has decreased, and downstream purchasing activity has improved, leading to a reduction in inventory [25] - The latest glass inventory decreased by 67,000 tons to 2,776,000 tons, indicating a seasonal demand weakness [25]

Core Viewpoint - Goldman Sachs predicts that global oil prices will bottom out in the last quarter of this year, with the recovery taking longer and being slower than previously expected [1] Price Forecast - Goldman Sachs has lowered its price forecasts for Brent and WTI crude oil for 2027 by $5 per barrel, now expecting prices to be $58 per barrel and $54 per barrel, respectively [1] - The firm maintains its 2026 price forecasts at $56 per barrel for Brent and $52 per barrel for WTI [1] Supply Dynamics - An increase in crude oil supply from the United States, Venezuela, and Russia is contributing to the anticipated price adjustments [1] - Goldman Sachs expects a supply surplus of 2.3 million barrels per day [1]

Core Viewpoint - Goldman Sachs maintains its forecast for the average prices of Brent crude oil and WTI crude oil at $63 and $59 respectively for the remainder of 2025, and expects them to decline to $58 and $55 in 2026 [1] Price Forecast - The expected average price for Brent crude oil in 2025 is $63 [1] - The expected average price for WTI crude oil in 2025 is $59 [1] - The forecast for Brent crude oil prices in 2026 is $58 [1] - The forecast for WTI crude oil prices in 2026 is $55 [1]