Report Industry Investment Rating No relevant information provided. Core Viewpoints - For sugar, due to the current continuous discount of raw sugar price to the Brazilian ethanol conversion price and the increase in crude oil price caused by geopolitical risks, there is a possibility of reducing the proportion of sugar cane for sugar production in the new Brazilian sugar - cane crushing season after April this year, leading to sugar production reduction. In China, at the end of the crushing season, the pressure of production increase eases, and with potential positive factors for raw sugar in the future, sugar prices may still have room for rebound. The strategy is to try to go long on price pullbacks [3]. - For cotton, the newly issued 300,000 - ton import quota in China is a short - term negative factor for Zhengzhou cotton prices. In the medium term, the current downstream operating rate has returned to the same level as last year, which is neutral. Future price trends mainly depend on downstream operating conditions, and the short - term strategy is to turn to a wait - and - see approach [6]. - For protein meal, the March USDA report is neutral. Affected by the geopolitical crisis, the short - term crude oil price fluctuates sharply, driving the protein meal price to fluctuate significantly. It is recommended to wait and see in the short term [9]. - For oils and fats, affected by the outbreak of the geopolitical crisis, the short - term sharp increase in crude oil prices drives the prices of oils and fats to strengthen. On the other hand, before the end of the US - Iran event, the crude oil price remains at a high level, and Indonesia is expected to tighten palm oil exports. The medium - term view is to be bullish on oils and fats [13]. - For eggs, although the production capacity is on a downward trend, the absolute supply level is still high, and the pace of capacity reduction slows down due to expectations, with a post - poned supply expectation. On the other hand, the spot price is affected by pulsed demand, showing a relatively strong overall trend, but the future price increase space and sustainability are questionable, resulting in a relatively high valuation of the near - month contract on the futures market. The strategy is to short on rebounds for the near - term contracts, and pay attention to the support brought by cost increases for the far - term contracts [15]. - For pigs, considering that the weight and theoretical slaughter volume are still high, although the inventory of small - scale farmers is low, the enthusiasm for second - round fattening is insufficient under the current price difference between fat and standard pigs, so the support for the market is limited. The short - term spot price is expected to remain weakly stable. Pay attention to the additional pressure on the spot price caused by the diminishing marginal effect of weight gain after the increase in feed prices. The near - term futures contracts maintain a premium structure, and the strategy is to short on rebounds; for the far - term contracts, there is an expectation of capacity reduction, but the upward driving force of the spot price is insufficient, resulting in an excessive premium, so it is recommended to wait and see [18]. Summary by Category Sugar - **Market Information**: From January to February 2026, China imported 280,000 tons and 240,000 tons of sugar respectively, an increase of 220,000 tons each compared with the same period last year, with a total increase of 440,000 tons. In February, the cumulative sugar production in China was 9.26 million tons, a year - on - year decrease of 455,000 tons; the monthly sugar sales were 750,000 tons, a year - on - year decrease of 266,000 tons; the industrial inventory was 5.81 million tons, a year - on - year increase of 840,000 tons. As of March 15, 2026, in the 2025/26 sugar - cane crushing season, India's cumulative sugar production was 26.21 million tons, a year - on - year increase of 2.49 million tons; Thailand's sugar production reached 10.27 million tons, a year - on - year increase of 545,000 tons. The International Sugar Organization (ISO) predicted at the end of February that due to lower - than - expected sugar production in India and Thailand, the global sugar production in the 2025/26 sugar - cane crushing season is expected to be 181.29 million tons [2]. - **Strategy**: Try to go long on price pullbacks [3]. Cotton - **Market Information**: From January to February 2026, China imported 210,000 tons and 170,000 tons of cotton respectively, an increase of 60,000 tons and 50,000 tons compared with the same period last year; imported 160,000 tons and 130,000 tons of cotton yarn respectively, an increase of 60,000 tons and 20,000 tons compared with the same period last year. The National Development and Reform Commission issued an additional 300,000 - ton tariff - rate quota for processing trade imports with preferential tariff rates. From February 26 to March 5, the US exported 35,800 tons of cotton in the current year, with a cumulative export of 2.0865 million tons, a year - on - year decrease of 163,900 tons; the export to China in that week was 1,800 tons, with a cumulative export of 100,300 tons, a year - on - year decrease of 90,200 tons. As of the week of March 13, the spinning mill operating rate was 76%, an increase of 2.8 percentage points from the previous week; the national commercial cotton inventory was 5.14 million tons, a year - on - year increase of 390,000 tons. The USDA predicted in March that the global cotton production in the 2025/26 season would be 26.34 million tons, an increase of 240,000 tons from the February prediction and 540,000 tons from the previous year; the inventory - to - consumption ratio was 64.42%, an increase of 1.15 percentage points from the February prediction and 2.4 percentage points from the previous year. The predicted US cotton production in March was 3.03 million tons, the same as the February prediction, with the export forecast unchanged and the inventory - to - consumption ratio at 30.43%, unchanged from the previous month. Brazil's production forecast increased by 160,000 tons to 4.25 million tons; India's production forecast remained at 5.12 million tons; China's production increased by 100,000 tons to 7.73 million tons [4]. - **Strategy**: Turn to a wait - and - see approach in the short term [6]. Protein Meal - **Market Information**: AgRural's latest forecast for Brazil's soybean production in the 2025/26 season is 178 million tons, a decrease of 3 million tons from the previous forecast; StoneX's latest forecast is 177.8 million tons, a decrease of 3.8 million tons from the previous forecast. From February 26 to March 5, the US exported 380,000 tons of soybeans, with a cumulative export of 36.49 million tons in the current year, a year - on - year decrease of 7.7 million tons; the export to China in that week was 80,000 tons, with a cumulative export of 10.82 million tons to China in the current year, a year - on - year decrease of 10.9 million tons. As of the week of March 13, 2026, the arrival of domestic sample soybeans was 15.48 million tons, a year - on - year increase of 2.19 million tons; the sample soybean port inventory was 5.49 million tons, a year - on - year increase of 2.19 million tons. The USDA predicted in March that the global soybean production in the 2025/26 season would be 42.717 million tons, a decrease of 990,000 tons from the February prediction and an increase of 28,000 tons from the previous year. The inventory - to - consumption ratio was 29.54%, a decrease of 0.01 percentage points from February and 0.3 percentage points from the previous year. The predicted US soybean production was 11.599 million tons, the same as the February prediction; Brazil's production was predicted to be 18 million tons, the same as the February prediction; Argentina's production was predicted to be 4.8 million tons, a decrease of 500,000 tons from the February prediction. In the March prediction, the US export volume forecast remained at 4.286 million tons [8]. - **Strategy**: Wait and see in the short term [9]. Oils and Fats - **Market Information**: The President of Indonesia stated that Indonesian coal, crude palm oil and its derivative production enterprises are not allowed to export relevant products before meeting domestic demand to ensure national energy and important commodity supply security. The Southern Peninsula Palm Oil Millers' Association (SPPOMA) data showed that from March 1 - 10, 2026, Malaysia's palm oil production increased by 1.55% month - on - month, the fresh fruit bunch yield per unit area increased by 4.29%, and the oil extraction rate decreased by 0.52%. The Deputy Minister of Energy of Indonesia said that the government is studying the possibility of restarting the B50 mandatory blending policy in the middle of this year. The Indonesian Bureau of Statistics data showed that in January 2026, Indonesia's total palm oil exports were 2.3 million tons, a decrease of 490,000 tons from the previous month and an increase of 860,000 tons from the same period last year. The MPOB data showed that in February, Malaysia's palm oil production was 1.28 million tons, a decrease of 300,000 tons from the previous month and an increase of 90,000 tons from the same period last year; the export volume was 1.13 million tons, a decrease of 330,000 tons from the previous month and an increase of 130,000 tons from the same period last year; the inventory was 2.7 million tons, a decrease of 120,000 tons from the previous month and an increase of 1.19 million tons from the same period last year. AmSpec data showed that from March 1 - 15, 2026, Malaysia's palm oil product exports were 921,000 tons, a 56.9% increase from the same period last month; ITS data showed that the exports were 926,000 tons, a 43.5% increase from the same period last month. The Indian Solvent Extractors' Association (SEA) data showed that as of the end of February, India's vegetable oil inventory was 1.87 million tons, an increase of 120,000 tons from the previous month and basically the same as the same period last year. As of the week of March 13, the domestic sample data of the three major oils and fats inventory was 2.01 million tons, a year - on - year decrease of 70,000 tons [11][12]. - **Strategy**: Be bullish on oils and fats in the medium term [13]. Eggs - **Market Information**: Yesterday, the national egg price was mainly stable. The average price in the main producing areas decreased slightly by 0.01 yuan to 3.15 yuan per catty. The price of large - sized eggs in Heishan remained unchanged at 2.95 yuan per catty, and the price in Guantao remained at 2.98 yuan per catty. The supply was stable, the downstream sales speed varied, most traders were confident about the future market, the inventory at each link was stable, and the downstream purchasing enthusiasm was stable. It is expected that today's national egg price will be mostly stable, with individual prices rising or falling [14]. - **Strategy**: Short on rebounds for the near - term contracts, and pay attention to the support brought by cost increases for the far - term contracts [15]. Pigs - **Market Information**: Yesterday, the national egg price mostly remained stable with a few increases. The average price in the main producing areas increased by 0.02 yuan to 3.17 yuan per catty. The price of large - sized eggs in Heishan increased by 0.05 yuan to 3 yuan per catty, and the price in Guantao remained at 2.98 yuan per catty. The supply was normal, the downstream digestion speed varied, most traders were confident about the future market, the inventory at each link was stable, and the downstream purchasing enthusiasm was stable. It is expected that today's national egg price will be mostly stable with a few increases [17]. - **Strategy**: Short on rebounds for the near - term contracts; wait and see for the far - term contracts [18].

Report Industry Investment Rating - Not provided Core Viewpoints - For sugar, wait until the northern hemisphere starts to finish squeezing in February and the bearish impact of increased production is basically realized, then the international sugar price may rebound. Domestically, as the supply of imported sugar gradually decreases and the sugar price falls to a low level, the short - term downward space may be limited, so it's advisable to wait and see [4]. - For cotton, in the medium - to - long term, with the reduction of the new - year planting area and the positive macro - economic expectations, the cotton price still has room to rise. Pay attention to the opportunity of low - buying before the Spring Festival [9]. - For protein meal, affected by the sudden news from Canada, the rapeseed meal price rebounded. The January USDA report data is slightly bearish, but the overall balance sheet is better than that of the 2024/25 season. The domestic soybean and soybean meal inventories have decreased on a weekly basis, and the protein meal price may be bottoming out [13]. - For oils and fats, affected by the sudden news from Canada and the year - on - year decline in Malaysian palm oil production in January, the oil price rose significantly yesterday. The domestic inventory of the three major oils has been decreasing on a weekly basis. Wait for a pullback and then try to go long [17]. - For eggs, the spot price is about to experience seasonal price increases, which will drive the futures price down. The near - term contract may fluctuate weakly, while the far - end contract may continue to correct its valuation, so maintain a short - selling strategy [19]. - For pigs, the basic supply is large and the live - animal inventory is accumulating. The spot and near - term expectations are pessimistic, so maintain a strategy of short - selling on rebounds. The far - end production capacity decline has been revised down, but there are still expectations of high fat - to - standard price differences, seasonal support, and recovery in consumer demand, so pay attention to the downside support after the price follows the decline [22]. Summary by Commodity Sugar - **Market Quotes**: On Friday, the Zhengzhou sugar futures price fluctuated. The closing price of the May contract of Zheng sugar was 5248 yuan/ton, down 9 yuan/ton or 0.17% from the previous trading day. The offer price of Guangxi sugar - making groups was 5290 - 5370 yuan/ton, unchanged from the previous trading day [2]. - **Industry Data**: In the second half of December 2025, the central - southern region of Brazil crushed 2.171 million tons of sugarcane, a year - on - year increase of 26.60%. The sugar output was 56,000 tons, a year - on - year decrease of 14.93%. The sugar - making ratio of sugarcane was 21.24%, a decrease of 11.28 percentage points compared with the same period last year. In December 2025, China imported 580,000 tons of sugar, an increase of 190,000 tons year - on - year. In 2025, China's cumulative sugar imports were 4.92 million tons, an increase of 570,000 tons year - on - year. As of the end of December in the 2025/26 sugar - crushing season, China's cumulative sugar imports were 1.77 million tons, an increase of 310,000 tons year - on - year. In December, China imported a total of 69,700 tons of syrup and premixed powder, and the cumulative imports in 2025 were 1.1888 million tons. As of January 15, 2026, India's national sugar output had reached 15.909 million tons, a nearly 22% increase compared with 13.044 million tons in the same period last year. The number of sugar mills still in operation increased from 500 in the same period last year to 518 [3]. Cotton - **Market Quotes**: On Friday, the Zhengzhou cotton futures price fell. The closing price of the May contract of Zheng cotton was 14,670 yuan/ton, down 240 yuan/ton or 1.61% from the previous trading day. The China Cotton Price Index (CCIndex) 3128B was reported at 16,183 yuan/ton, up 80 yuan/ton from the previous trading day [6]. - **Industry Data**: As of the week of January 23, the spinning mill's operating rate was 64.2%, a 0.4 - percentage - point decrease from the previous week. The national commercial cotton inventory was 5.65 million tons, a decrease of 50,000 tons from the previous week. The January 2026 USDA forecast for the 2025/26 global cotton production was 26 million tons, a decrease of 80,000 tons from the December forecast and an increase of 200,000 tons from the previous year. The inventory - to - consumption ratio was 62.63%, a 1.42 - percentage - point decrease from the December forecast and a 0.62 - percentage - point increase from the previous year. The January forecast for US production was 3.03 million tons, a decrease of 76,000 tons from the December forecast. The export forecast remained unchanged, and the inventory - to - consumption ratio was 30.43%, a 2.17 - percentage - point decrease. Brazil's production forecast remained unchanged at 4.08 million tons; India's production was revised down by 110,000 tons to 5.12 million tons; China's production was revised up by 220,000 tons to 7.51 million tons. From January 15 to January 22, the US current - year cotton export sales were 51,800 tons, and the cumulative export sales were 1.7722 million tons, a decrease of 194,900 tons year - on - year. Among them, the export to China that week was 8800 tons, and the cumulative export to China was 97,400 tons, a decrease of 66,000 tons year - on - year. In December 2025, China imported 180,000 tons of cotton, an increase of 40,000 tons year - on - year. In 2025, China's cumulative cotton imports were 1.08 million tons, a decrease of 1.56 million tons year - on - year [7][8]. Protein Meal - **Market Quotes**: On Friday, the protein meal futures price fell. The closing price of the May contract of soybean meal was 2767 yuan/ton, down 35 yuan/ton or 1.25% from the previous trading day. The closing price of the May contract of rapeseed meal was 2287 yuan/ton, down 38 yuan/ton or 1.63% from the previous trading day. The spot price of Dongguan soybean meal was reported at 3120 yuan/ton, unchanged from the previous trading day; the spot price of Huangpu rapeseed meal was reported at 2490 yuan/ton, down 30 yuan/ton from the previous trading day [11]. - **Industry Data**: From January 15 to January 22, the US exported 820,000 tons of soybeans, and the current - year cumulative soybean exports were 33.85 million tons. Among them, the export of soybeans to China that week was 230,000 tons, and the current - year cumulative export to China was 9.65 million tons. From January 16 to January 23, the domestic sample soybean arrivals were 1.47 million tons, a decrease of 30,000 tons from the previous week; the sample soybean port inventory was 7.21 million tons, a decrease of 500,000 tons from the previous week; the sample oil - mill soybean meal inventory was 810,000 tons, a decrease of 30,000 tons from the previous week. The January 2026 USDA forecast for the 2025/26 global soybean production was 425.67 million tons, an increase of 3.13 million tons from the December forecast and a decrease of 1.48 million tons from the previous year. The inventory - to - consumption ratio was 29.4%, a 0.39 - percentage - point increase from December and a 0.44 - percentage - point decrease from the previous year. The January forecast for US soybean production was 115.99 million tons, an increase of 238,000 tons from the December forecast and a decrease of 3.05 million tons from the previous year; the January forecast for Brazil's production was 178 million tons, an increase of 3 million tons from the December forecast and an increase of 6.5 million tons from the previous year; the January forecast for Argentina's production was 48.5 million tons, unchanged from the December forecast and a decrease of 2.6 million tons from the previous year. In addition, in the January forecast, the US export volume was slightly revised down by 1.63 million tons to 42.86 million tons compared with the December forecast [12]. Oils and Fats - **Market Quotes**: On Friday, the oils and fats futures price fell. The closing price of the May contract of soybean oil was 8282 yuan/ton, down 100 yuan/ton or 1.19% from the previous trading day. The closing price of the May contract of palm oil was 9240 yuan/ton, down 222 yuan/ton or 1.3% from the previous trading day. The closing price of the May contract of rapeseed oil was 9380 yuan/ton, down 66 yuan/ton or 0.7% from the previous trading day. The spot price of first - grade soybean oil in Zhangjiagang was reported at 8800 yuan/ton, down 100 yuan/ton from the previous trading day; the spot price of 24 - degree palm oil in Guangdong was reported at 9260 yuan/ton, down 100 yuan/ton from the previous trading day. The spot price of rapeseed oil in Jiangsu was reported at 10,140 yuan/ton, down 30 yuan/ton from the previous trading day [15]. - **Industry Data**: Malaysia's palm oil production from January 1 - 20, 2026, decreased by 14.43% compared with the same period of the previous month. From January 16 to January 23, the domestic sample inventory of the three major oils slightly decreased by 30,000 tons to 1.95 million tons. The US government plans to finalize the 2026 biofuel blending quota in early March. Indonesia's Deputy Minister of Energy said that Indonesia has cancelled the plan to increase the mandatory biodiesel blending ratio to 50% this year (i.e., the B50 plan) and will maintain the current B40 plan. The January 2026 USDA forecast for US soybean oil consumption was 1.32 million tons, a decrease of 249,000 tons from the December forecast and an increase of 1 million tons from the previous year. India's total vegetable oil imports in December 2025 were 1.38 million tons, an increase of 200,000 tons from November [15][16]. Eggs - **Market Quotes**: Over the weekend, domestic egg prices generally fell, with some areas experiencing relatively large declines. The price in Heishan remained at 3.8 yuan/jin, the price in Guantao dropped 0.2 yuan to 3.33 yuan/jin, and the price in Xishui dropped 0.23 yuan to 3.84 yuan/jin. The market supply was normal, the supply of small eggs was slightly tight, the inventory was not large, the downstream demand was limited, the wholesale market sales slowed down, and the purchasing intention of traders weakened. Egg prices may continue to fall this week [18]. Pigs - **Market Quotes**: Over the weekend, domestic pig prices mainly rose, with some areas being weak. The average price in Henan rose 0.04 yuan to 12.52 yuan/kg, and the average price in Sichuan fell 0.16 yuan to 11.76 yuan/kg. At the beginning of the month, the slaughter rhythm of farmers slowed down, the slaughter volume decreased, the downstream demand was relatively stable, the procurement difficulty increased, and the pig price mainly rose under the situation of supply less than demand. The supply pressure in a few southern regions was relatively large, and the pig price was stable. It is expected that the pig price will be mainly strong today [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stocks, with the entry of incremental funds at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. - For bonds, the improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. - For precious metals, if the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. - For non - ferrous metals, most metal prices are expected to be volatile. For example, copper prices are expected to fluctuate and consolidate in the short term; aluminum prices are expected to remain high; zinc and lead prices are expected to fluctuate widely following the sentiment of the non - ferrous sector [13][15][18]. - For black building materials, steel prices are expected to continue to fluctuate at the bottom; iron ore prices are expected to fluctuate at a relatively high level; glass and soda ash markets are generally weak; coking coal and coke prices are expected to fluctuate in a range [32][34][37]. - For energy and chemicals, different products have different trends. For example, rubber is recommended to be treated neutrally; the valuation of heavy - quality oil products is raised; methanol has the feasibility of buying on dips; urea is recommended to take profits on rallies [55][57][59]. - For agricultural products, the short - term trend of hog prices is expected to be stable or slightly rising, and different trading strategies are recommended for different contract periods; egg prices are expected to be stable or rising, and different strategies are also recommended for different contract periods [79][80][81]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index - **Market Information**: China Chamber of Commerce for Import and Export of Machinery and Electronic Products promoted a "soft landing" of the EU's anti - subsidy case on electric vehicles; Lihong No.1 completed its first sub - orbital flight test; Brain - Machine Haihe Laboratory completed the first "space brain - machine interface experiment"; prices of multiple non - ferrous and precious metal futures reached new highs [2]. - **Basis Ratio of Stock Index Futures**: Different ratios are provided for IF, IC, IM, and IH contracts in different periods [3]. - **Strategy Viewpoint**: With incremental funds entering at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. 3.1.2 Treasury Bonds - **Market Information**: On Monday, the closing prices of TL, T, TF, and TS main contracts changed by 0.30%, 0.07%, 0.05%, and 0.00% respectively. The Canadian Prime Minister will visit China, and the National Development and Reform Commission and other departments issued relevant policies on government investment funds [5]. - **Liquidity**: The central bank conducted 861 billion yuan of 7 - day reverse repurchase operations on Monday, with a net investment of 361 billion yuan [6][7]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold rose 1.31%, and Shanghai silver rose 7.23%. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell, which impacted the Fed's independence [9]. - **Strategy Viewpoint**: If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. 3.2 Non - ferrous Metals 3.2.1 Copper - **Market Information**: Silver prices were strong, and the domestic equity market strengthened, driving copper prices to rise. LME copper inventory decreased, and domestic electrolytic copper social inventory increased [12]. - **Strategy Viewpoint**: The Fed's interest - rate cut expectation has weakened, and short - term sentiment may cool down. The copper mine supply is in a tight pattern, and copper prices are expected to fluctuate and consolidate in the short term [13]. 3.2.2 Aluminum - **Market Information**: The general atmosphere of bulk commodities was strong, and aluminum prices fluctuated and rose. LME aluminum inventory decreased, and domestic aluminum ingot and aluminum rod social inventories increased [14]. - **Strategy Viewpoint**: The high - level fluctuations of precious metals and non - ferrous metals have increased, and short - term sentiment may cool down. Aluminum prices are expected to remain high [15]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose, and LME zinc also increased. Zinc ingot social inventory decreased slightly [16][17]. - **Strategy Viewpoint**: The zinc price has a large room for catch - up compared with copper and aluminum. It is expected to fluctuate widely following the sentiment of the non - ferrous sector [18]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose, and LME lead also increased. Lead ingot social inventory increased [19]. - **Strategy Viewpoint**: The lead price is approaching the upper edge of the long - term oscillation range, and it is expected to fluctuate widely following the sentiment of the non - ferrous sector [19]. 3.2.5 Nickel - **Market Information**: Nickel prices rebounded, and the prices of nickel ore and nickel iron also changed accordingly [20]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, and it is expected to fluctuate widely in the short term. It is recommended to wait and see in the short term [20][21]. 3.2.6 Tin - **Market Information**: Tin prices rose significantly. The supply in Myanmar is gradually recovering, and the demand is mainly for rigid needs [22]. - **Strategy Viewpoint**: The tin market demand is weak, and the supply is expected to improve. It is recommended to wait and see. The price is expected to fluctuate following the market risk preference [22]. 3.2.7 Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy Viewpoint**: The "rush to export" effect has increased the demand expectation, but the rapid rise may increase the callback risk. It is recommended to wait and see or try with a light position [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose, and the inventory continued to accumulate [24]. - **Strategy Viewpoint**: The mine price is expected to decline, and the alumina market continues to face over - capacity. It is recommended to wait and see and consider shorting on rallies [25]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price was stable, and the social inventory decreased [26]. - **Strategy Viewpoint**: The optimistic expectation of Indonesia's RKAB supports the price. The price is expected to remain high and volatile in the short term [27]. 3.2.10 Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy rose, and the inventory increased slightly [28]. - **Strategy Viewpoint**: The cost is strong, and the supply is disturbed. The price is expected to remain high in the short term [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil increased, and the inventory of rebar increased slightly while that of hot - rolled coil decreased slightly [31]. - **Strategy Viewpoint**: The steel price is expected to continue to fluctuate at the bottom. It is necessary to pay attention to the de - stocking of hot - rolled coil and relevant policies [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price rose, and the port inventory continued to accumulate [33]. - **Strategy Viewpoint**: The overseas iron ore shipment is in the off - season, and the iron ore price is expected to fluctuate at a relatively high level. It is necessary to pay attention to the steel mill's replenishment and iron - making rhythm [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the inventory decreased. The soda ash main contract price increased, and the inventory increased [35][37]. - **Strategy Viewpoint**: The glass price is expected to fluctuate, and it is recommended to wait and see. The soda ash market is generally weak [36][37]. 3.3.4 Coking Coal and Coke - **Market Information**: The prices of coking coal and coke rose. The spot prices of coking coal and coke also changed [38]. - **Strategy Viewpoint**: The commodity market sentiment is positive, but the fundamental support for the price is limited. The price is expected to fluctuate in a range [40][41]. 3.3.5 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The spot prices also changed [42]. - **Strategy Viewpoint**: The future market trend is mainly affected by the overall market sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [45]. 3.3.6 Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon rose slightly, and the price of polysilicon decreased. The inventory of industrial silicon may increase, and the supply of polysilicon may be adjusted [46][48]. - **Strategy Viewpoint**: Industrial silicon is expected to face inventory pressure, and polysilicon is expected to be weak and volatile. It is necessary to pay attention to relevant policies and production plans [47][49]. 3.4 Energy and Chemicals 3.4.1 Rubber - **Market Information**: The rubber price fluctuated and rebounded. The tire start - up rate had marginal fluctuations, and the inventory increased [51][53]. - **Strategy Viewpoint**: The overall commodity atmosphere is positive, but the rubber seasonality is weak. A neutral strategy is recommended, and short - selling can be considered if the price falls below a certain level [55]. 3.4.2 Crude Oil - **Market Information**: The main contract price of INE crude oil rose, and the inventories of refined oil products changed [56]. - **Strategy Viewpoint**: The Latin American geopolitical situation does not have enough positive impact on the overall oil price, but the valuation of heavy - quality oil products is raised [57]. 3.4.3 Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [58]. - **Strategy Viewpoint**: The current valuation of methanol is low, and it has the feasibility of buying on dips [59]. 3.4.4 Urea - **Market Information**: The regional spot prices of urea changed slightly, and the main contract price increased [60]. - **Strategy Viewpoint**: The import window has opened, and it is recommended to take profits on rallies [62]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene rose. The inventory of pure benzene increased, and the inventory of styrene decreased [63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long - bought before the first quarter [64]. 3.4.6 PVC - **Market Information**: The PVC main contract price rose, and the inventory increased [65]. - **Strategy Viewpoint**: The domestic PVC market has a pattern of strong supply and weak demand. It is recommended to short on rallies [66]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol main contract price rose, and the inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol market needs to increase production cuts to improve the supply - demand pattern. It is necessary to beware of rebound risks [68]. 3.4.8 PTA - **Market Information**: The PTA main contract price rose, and the inventory decreased [69]. - **Strategy Viewpoint**: The PTA is expected to enter the Spring Festival inventory - accumulation stage. It is recommended to pay attention to long - buying opportunities on dips [70]. 3.4.9 p - Xylene - **Market Information**: The p - xylene main contract price rose, and the inventory decreased [71][72]. - **Strategy Viewpoint**: The p - xylene load is high, and it is recommended to pay attention to long - buying opportunities following the crude oil price [73]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE main contract price rose, and the inventory increased [74]. - **Strategy Viewpoint**: The PE price may be supported, and it is recommended to long - buy the LL5 - 9 spread on dips [75]. 3.4.11 Polypropylene (PP) - **Market Information**: The PP main contract price rose, and the inventory situation was complex [76]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [77]. 3.5 Agricultural Products 3.5.1 Hogs - **Market Information**: The domestic hog price was mixed, and the price may stabilize or rise slightly [79]. - **Strategy Viewpoint**: The short - term hog price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [80]. 3.5.2 Eggs - **Market Information**: The national egg price mostly rose, and the price is expected to be stable or rise [81]. - **Strategy Viewpoint**: The short - term egg price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [82]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The protein meal futures price fluctuated. The import cost of soybeans may have a bottom, but the fundamental situation is weak [83][84]. - **Strategy Viewpoint**: It is recommended to wait and see in the short term due to the combination of long - and short - term factors [84]. 3.5.4 Oils and Fats - **Market Information**: The oil futures price fluctuated. The palm oil inventory in Malaysia increased, and the domestic three - major oil inventories were at a relatively high level [85][86]. - **Strategy Viewpoint**: The current fundamental situation is weak, but the long - term expectation is optimistic. The oil price may be close to the bottom [86]. 3.5.5 Sugar - **Market Information**: The Zhengzhou sugar futures price fluctuated. The spot price of sugar decreased slightly [87]. - **Strategy Viewpoint**: The international sugar price may rebound after February, and it is recommended to wait and see in the short term [89]. 3.5.6 Cotton - **Market Information**: The Zhengzhou cotton futures price decreased. The cotton supply and demand situation changed [90]. - **Strategy Viewpoint**: The cotton price may fluctuate after rising. It is recommended to wait for a callback to buy [91].