Group 1 - The coal futures market in China is showing a predominantly positive trend, with coking coal futures experiencing fluctuations and a current increase of approximately 2.55% [1] - Coking coal prices are expected to face challenges for further increases due to deepening losses among coking enterprises, although production levels remain slightly reduced [2] - Demand for coking coal is stable, with iron output remaining relatively unchanged, leading to a cautious purchasing approach from downstream sectors [2] Group 2 - Coking enterprises are experiencing reduced operating rates and low inventory levels, while steel mills are seeing a recovery in profitability, which may influence coking coal pricing strategies [2] - Market dynamics are characterized by both bullish and bearish pressures, with expectations of a potential rebound after a period of decline, suggesting a strategy of buying on dips for hedging or investment [2]

1月29日，国内期市能化板块多数飘红。其中，原油期货主力合约开盘报462.1元/桶，今日盘中高位震 荡运行；截至午间收盘，原油主力最高触及472.2元，下方探低461.1元，涨幅达3.49%。 目前来看，原油行情呈现震荡上行走势，盘面表现偏强。对于原油后市行情将如何运行，相关机构观点 汇总如下： 混沌天成期货分析称，OPEC+维持产量不变，地缘政治扰动大，美国寒潮影响页岩油产量；需求端， 美国经济韧性强，美元走弱利好非美需求；EIA数据显示原油库存下降，但整体上半年基本面格局仍偏 空，短期市场热度下降导致价格震荡。 中财期货表示，EIA商业原油库存超预期去库，同时伊朗局势持续发酵。预计短期内原油维持震荡偏强 走势。 光大期货指出，伊朗原油供应面临风险推升油价，美国原油库存下降超预期，但成品油库存增加抵消利 好，美元指数反弹，全球经济重构导致避险资产受追捧，预计油价延续震荡偏强。 ...

Group 1 - The core viewpoint of the news is the launch of the "Galaxy Futures Series Index" by Galaxy Futures to address the lack of systematic tools for trend representation and strategy transparency in the futures market [1] - The newly released 14 indices include 2 comprehensive indices, 5 sector indices, 1 single commodity index, and 6 strategy indices, aiming to provide a comprehensive solution for investors [1][2] - The Galaxy Commodity Futures Comprehensive Index aims to depict the overall performance of core varieties in the Chinese commodity futures market, incorporating a dynamic weighting mechanism to blend fundamental and technical analysis [1] Group 2 - The Galaxy Global Commodity Selected Index focuses on capturing investment opportunities in commodities under global liquidity and inflation cycles, emphasizing commodities that are highly correlated with international markets [1] - The sector indices cover five major areas: non-ferrous metals, precious metals, agricultural products, black series, and energy chemicals, reflecting the overall performance of different commodity categories amid macroeconomic changes and market structure evolution [2] - The indices serve as a professional benchmark for identifying structural opportunities and transforming advanced methodologies into investable strategies, while also facilitating the connection between professional markets and broader demand [2]

FICC日报 | 2026-01-29 关注股指企稳时机 市场分析 美联储按兵不动。宏观方面，截至2025年底，央企资产总额突破95万亿元，完成固定资产投资5.1万亿元，其中战 略性新兴产业投资2.5万亿元；全年实现利润总额2.5万亿元。国务院国资委表示，将扎实做好新央企组建和战略性 重组，研究起草推动央企培育新兴支柱产业工作文件，探索组建"AI+"产业共同体。海外方面，美联储维持基准利 率在3.50%-3.75%不变，在连续三次降息25个基点后暂停行动，符合市场预期。鲍威尔在新闻发布会上表示，加息 并非任何人对下一步行动的基本假设，不相信美联储会丧失独立性，将建议下一届美联储主席远离政治。 指数分化。现货市场，A股三大指数震荡分化，上证指数涨0.27%收于4151.24点，创业板指跌0.57%。行业方面， 板块指数涨多跌少，有色金属、石油石化、煤炭行业涨幅超3%，传媒、国防军工、美容护理行业跌幅居前。当日 沪深两市成交额升至约3万亿元。海外方面，美国三大股指收盘涨跌不一，纳指涨0.17%报23857.45点。 期指保持升水。期货市场，基差方面，IF、IC、IM基差延续回升，当月合约保持升水。成交持仓方面，股 ...

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [6] Core Viewpoints - The inflation narrative trend remains unchanged, and future price recovery paths depend on supply - side policy directions [2] - There is a certain divergence in domestic and overseas economic outlooks. Overseas economic prosperity has declined since October, while China's exports and new orders are still positive [4] - In the short - term, attention should be paid to the rotation possibility of low - valuation sectors in the commodity market [5] Summary by Related Catalogs Market Analysis - The Central Economic Work Conference emphasized boosting consumption and anti - "involution" competition, and the central bank cut the interest rates of various structural monetary policy tools by 0.25 percentage points on January 15th [2] - The Ministry of Finance released 5 important policy documents on January 20th to support multiple loan fields, aiming to expand domestic demand [2] - Geopolitical tensions between Iran and Venezuela have tightened, and Trump's actions have strained US - European relations, accelerating the global de - dollarization trend [2] - The Chicago Mercantile Exchange (CME) adjusted the margin parameters of some silver, platinum and palladium futures contracts on the 27th [2] - On January 28th, the Fed kept the federal funds rate target range at 3.50% - 3.75%, with two members opposing and preferring a 25 - point rate cut [3] - After the Fed's decision, the US dollar index rose and spot gold reached $5500 per ounce [3] - The US Treasury Secretary said that Trump's candidate for Fed Chairman may be announced in about a week [3] Domestic and Overseas Economic Conditions - Since October, overseas economic prosperity has declined, but China's exports and new orders are positive. In December, China's exports denominated in US dollars increased by 6.6% year - on - year, and imports increased by 5.7% [4] - China's GDP growth target of 5% in 2025 was achieved. In December, the year - on - year growth rate of social retail sales slowed to 0.9%, and the industrial added value of large - scale industries increased by 5.2%. The annual fixed - asset investment decreased by 3.8%, and real estate development investment decreased by 17.2% [4] - China's official manufacturing PMI in December was 50.1, returning to the expansion range, and the non - manufacturing PMI was 50.2, both better than expected. The US ISM manufacturing index in December dropped slightly to 47.9, and the European manufacturing PMI in January slightly exceeded expectations [4] - The Bank of Japan kept interest rates unchanged, with one member supporting a rate increase. The US Treasury Secretary affirmed the strong - dollar policy and denied intervention in the yen exchange rate [4] Commodity Market - In the non - ferrous sector, the long - term supply restriction has not been alleviated, but the short - term upward trend may slow down [5] - In the energy sector, the US will "distribute" Venezuelan oil, Trump hopes to lower oil prices to $50 per barrel, and the US Energy Secretary called for doubling global crude oil production [5] - In the chemical industry sector, the "anti - involution" and stock - commodity linkage space of methanol, PTA and other varieties are worthy of attention [5] - In the agricultural products sector, attention should be paid to weather forecasts and short - term pig diseases [5] - In the black metal sector, attention should be paid to domestic policy expectations and the possibility of low - valuation repair [5] - In the precious metals sector, the accelerating de - dollarization trend has opened up room for the rise of gold [5] Strategy - The strategy for commodities and stock index futures is overall neutral [6] Important News - The Shanghai Gold Exchange adjusted the margin level and price limit ratio of the silver deferred contract on January 30th [7] - Trump downplayed the risk of US dollar depreciation, and the euro - US dollar exchange rate broke through 1.20 [7] - On January 28th, Iran expressed its willingness to negotiate but would defend its interests if pressured. Trump sent a fleet to Iran and threatened more severe strikes [7] - Iran's Supreme Leader's defense advisor warned that any US military action would lead to an immediate, comprehensive and unprecedented response from Iran [7] - The Fed's FOMC interest rate decision was in line with expectations, and Fed Chairman Powell suggested that the next Fed Chairman should be separated from politics [7] - US Treasury Secretary Besent discussed multiple topics, including the Fed Chairman candidate, monetary policy, exchange rate and the S&P 500 index breakthrough [7]

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The current domestic macro news remains calm, and the regulatory level focuses on "cooling down" the market to guide the stock index to show a "slow bull" pattern [6]. - The market trading volume stays above the high level of 2.5 trillion, indicating strong trading activity and liquidity - driven force [6]. - Before the Spring Festival, the domestic macro - level may be in a relatively calm period, and the market performance will be highly related to regulatory trends. It is expected that the short - term shock adjustment space of the stock index is limited, and it will mainly show a relatively strong shock before the festival [6]. 3. Summary by Relevant Categories Money Market - DR001 closed at 1.37 with a -0.02bp change, DR007 at 1.55 with a -3.50bp change, GC001 at 1.48 with a 12.00bp change, GC007 at 1.61 with a -1.00bp change, SHBOR 3M at 1.59 with a -0.21bp change, and LPR 5 - year at 3.50 with a 0.00bp change [3]. - The 1 - year treasury bond closed at 1.30 with a 0.25bp change, the 5 - year at 1.52 with a -1.25bp change, the 10 - year at 1.82 with a -1.50bp change, and the 10 - year US treasury bond at 4.24 with a 2.00bp change [3]. - The central bank conducted 377.5 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%, which was the same as before [3]. - This week, 1.181 trillion yuan of reverse repurchase in the central bank's open market will expire, and 200 billion yuan of MLF will expire on Monday [4]. Stock Index Futures Market - The closing prices and changes of major stock indexes: CSI 300 rose 0.26% to 4718, SSE 50 rose 0.27% to 3061, CSI 500 rose 0.61% to 8601, and CSI 1000 rose 0.21% to 8400 [5]. - The closing prices and changes of stock index futures contracts: IF current month rose 0.3% to 4728, IH current month rose 0.2% to 3066, IC current month rose 0.8% to 8623, IM current month rose 0.3% to 8407 [5]. - The trading volume and position changes of stock index futures contracts: IF trading volume was 142,902 with a 0.0% change and its position increased by 5.0%; IH trading volume decreased by 6.6% to 63,381 and its position increased by 3.4%; IC trading volume decreased by 19.3% to 170,659 and its position decreased by 0.3%; IM trading volume decreased by 26.0% to 194,080 and its position decreased by 3.9% [5]. - The trading volume of the Shanghai, Shenzhen, and Beijing stock markets reached 2.9926 trillion yuan, an increase of 70.9 billion yuan compared with the previous day. Most industry sectors declined, with precious metals, jewelry, mining, non - ferrous metals, small metals, and coal industries leading the gains, while photovoltaic equipment, medical devices, medical services, biological products, and aerospace sectors leading the losses [5]. Stock Index Futures Premium and Discount Situation - The premium and discount rates of IF contracts: -3.30% for the current month, -2.25% for the next month, 0.06% for the current quarter, and 1.59% for the next quarter [7]. - The premium and discount rates of IH contracts: -2.61% for the current month, -2.16% for the next month, -0.79% for the current quarter, and 0.75% for the next quarter [7]. - The premium and discount rates of IC contracts: -4.07% for the current month, -1.73% for the next month, 0.79% for the current quarter, and 2.41% for the next quarter [7]. - The premium and discount rates of IM contracts: -1.44% for the current month, 1.87% for the next month, 4.81% for the current quarter, and 6.06% for the next quarter [7].

2 2019 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号:Z0013700 | | | 2026/1/29 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 贵金属与新能源研究中心 白素娜 | | 从业资格号:F3023916 | | | | | 内外盘金 | 日期 | 伦敦金现 | 伦敦银现 | COMEX黄金 | COMEX白银 | AU2602 | AG2602 | AU (T+D) | AG (T+D) | | 银15点价 | | (美元/盎司) | (美元/盎司) | (美元/盎司) | (美元/盎司) | (元/克) | (元/千克) | (元/克) | (元/千克) | | 格跟踪 | 2026/1/28 | 5264. 93 | 114. 87 | 5258.00 | 114. 88 | 1189.88 | 29031.00 | 1180. 50 | 29300.00 | | (本表数 | | | | | | ...

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Report Investment Rating No information provided regarding the industry investment rating. Core Viewpoint Based on macro - fundamental and technical analyses (including the use of the golden section line, horizontal line, and moving average), the report predicts the trends, resistance levels, and support levels of various futures contracts on January 29, 2026, and the trends of continuous contracts in January 2026 [2][4]. Summary by Category 1. Futures Market Forecast - **January 29, 2026 Forecast**: - **Stock Index Futures**: IF2603, IH2603, IC2603, and IM2603 are expected to fluctuate and consolidate, with specific resistance and support levels provided [2]. - **Commodity Futures**: Gold (AU2604) and silver (AG2604) are expected to fluctuate strongly; copper (CU2603) and aluminum (AL2603) are expected to fluctuate and consolidate; alumina (AO2605) is expected to fluctuate strongly; zinc (ZN2603) is expected to fluctuate weakly; nickel (NI2603), tin (SN2603), and lithium carbonate (LC2605) are expected to fluctuate widely; crude oil (SC2603) and fuel oil (FU2603) are expected to fluctuate strongly; PTA (TA605), PVC (V2605), and methanol (MA605) are expected to fluctuate weakly [2]. - **January 2026 Forecast for Continuous Contracts**: - **Stock Index Futures**: IF, IH, IC, and IM continuous contracts are expected to fluctuate strongly or widely, with specific resistance and support levels provided, and some are expected to reach new highs [4]. - **Commodity Futures**: Gold, silver, copper, aluminum, tin, and lithium carbonate continuous contracts are expected to fluctuate strongly and reach new highs; alumina is expected to fluctuate widely; zinc and nickel are expected to fluctuate strongly; crude oil is expected to fluctuate strongly and widely [4]. 2. Macro - Information and Trading Tips - China will host the first APEC Senior Officials' Meeting and related meetings in Guangzhou from February 1 to 10, 2026 [5]. - In 2026, China will continue to optimize fertility support policies and incentive measures [5]. - In 2025, China's tax department collected 33.1 trillion yuan in taxes and fees, and tax cuts, fee reductions, and tax refunds exceeded 2.8 trillion yuan. In 2026, tax system reform will be deepened [5]. - By the end of 2025, the total assets of central state - owned enterprises exceeded 95 trillion yuan, with fixed - asset investment of 5.1 trillion yuan and strategic emerging industry investment of 2.5 trillion yuan, and the total profit for the year was 2.5 trillion yuan [5]. - In 2025, the number of China's inbound and outbound travelers reached 697 million, a year - on - year increase of 14.2% [6]. - In 2025, the GDP of Guangdong was 14.58 trillion yuan, Jiangsu was 14.24 trillion yuan, and Shandong was 10.32 trillion yuan [6]. - Nearly 60% of surveyed US - funded enterprises plan to increase investment in China [6]. - On January 28, the gold futures price on the New York Mercantile Exchange exceeded $5,400 per ounce, and the domestic gold futures price approached 1,200 yuan per gram. The precious metals and non - ferrous metals sectors in the A - share market had a daily limit up [6]. - The Federal Reserve maintained the benchmark interest rate at 3.50% - 3.75% [7]. - US President Trump threatened Iran, and Iran's foreign minister said Iran's armed forces were on high alert [8]. - India reported a Nipah virus outbreak, but the WHO said the risk of further spread was low [8]. - The German government lowered its 2026 economic growth forecast to 1% [8]. - The Bank of Japan's meeting minutes indicated the possibility of continued interest rate hikes [8]. - The Bank of Canada maintained the benchmark interest rate at 2.25% [8]. 3. Commodity Futures - Related Information - Futures exchanges tightened risk control. The Shanghai Gold Exchange adjusted the margin and daily limit of the Ag (T + D) contract, and the Shanghai Futures Exchange adjusted the daily limit and margin of 10 futures contracts [9]. - The Chicago Mercantile Exchange raised the margin requirements for silver, platinum, and palladium [9]. - International precious metal futures generally rose. COMEX gold futures rose 6.46% to $5,411 per ounce, and COMEX silver futures rose 10.06% to $116.62 per ounce [9]. - US crude oil and Brent crude oil futures rose. Trump's warning to Iran and a larger - than - expected decline in US crude oil inventories supported oil prices [10]. - Most London base metals rose, with LME tin rising 3.52%, LME aluminum rising 1.59%, and LME nickel rising 1.12% [10]. - The on - shore RMB against the US dollar rose, and the RMB central parity rate against the US dollar was raised to a new high since May 17, 2023 [10]. - The US dollar index rose, and non - US currencies showed mixed performance [11]. 4. Futures Market Analysis and Forecast - **Stock Index Futures**: On January 28, 2026, the performance of IF2603, IH2603, IC2603, and IM2603 was analyzed, and their future trends were predicted [11][12][13]. - **Gold Futures**: On January 28 and during the night session of January 29, the performance of the gold futures main contract AU2604 was analyzed, and its future trends were predicted [33][34]. - **Silver Futures**: On January 28, the performance of the silver futures main contract AG2604 was analyzed, and its future trends were predicted [37]. - **Copper Futures**: On January 28, the performance of the copper futures main contract CU2603 was analyzed, and its future trends were predicted [43]. - **Aluminum Futures**: On January 28, the performance of the aluminum futures main contract AL2603 was analyzed, and its future trends were predicted [48]. - **Alumina Futures**: On January 28, the performance of the alumina futures main contract AO2605 was analyzed, and its future trends were predicted [54]. - **Zinc Futures**: On January 28, the performance of the zinc futures main contract ZN2603 was analyzed, and its future trends were predicted [58]. - **Nickel Futures**: On January 28, the performance of the nickel futures main contract NI2603 was analyzed, and its future trends were predicted [64]. - **Tin Futures**: On January 28, the performance of the tin futures main contract SN2603 was analyzed, and its future trends were predicted [66]. - **Lithium Carbonate Futures**: On January 28, the performance of the lithium carbonate futures main contract LC2605 was analyzed, and its future trends were predicted [73]. - **Crude Oil Futures**: On January 28, the performance of the crude oil futures main contract SC2603 was analyzed, and its future trends were predicted [76]. - **Fuel Oil Futures**: On January 28, the performance of the fuel oil futures main contract FU2603 was analyzed, and its future trends were predicted [82]. - **PTA Futures**: On January 28, the performance of the PTA futures main contract TA605 was analyzed, and its future trends were predicted [82]. - **PVC Futures**: On January 28, the performance of the PVC futures main contract V2605 was analyzed, and its future trends were predicted [87]. - **Methanol Futures**: On January 28, the performance of the methanol futures main contract MA605 was analyzed, and its future trends were predicted [88]. - **Soybean Meal Futures**: On January 28, the performance of the soybean meal futures main contract M2605 was analyzed, and its future trends were predicted [91]. - **Palm Oil Futures**: On January 28, the performance of the palm oil futures main contract P2605 was analyzed, and its future trends were predicted [93].

Report Industry Investment Rating No investment rating information is provided in the report. Core Viewpoints of the Report - Domestically, the current situation is a combination of "weak reality, stable policies, and strong expectations." The recovery of domestic demand is slow, and the support for risk - assets from the domestic fundamentals is limited in the short - term. Overseas, the macro - environment is still favorable for the resilience of risk - assets, but policy uncertainty is increasing, leading to greater differentiation in asset pricing. In terms of asset allocation, it is recommended to over - allocate long positions in domestic mid - cap style equities, specifically the CSI 500 stock index futures; maintain a neutral stance on national bonds and standard - allocate long positions in 2 - year national bond futures; standard - allocate long positions in precious metals; over - allocate long positions in non - ferrous metals; and adopt a range - trading strategy for the black sector [14]. - For different sectors, most varieties are expected to show a volatile trend in the short - term, with some showing a volatile upward or downward trend [15][17]. Summary by Relevant Catalogs 1. Financial Market Fluctuations - **Stock Index Futures**: On January 28, 2026, the CSI 300 futures price was 4,732.8, with a daily increase of 0.14%, a weekly increase of 0.5%, and a monthly increase of 2.89%. The Shanghai 50 futures price was 3,069.8, with a daily increase of 0.01%, a weekly increase of 1.05%, and a monthly increase of 1.48%. The CSI 500 futures price was 8,622, with a daily increase of 0.62%, a weekly decrease of 0.42%, and a monthly increase of 17.1%. The CSI 1000 futures price was 8,377.8, with a daily increase of 0.1%, a weekly decrease of 1.63%, and a monthly increase of 12.66% [2]. - **National Bond Futures**: The 2 - year national bond futures price was 102.394, with a daily increase of 0.01%, a weekly decrease of 0.02%, and a monthly decrease of 0.06%. The 5 - year national bond futures price was 105.87, with a daily increase of 0.05%, a weekly decrease of 0.01%, and a monthly increase of 0.1%. The 10 - year national bond futures price was 108.21, with a daily increase of 0.03%, a weekly increase of 0.01%, and a monthly increase of 0.32%. The 30 - year national bond futures price was 112.09, with a daily increase of 0.07%, a weekly decrease of 0.19%, and a monthly increase of 0.61% [2]. - **Foreign Exchange**: The US dollar index was 95.7725, with a daily decrease of 1.32%, a weekly decrease of 1.78%, and a monthly decrease of 2.54%. The US dollar central parity rate was 6.9545 pips, with a daily increase of 3, a weekly decrease of 87, and a monthly decrease of 345 [2]. 2. Fluctuations in Popular Industries - On January 28, 2026, among various industries, non - ferrous metals had the highest daily increase of 6.02%, with a weekly increase of 10.59% and a monthly increase of 31.19%. The defense and military industry had a daily decrease of 1.71%, a weekly decrease of 4.62%, and a monthly increase of 7.96%. The banking industry had a daily decrease of 0.63%, a weekly decrease of 0.33%, and a monthly decrease of 7.3% [5]. 3. Fluctuations in Overseas Commodities - **Energy**: On January 27, 2026, NYMEX WTI crude oil was priced at $62.57, with a daily increase of 3.2%, a weekly increase of 2.11%, and a monthly increase of 8.99%. ICE Brent crude oil was priced at $66.76, with a daily increase of 3.07%, a weekly increase of 2.02%, and a monthly increase of 9.6% [8]. - **Precious Metals**: COMEX gold was priced at $5,179.6, with a daily increase of 1.91%, a weekly increase of 3.94%, and a monthly increase of 19.56%. COMEX silver was priced at $112.345, with a daily decrease of 2.74%, a weekly increase of 8.8%, and a monthly increase of 58.28% [8]. - **Non - ferrous Metals**: LME copper was priced at $13,006.5, with a daily decrease of 1.46%, a weekly decrease of 0.93%, and a monthly increase of 4.08%. LME aluminum was priced at $3,207, with a daily increase of 0.58%, a weekly increase of 1.06%, and a monthly increase of 7.01% [8]. 4. Macro Highlights - **Domestic Macro**: The current domestic macro - situation is a combination of "weak reality, stable policies, and strong expectations." The recovery of domestic demand is slow, price levels remain low, and credit repair mainly relies on the government and policy tools. The policy is in an observation and verification stage, and the improvement in physical work and demand is more likely to be concentrated in the first quarter. In the short - term, the direct support from domestic fundamentals for risk - assets is limited [14]. - **Overseas Macro**: Overseas, the demand is weakening marginally, inflation is falling slowly, and policy uncertainty is increasing. The US consumption has some resilience, but its internal driving force is weakening. The core inflation is cooling, but the decline is not smooth. The market's focus has shifted to the expectation of the Fed's leadership change, increasing policy uncertainty [14]. - **Large - scale Assets**: It is recommended to over - allocate long positions in domestic mid - cap style equities (CSI 500 stock index futures), standard - allocate long positions in 2 - year national bond futures, standard - allocate long positions in precious metals, over - allocate long positions in non - ferrous metals, and adopt a range - trading strategy for the black sector [14]. 5. Viewpoint Highlights - **Financial Sector**: Stock index futures are expected to fluctuate upwards, stock index options are expected to fluctuate, and national bond futures are expected to fluctuate [15]. - **Precious Metals**: Gold and silver are expected to fluctuate upwards, but short - term volatility risks should be noted [15]. - **Shipping Sector**: Container shipping on European routes is expected to fluctuate [15]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, coke, etc. are expected to fluctuate, with some showing a volatile upward or downward trend [15]. - **Non - ferrous Metals and New Materials Sector**: Most non - ferrous metal varieties are expected to fluctuate, with some showing a volatile upward trend, such as copper, aluminum, nickel, etc. [15]. - **Energy and Chemical Sector**: Most energy and chemical varieties are expected to fluctuate, and some agricultural products such as corn/starch, live pigs, etc. are expected to fluctuate downwards, while cotton is expected to fluctuate upwards [17]. - **Agricultural Sector**: Most agricultural products are expected to fluctuate, with some showing a volatile upward or downward trend [17].