Group 1 - The company utilizes a relatively unique metal smelting method for lithium sulfide production, which provides advantages in purity and cost [1] - The lithium sulfide produced has performed well in client testing, indicating its market viability [1] - The production process is suitable for industrialization, and the company plans to expand production based on market conditions and customer demand in the future [1]

Domestic Developments - The Ministry of Finance and the State Administration of Taxation issued a temporary measure for input tax deductions on long-term assets, establishing a threshold of 5 million yuan for differentiated deductions, aimed at supporting high-quality economic development[1] - The "2026 Spring Festival Consumption Promotion Plan" was launched, focusing on six areas to stimulate consumer activity during the holiday, with 62.5 billion yuan allocated for subsidies to enhance consumption[1] - The Central Committee's No. 1 Document for 2026 emphasizes long-term agricultural modernization, marking a shift towards sustainable rural development and food security[1] International Market Trends - International gold prices plummeted to approximately $4,404.57 per ounce, with silver prices dropping over 12%, driven by policy expectations and profit-taking[2] - The U.S. ISM Manufacturing PMI rose to 52.6 in January, indicating a return to expansion, while ADP employment data showed a disappointing increase of only 22,000 jobs, below expectations[2] - Geopolitical tensions escalated between the U.S. and Iran, impacting oil prices, with Brent crude rising nearly 2.4% due to increased regional risks[2] Commodity Price Movements - Brent crude oil, iron ore, and copper prices decreased by 1.46%, 1.16%, and 1.76% respectively week-on-week[4] - Domestic prices for polysilicon increased by 0.31%, while lithium iron phosphate and lithium carbonate prices fell by 3.14% and 11.38% respectively[4] - The DXI index for storage DRAM prices rose by 2.19%, indicating a positive trend in the midstream sector[4]

Group 1 - The article highlights the announcement of 2026 as the "China-Laos Friendship Year," emphasizing the strengthening of bilateral relations and cooperation between China and Laos [1] - The European Central Bank has maintained its benchmark interest rate, marking the fifth consecutive pause since June of the previous year, which reinforces market expectations for stable monetary policy [7] - The domestic commodity futures market shows a decline in crude oil and precious metals, with crude oil futures dropping by 0.73% to 460.3 yuan per barrel, and gold futures down by 1.48% to 1096.14 yuan per gram [1] Group 2 - Precious metals have experienced significant volatility due to the nomination of Kevin Warsh as the next Federal Reserve Chair, which has cooled interest rate cut expectations and led to a rebound in the US dollar index [2][19] - The crude oil market is affected by ongoing negotiations between the US and Iran, with expectations of limited progress due to fundamental disagreements [3][14] - The US stock market has seen a decline, with the three major indices retreating, while the overall market outlook for February remains positive due to various supportive factors [4][12] Group 3 - The logistics industry in China shows expansion, with the logistics business activity index for January reported at 51.2%, indicating continued growth [9] - The government has issued a plan for the high-quality development of the traditional Chinese medicine industry, aiming to establish 60 high-standard production bases by 2030 [8]

》查看更多金属库存信息 | 令屋 | 阵 | 增减 | 变动 | | --- | --- | --- | --- | | 铜 | | 180,575 ↑ +1,925 ↑ +1.08% | | | 铝 | 492,975 | -2,200 1 | -0.44% | | 蚌 | 107,800 ↓ | -400 1 | -0.37% | | 臭 | 286,074 | -240 1 | -0.08% | | 铝 | 232,850 | 0 | 0.00% | | 锡 | 7,130 ↑ | +20 ↑ | +0.28% | | 铝合金 | 1,500 | 0 | 0.00% | | LME库存 | | --- | LME铝库存 | 地点 | | 前日库存 入库 出库 | | 今日库存 | 变动 | | 注册仓单 注销仓单 注销占比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 倡 | 495175 | 0 | 2200 | 492975 | -2200 | 440650 | 52325 | 10.61% | | 巴生港 | 30550 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the operations and strategies of a company involved in the mining and metallurgy sector, specifically focusing on molybdenum and rhenium extraction from copper mines, particularly the Giant Dragon Copper Mine [1][2]. Key Points and Arguments Rhenium and Molybdenum Production - The Giant Dragon Copper Mine has a moderate to high rhenium content of approximately 200 grams per ton, with a potential total rhenium resource of about 560 kilograms [2][3]. - The company operates under a light asset model, purchasing molybdenum concentrate for smelting, which allows for stronger control over rhenium resource acquisition [2][6]. - Current daily processing costs for waste acid recovery are around 2 million yuan, excluding depreciation [2][6]. Production Capacity and Expansion - The annual copper production from the Giant Dragon Copper Mine is estimated at 30,000 to 40,000 tons, with existing rhenium production capacity of 4,000 to 5,000 tons, indicating significant future expansion potential [2][10]. - The company is collaborating with Jilin Zijin and Heilongjiang Zijin for copper smelting, aiming for an annual rhenium output of about 3 tons [2][11]. Strategic Partnerships and Supply Chain - The company emphasizes strategic partnerships to ensure stable supply chains, particularly through deep binding in the smelting process [2][8]. - Future collaborations with Zijin Mining will depend on market conditions and further negotiations [3][4]. Market Dynamics and Pricing - Rhenium prices are expected to rise due to demand from the aerospace and gas turbine sectors, with a long-term upward price cycle anticipated [4][19]. - The company currently holds an inventory of approximately 500 kilograms of rhenium, primarily for downstream processing preparation [21]. Technological and Operational Advantages - The company has over ten years of experience in ammonium molybdate recovery processes and collaborates closely with Central South University for technology and process optimization [2][16]. - The company plans to expand its business through various models such as EPC+O and BOT, ensuring stable raw material supply and extending the industrial chain downstream [2][16]. Product Development and Market Position - The company is expanding its production of copper extractants to 7,000 tons, with plans for an additional 5,000 tons, although this expansion is not expected to be operational until 2026 [27]. - The flotation reagent business focuses on copper, lead, and zinc mining needs, with significant advancements in environmentally friendly flotation agents [26][30]. Other Important Information - The company is currently evaluating the feasibility of self-built production capacity to enhance cooperation and control over resources [7][10]. - The copper smelting collaboration with Jilin Zijin and Heilongjiang Zijin is progressing, with the latter expected to start production in the first half of 2026 [20]. - The company’s procurement strategy is based on market pricing, ensuring transparency and competitiveness in transactions [9]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market positioning, and operational capabilities in the mining and metallurgy sector.

证券日报网讯2月4日，格林美（002340）在互动平台回答投资者提问时表示，公司已于2026年1月30日 发布《2025年度业绩预告》，预计2025年度归属于上市公司股东的净利润为142856.81万元～173468.99 万元，同比增长40%～70%。公司存货主要为满足生产所需的钴、镍等关键原材料及在产品、库存商 品，在金属价格上行周期下，库存收益将对业绩产生一定的积极影响。 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report The report comprehensively presents macro - economic data, commodity investment information, financial news, and stock market trends. It shows that the macro - economy has certain fluctuations, the commodity market has policy - induced changes and price movements, and the financial and stock markets are also affected by multiple factors such as policies, market supply and demand, and international situations. 3. Summary by Relevant Catalogs 3.1 Macro Data - GDP in Q4 2025 grew 4.5% year - on - year, lower than 4.8% in the previous quarter and 5.4% in the same period last year [1] - In January 2026, the manufacturing PMI was 49.3%, up from 49.0% in the previous month, and the non - manufacturing PMI was 49.4%, down from 50.1% in the previous month [1] - In December 2025, social financing scale was 22,075 billion yuan, lower than 35,299 billion yuan in the previous month and 28,537 billion yuan in the same period last year [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The "14th" central No. 1 document on "Three Rural Issues" was released, aiming at rural revitalization [2] - Multiple exchanges adjusted margin ratios and price limit ranges of various commodity futures contracts [2][3] - On February 3, 2026, 38 domestic commodity varieties had positive basis and 30 had negative basis [3] - CME's average daily contract trading volume in January increased 15% year - on - year to a record 29.6 million contracts [3] 3.2.2 Metals - International precious metal futures generally rose, with COMEX gold up 6.83% and COMEX silver up 10.27% [5] - Global alumina production in 2025 reached 144.98 million tons, up 5.1% from 2024 [6] - Chile's copper production is expected to grow 3.7% in 2026 and 6.4% in 2027, with the average price in 2026 expected to be $4.95 per pound [7] 3.2.3 Coal, Coking, Steel and Minerals - Indonesian miners suspended thermal coal spot exports after the government proposed to cut coal production [9] 3.2.4 Energy and Chemicals - On February 3, 2026, domestic gasoline and diesel retail prices were raised by 205 yuan/ton and 195 yuan/ton respectively [10] - Four public fund companies warned of significant premiums in the secondary market trading prices of their crude oil and petroleum - themed funds [10] - The U.S. plans to issue licenses for companies to exploit Venezuelan oil [10] 3.2.5 Agricultural Products - Ukraine's white sugar production in 2025 dropped to 1.72 million tons, a 4% decrease [11] 3.3 Financial News Compilation 3.3.1 Open Market - On February 3, the central bank conducted 105.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 296.5 billion yuan [13] - On February 4, the central bank will conduct 800 billion yuan of 3 - month (91 - day) outright reverse repurchase operations, with a net injection of 100 billion yuan [13] - In January 2026, the central bank's MLF had a net injection of 700 billion yuan, and PSL had a net injection of 174.4 billion yuan [14] 3.3.2 Important News - The 2026 central No. 1 document focused on rural revitalization, including financial support policies [15] - Rumors about VAT rate adjustments in the game and financial industries were untrue [15][16] - The State - owned Assets Supervision and Administration Commission emphasized the development of strategic emerging industries [16] - The Shanghai headquarters of the central bank called for promoting the reasonable growth and balanced distribution of credit [16] 3.3.3 Bond Market Summary - The Chinese bond market was mainly volatile, with treasury bond futures mostly rising [22] - The exchange bond market had mixed performances, with some bonds rising and some falling [22][23] - The中证 Convertible Bond Index rose 2.63% [23] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 151 points, and the RMB central parity rate was raised 87 points [27] - The US dollar index fell 0.22%, and most non - US currencies rose [27] 3.3.5 Research Report Highlights - Huatai Fixed - income said to focus on the expansion of free - trade offshore bonds and the possibility of using dim - sum bonds to take over free - trade bonds [28] - CITIC Securities expected that dividend insurance products and incremental funds from bank deposits would support 2026 premium income [28] 3.3.6 Today's Reminders - On February 4, 158 bonds will be listed, 163 bonds will be issued, 127 bonds will make payments, and 55 bonds will pay principal and interest [30] 3.4 Stock Market News - On Tuesday, the A - share market rose, with the Shanghai Composite Index up 1.29% [31] - The Hong Kong stock market's main indexes recovered, with the Hang Seng Index up 0.22% [31] - The CSRC chairman met with the head of the UK's FCA to discuss regulatory cooperation [31] - In January, the number of new A - share accounts reached 4.9158 million, a 15 - month high [31]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - In the short term, although external disturbances intensify, domestic capital drives the stock index to maintain strong resilience, with limited space for short - term shock adjustment. Long - term investors can gradually build long positions. - The asset shortage and weak economy are beneficial for bond futures, but the central bank warns of interest rate risks in the short term. Pay attention to the Bank of Japan's interest rate decision. - Market risk - aversion sentiment has significantly increased, leading to sharp fluctuations in prices of various commodities such as copper, aluminum, nickel, etc. Different commodities have different trends based on their own fundamentals and external factors [1]. 3. Summary by Related Categories Stock Index - Short - term: Despite increased external disturbances, domestic capital drives the stock index to remain resilient, with limited shock adjustment space. - Long - term: Long - term investors can take this opportunity to gradually build long positions [1]. Bond Futures - Asset shortage and weak economy are favorable, but the central bank warns of short - term interest rate risks. Pay attention to the Bank of Japan's interest rate decision [1]. Metals Copper - Market risk - aversion sentiment has increased, and after a sharp rise in copper prices, market sentiment amplifies the fluctuation range, causing intensified price fluctuations. Pay attention to Kevin Warsh's statement [1]. Aluminum - Limited industry drive and increased macro risk - aversion sentiment have caused a sharp decline in aluminum prices. Pay attention to the recovery of market sentiment [1]. Alumina - Supply exceeds demand in the domestic alumina industry, with a weak industrial outlook and price pressure. However, the current price is near the cost line, and prices are expected to fluctuate [1]. Zinc - The cost center of the zinc fundamentals is stabilizing. The North American cold wave has affected energy prices, which is unfavorable for overseas smelter restart. There are expectations of fundamental improvement. Under the current risk - aversion sentiment, zinc prices are expected to fluctuate at a high level. It is recommended to wait and see [1]. Nickel - In the short term, nickel prices fluctuate weakly, affected by the resonance of the non - ferrous metal sector. Pay attention to Indonesian policies and macro - sentiment. In the medium - to - long - term, high global nickel inventories may still have a suppressing effect. It is recommended to operate in the short term and wait for low - buying opportunities [1]. Stainless Steel - The raw material nickel - iron price continues to rise, but the spot trading of stainless steel is weak, and the social inventory has slightly increased. Steel mills' maintenance and production cuts in February have increased. Pay attention to the actual production of steel mills. With raw material support and cooling macro - sentiment, stainless - steel futures fluctuate weakly. It is recommended to operate in the short term and control risks [1]. Tin - Short - term market risk - aversion sentiment has increased, causing large fluctuations in tin prices. Considering the fragile tin supply fundamentals, after a full correction, it is recommended to pay attention to low - buying opportunities from a medium - to - long - term perspective [1]. Precious Metals - Trump's nomination of a hawkish candidate for the new Fed chairman has boosted the US dollar index, putting pressure on precious metals prices. Panic selling has led to a sharp decline. In the short term, the market may continue to release risks, but the space for further sharp declines is relatively limited. It is recommended to wait and see for now [1]. Platinum and Palladium - Short - term: Panic selling has caused sharp declines in platinum and palladium prices. The market may continue to release risks, with prices expected to open sharply lower and fluctuate strongly. It is recommended to wait and see. - Medium - to - long - term: There are differences in the supply - demand prospects of platinum and palladium. There is a supply - demand gap for platinum, while palladium tends to have a loose supply. The [long platinum, short palladium] arbitrage strategy can continue to be followed [1]. Industrial Silicon - Northwest production increases, while southwest production decreases. The production schedules of polysilicon and organic silicon in December have declined [1]. Polysilicon - In the new - energy vehicle off - season, energy - storage demand is strong, and there is battery export rush. After a large increase, there is a need for a correction [1]. Ferrous Metals Rebar - The expectation is strong, but the spot is weak. The sentiment transmission to the spot is not smooth, and the upward momentum is insufficient. Unilateral long positions should be closed and wait and see. Participate in cash - and - carry arbitrage positions [1]. Hot - Rolled Coil - High production and high inventory suppress price increases. The transmission of futures price increases to the spot is not smooth. Unilateral long positions should be closed and wait and see. Participate in cash - and - carry arbitrage positions [1]. Iron Ore - There is obvious upward pressure on iron ore. It is not recommended to chase long at this position [1]. Coke and Coking Coal - The market is pessimistic about the coking coal 05 contract. After the first round of coke price increase was shelved, short - sellers increased positions. The coking coal 05 contract has broken through important supports. The previous low - buying strategy may need to be changed. The logic for coke is the same as that for coking coal [1]. Agricultural Products Palm Oil - The purchasing rhythm of major consumer countries has started, and there is a possibility of production reduction and inventory reduction in the origin. Coupled with the potential fermentation of the biodiesel theme, it is expected to fluctuate strongly [1]. Soybean Oil - The domestic soybean oil fundamentals are strong, combined with the rebound of US soybeans and positive news about US biodiesel. It is recommended to go long [1]. Rapeseed Oil - Sino - Canadian relations are still variable under US influence, and the continuous import of Canadian rapeseed is blocked. The short - term supply contradiction is not significantly alleviated. Positive news about US biodiesel benefits the oil market [1]. Cotton - There is a strong expectation of a domestic new - crop harvest, and the cotton purchase price supports lint costs. The downstream operating rate is low, but the yarn mill inventory is not high, with rigid replenishment demand. The cotton market is currently in a situation of "having support but no driver". Pay attention to relevant factors such as the central government's No. 1 Document in the first quarter of next year [1]. Sugar - There is a global surplus of sugar, and the domestic new - crop supply has increased. The short - selling consensus is relatively consistent. If the futures price continues to fall, there is strong cost support below. However, the short - term fundamentals lack continuous drivers. Pay attention to changes in the capital situation [1]. Grains - Pre - festival stocking is nearly over, the regional price difference is low, and the domestic grain reserve inventory is sufficient. Pre - festival funds are taking profits, and the upward momentum of the futures price is insufficient. It is expected to fluctuate and correct before the festival [1]. Soybeans - There is an expectation of rainfall return in the Argentine production area in February, and the total supply of Brazilian soybeans is sufficient. Logistics congestion in Brazil may postpone the selling pressure of the basis. The domestic soybean - purchasing and crushing margin is at a high level. The short - term unilateral upward expectation is limited, and it is expected to fluctuate weakly later [1]. Pulp and Logs Pulp - There are disturbances on the supply side, but the demand side weakens after restocking. It is recommended to wait and see in the face of large fluctuations in commodity sentiment [1]. Logs - The spot price of logs has increased, the log arrival volume in February is expected to decline, and the overseas quotation is expected to rise. The futures price has upward driving force [1]. Energy and Chemicals Crude Oil - OPEC+ has suspended production increases until the end of 2026, the Middle East geopolitical situation has heated up, and the US cold wave has increased energy demand [1]. Fuel Oil - Follows crude oil, and the short - term supply - demand contradiction is not prominent [1]. Asphalt - The "14th Five - Year Plan" construction rush demand is likely to be falsified, the supply of raw material (Maya crude oil) is sufficient, and the asphalt profit is high [1]. BR Rubber - The cost of raw material (butadiene) has strong support, and there are expectations of increased exports in the long - term. Recently, private butadiene - rubber plant profits have been severely lost, and there are expectations of maintenance and production reduction. The short - term downstream negative feedback is gradually realized. Butadiene is in the process of inventory reduction, and high butadiene - rubber inventory is a potential negative factor. The short - term futures price is expected to fluctuate widely and correct, and there is an upward expectation in the long - term [1]. PTA and Short - Fiber - The PX market is strong, driving up chemical products. There has been a large inflow of funds into the chemical sector. The polyester sector has led the rise in the chemical industry. Domestic PTA production has continued to increase, with no new production capacity. PTA maintains a high operating rate, and domestic demand has declined. The short - fiber price continues to closely follow the cost [1]. Ethylene Glycol - After a long - term slump, the overseas ethylene - glycol price has rebounded. The reduction of ethylene - glycol exports from the Middle East has boosted market confidence. A 180 - million - ton ethylene - glycol plant in Jiangsu plans to switch a 90 - million - ton EG production line to ethylene production in mid - February. Market speculative demand has significantly increased [1]. Styrene - News of the shutdown of a styrene plant in the Middle East has spread. As the supply - demand fundamentals of styrene gradually improve, the styrene futures price has quickly rebounded. The Asian styrene market has stabilized, and the styrene - benzene price difference has widened. The inventory of styrene has decreased, alleviating the overall inventory pressure [1]. Methanol - Affected by the Iranian situation, the expected future import will decrease, but the downstream negative feedback is obvious. The downstream MTO leading device has stopped, and some enterprises have reduced production, but Fude will restart on January 25th. The Iranian situation has eased, but risks cannot be completely ruled out. Cold air has increased freight costs in the inland area, and northwest enterprises have large inventory - clearing pressure and are selling at reduced prices [1]. PE - The Zhong'an United full - density device has stopped, and the linear production ratio has decreased. There are risks of rising crude oil prices due to intensified geopolitical conflicts [1]. PVC - Global production capacity expansion in 2026 is limited, with an optimistic future expectation. The current fundamentals are poor. The export tax rebate has been cancelled, and there may be a rush to export. Differential electricity prices in the northwest region are expected to be implemented, forcing out inefficient PVC production capacity [1]. PG - The March CP is expected to decline compared with February. The Middle East geopolitical conflict has cooled down, and the short - term risk premium has decreased. The driving logic of the overseas cold wave is gradually weakening, and the futures price is expected to weaken, with the basis expected to widen. The domestic PDH operating rate has declined, and the profit is expected to seasonally recover. The global civilian combustion demand is stable, but the overseas olefin blending demand for MTBE has declined seasonally. The short - term demand side is bearish, suppressing the upward movement of the futures price. Be vigilant against the resurgence of the Middle East geopolitical situation [1]. Shipping Container Shipping on the European Route - Pre - festival freight rates have peaked and declined. Airlines are still cautious about trial resumption of flights. Airlines expect a strong willingness to stop the price decline and increase prices after the off - season in March [1].

Industry Investment Rating - No information provided Core Viewpoints - As of the close on January 30, most domestic futures main contracts declined. Platinum and palladium dropped nearly 12%, lithium carbonate hit the daily limit down with a 10.99% decline, and tin futures fell over 8%. PVC rose over 3% and logs rose over 2%. In the bond market, the 2 - year Treasury futures (TS) main contract remained flat, the 5 - year (TF) rose 0.01%, the 10 - year (T) rose 0.06%, and the 30 - year (TL) fell 0.23%. In terms of funds, PVC2605, ten - year bond 2603, and pulp 2605 had capital inflows, while Shanghai gold 2604, Shanghai silver 2604, and CSI 2603 had capital outflows [4][5] Summary by Related Catalogs Futures Market Overview - As of the close on January 30, domestic futures main contracts mostly declined. Platinum, palladium, lithium carbonate, tin, silver, gold, and other metals fell, while PVC and logs rose. In the stock index futures, IF, IH, IC, and IM all declined, and in the bond futures, there were different trends. As of 15:20 on January 30, PVC2605, ten - year bond 2603, and pulp 2605 had capital inflows, while Shanghai gold 2604, Shanghai silver 2604, and CSI 2603 had capital outflows [4][5] Market Analysis Copper - Shanghai copper opened high but closed lower. Supply was affected by a strike at a Chilean copper mine, and the TC/RC fees were weak and trending down. SMM expected a 1.23% month - on - month decrease in domestic electrolytic copper production in January. Demand showed that copper apparent consumption increased in December 2025, but near the Spring Festival and with high copper prices, SMEs' procurement willingness was low. The real estate policy change was positive, and the possible change of the Fed chairman and dollar depreciation affected the market. After a previous rise, profit - taking led to a downward turn [7] Lithium Carbonate - Lithium carbonate opened low and hit the daily limit down. The average prices of battery - grade and industrial - grade lithium carbonate declined. Supply was affected by a planned restart of some production lines and the suspension of a lithium mine. The export tax - rebate policy for batteries was adjusted. Inventory was being depleted, and downstream production schedules in the first quarter were expected to be good. However, terminal new - energy vehicle sales declined in January, and after a meeting, the market was affected by negative news [9] Crude Oil - OPEC+ decided to maintain the production plan in February and March 2026. Due to winter storms, US crude oil inventories decreased more than expected, and production losses reached up to 2 million barrels per day. The IMF raised the global economic growth forecast, and cold weather increased diesel demand. However, the global crude oil floating storage was high, and the supply was still in surplus. Geopolitical risks in Iran continued to rise, and the situation in Kazakhstan's oil fields was improving. Crude oil prices were oscillating strongly [10][11] Asphalt - The asphalt开工率 decreased to 25.5% this week, and the February production was expected to decline. Downstream开工率 mostly fell, and the national shipments decreased. The refinery inventory rate remained at a low level. The supply of Venezuelan heavy crude to domestic refineries was restricted, but the possibility of domestic refineries obtaining it increased. In the short term, asphalt was expected to oscillate strongly, and the arbitrage suggestion was reverse arbitrage [12][13] PP - The PP downstream开工率 decreased to 52.08% this week. The enterprise开工率 fell to 78.5%, and the proportion of standard - grade drawing production increased. Petrochemical inventories were at a low level. With rising crude oil prices, PP was expected to oscillate strongly in the short term, but the improvement in the supply - demand pattern was limited, and the sustainability of the rebound was to be treated with caution. The L - PP spread was expected to decline [14] Plastic - The plastic开工率 rose to 90% on January 30. The PE downstream开工率 decreased to 37.76%, and orders and raw - material inventories in the agricultural film and packaging film sectors decreased. Petrochemical inventories were at a low level. With rising crude oil prices, plastic was expected to oscillate strongly in the short term, but the supply - demand improvement was limited, and the L - PP spread was expected to decline [15][16] PVC - The upstream calcium carbide price in the northwest was stable. The PVC开工率 increased slightly to 78.93%, and the downstream开工率 decreased slightly. PVC exports increased due to the cancellation of export tax - rebates, but the transaction resistance increased. Social inventories continued to rise, and the real estate market was still in adjustment. The PVC market was volatile, and caution was advised [17] Coking Coal - Coking coal opened and closed higher. As the Spring Festival approached, domestic mines started holidays, and the mine inventory started to accumulate. Downstream iron - water production decreased slightly, and the first round of coke price increase was implemented. The market sentiment was volatile, and the coking coal price was expected to oscillate strongly in the short term [19] Urea - Urea opened high and closed lower, falling over 1%. The spot price was stable due to good pre - sales. In February, there would be复产 of gas - head devices, and the daily output was close to 210,000 tons. Agricultural dealers' purchases increased, but downstream factory开工率 decreased. Inventory decreased slightly. In the short term, the urea futures market was expected to be resistant to decline and mainly trade in a high - level range [20]

伦铜跌超2%，自前一日触及的创纪录高位回落；基本金属全线下挫。 上日铜价一度暴涨11%，突破14,000美元，因投机客在强劲需求预期、美元疲软及地缘局势担忧的推动下持续买入。然而，今日市场情绪回落，此前一些分 析师警告称，高价将抑制工业消费需求，且当前供需基本面无法支撑涨势。 此外，今日伦敦金属交易所（LME）因技术故障推迟开盘，于北京时间10:00恢复交易。 （文华综合） ...