1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since December 2025, the prices of Chinese chemical products have bottomed out and rebounded, with a trend reversal. As of January 26, 2026, the Chinese chemical product price index rose to 4084, a month - on - month increase of 4.2%. The year - on - year decline in PPI of the chemical raw materials and chemical products manufacturing and chemical fiber manufacturing industries in December has narrowed, indicating that the industry's price pressure is continuously easing [1]. - The newly revised "Regulations for the Implementation of the Drug Administration Law of the People's Republic of China" was announced on the 27th and will come into effect on May 15. Encouraging innovation is a prominent feature of this revision [1]. 3. Summary by Relevant Catalogs 3.1 Upstream - **Chemical**: The price of PTA continues to rise [1]. - **Energy**: The prices of international crude oil and liquefied natural gas have rebounded [1]. 3.2 Midstream - **Chemical**: The PX operating rate remains at a high level [2]. - **Energy**: The coal consumption of power plants continues at a low level [2]. - **Infrastructure**: The operating rate of road asphalt is at a low level [2]. 3.3 Downstream - **Real Estate**: The sales of commercial housing in first, second, and third - tier cities have seasonally declined [2]. - **Service**: The number of domestic flights has increased [2]. 3.4 Key Industry Price Indicators - **Agriculture**: On January 27, the spot prices of corn, eggs, palm oil, cotton, and pork increased year - on - year by 0.19%, 5.81%, 2.46%, 0.64%, and 0.92% respectively [36]. - **Non - ferrous Metals**: On January 27, the spot prices of copper, zinc, aluminum, and nickel increased year - on - year by 0.85%, 1.76%, 0.76%, and 2.34% respectively, while the spot price of aluminum decreased by 0.18% [36]. - **Ferrous Metals**: On January 27, the spot price of iron ore increased year - on - year by 1.13%, while the spot prices of rebar and wire decreased by 0.35% and 1.15% respectively [36]. - **Non - metals**: On January 27, the spot prices of glass and natural rubber increased year - on - year by 1.56% and 2.79% respectively, and the China Plastic City price index increased by 0.46% [36]. - **Energy**: On January 27, the spot prices of WTI crude oil, Brent crude oil, and liquefied natural gas increased year - on - year by 2.17%, 1.58%, and 3.63% respectively, while the coal price decreased by 0.12% [36]. - **Chemical**: On January 27, the spot prices of PTA and polyethylene increased year - on - year by about 5.87% and 2.18% respectively, while the spot prices of urea and soda ash decreased by 0.43% and 0.12% respectively [36]. - **Real Estate**: On January 27, the national cement price index and building materials composite index decreased year - on - year by 0.75% and 0.46% respectively, and the national concrete price index remained unchanged [36].

北京时间1月28日，美国洲际交易所（ICE）棉花期货价格窄幅震荡，开盘报63.77美分/磅，现报63.81美 分/磅，涨幅0.05%，盘中最高触及63.94美分/磅，最低下探63.75美分/磅。 更新时间： 棉花期货行情回顾： 1月27日美国洲际交易所（ICE）棉花期货行情 周二，棉花3128B现货价格指数15535元/吨，较前一日下降25元/吨。 截至1月27日，郑棉注册仓单10205张，较上一交易日增加61张；有效预报1108张，仓单及预报总量 11313张，折合棉花45.25万吨。 品种 开盘价 最高价 最低价 收盘价 美棉花 62.83 63.83 62.74 63.75 1.77% 【棉花市场消息速递】 巴西对外贸易秘书处公布的出口数据显示，巴西1月前四周出口棉花26.492万吨，日均出口量为1.656万 吨，较上年1月全月的日均出口量1.889万吨减少12%。 ...

Sugar Market - Brazil exported 1.7376 million tons of sugar and molasses in the first four weeks of January, with an average daily export of 108,600 tons [2] - In January 2025, Brazil's sugar export volume is projected to be 2.0622 million tons, with a daily average of 93,700 tons [2] - Domestic sugar prices are slightly down, with Guangxi Sugar Group quoting between 5,250 to 5,320 CNY/ton and Yunnan Sugar Group between 5,120 to 5,170 CNY/ton, both down by 10 CNY/ton [2] - Raw sugar remains in the range of 14.5 to 15 cents per pound, with no significant breakthroughs expected [2] - As the holiday approaches, domestic spot transactions are slowing down, but market consensus suggests effective cost support, limiting the potential for significant price declines [2] - Short-term outlook is for price fluctuations, while medium-term focus will be on import rhythms to assess the possibility of forming a mid-term bottom [2] Cotton Market - ICE cotton rose by 1.29% to 63.78 cents per pound, while Zhengzhou cotton futures fell by 0.38% to 14,565 CNY/ton, with a decrease in open interest by 9,225 contracts to 786,700 contracts [8] - The cotton price index for 3128B is at 15,535 CNY/ton, down 25 CNY/ton from the previous day [8] - Internationally, macroeconomic disturbances are increasing, with a greater than 95% probability of no interest rate cuts in January, and expectations for the first rate cut of the year pushed to June [8] - Domestic cotton market shows limited pre-holiday demand from textile enterprises, with raw material inventory levels at moderately high levels [8] - Cotton inventory is at a yearly high, with increased imports leading to ample supply, making it difficult for prices to sustain upward momentum [4][8] - The overall expectation is for cotton prices to remain volatile before the holiday, with medium to long-term prospects still looking promising [4][8]

Morning session notice 早盘提示 Morning session notice 早盘提示 联系方式：17803978037 | 板块 | 品种 | 多（空） | 推荐理由 | 【行情复盘】 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ICE3 | 月合约结算价 | 63.83 | 涨 | 86 | 点，5 | 月 | 65.45 | 涨 | 77 | 点，7 | 月 | 67.01 | 涨 | 71 | 点；成 | 交约 | 7.1 | 万手。 | | 郑棉总成交 | 344386 | 持仓 | 1117427。结算价 | 5 | 月 | 14585，9 | 月 | 14720，1 | 月 | 15085。 | 【重要资讯】 | | | | | | | | | 1、1 | 月 | 23 | 日新疆巴州区域机采棉 | 3129B | 含杂 | ...

Group 1: Report's Industry Investment Rating - All three commodities (cotton, sugar, and pulp) are rated neutral [3][5][6] Group 2: Report's Core Views - The cotton market is in a narrow - range oscillation, waiting for policy drivers. The global cotton supply - demand pattern is still loose in the short - term, but the US cotton is in a low - valuation range. The domestic cotton market has increased production and consumption, with a possible tight inventory at the end of the year [1][2] - The sugar market has a short - term tight trade flow in the first quarter, which may support the price. In the second quarter, the supply will be more abundant. In the long - term, the sugar price is not overly pessimistic. The domestic sugar is in the inventory accumulation stage with limited downward space [3][4] - The pulp market has continuous overseas supply disturbances and rising foreign quotes, but the domestic fundamentals have not improved significantly, and the pulp price is expected to continue to oscillate at a low level [5][6] Group 3: Cotton Summary Market News and Important Data - The closing price of cotton 2605 contract was 14,650 yuan/ton, down 45 yuan/ton (-0.31%) from the previous day. The Xinjiang arrival price of 3128B cotton was 15,717 yuan/ton, up 122 yuan/ton, and the national average price was 15,995 yuan/ton, up 125 yuan/ton [1] - In December 2025, the export volume of cotton yarn was 25,500 tons, a month - on - month increase of 1.33% and a year - on - year decrease of 20.78%. The export amount was 98 million US dollars, a month - on - month increase of 2.45% and a year - on - year decrease of 20.42%. From January to December 2025, the cumulative export volume of cotton yarn was 332,200 tons, a year - on - year increase of 9.48%, and the export amount was 1.262 billion US dollars, a year - on - year increase of 4.23% [1] Market Analysis - The Zhengzhou cotton futures price oscillated and closed down. The global cotton supply - demand pattern is still loose in the short - term, and the US cotton export signing progress is slow. In the long - term, the US cotton is in a low - valuation range. The domestic cotton production has increased significantly, and the commercial inventory has increased seasonally. Although the downstream yarn spindle capacity has expanded, the new orders have decreased, and the finished product inventory is at a relatively high level [2] Strategy - The short - term pre - holiday stocking still supports the cotton price, but the domestic market faces downstream transmission pressure and internal - external price difference pressure. It is expected to oscillate strongly. The medium - and long - term trend depends on the implementation of target price policy and area - reduction policy [3] Group 4: Sugar Summary Market News and Important Data - The closing price of sugar 2605 contract was 5,172 yuan/ton, down 8 yuan/ton (-0.15%) from the previous day. The spot price of sugar in Nanning, Guangxi was 5,270 yuan/ton, down 10 yuan/ton, and in Kunming, Yunnan was 5,165 yuan/ton, down 5 yuan/ton [3] - As of January 24, 2025/26 sugar - crushing season, 41 sugar mills in Punjab, Pakistan were in operation, with a cumulative crushing of 24.89 million tons of sugarcane and a production of 2.329 million tons of refined sugar, an increase of 266,000 tons compared with the same period of the previous season. The paid sugarcane payment reached 92.57% of the total payable amount, higher than 87.81% in the same period of the previous season [3] Market Analysis - The Zhengzhou sugar futures price was in a narrow - range consolidation. The Brazilian sugar inventory is decreasing, and the short - term export in the Northern Hemisphere is restricted, which may support the raw sugar price in the first quarter. In the second quarter, the supply will be more abundant. In the long - term, the sugar price is not overly pessimistic. The domestic sugar is in the inventory accumulation stage with limited downward space [4] Strategy - The short - and medium - term sugar price should be treated with an oscillation - bottoming - building idea, and attention should be paid to macro - sentiment and capital disturbances [3] Group 5: Pulp Summary Market News and Important Data - The closing price of pulp 2605 contract was 5,374 yuan/ton, down 24 yuan/ton (-0.44%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5,400 yuan/ton, down 10 yuan/ton, and the spot price of Russian softwood pulp was 4,975 yuan/ton, down 25 yuan/ton [5] - The import pulp spot market price showed a downward trend. The prices of some grades in different regions decreased to varying degrees [5] Market Analysis - The pulp futures price was weakly consolidated. The overseas pulp mills' shutdown and maintenance news and the increase in foreign quotes promoted the pulp price rebound, but the global wood pulp inventory is still accumulating. The European port pulp inventory decreased in November, but the domestic terminal demand is insufficient, and the port inventory is at a historical high [6] Strategy - Although there are continuous overseas supply disturbances and rising foreign quotes, the domestic fundamentals have not improved significantly, and the pulp price is expected to continue to oscillate at a low level [6]

棉系数据日报 | | | 农产品中心 | 期货从业资格证号投资咨询证号 | | 2026/1/27 | | --- | --- | --- | --- | --- | --- | | | | 谢威 | F03087820 | Z0019508 | | | 指标 | | 1月26日 | 1月23日 | 涨跌 | 涨跌幅 | | | CF05 | 14650 | 14695 | -45 | -0. 31% | | 国内棉花期货 | CF09 | 14805 | 14860 | -55 | -0. 37% | | | CF05-09 | -155 | -165 | 10 | - | | 国内棉花现货 | 新疆 | 15717 | 15595 | 122 | 0. 78% | | | 河南 | 16038 | 15918 | 120 | 0. 75% | | | 山东 | 16049 | 15943 | 106 | 0. 66% | | | 新疆-主连基差 | 1067 | 900 | 167 | - | | 国内棉纱期货 | CY | 20515 | 20505 | 10 | 0. 05% | | 国内棉纱现货 | ...

金融期货早评 宏观：美日联手干预汇率 【市场资讯】1）美国总统特朗普威胁将韩国商品的关税提高至 25%，理由是他所称的该国 立法机构未能将两国去年达成的贸易协议编纂成法。2）中国人民银行召开 2026 年宏观审 慎工作会议。3）日本首相高市早苗：如果执政联盟在众议院选举中无法获得多数席位，我 将立即辞职。4）欧盟将于 2027 年 1 月全面禁止进口俄液化天然气，同年 9 月底全面禁止 进口俄管道天然气。 【核心研判与传导逻辑】人民币方面，央行邹澜明确以香港为离岸核心枢纽，通过扩容离 岸资产供给、翻倍香港人民币流动性安排完善金融生态，这一布局适配人民币从贸易结算 向投资储备的国际化升级，既解决外资人民币资产配置需求，也能为 A 股引入长期资金， 对接国内科技产业的估值与发展需求。日元的困境远超汇率层面，纽约联储的询价动作与 日本官员的干预表态虽短期拉动日元反弹，但美日利差、结构性资本外流仍在，叠加首相 高市早苗将汇率与大选绑定的政治风险，反弹缺乏基本面支撑。更关键的是，其削减消费 税的言论引发市场对财政纪律松弛的担忧，直接导致日债长端利率攀升、收益率曲线熊市 走陡，彻底颠覆全球固收市场逻辑，债券从避险工具变为 ...

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 行业 棉花 日期 2026 年 1 月 27 日 ＃summary＃ 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 、 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | | | 纯棉纱市场交投一般，贸易商和下游布厂刚需采购。近期溯源单逐渐下放， 个别纺企反馈排单已至 3 月。部分纱厂对后市较有信心，挺价意愿明显。全棉坯 布市场行情进入收尾阶段，由于多数厂商对节 ...

Group 1: General Information - The reports are from Guangfa Futures and cover various industries including oils, cotton, sugar, jujube, apple, corn, hog, meal, and egg, dated January 26, 2026 [1][2][3] Group 2: Oils Industry Investment Rating - Not provided Core View - For soybean oil, the speculation of favorable US biodiesel policy boosts CBOT soybean oil, but domestic pre - Spring Festival factors limit continuous long positions. Supply is sufficient, and the basis quote may still decline in the short - term [1] - Malaysian palm oil may continue to strengthen after a short correction. Domestic port inventory decline and pre - Spring Festival stocking expectations support the market [1] - Rapeseed oil maintains a wide - range shock. The 05 contract faces hedging pressure, and the basis quote of reserve rapeseed oil slightly declines [1] Data Summary - Soybean oil: The price of Y2605 on January 23 was 8094 yuan, up 0.12% from the previous day. The basis was 476 yuan, down 7.75% [1] - Palm oil: The price of P2605 on January 23 was 8910 yuan, down 0.38%. The basis increased by 53.85% [1] - Rapeseed oil: The price of OIROS on January 23 was 8991 yuan, down 0.12%. The basis remained unchanged [1] Group 3: Cotton Industry Investment Rating - Not provided Core View - US cotton maintains a low - level shock. Domestic cotton consumption is high due to high - capacity downstream spinning mills, and the basis is strong. The expected adjustment of the 2026 planting area provides support. Attention should be paid to the support around 14,500 yuan [2] Data Summary - Cotton 2605 on January 23 was 14,695 yuan/ton, down 0.24%. The main contract's open interest increased by 1.62% [2] - Spot prices such as Xinjiang 3128B increased, and the basis of 3128B - 05 contract increased by 9.36% [2] Group 4: Sugar Industry Investment Rating - Not provided Core View - Internationally, Brazilian sugar production in late December decreased year - on - year, but the cumulative production increased. Thai sugar production is slow. Raw sugar is expected to remain in a low - level shock between 14 - 15 cents. Domestically, sugar prices are expected to maintain a low - level shock this week due to factors such as insufficient peak - season consumption and approaching the end of Spring Festival stocking [3] Data Summary - Sugar 2605 on January 23 was 5180 yuan/ton, up 0.43%. The national cumulative sugar production decreased by 16.43% year - on - year [3] Group 5: Jujube Industry Investment Rating - Not provided Core View - The market focuses on peak - season consumption. Sellers are actively shipping, and pre - holiday stocking may drive up spot prices. The price is expected to rebound from the bottom, but the upside is limited by hedging pressure [4] Data Summary - Jujube 2605 on January 23 was 8800 yuan/ton, up 0.63%. The open interest decreased by 2.38% [4] Group 6: Apple Industry Investment Rating - Not provided Core View - With the arrival of the pre - Spring Festival stocking period, the stocking atmosphere in some producing areas has improved. Good - quality apples have firm prices, while poor - quality ones face high inventory pressure. The futures price is expected to be strong due to low good - fruit rate, low inventory, and short - covering [5] Data Summary - Apple 2605 on January 23 was 9535 yuan/ton, up 0.48%. The national cold - storage inventory decreased by 3.11% week - on - week [5] Group 7: Corn Industry Investment Rating - Not provided Core View - The supply of corn is relatively tight in the short - term, and pre - holiday stocking demand supports the price. However, continuous policy corn auctions and limited high - price transmission restrict the upside. Attention should be paid to the enterprise stocking rhythm and policy release intensity [7] Data Summary - Corn 2603 on January 23 was 2300 yuan/ton, up 0.22%. The open interest increased by 2.33% [7] Group 8: Hog Industry Investment Rating - Not provided Core View - Spot prices are strengthening again, but the supply pressure will increase after the snow - weather passes. The market is expected to maintain a bottom - range shock as the main focus is on the post - holiday off - season [10] Data Summary - The main hog contract on January 23 was 1685 yuan, up 5.31%. The slaughter volume increased by 1.79% [10] Group 9: Meal Industry Investment Rating - Not provided Core View - US soybeans are expected to be strong due to macro factors and biodiesel policy. Domestic supply is abundant, but the first - quarter arrival expectation is low, and the meal price is expected to be in a shock range [13] Data Summary - The price of Jiangsu soybean meal on January 23 was 3080 yuan, unchanged. The basis of M2605 increased by 5.45% [13] Group 10: Egg Industry Investment Rating - Not provided Core View - Egg production is stable and sufficient. The demand may weaken as the Spring Festival stocking nears the end and group purchases decrease. Attention should be paid to the digestion ability of high - price eggs [14] Data Summary - The egg 03 contract on January 23 was 3046 yuan/500KG, down 1.58%. The basis increased by 26.72% [14]

Report Industry Investment Ratings - Not provided in the given content Core Views - Policy cools market speculative sentiment, leading to stock index oscillations, but short - term adjustment space is limited, and long - term bulls can enter the market at appropriate times. Asset shortage and weak economy benefit bond futures, but the central bank warns of interest - rate risks. With the US suspending key mineral taxes, copper prices are oscillating strongly. Various factors influence different commodities, and specific trading strategies are recommended for each [1]. Summary by Industry and Variety Macro - finance - **Stock Index**: Policy cools speculative sentiment, causing oscillations. Short - term adjustment space is small, and long - term bulls can enter at opportune moments [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but the central bank warns of short - term interest - rate risks, and attention should be paid to the Bank of Japan's interest - rate decision [1]. Non - ferrous Metals - **Copper**: With the US suspending key mineral taxes, short - term concerns ease, and copper prices are oscillating strongly [1]. - **Alumina**: Industry drive is limited, but macro sentiment improves. Domestic supply is strong and demand is weak, and prices are expected to oscillate around the cost line [1]. - **Zinc**: The cost center is stable, and prices fluctuate in a range. Look for high - selling and low - buying opportunities [1]. - **Nickel**: Supply concerns persist due to various factors, and prices are strong in the short term. Long - term high inventory may have a suppressing effect. Short - term buying on dips is recommended [1]. - **Stainless Steel**: Supply concerns persist, raw material prices rise, and social inventory decreases slightly. Futures are at a high level, and there is a risk of a short squeeze. Short - term low - buying is recommended [1]. - **Tin**: Market sentiment improves. Although there is a negative news, supply increase in the first quarter is limited, and there is upward potential [1]. Precious Metals and New Energy - **Precious Metals**: Geopolitical risks and strong fundamentals support prices, but there is a risk of profit - taking during the Fed's meeting [1]. - **Platinum and Palladium**: Macro factors support prices in the short term, but fluctuations are large. In the long term, platinum has a supply - demand gap, and palladium tends to have a loose supply. Unilateral low - buying of platinum or a [long platinum, short palladium] arbitrage strategy is recommended [1]. - **Industrial Silicon and Polysilicon**: Northwest production increases, and Southwest production decreases. December production schedules for polysilicon and organic silicon decline [1]. - **Lithium Carbonate**: There are factors such as the off - season for new energy vehicles, strong energy - storage demand, and battery export rush [1]. Black Metals - **Rebar**: Expectations are strong, but spot is weak, and the rally momentum is insufficient. Unilateral long positions should be closed, and positive - spread positions can be considered [1]. - **Hot - Rolled Coil**: High production and inventory suppress price increases. Unilateral long positions should be closed, and positive - spread positions can be considered [1]. - **Iron Ore**: There is a sector rotation, but there is obvious upward pressure, and chasing long is not recommended [1]. - **Glass and Soda Ash**: There is a mix of weak reality and strong expectations. Supply may be affected by energy - consumption control and anti - involution. Short - term sentiment is warm, but medium - term supply is excessive [1]. - **Coking Coal and Coke**: The market is pessimistic about the coking coal 05 contract. After the first round of coke price increase fails, the price breaks through key supports, and the previous low - buying strategy may change [1]. Agricultural Products - **Palm Oil**: Main consumer countries start purchasing, and there may be production cuts and inventory reduction in the origin. It is expected to be strongly oscillating [1]. - **Soybean Oil**: Fundamentals are strong, and long - position allocation in oils is recommended. Consider the long Y - short O1 spread [1]. - **Rapeseed Oil**: There are negative factors, but it is difficult to fall smoothly due to the strength of soybean and palm oils. It is recommended to wait and see [1]. - **Cotton**: There is production expectation, and the purchase price supports the cost. Downstream demand has rigid replenishment needs. The market is in a state of "supported but lacking drive" [1]. - **Sugar**: There is a global surplus and increased domestic supply. There is a consensus on short - selling, and cost support is strong if prices fall [1]. - **Corn**: The selling progress in Northeast China is fast, and there is inventory - replenishment demand before the festival. The price is expected to oscillate [1]. - **Soybeans**: Brazil's harvest may bring selling pressure, and Argentina's dry weather may cause short - term speculation. The M05 is expected to be weakly oscillating [1]. - **Paper Pulp**: Affected by the macro decline, it falls but does not break the oscillation range. It is recommended to wait and see [1]. - **Logs**: Spot prices rebound, and the downward space for futures is limited. It is expected to oscillate between 760 - 790 yuan/m³ [1]. - **Hogs**: Spot prices stabilize, demand supports, and production capacity needs further release [1]. Energy and Chemicals - **Crude Oil**: OPEC+ suspends production increase, geopolitical tensions in the Middle East rise, and US cold weather boosts demand [1]. - **Asphalt**: Short - term supply - demand contradiction is not prominent, following crude oil. The "14th Five - Year Plan" construction demand may be false, and supply is sufficient, with high profits [1]. - **Natural Rubber**: There is strong raw - material cost support, and the synthetic - rubber price increase drives the sector [1]. - **BR Rubber**: There is strong support for butadiene, and the market's price - support atmosphere strengthens. It operates with high开工 and high inventory [1]. - **PTA and Short - Fibre**: The PX market drives the rise of chemicals, and there is a large inflow of funds. PTA production increases, and short - fibre prices follow costs [1]. - **Ethylene Glycol**: Overseas prices rebound, and Middle - East exports decrease. There is an increase in speculative demand [1]. - **Styrene**: The supply - demand fundamentals improve, and prices rebound. The price spread between styrene and benzene widens, and inventory decreases [1]. - **Urea**: Export sentiment eases, and there is limited upward space, but there is support from anti - involution and cost [1]. - **Methanol**: Import is expected to decrease due to the Iranian situation, but there is obvious downstream negative feedback. There are multiple factors in a multi - empty situation [1]. - **PVC**: Global production is expected to be low in 2026, but the fundamentals are poor. There may be a rush for exports, and capacity may be cleared [1]. - **Caustic Soda**: Macro sentiment fades, and the market focuses on fundamentals. Fundamentals are weak, and there is inventory - building pressure [1]. - **LPG**: February CP is expected to rise, and there is cost support. Inventory decreases, and the heating market is expected to start [1]. Others - **Container Shipping on European Routes**: It is expected to peak in mid - January. Airlines are cautious about resuming flights, and there is pre - festival inventory - replenishment demand [1].