Group 1: Report Industry Investment Rating - The investment rating for copper is neutral, and the recommendation for arbitrage is to hold off, while the option strategy is to sell put options [8] Group 2: Core Viewpoints - As the Spring Festival approaches, downstream demand is decreasing, and the price of precious metals is still volatile. The price of copper is expected to range between 97,800 yuan/ton and 106,600 yuan/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [8] Group 3: Summary by Directory 1. Market News and Important Data Futures Quotes - On February 11, 2026, the opening price of the main Shanghai copper contract was 101,660 yuan/ton, and the closing price was 102,180 yuan/ton, a 0.61% increase from the previous trading day's close. The opening price of the main Shanghai copper contract in the night session was 103,620 yuan/ton, and the closing price was 101,840 yuan/ton, a 0.26% increase from the afternoon close [1] Spot Situation - According to SMM, the spot price of SMM 1 electrolytic copper was at a discount of 100 yuan/ton to par against the current 2602 contract, with an average discount of 50 yuan/ton, a 55 yuan/ton decrease from the previous trading day. The price of SMM 1 electrolytic copper ranged from 101,100 to 101,530 yuan/ton [2] 2. Important Information Summary Macro and Geopolitical Aspects - In January, the US seasonally adjusted non - farm payrolls increased by 130,000, the largest increase since April last year. The unemployment rate was 4.3%, and the average hourly wage increased by 3.7% year - on - year. Traders now fully expect the Fed to cut interest rates in July, instead of June as previously expected. There are uncertainties regarding the North American trade agreement due to Trump's potential withdrawal [3] Mine End - Codelco's El Teniente project will have low production for about the next five years after a fatal accident last year. It is expected to produce 301,000 tons of copper this year. In December 2025, Codelco's copper production increased by 3.7% to 181,400 tons, while Escondida's production decreased by 16.5% to 111,500 tons, and Collahuasi's production decreased by 12.1% to 36,200 tons [4] Smelting and Import - The US has built up its largest copper inventory in decades. Traders are shipping copper to the US due to concerns about potential import tariffs. As of February 6, Comex copper inventory was about 534,405 tons, more than five times the level of a year ago. The total US copper reserve is estimated to be about 1 million tons, which can meet about 7 months of demand [5] Consumption - Spot trading was dull yesterday. Downstream enterprises are on holiday and inventory preparation is almost complete, leading to weak demand. The futures spread is in a contango structure, and holders are selling casually. In January 2026, the domestic copper rod production was 107,800 tons, a 3.21% decrease from December, with a comprehensive capacity utilization rate of 54.89%, a 1.83% decrease from the previous month [6] Inventory and Warehouse Receipts - LME warehouse receipts changed by 4,800 tons to 192,100 tons, SHFE warehouse receipts changed by 12,958 tons to 178,897 tons. On February 11, the domestic electrolytic copper spot inventory was 331,300 tons, a decrease of 4,500 tons from the previous week [7]

Group 1 - The core viewpoint of the article is that Huangshan Gujie established a copper subsidiary to enhance raw material supply security, reduce costs, and improve the overall competitiveness and profitability of the company [1] - The company aims to continuously improve its operational management to enhance performance and intrinsic value [1] - The establishment of the copper subsidiary is part of a strategic development initiative to optimize the industrial chain layout [1]

Group 1 - The core point of the article is that Northern Copper (000737) has reported its shareholder count as of January 30, 2026, which stands at 214,282 households [1]

Report Industry Investment Rating - Copper: Neutral [8] - Arbitrage: On hold [8] - Options: Sell put [8] Core View of the Report - As the Spring Festival approaches, downstream demand continues to decline, and the price of precious metals remains volatile. The price of copper is expected to fluctuate between 97,800 yuan/ton and 106,600 yuan/ton. It is not recommended to hold heavy positions during the Spring Festival holiday [8]. Summary by Relevant Catalogs Market News and Important Data - **Futures Market**: On February 9, 2026, the main contract of Shanghai copper opened at 101,000 yuan/ton and closed at 101,840 yuan/ton, a 1.74% increase from the previous trading day's close. The night session opened at 101,740 yuan/ton and closed at 102,450 yuan/ton, a 0.93% increase from the afternoon close [2]. - **Spot Market**: The spot price of electrolytic copper was between a discount of 30 yuan/ton and a premium of 100 yuan/ton, with an average premium of 35 yuan/ton, slightly narrowing from the previous day. The main contract of copper futures opened higher and then fluctuated lower, with an intraday range of 101,300 - 102,120 yuan/ton. The market trading sentiment was divided, with the sales sentiment index slightly rising and the purchasing sentiment slightly falling. The supply is expected to increase, and the demand is expected to weaken, so the spot premium is expected to decline [3]. Important Information Summary - **Macro and Geopolitical**: The US employment growth data is expected to slow down, but it does not mean a weakening of the economic growth momentum. The UK political situation has changed, with the resignation of the Prime Minister's chief of staff and public relations director, and calls for the Prime Minister to resign [4]. - **Mining End**: On February 6, US Virtus Minerals announced a $30 million acquisition of Congolese copper - cobalt miner Chemaf, with a plan to inject $7.5 billion in capital. The acquisition still needs the approval of the Congolese government and state - owned mining company Gecamines [5]. - **Smelting and Import**: Last week, LME copper inventories continued to rise to a nine - month high, SHFE copper inventories increased by 6.83% to a ten - month high, international copper inventories increased by 2,554 tons, and New York copper inventories continued to accumulate to a new high [5]. - **Consumption**: Jinchuan Tonggui successfully produced ultra - fine enameled copper rods with a diameter of 0.05 mm. Fujian Province announced 1570 key projects in 2026, including 11 copper - related projects [6]. - **Inventory and Warehouse Receipts**: LME warehouse receipts changed by 2,700 tons to 184,300 tons, SHFE warehouse receipts changed by - 3,044 tons to 157,128 tons, and the domestic electrolytic copper spot inventory was 331,300 tons, a decrease of 4,500 tons from the previous week [7].

基本面方面，海外部分大型铜矿近年屡现重大供应中断，目前年供应量减少近100万吨，占全球铜供应 总量的4%，且复产前景黯淡。非美地区库存占比低，现有矿山品位下滑，开采难度与成本攀升。国内 铜精矿现货加工费低位徘徊，目前约-50美元/干吨，矿紧局面持续。尽管国内倡导减产矿铜，但精炼铜 产量仍增，受此前铜价高企影响，精废价差维持高位。需求端，国内春节临近，需求前景趋弱，库存累 积压制看涨情绪。截至2月6日当周，上期所周度库存九连涨至24.89万吨，创逾10个月新高，铜价上行 压力增大。不过，临近春节，铜价重心回落，部分下游企业节前备货需求显现，周末仓库出库量显著提 升，库存有所下降。 总体来看，近期宏观因素主导作用明显，市场风险偏好有企稳迹象。但铜自身微观层面偏弱，CL价差 不利虹吸且LME交仓，不过未来供应紧张预期尚难扭转和证伪。对于铜价后续走势，铜价重心或回归 原区间震荡，下沿位置较高，预计今日现铜价格上涨。 长江有色金属网ccmn.cn 电话：0592-5668838。 新浪合作大平台期货开户 安全快捷有保障 伦敦金属交易所（LME）2月9日伦铜最新库存量报184300公吨，较上个交易日增加1025公吨，涨幅 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Last week, driven by precious metals, the non - ferrous metals sector experienced a panic - driven sharp decline. On February 2nd, Shanghai copper hit the daily limit down, with a decline of about 9%. The nomination of the new Fed chair led to a re - evaluation of the US dollar's credit and significant fluctuations in market sentiment. There are differences in the path of further interest rate cuts, and the market has entered a wait - and - see phase, increasing the volatility of asset prices [2]. - Although copper mine strikes in places like Chile have temporarily subsided, it confirms the fragility of mine production. The long - term structural supply shortage provides a solid bottom support for copper prices. In the short term, affected by the seasonal off - season, downstream production has stopped for holidays, and spot trading has stagnated. However, in the long run, the new energy transformation and AI infrastructure construction offer potential, and China's non - ferrous metals industry association's plan to improve the copper resource reserve system proves copper's strategic importance [2]. - The panic - driven sharp decline in copper prices this week was mainly due to profit - taking by long positions after the previous extreme increase and liquidity踩踏. Subsequently, the market entered a volatile repair phase with high volatility. With unclear macro - level guidance, pressure from the off - season on the demand side, and supply - side support, copper prices are expected to remain volatile before the holiday [2]. 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - The non - ferrous metals sector had a panic - driven sharp decline last week, with Shanghai copper hitting the daily limit down on February 2nd. The new Fed chair's nomination led to market sentiment fluctuations and a wait - and - see attitude. The supply side has long - term structural support, while the demand side is affected by the off - season in the short term. Copper prices are expected to be volatile before the holiday [2]. 3.2 Factors to Watch - The report mentions that the latest US economic data and downstream demand recovery are factors to watch. It also provides weekly data on various copper - related indicators, such as the electrolytic copper price in Shanghai decreased by 4.58% week - on - week, the electrolytic copper premium in Shanghai increased by 117.86% week - on - week, and the LME copper inventory increased by 4.74% week - on - week [3]. 3.3 This Week's Fundamental Data Weekly Changes - **Futures Market Review**: The report includes graphs of the Shanghai copper price trend, London copper price trend, and the Shanghai - London copper ratio (without excluding exchange rates) [5][6][8]. - **Supply Situation Analysis**: It presents graphs related to copper concentrate forward spot prices, copper concentrate port inventory, domestic electrolytic copper production, etc. [13]. - **Demand Situation Analysis**: Graphs about 1 electrolytic copper premium in Shanghai, copper product prices, copper product capacity utilization, and refined copper rod trading volume are provided [15][17]. - **Inventory Situation Analysis**: Graphs of electrolytic copper spot inventory and the inventory of three major futures exchanges are included [22].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoint The market's confidence in the Fed has strengthened after the nomination of Wash as Fed Chairman, leading to a change in expectations for interest rate cuts and balance sheet reduction. The US dollar has risen, putting pressure on non - ferrous metals. The copper price oscillated downward last week but stopped falling and stabilized after the China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system. In the short term, there is a tug - of - war between bulls and bears, with the price mainly in a narrow - range oscillation. In the long term, the copper price is optimistic [3]. 3. Summary by Directory 3.1 Market Analysis - **Macro aspect**: Wash's nomination as Fed Chairman has boosted the confidence in the US dollar due to the expectation of interest rate cuts and balance sheet reduction. The US January ISM manufacturing PMI was 52.6, the highest since August 2022. The January ADP new employment was 22,000, lower than the expected 45,000, indicating weak labor market momentum. Non - farm employment data will be released this week, and Wash's interest rate cut path needs to be monitored [3]. - **Supply aspect**: In January, the copper production was 15,700 tons more than expected, and it is expected to return to normal in February. The expected output of electrolytic copper in China in February will decrease by 35,800 tons month - on - month (a 3.04% decline) and increase by 8.06% year - on - year. Recycling copper enterprises entered the holiday mode earlier this year due to high copper prices and low market liquidity. The China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system and consider including copper concentrates in the reserve [3]. - **Demand aspect**: As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month. After the pre - holiday copper price correction, downstream industries replenished raw materials. As the price recovered and the Spring Festival approached, downstream industries entered the holiday mode, and procurement decreased [3]. 3.2 Shanghai Copper Price Trend This week, Shanghai copper oscillated weakly, with a weekly high of 105,810 yuan/ton, a low of 97,920 yuan/ton, a weekly amplitude of 7.61%, and a range change of - 3.45% [5]. 3.3 Shanghai Copper Spot Market As of February 9, the average spot premium in East China was - 10 yuan/ton, and in South China it was - 115 yuan/ton. As the copper price corrected, downstream procurement sentiment increased, and the spot discount narrowed [11]. 3.4 London Copper Spread Structure As of February 6, the LME copper price fell 4.02% during the week, closing at $12,900/ton, with a spot premium of - $60/ton [16]. 3.5 Copper Concentrate Supply In December 2025, China imported 2.704 million physical tons of copper ore and concentrates, a 7% month - on - month and 7.2% year - on - year increase. From January to December 2025, the cumulative import was 30.365 million physical tons, a 7.8% year - on - year increase. The China Non - Ferrous Metals Industry Association proposed to improve the copper resource reserve system and consider including copper concentrates in the reserve [20]. 3.6 Scrap Copper Supply In December 2025, China imported 239,000 physical tons of copper scrap and waste, a 14.81% month - on - month and 9.88% year - on - year increase. Recycling copper enterprises entered the holiday mode earlier this year, and the operating rate will continue to decline this week, with little market trading [25]. 3.7 Smelter Fees As of February 6, the domestic spot rough smelting fee (TC) was - $51.23/dry ton, and the refining fee (RC) was - 5.21 cents/pound. The TC/RC fees continued to decline. The China Non - Ferrous Metals Industry Association will promote copper smelting capacity governance. The CSPT announced a joint production cut of over 10% in 2026, and the 2026 copper concentrate long - term processing fee was set at $0/ton and 0 cents/pound [30]. 3.8 Refined Copper Supply In January, the electrolytic copper output was 15,700 tons more than expected and is expected to return to normal in February. The expected output in February will decrease by 35,800 tons month - on - month (a 3.04% decline) and increase by 8.06% year - on - year. In December 2025, the import of unwrought copper and copper products was 437,000 tons, a 21.8% year - on - year decrease. From January to December 2025, the cumulative import was 5.321 million tons, a 6.4% year - on - year decrease [34]. 3.9 Apparent Demand As of December 2025, the apparent consumption of copper was 1.3188 million tons, a 4.00% increase from the previous month [38]. 3.10 Downstream Consumption - **Copper rod**: According to Mysteel's survey of 57 domestic refined copper rod sample enterprises, the capacity utilization rate in January was 54.44%, a 3.35% month - on - month and 5.93% year - on - year increase. In February, it was 34.62%, a 19.82% month - on - month and 17.76% year - on - year decrease. Some copper tube enterprises will stop production this weekend [42]. - **Power grid**: As of the end of 2025, the national cumulative power generation installed capacity was 3.89 billion kilowatts, a 16.1% year - on - year increase. The solar power installed capacity was 1.2 billion kilowatts, a 35.4% year - on - year increase, and the wind power installed capacity was 640 million kilowatts, a 22.9% year - on - year increase. In 2025, the average utilization hours of power generation equipment in power plants above 6,000 kilowatts were 3,119 hours, 312 hours less than the previous year [47]. - **Real estate**: In December, the sales area of new commercial housing was 93.99 million square meters, a 39.87% month - on - month increase and a 16.58% year - on - year decrease. The sales volume was 880.7 billion yuan, a 44.07% month - on - month increase and a 24.24% year - on - year decrease [53]. - **Automobile**: In January 2026, the estimated wholesale of new - energy passenger vehicles by national manufacturers was 900,000, a 1% year - on - year increase. From January 1, 2026, the vehicle purchase tax was changed from exemption to half - collection. The "trade - in" subsidy for heavy trucks and buses continued, and the subsidy for passenger vehicles changed from a fixed - amount subsidy to a proportional subsidy [59]. 3.11 Global Copper Inventories in Major Exchanges - As of February 6, the LME copper inventory increased by 8,300 tons to 171,700 tons week - on - week (a 4.74% increase), and was 26.48% lower year - on - year. The COMEX copper inventory was 589,100 tons, a 1.97% week - on - week increase and 488.28% higher year - on - year. - On February 5, the cumulative copper spot inventory in the bonded areas of Shanghai and Guangdong was 120,600 tons, still increasing during the week. As of February 6, the Shanghai Futures copper inventory was 160,200 tons, a 0.32% week - on - week decrease, and the cathode copper inventory was 248,900 tons, a 6.83% week - on - week increase [64][69].

Report Industry Investment Rating - Not provided in the report Core Viewpoint - The copper market is characterized by cautious trading and price fluctuations, with a trend strength of -1, indicating a bearish outlook [1][3] Summary by Relevant Catalogs Fundamental Tracking - **Futures Prices**: The closing price of the Shanghai Copper main contract was 100,100, with a daily decline of 0.87%, and the night - session closing price was 101,490, with a night - session increase of 1.39%. The LME Copper 3M electronic disk closed at 13,060, with a daily increase of 1.59% [1] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Copper Index was 555,817, a decrease of 31,985 from the previous day, and the open interest was 583,895, a decrease of 16,062. The trading volume of the LME Copper 3M electronic disk was 25,610, a decrease of 4,624, and the open interest was 325,000, an increase of 298 [1] - **Futures Inventory**: The Shanghai Copper inventory was 160,172, a decrease of 507, and the LME Copper inventory was 183,275, an increase of 2,700. The LME Copper cancellation warrant ratio was 10.53%, a decrease of 0.52% [1] - **Price Spreads**: The LME Copper basis was -70.95, an increase of 6.63 from the previous day. The Shanghai 1 bright copper price was 88,100, a decrease of 1,000. The spot - to - near - month futures spread was 40, an increase of 110 [1] Macro and Industry News - **Macro News**: The State Council executive meeting proposed to make good use of funds such as central budget - internal investment, ultra - long - term special treasury bonds, local government special bonds, and new policy - based financial instruments. The US - Iran nuclear talks reached a consensus on "maintaining dialogue" [1] - **Industry News**: The China Non - Ferrous Metals Industry Association plans to include "copper concentrate" in the national reserve. Glencore Canada suspended major investment in the Horne smelter and will reduce investment in the Canadian copper refinery in the medium term. Anglo American's copper production in Q4 2025 was 169,500 tons, a 14% decrease from the same period in 2024. Capstone Copper will resume full production at its Mantoverde copper - gold mine in Chile [1][3]

Group 1 - The core viewpoint of the articles highlights the positive impact of a weaker US dollar and improved investor confidence on copper prices, with LME copper rising by 1.59% to $13,060 per ton [1] - The Michigan Consumer Sentiment Index for February reached 57.3, exceeding expectations and previous values, indicating a six-month high driven by high-income groups benefiting from stock market gains [1] - The market is experiencing a rebound in risk appetite, supported by a decline in the US dollar index and rising international oil prices, which is expected to boost metal demand [1] Group 2 - Significant supply disruptions in major overseas copper mines have led to a reduction of nearly 1 million tons in annual supply, accounting for 4% of global copper supply, with challenging recovery prospects [2] - Domestic copper inventories have been accumulating, reaching a 10-month high of 248,900 tons, which adds upward pressure on copper prices despite a weak demand environment [2] - Downstream purchasing activity is expected to support copper prices, as recent price drops have prompted buying interest, and low-priced resources remain attractive [2]

Report Summary 1. Investment Ratings The report does not explicitly provide an overall investment rating for the industry. However, it gives trend intensities for various commodities, which can be used as a reference for investment sentiment: - Strongly Bullish: Cotton [191] - Bullish: None - Neutral: Gold, Silver, Zinc, Lead, Tin, Aluminum, Alumina, Cast Aluminum Alloy, Platinum, Palladium, Nickel, Stainless Steel, Carbonate Lithium, Industrial Silicon, Polysilicon, Rebar, Hot - Rolled Coil, Ferrosilicon, Silicomanganese, Coke, Coking Coal, Steam Coal, Logs, Rubber, LLDPE, PP, Caustic Soda, Pulp, Glass, Methanol, Urea, Styrene, Soda Ash, LPG, Propylene, Fuel Oil, Low - Sulfur Fuel Oil, Container Freight Index (European Line), Short - Fiber, Bottle Chips, Offset Printing Paper, Pure Benzene, Palm Oil, Soybean Oil, Soybean Meal, Soybean, Corn, Sugar, Eggs, Peanuts [21][27][29] - Bearish: Copper, Iron Ore, PX, PTA, MEG, Synthetic Rubber, PVC, Live Pigs [24][61][87] 2. Core Views - Global financial markets have shown complex fluctuations from the night session last Friday to this morning. Domestic A - share markets continued to fluctuate, with the Shanghai Composite Index hovering around 4065. The technology - growth sector remained under pressure, while the consumer and defensive sectors were relatively resilient. Hong Kong stocks were also weak. Internationally, the three major US stock indices diverged, with the Dow hitting a new high and the Nasdaq retreating due to tech - stock volatility. In the commodity market, gold prices stabilized and rebounded after previous large fluctuations, and silver prices also rebounded. Market sentiment remained cautious, and asset fluctuations were mainly affected by overseas policy expectations, geopolitical risks, and the pace of domestic economic recovery [8]. - For copper, the short - term fundamentals are weak, but the long - term outlook is positive. The market is in a wait - and - see mode. It is recommended to buy on dips and use options to hedge risks [9][10]. - For caustic soda, the cost is rising, and the valuation is at a low level. It is suggested to close out short positions in the 03 contract before the Spring Festival and gradually build long positions in the 05 contract [12]. 3. Summary by Commodity Precious Metals - Gold: It is in an oscillating rebound, with a trend intensity of 0 [19][21]. - Silver: It is experiencing a high - level decline, with a trend intensity of 0 [19][21]. Base Metals - Copper: The price is oscillating, and trading is cautious. The trend intensity is - 1 [22][24]. - Zinc: It is in a range - bound oscillation, with a trend intensity of 0 [25][27]. - Lead: Supply and demand are both weak, and the price is oscillating, with a trend intensity of 0 [28][29]. - Tin: It is consolidating in an oscillation, with a trend intensity of 0 [31][36]. - Aluminum: Attention should be paid to post - holiday destocking. The trend intensity of aluminum is 0, alumina is - 1, and cast aluminum alloy is 0 [38][40]. - Platinum: It is recovering in an oscillation, with a trend intensity of 0 [41][43]. - Palladium: It is rebounding following the precious - metal sector, with a trend intensity of 0 [41][43]. - Nickel: There is an impact from pre - holiday capital outflows, and the medium - term contradiction lies in Indonesia. The trend intensity is 0 [45][51]. - Stainless Steel: There are frequent maintenance and production cuts in February, and the cost support center has shifted upward. The trend intensity is 0 [45][51]. Energy and Chemicals - Carbonate Lithium: The supply - demand pattern is tight. Attention should be paid to the evolution of macro - sentiment. The trend intensity is 0 [52][55]. - Industrial Silicon: The industry inventory is accumulating. Attention should be paid to this week's commodity sentiment. The trend intensity is 0 [57][59]. - Polysilicon: The industry cost guidance price has been determined. The trend intensity is 0 [57][59]. - Iron Ore: The restocking is almost over, and the demand expectation is weakening. The trend intensity is - 1 [60][61]. - Rebar and Hot - Rolled Coil: The apparent demand has weakened month - on - month, and they are in a wide - range oscillation. The trend intensity of both is 0 [64][67]. - Ferrosilicon and Silicomanganese: There is a game between fundamentals and sentiment, and they are in a wide - range oscillation. The trend intensity of both is 0 [69][72]. - Coke and Coking Coal: They are in a high - level oscillation, with a trend intensity of 0 for both [73][76]. - Steam Coal: The coal price is expected to remain stable before the Spring Festival [77][78]. - Logs: The port arrivals are low, and the spot price is stable with a slight increase. The trend intensity is 0 [79][82]. - PX: It is in a pre - holiday range - bound market, with a weakening month - spread. The trend intensity is - 1 [84][87]. - PTA: The downside space may be limited, and the month - spread is bearish. The trend intensity is - 1 [84][87]. - MEG: The supply pressure is still high. The trend intensity is - 1 [84][87]. - Rubber: It is in a wide - range oscillation. The trend intensity is 0 [92][93]. - Synthetic Rubber: It is under oscillating pressure. The trend intensity is - 1 [96][98]. - LLDPE: The import window is narrowing, and it is in a pre - holiday oscillating market. The trend intensity is - 1 [99][101]. - PP: The valuation repair is limited, and the weekly export signing volume has declined. The trend intensity is 0 [102][104]. - Caustic Soda: The cost is rising, and the valuation is at a low level. The trend intensity is 0 [105][108]. - Pulp: It is oscillating. The trend intensity is 0 [110][112]. - Glass: The original - sheet price is stable. The trend intensity is 0 [115][116]. - Methanol: It is oscillating. The trend intensity is 0 [118][123]. - Urea: It is oscillating with support. The trend intensity is 0 [124][126]. - Styrene: It is in a high - level oscillation. The trend intensity is 0 [127][128]. - Soda Ash: The spot market has changed little. The trend intensity is 0 [129][132]. - LPG: There are still geopolitical disturbances, and the fundamental driving force is downward. The trend intensity is 0 [135][142]. - Propylene: Supply and demand remain tight, and the upward driving force is weakening. The trend intensity is 0 [136][142]. - PVC: It is weakly oscillating. The trend intensity is - 1 [146][147]. - Fuel Oil: It is in a narrow - range adjustment, and the short - term weakness has暂缓. The trend intensity is 0 [149]. - Low - Sulfur Fuel Oil: It is weakly oscillating, and the spot high - low sulfur spread in the overseas market continues to decline. The trend intensity is 0 [149]. - Container Freight Index (European Line): It is in an oscillating market. The trend intensity is 0 [151][159]. Agricultural Products - Short - Fiber and Bottle Chips: They are in a short - term oscillating market. The trend intensity of both is 0 [160][161]. - Offset Printing Paper: It is recommended to close out short positions. The trend intensity is 0 [163]. - Pure Benzene: It is strongly oscillating. The trend intensity is 0 [168][170]. - Palm Oil: The macro - sentiment is fluctuating, and the fundamental driving force is limited. The trend intensity is 0 [172][176]. - Soybean Oil: It is in a range - bound adjustment. The trend intensity is 0 [172][176]. - Soybean Meal: The overnight US soybeans rose slightly, and Dalian soybean meal may oscillate. The trend intensity is 0 [177][179]. - Soybean: The spot is gradually entering the holiday mode, and the price is oscillating. The trend intensity is 0 [177][179]. - Corn: The callback range is limited. The trend intensity is 0 [180][182]. - Sugar: It is in a narrow - range consolidation. The trend intensity is 0 [183][186]. - Cotton: It is expected to remain oscillating before the Spring Festival. The trend intensity is 1 [188][191]. - Eggs: They are in an oscillating adjustment. The trend intensity is 0 [194][196]. - Live Pigs: The peak - season weakness is confirmed, and the release of the "backlog" has begun. The trend intensity is - 2 [198][201]. - Peanuts: They are oscillating. The trend intensity is 0 [203][205].