（来源：宝钛启明星） 者 按 时序轮转，新篇待著。2025年，集团围绕"1345"发展行动纲领，直面多重挑战，在产业提升、科技创新、市场开拓、管理提升等方面取得了新成效、新气 象。值此开局起步之际，"宝钛启明星"特开设《回望2025》专栏，全面展示各单位攻坚实绩，凝聚奋进力量，为集团实现"十五五"良好开局蓄势赋能。 自成立以来，宝钛万豪认真贯彻落实"全年稳增长、冲刺收官战"工作部署，积极开展"提质增效保安全、聚力奋战四季度"劳动竞赛，稳抓安全生产和产品 质量，各项工作稳步推进。 科学组织 理顺生产管理体系 生产技术部根据合同需求、设备状态和人员配置，动态优化生产计划与班组作业安排，优先保证重点铸锭合同交付，各生产流程衔接紧密、运行高效，积 极推行设备管理"操检合一"，建立并完善点巡检、备品备件等设备管理制度，开展油压机、真空焊箱、熔炼炉等关键设备的日常维保及操作培训，确保设 备正常运行，为连续式生产提供有力装备保障。12月份，宝钛万豪单月铸锭产量超千吨。 编 精细管理 推动质量稳步提升 秉持"质量是生命线"理念，宝钛万豪将质量控制贯穿于生产全过程。一是严格执行工艺纪律，强化工艺参数监控，确保熔炼温度、铸造速度 ...

Group 1 - The domestic commodity futures market is experiencing a bullish sentiment, driven by the strong performance of the metal sector, with significant gains in various commodity indices [1][3] - As of January 7, the China Securities Commodity Futures Price Index closed at 1630.09 points, up 20.20 points (1.25%), while the China Securities Commodity Futures Index closed at 2249.33 points, up 27.87 points (1.25%) [1] - Major industrial metals showed a general increase, with nickel hitting the limit up, tin rising over 5%, while copper saw a slight increase of less than 0.2% after reaching a historical high [1][3] Group 2 - Nickel prices are supported by tightening export policies from Indonesia, which has led to expectations of improved supply-demand dynamics for nickel [3][4] - The Indonesian Nickel Mining Association has revised its 2026 nickel ore production target down by 34% to approximately 250 million tons, which is a significant reduction from the previous target of 379 million tons for 2025 [3] - The domestic market for nickel and stainless steel is experiencing a tightening supply, with rising prices leading to accelerated inventory depletion [4] Group 3 - Despite the bullish sentiment in the commodity market, certain sectors like SC crude oil are still facing downward pressure due to an oversupply situation [5][6] - The SC crude oil market saw a decline of over 2.57%, reflecting ongoing concerns about supply exceeding demand [5][6] - Precious metals faced profit-taking, with platinum dropping over 2% and Shanghai gold retreating below 1000 yuan per gram [6]

2026 年 1 月 7 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67071029 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-61101854 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 16 | | 镍： | | 16 | | 豆油、豆粕： | | 17 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 18 | | 棉花： | | 19 | | 白糖： | | 20 | | 苹果： | | 21 | | 生猪： | | 21 | | 鸡蛋： | | 22 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 上一交易日，国债期货收盘全线下跌，30 年期主力合约跌 0.31%报 110.930 元， 10 年期主力合约跌 0.13%报 107.700 元，5 年期主力合约跌 0.11%报 105.570 元，2 年 期主力合约跌 0.05%报 102.366 元。 公开市场方面，央行公告称，1 月 6 日以固定利率、数量招标方式开展了 ...

今日午盘后沪锡走势：今日沪锡合约2602大涨，开盘价报332990元/吨，盘中最高报350510元/吨，最低 报330550元/吨，结算价报340870元/吨，收盘报348820元/吨，上涨16370元，涨幅4.92%；沪锡主力月 2602合约成交量324985手，持仓量41195手，较前一日增加2758手。 今日现货锡价走势：据长江有色金属网获悉，1月6日ccmn长江综合市场1#锡价报340600元/吨-343600 元/吨，均价报342100元/吨,较前一日价格上涨8500元；今日长江现货市场1#锡价报341250元/吨-343250 元/吨，均价342250元/吨，较上一交易日价格上涨8500元/吨。 ccmn锡市分析：宏观面，当前锡价走势主要受两方面因素驱动。宏观层面，市场对美联储货币政策转 向的预期持续，美元趋势性走弱，在降低美元计价商品持有成本的同时，也增强了有色金属作为资产类 别的吸引力，促使资金重新关注该板块。地缘政治方面，刚果（金）等资源区的局势动荡引发了市场对 关键矿产供应链稳定性的担忧，这种不确定性为锡等金属价格注入了风险溢价。这两重力量共同作用， 支撑了锡市场的偏强格局。 当前供应紧张 ...

Group 1 - Precious metals are experiencing a correction due to increased margin requirements by CME, leading to a decrease in speculative sentiment and a drop in prices for silver, platinum, and palladium, with gold also following suit. Short-term outlook remains positive due to potential political events in the Americas around New Year's that may trigger safe-haven demand, alongside inflows into ETFs driven by interest rate cuts [1][2] - Copper prices have risen, supported by a supply-demand imbalance expected in 2026 due to lowered production forecasts from Freeport and Teck Resources. The expectation of increased fiscal spending by the U.S. government further strengthens this outlook, suggesting that current price adjustments present buying opportunities [2] - Aluminum is recommended for buying on dips, with macroeconomic support expected from the implementation of a national subsidy plan in 2026 aimed at stimulating demand. Supply disruptions are anticipated due to maintenance at the Mozal aluminum plant, while demand remains constrained by high prices and environmental production limits [2] Group 2 - Cobalt prices have increased across the board, with electrolytic cobalt prices rising significantly due to tight supply conditions. The domestic raw material market remains structurally tight, providing solid support for prices [3] - Lithium prices have surged, driven by favorable signals from domestic new energy vehicle subsidies and expected production resumption from a key mine. The overall demand for lithium hexafluorophosphate remains strong, suggesting that carbonated lithium will continue to deplete inventories, making it a buy on dips [3] - Investment recommendations include companies such as Xingye Silver Tin, Xiyang Co., Huaxi Nonferrous, and Zijin Mining, among others, indicating a focus on firms within the precious metals and base metals sectors [4]

1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The commodity market is showing positive trends, with the China Commodity Price Index rising for eight consecutive months, indicating improved market supply - demand and increased business confidence [3]. - In the metal market, precious metals and industrial metals are rising, and copper prices are hitting new highs due to supply shortages [5]. - The bond market has a complex situation. In the short - term, there may be trading opportunities due to policy changes, but in the medium - term, it is likely to be slightly weak [28][29][30]. - The stock market in Hong Kong has a mixed performance, with the Hang Seng Index slightly up and the Hang Seng China Enterprises Index down [34]. 3. Summary by Directory 3.1 Macro Data - GDP growth rate in Q3 2025 was 4.8%, slightly lower than the previous quarter's 5.2% [1]. - In December 2025, the manufacturing PMI was 50.1%, and the non - manufacturing PMI was 50.2% [1]. - In November 2025, social financing scale was 24888 billion yuan, and new RMB loans were 3900 billion yuan [1]. - In November 2025, CPI increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - China will continue to cooperate with Venezuela in various fields, and the China - Venezuela cooperation is protected by international and bilateral laws [2]. - Nine departments in China issued a notice to promote green consumption, with 20 specific measures [2]. - The US ISM manufacturing index in December 2025 dropped slightly, and new orders and employment continued to decline [3]. 3.2.2 Metal - Precious metals and industrial metals rose on Monday, with silver up over 6% and copper prices hitting new highs [5]. - Copper prices exceeded $13,000 per ton due to a strike in a Chilean copper mine and supply shortages [5]. - Battery - grade lithium carbonate and lithium hydroxide prices hit new highs in over two years on January 5 [7]. 3.2.3 Coal, Coke, Steel and Minerals - The Dalian Commodity Exchange will launch coking coal options after the holiday [9]. 3.2.4 Energy and Chemicals - Trump said the US may subsidize oil companies to rebuild Venezuela's energy infrastructure [10]. - It is predicted that the average price of US crude oil in 2026 will be $58.15 per barrel, and Brent crude oil will be $61.27 per barrel [10]. 3.2.5 Agricultural Products - Malaysia's palm oil reserves in December 2025 increased by 5.3% month - on - month to 2.99 million tons [12]. - Indonesia exported 20.85 million tons of crude and refined palm oil from January to November [12]. - The egg industry has not entered the stage of accelerated capacity elimination [12]. 3.3 Financial News 3.3.1 Open Market - On January 5, the central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 468.8 billion yuan [13]. - In December 2025, the central bank net - injected 50 billion yuan through open - market treasury bond trading, 100 billion yuan through MLF, and 7.1 billion yuan through SLF [13][14]. 3.3.2 Key News - The CSRC held a symposium on the comprehensive prevention and control system of financial fraud in the capital market [15]. - The National Development and Reform Commission will support Yangtze River protection projects with over 100 billion yuan [16]. - In 2026, the issuance of local government bonds has started, and the issuance scale in the first quarter is expected to exceed 2 trillion yuan [18]. 3.3.3 Bond Market Review - The inter - bank bond market was weak, with most interest - rate bond yields rising and bond futures mostly falling [22]. - The exchange - traded bond market had mixed performances, with some bonds falling and some rising [22]. - The convertible bond index rose, and some convertible bonds had significant price changes [23]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 84 basis points to 6.9806 at 16:30 [27]. - The US dollar index fell 0.14% to 98.32, and most non - US currencies rose [27]. 3.3.5 Research Report Highlights - CITIC Securities believes that the final draft of the fund sales new rules may be a case of "bad news is good news" for the bond market [28]. - Xingzheng Fixed - Income suggests that the risk - parity strategy can achieve risk dispersion [29]. - Huatai Fixed - Income thinks the bond market is facing both positive and negative factors in 2026 [29]. 3.4 Stock Market - The Hong Kong Hang Seng Index rose 0.03% to 26347.24 points, and the Hang Seng Technology Index rose 0.09%, while the Hang Seng China Enterprises Index fell 0.22% [34]. - Southbound funds had a net purchase of 18.723 billion Hong Kong dollars, with Kuaishou and Xiaomi Group being the top net - bought stocks [34].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-01-05 期货研究报告 二、商品投资参考 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251231 | 2025/12 | 制造业 PMI | % | 50.10 | 49.20 | 50.10 | | 20251231 | 2025/12 | 非制造业 PMI:商务活 动 | % | 50.20 | 49.50 | 52.20 | | 20251215 | 2025/11 | 社会融资规模增量:当 | 亿元 | | 24888.00 8178.00 | 23288.00 | | | | 月值 | | | | | | 20251212 | 2025/11 | M0(流通中的现金):同 比 | % | 10.60 | 10.60 | 12.70 | | ...

Core Viewpoint - The article discusses the mixed trends in metal prices, highlighting the impact of economic indicators and government policies on various commodities, particularly precious metals, stock indices, and copper [2][3][20]. Group 1: Economic Indicators and Policies - The Central Rural Work Conference emphasized the need for technological advancements in agriculture and efficient application of scientific achievements [1]. - The State Council announced the implementation of the Value-Added Tax Law from January 1, 2026, with a focus on four main categories of national subsidies [1]. - The Ministry of Industry and Information Technology released a digital transformation plan for the automotive industry, aiming to enhance key technology products and encourage the use of self-controlled technology [1]. Group 2: Precious Metals - Silver has shown signs of recovery, supported by a lower-than-expected U.S. CPI of 2.7% in November, which is below the anticipated 3.1% [2][20]. - The U.S. labor market data showed a mixed picture, with 64,000 new jobs added, exceeding the forecast of 50,000, but the unemployment rate rose to 4.6% [2][20]. - The overall downward trend in CPI provides room for potential interest rate cuts, which could support precious metal prices in the long term [2][20]. Group 3: Stock Indices - U.S. stock indices experienced declines, with significant trading activity in the oil and petrochemical sectors [3][12]. - The financing balance increased by 8.38 billion yuan to 25.348 trillion yuan, indicating a potential influx of capital into the market [3][12]. - The appreciation of the RMB against the USD is expected to attract foreign capital back into Chinese assets, reinforcing a long-term bullish trend in A-shares [3][12]. Group 4: Copper Market - Copper prices rose by 1.15% in the night session, driven by tight supply conditions and fluctuating smelting profits [4][21]. - The National Bureau of Statistics reported stable electricity investment and positive growth in automotive production, while the real estate sector remains weak [4][21]. - Market sentiment is influencing short-term copper prices, with a focus on changes in the dollar, smelting output, and downstream demand [4][21]. Group 5: Other Commodities - The article also touches on various other commodities, including oil, methanol, rubber, and agricultural products, indicating a mixed outlook based on supply and demand dynamics [15][19][28][30].

Core Viewpoint - The Shanghai tin market has experienced a significant decline, with the main contract dropping over 6% in early trading, following a period of high prices for precious metals and copper, which had previously attracted investment interest due to tight supply and demand fundamentals [1] Group 1: Market Performance - The Shanghai tin futures market saw a substantial drop, continuing a weak trend from the previous night [1] - The main contract reached a peak of 350,000 yuan but has since retreated significantly due to a shift in market sentiment [1] Group 2: Supply and Demand Dynamics - The recovery of tin production in Myanmar and the resumption of tin ingot exports from Indonesia are expected to alleviate the previously tight supply conditions [1] - The weakening of fundamental market conditions, combined with a general decline in commodity market sentiment, has led to a major adjustment in the Shanghai tin market [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For the stock index, although there is uncertainty at the end of the year due to some funds cashing in profits, the long - term view is to go long on dips as the policy support for the capital market remains unchanged [4]. - For treasury bonds, in the short - term, the bond market is expected to fluctuate under the background of weak domestic demand and institutional behavior disturbances, and a quick - in - quick - out strategy is suitable [7]. - For precious metals, they are in an accelerating upward phase, but may face short - term corrections in January next year. It is recommended to wait and see [8]. - For non - ferrous metals, different metals have different supply - demand situations and price trends. For example, copper and aluminum have relatively strong price support, while zinc and lead may be affected by the departure of long positions [11][13]. - For black building materials, steel prices are expected to oscillate at the bottom, and the iron ore price is expected to run within the oscillation range [31][34]. - For energy chemicals, the strategies for different products vary. For example, for crude oil, a low - buy - high - sell strategy is maintained with short - term waiting and seeing [52]. - For agricultural products, different products also have different price trends and trading strategies. For example, for live pigs, a strategy of short - term long and long - term short is recommended [75]. Summary by Relevant Catalogs Macro Financial Stock Index - **Market Information**: The State Administration for Market Regulation deployed key tasks for 2026, including anti - monopoly work; from January to November, the operating income of state - owned enterprises increased by 1.0% year - on - year, and the total profit decreased by 3.1% year - on - year; tobacco advertising and business promotion expenses of tobacco enterprises cannot be deducted; the auction electricity price of the largest power grid operator in the United States may double [2]. - **Strategy Viewpoint**: Although there is uncertainty at the end of the year, the long - term view is to go long on dips as policy support remains unchanged [4]. Treasury Bonds - **Market Information**: On Monday, the main contracts of TL, T, TF, and TS all declined. From January to November, the operating income of state - owned enterprises increased by 1.0% year - on - year, and the total profit decreased by 3.1% year - on - year. The National Development and Reform Commission held a private enterprise symposium [5]. - **Liquidity**: The central bank conducted a 4823 - billion - yuan 7 - day reverse repurchase operation on Monday, with a net investment of 4150 billion yuan [6]. - **Strategy Viewpoint**: The bond market is expected to fluctuate in the short - term, and a quick - in - quick - out strategy is suitable [7]. Precious Metals - **Market Information**: Shanghai gold and silver prices fell. Trump's remarks on the Fed and the selection of the new Fed chair have an impact on market expectations, and international silver prices hit a new high [8]. - **Strategy Viewpoint**: Precious metals may face short - term corrections in January next year, and it is recommended to wait and see [8]. Non - Ferrous Metals Copper - **Market Information**: After the sharp adjustment of precious metals, copper prices rose and then fell sharply. LME copper inventory decreased, and domestic social inventory increased [10]. - **Strategy Viewpoint**: The supply of copper mines is tight, and the price support is strong. The reference range for the Shanghai copper main contract is 95,500 - 99,000 yuan/ton [11]. Aluminum - **Market Information**: After the sharp adjustment of precious metals, aluminum prices rose and then fell. Domestic aluminum ingot and aluminum rod inventories increased, and LME aluminum inventory decreased [12]. - **Strategy Viewpoint**: The price support is strong. The reference range for the Shanghai aluminum main contract is 22,200 - 22,600 yuan/ton [13]. Zinc - **Market Information**: The Shanghai zinc index rose slightly. LME zinc inventory and domestic social inventory decreased [14]. - **Strategy Viewpoint**: The zinc industry's fundamentals are weak, and the departure of long positions may impact prices [15]. Lead - **Market Information**: The Shanghai lead index fell slightly. LME lead inventory increased, and domestic social inventory increased slightly [16]. - **Strategy Viewpoint**: The supply - demand of lead is weak, and the departure of long positions may impact prices [16]. Nickel - **Market Information**: Nickel prices rose and then fell. The price of nickel ore was stable, and the price of nickel iron rose [17]. - **Strategy Viewpoint**: The excess pressure of nickel is still large, but the short - term bottom may have appeared. It is recommended to wait and see [17]. Tin - **Market Information**: The Shanghai tin main contract price fell. The supply of tin ore was tight, and the demand was weak. The inventory increased [18]. - **Strategy Viewpoint**: It is recommended to wait and see. The reference range for the domestic main contract is 300,000 - 350,000 yuan/ton [19]. Lithium Carbonate - **Market Information**: The spot and futures prices of lithium carbonate fell. The contract decreased its position significantly [20]. - **Strategy Viewpoint**: It is recommended to wait and see or try light - position call options. The reference range for the 2605 contract is 112,100 - 122,500 yuan/ton [21]. Alumina - **Market Information**: The alumina index fell. The spot price was at a discount, and the futures inventory decreased [22]. - **Strategy Viewpoint**: It is recommended to wait and see. The reference range for the domestic main contract AO2602 is 2400 - 2900 yuan/ton [24]. Stainless Steel - **Market Information**: The stainless steel main contract price fell. The spot price was stable, and the inventory decreased [25]. - **Strategy Viewpoint**: It is recommended to go long on dips and pay attention to policy implementation [25]. Casting Aluminum Alloy - **Market Information**: The price of the casting aluminum alloy main contract rose. The inventory decreased [26]. - **Strategy Viewpoint**: The price is expected to fluctuate strongly in the short - term [28]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil futures rose slightly. The inventory of rebar decreased, and the inventory of hot - rolled coil decreased [30]. - **Strategy Viewpoint**: Steel prices are expected to oscillate at the bottom, and the winter storage willingness is weak [31]. Iron Ore - **Market Information**: The iron ore main contract price rose. The spot price was at a premium, and the inventory increased [32]. - **Strategy Viewpoint**: The iron ore price is expected to run within the oscillation range, and attention should be paid to market sentiment [34]. Glass and Soda Ash - **Glass** - **Market Information**: The glass main contract price rose. The inventory increased, and the trading volume decreased [35]. - **Strategy Viewpoint**: The glass market is expected to be weak in the short - term, and it is recommended to wait and see [35]. - **Soda Ash** - **Market Information**: The soda ash main contract price rose. The inventory decreased, and the trading volume decreased [36]. - **Strategy Viewpoint**: The supply - demand contradiction of soda ash has not been significantly alleviated, and the market rebound is limited [36]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon futures rose slightly. The spot prices were at a premium [37]. - **Strategy Viewpoint**: The future market trend is affected by the black sector and cost factors. Attention should be paid to manganese ore and "dual - carbon" policies [39]. Industrial Silicon and Polysilicon - **Industrial Silicon** - **Market Information**: The industrial silicon futures main contract price fell. The spot price was stable, and the inventory increased [40]. - **Strategy Viewpoint**: The price is expected to fluctuate with the market, and attention should be paid to new supply disturbances in the northwest [41]. - **Polysilicon** - **Market Information**: The polysilicon futures main contract price fell. The spot price was stable, and the inventory decreased [42]. - **Strategy Viewpoint**: Under strong supervision, the futures price is expected to oscillate weakly, and attention should be paid to spot transactions [44]. Energy Chemicals Rubber - **Market Information**: Rubber prices fluctuated weakly. The tire start - up rate was slightly worse, and the inventory increased [46]. - **Strategy Viewpoint**: It is recommended to wait and see and partially close the hedging position [50]. Crude Oil - **Market Information**: The INE main crude oil futures price fell. The inventories of refined oil products had different changes [51]. - **Strategy Viewpoint**: A low - buy - high - sell strategy is maintained, and short - term waiting and seeing are recommended [52]. Methanol - **Market Information**: The regional spot prices of methanol fell, and the main futures contract price was stable [53]. - **Strategy Viewpoint**: The methanol market is expected to be sorted out at a low level, and it is recommended to wait and see [54]. Urea - **Market Information**: The regional spot prices of urea were stable, and the main futures contract price was stable [55]. - **Strategy Viewpoint**: The urea market is expected to build a bottom in an oscillating manner, and it is recommended to go long on dips [56]. Pure Benzene and Styrene - **Market Information**: The pure benzene spot and futures prices were stable, and the styrene spot price rose while the futures price fell [57]. - **Strategy Viewpoint**: It is recommended to go long on the non - integrated profit of styrene before the first quarter of next year [58]. PVC - **Market Information**: The PVC05 contract price fell. The supply was strong, and the demand was weak [59]. - **Strategy Viewpoint**: It is recommended to go short on rallies in the medium - term [61]. Ethylene Glycol - **Market Information**: The EG05 contract price fell. The supply was high, and the demand was weak [62]. - **Strategy Viewpoint**: The supply - demand pattern needs to be improved by increasing production cuts, and the valuation needs to be compressed in the medium - term [63]. PTA - **Market Information**: The PTA05 contract price fell. The supply was high, and the demand was weak. The inventory decreased [64]. - **Strategy Viewpoint**: PTA is expected to enter the Spring Festival inventory accumulation stage after short - term de - stocking. Pay attention to the callback risk in the short - term and the opportunity to go long on dips in the medium - term [66]. p - Xylene - **Market Information**: The PX03 contract price fell. The supply was high, and the demand was weak. The inventory increased [67]. - **Strategy Viewpoint**: PX is expected to maintain a small inventory accumulation pattern before the maintenance season. Pay attention to the callback risk in the short - term and the opportunity to go long on dips in the medium - term [68]. Polyethylene PE - **Market Information**: The PE futures price fell, and the spot price rose. The supply was stable, and the demand was weak [69]. - **Strategy Viewpoint**: It is recommended to go long on the LL5 - 9 spread on dips [70]. Polypropylene PP - **Market Information**: The PP futures price fell, and the spot price was stable. The supply was stable, and the demand was weak [71]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: The domestic pig price mainly rose. The supply and demand were in a complex state [74]. - **Strategy Viewpoint**: The spot price may be strong in the short - term, and it is recommended to short after the near - month rebound [75]. Eggs - **Market Information**: The national egg price was mainly stable. The supply was sufficient, and the demand was weak [76]. - **Strategy Viewpoint**: It is recommended to short on rallies in the near - term and pay attention to the long - term pressure [78]. Soybean and Rapeseed Meal - **Market Information**: The CBOT soybean price fell. The domestic soybean and meal inventories were large, and the demand was weak [79]. - **Strategy Viewpoint**: The soybean meal price is expected to oscillate [80]. Oils and Fats - **Market Information**: The Malaysian palm oil production and export data changed. The domestic palm oil inventory was high, and the rapeseed oil inventory decreased [81]. - **Strategy Viewpoint**: It is recommended to observe high - frequency data and conduct short - term operations [83]. Sugar - **Market Information**: The Zhengzhou sugar futures price fell. The domestic and international sugar production and import data changed [84]. - **Strategy Viewpoint**: The international sugar price may rebound after February next year, and the domestic sugar price may continue to rebound in the short - term [86]. Cotton - **Market Information**: The Zhengzhou cotton futures price fell. The domestic cotton production increased, and the import was restricted [87]. - **Strategy Viewpoint**: It is recommended to wait for a callback and then go long [89].