Core Viewpoint - The lithium carbonate futures prices are experiencing a downward trend, influenced by macroeconomic sentiments and market dynamics, with the main contract LC2605 closing at 132,920 yuan/ton, down 2.78% [1] Group 1: Market Dynamics - The recent fluctuations in lithium carbonate prices are primarily driven by macroeconomic factors, with significant volatility observed in precious and non-ferrous metals impacting the lithium market [1] - Analysts indicate that the current price adjustments reflect a "expectation-driven—reality correction" cycle, where supply and demand dynamics are central to price movements [1][2] Group 2: Supply and Demand - The lithium carbonate market is currently in a destocking phase, with a weekly production of 20,744 tons as of February 6, down 825 tons week-on-week, and a weekly inventory of 105,463 tons, reflecting a reduction of 2,019 tons [2] - Despite the price decline, downstream demand remains robust, particularly in energy storage and power batteries, with a notable increase in trading activity as buyers seek to replenish stocks ahead of the holiday [2] Group 3: Future Outlook - Analysts predict that the lithium carbonate prices may continue to exhibit weak fluctuations in the short term due to uncertain macroeconomic sentiments and regulatory pressures, suggesting a cautious approach for investors [2][3] - The anticipated increase in lithium salt shipments from Chile post-holiday is expected to alleviate some supply constraints, although the overall destocking trend is likely to persist [2]

Group 1 - The domestic futures market for non-ferrous metals showed a mostly negative trend, with polysilicon futures opening at 47,200.0 CNY/ton and reaching a high of 48,980.0 CNY, reflecting a 3.42% increase during the session [1] - The current market for polysilicon is exhibiting a fluctuating upward trend, with strong performance observed in the trading [2] Group 2 - Donghai Futures indicated that expectations for inventory reduction and capacity removal have not materialized, leading to bearish market conditions due to high polysilicon inventory and declining spot prices [2] - Wukuang Futures noted that a major company has completely halted production, while others have slightly reduced output, suggesting an expected contraction in polysilicon supply in the first quarter, which may improve the supply-demand balance [2] - Hualian Futures reported that while polysilicon supply is decreasing, downstream battery manufacturers are facing cost pressures due to rising silver prices, resulting in reduced production and weak terminal demand [2]

Group 1 - Israeli airstrikes in Gaza resulted in 32 deaths, with Hamas denying accusations of violating ceasefire agreements [2] - The majority of the casualties from the airstrikes were women and children, according to Gaza's civil defense department [2] Group 2 - Iran is reportedly in dialogue with the United States, as confirmed by President Trump [4][5] - Iranian officials indicate that a negotiation framework is gradually taking shape, despite media speculation [6] - The Iranian government has denied rumors regarding the assassination of a high-ranking military commander following an explosion in southern Iran [7][8] Group 3 - Recent fluctuations in non-ferrous metal prices are attributed to a combination of factors, including U.S. economic data and market sentiment [10][11] - Analysts suggest that the recent price adjustments are a result of profit-taking and technical corrections, particularly ahead of the Chinese New Year [12] - Long-term demand for non-ferrous metals remains strong due to factors such as monetary easing and insufficient investment in mining [13]

1. Report's Investment Rating for the Industry - The report does not provide an overall investment rating for the industry. 2. Core Views of the Report - The prices of steel, iron ore, coking coal, coke, manganese - silicon and ferrosilicon are all expected to show a volatile trend in the short - term. For steel, the supply - demand data is moderately strong, and the loose monetary policy boosts market sentiment. For iron ore, the supply and demand are intertwined. For coking coal, the increase in downstream procurement supports the price. For coke, the cost increase and demand for replenishment by steel mills co - exist. For manganese - silicon and ferrosilicon, the cost and pre - holiday stocking have a certain supporting effect, but they are mainly affected by the overall trend of the black commodity sector[1][3]. 3. Summary of Each Section 3.1 Research Views 3.1.1 Steel - The closing price of the rebar 2605 contract was 3160 yuan/ton, down 2 yuan/ton or 0.06% from the previous trading day, with a decrease of 0.63 million lots in positions. The spot price was basically stable, and the trading volume was low. The national rebar production decreased by 0.74 million tons to 1.903 billion tons week - on - week, with a year - on - year decrease of 2.99 million tons in the Gregorian calendar and 26 million tons in the lunar calendar. The social inventory increased by 5.23 million tons to 2.9541 billion tons week - on - week, with a year - on - year decrease of 5.21 million tons in the Gregorian calendar and an increase of 17.2 million tons in the lunar calendar. The factory inventory decreased by 5.27 million tons to 1.4266 billion tons week - on - week, with a year - on - year increase of 17.29 million tons in the Gregorian calendar and 21.13 million tons in the lunar calendar. The apparent demand for rebar increased by 15.38 million tons to 1.9034 billion tons week - on - week, with a year - on - year increase of 5.19 million tons in the Gregorian calendar and a decrease of 29.24 million tons in the lunar calendar. The short - term rebar price is expected to fluctuate within a narrow range[1]. 3.1.2 Iron Ore - The price of the iron ore futures main contract i2605 fell to 813 yuan/ton, down 8 yuan/ton or 1% from the previous trading day, with a trading volume of 250,000 lots and a decrease of 10,000 lots in positions. The prices of port spot mainstream varieties decreased. The shipments from Australia and Brazil continued to decline, while those from other countries increased, resulting in a slight decrease in global shipments. The iron - making water production decreased by 1.49 million tons to 2.2801 billion tons week - on - week. The inventory at 47 ports increased by 2.44 million tons to 172.89 billion tons, and the steel mill inventory continued to increase by 2.72 million tons to 92.62 billion tons. The iron ore price is expected to fluctuate in the short - term[1]. 3.1.3 Coking Coal - The closing price of the coking coal 2605 contract was 1187.5 yuan/ton, down 9 yuan/ton or 0.75%, with an increase of 4546 lots in positions. The prices of some coking coal varieties in the spot market decreased. The coking coal production is steadily recovering, and the downstream's enthusiasm for inquiring and purchasing has increased. The coking coal price is expected to fluctuate in the short - term[1]. 3.1.4 Coke - The closing price of the coke 2605 contract was 1745 yuan/ton, up 6.5 yuan/ton or 0.37%, with a decrease of 1163 lots in positions. The spot price at the port was stable. Due to the increase in raw coal prices, the cost of coking enterprises has increased, and the overall production enthusiasm is not high. However, the steel mills' demand for coke replenishment has increased. The coke price is expected to fluctuate in the short - term[1]. 3.1.5 Manganese - Silicon - On Thursday, the manganese - silicon futures price fluctuated weakly, with the main contract closing at 5870 yuan/ton, down 0.58% month - on - month, and the main contract positions decreased by 4823 lots to 243,800 lots. The market price of manganese - silicon in each region was basically flat. The northern mainstream steel mills' tender quantity in January was 17,000 tons, an increase of 2300 tons month - on - month, and the first inquiry price was 5850 yuan/ton, an increase of 80 yuan/ton month - on - month. The weekly production of manganese - silicon has decreased slightly, and the demand during the steel tender period is supported, but the duration may be limited. The manganese ore price has increased steadily. The inventory of 63 sample enterprises has decreased from a high level but is still significantly higher year - on - year. The short - term manganese - silicon futures price is expected to fluctuate with the overall black commodity sector[3]. 3.1.6 Ferrosilicon - On Thursday, the ferrosilicon futures price fluctuated weakly, with the main contract closing at 5610 yuan/ton, down 1.27% month - on - month, and the main contract positions decreased by 1622 lots to 215,000 lots. The aggregated price of ferrosilicon in each region was basically flat. The overall production of ferrosilicon is relatively stable, and the weekly production is at the lowest level in the same period in the past five years. The procurement demand for ferrosilicon is supported during the steel tender period. The post - holiday electricity prices in Qinghai and Ningxia have decreased slightly, and the production cost has decreased week - on - week. The inventory of 60 sample enterprises has changed week - on - week, and the inventory in Inner Mongolia is relatively high. The short - term ferrosilicon price is expected to fluctuate with the overall black commodity sector[3]. 3.2 Daily Data Monitoring - The report provides detailed data on contract spreads, basis, and spot prices of various black commodities such as rebar, hot - rolled coil, iron ore, coke, coking coal, manganese - silicon, and ferrosilicon, as well as data on profits and spreads between varieties[4]. 3.3 Chart Analysis - The report includes multiple charts showing the closing prices, basis, inter - period contract spreads, and inter - variety contract spreads of the main contracts of various black commodities from 2021 to 2026, as well as the profit charts of rebar[6][16][25][41][46]. 3.4 Black Research Team Member Introduction - The report introduces the members of the black research team, including their positions, work experience, and professional qualifications[52].

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - As of January 14th, China's methanol port inventory decreased significantly due to a small total unloading volume, but the overall volume remains at a relatively high level. Short - term attention should be paid to the unloading speed of foreign vessels and changes in提货量. [3] - Although the load of many MTO enterprises in East China was reduced last week, the load of inland enterprises increased, resulting in a slight increase in the weekly average operation of domestic methanol - to - olefins. With the implementation of the later East China MTO maintenance plan, there is an expectation of a load reduction in the short - term MTO industry. [3] - The MA2605 contract is expected to fluctuate in the range of 2250 - 2350 in the short term. [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main methanol contract was 2288 yuan/ton, a week - on - week increase of 25 yuan/ton; the 5 - 9 spread of methanol was 0 yuan/ton, a week - on - week increase of 5 yuan/ton. [3] - The open interest of the main methanol contract was 823,784 lots, a decrease of 6,246 lots; the net long position of the top 20 futures holders was - 146,595 lots, an increase of 18,580 lots. [3] - The number of methanol warehouse receipts was 7,655, with no change. [3] 3.2 Spot Market - The price in Jiangsu Taicang was 2255 yuan/ton, a week - on - week increase of 5 yuan/ton; the price in Inner Mongolia was 1850 yuan/ton, a week - on - week decrease of 2.5 yuan/ton. [3] - The price difference between East China and Northwest China was 400 yuan/ton, a week - on - week increase of 2.5 yuan/ton; the basis of the main Zhengzhou methanol contract was - 33 yuan/ton, a week - on - week decrease of 20 yuan/ton. [3] - The CFR price of methanol at China's main port was 268 US dollars/ton, a week - on - week increase of 2 US dollars/ton; the CFR price in Southeast Asia was 322 US dollars/ton, with no change. [3] - The FOB price in Rotterdam was 260 euros/ton, with no change; the price difference between China's main port and Southeast Asia was - 54 US dollars/ton, a week - on - week increase of 2 US dollars/ton. [3] 3.3 Upstream Situation - The price of NYMEX natural gas was 3.38 US dollars/million British thermal units, a week - on - week increase of 0.03 US dollars/million British thermal units. [3] 3.4 Industry Situation - The inventory at East China ports was 1.1233 million tons, a week - on - week increase of 76,200 tons; the inventory at South China ports was 413,900 tons, a week - on - week decrease of 16,400 tons. [3] - The methanol import profit was - 32.17 yuan/ton, a week - on - week decrease of 19.22 yuan/ton; the monthly import volume was 1.4176 million tons, a month - on - month decrease of 195,000 tons. [3] - The inventory of inland enterprises was 450,900 tons, a week - on - week increase of 3,200 tons; the methanol enterprise operating rate was 91.42%, a week - on - week increase of 1.11 percentage points. [3] 3.5 Downstream Situation - The formaldehyde operating rate was 34.07%, a week - on - week decrease of 4.17 percentage points; the dimethyl ether operating rate was 2.96%, a week - on - week decrease of 0.64 percentage points. [3] - The acetic acid operating rate was 76.99%, a week - on - week decrease of 3.31 percentage points; the MTBE operating rate was 67.57%, a week - on - week decrease of 0.44 percentage points. [3] - The olefin operating rate was 88.06%, a week - on - week increase of 0.6 percentage points; the methanol - to - olefins on - paper profit was - 1074 yuan/ton, a week - on - week decrease of 30 yuan/ton. [3] 3.6 Option Market - The 20 - day historical volatility of methanol was 19.87%, a week - on - week decrease of 0.56 percentage points; the 40 - day historical volatility of methanol was 18.02%, a week - on - week decrease of 0.81 percentage points. [3] - The implied volatility of at - the - money call options for methanol was 25.14%, a week - on - week increase of 1.46 percentage points; the implied volatility of at - the - money put options for methanol was 25.14%, a week - on - week increase of 1.44 percentage points. [3] 3.7 Industry News - As of January 14th, the inventory of China's sampled methanol production enterprises was 450,900 tons, a slight increase of 3,200 tons from the previous period, a week - on - week increase of 0.71%; the orders to be delivered by sampled enterprises were 237,800 tons, a slight increase of 300 tons from the previous period, a week - on - week increase of 0.13%. [3] - As of January 14th, the total methanol port inventory in China was 1.4353 million tons, a decrease of 101,900 tons from the previous data. Among them, the inventory in East China decreased by 84,400 tons, and the inventory in South China decreased by 17,500 tons. [3] - Recently, the production loss due to maintenance and production reduction of domestic methanol is more than the production increase due to recovery, resulting in an overall decrease in production. [3] - As of January 8th, the capacity utilization rate of domestic methanol - to - olefins plants was 89.28%, a week - on - week increase of 0.62%. [3]

Core Viewpoint - Guangxi Zhenfeng Enterprise Management Co., Ltd. focuses on building a solid foundation in the physical realm and adhering to compliance while expanding into the financial services sector through a strategic partnership with Zhongyi Futures Co., Ltd. [1][3] Group 1: Business Philosophy - The founder, Wu Weiliang, emphasizes that the enterprise must be built on a tangible foundation, rejecting fleeting business concepts that lack time-tested value [2] - Zhenfeng's approach involves creating a new type of tea space that integrates culture, aesthetics, and social interaction, rather than merely selling tea [2] - The company believes in combining online and offline strategies to ensure stability and long-term growth, rather than seeking quick profits [2] Group 2: Financial Expansion - Zhenfeng is exploring new dimensions in finance while maintaining principles of stability and professionalism, recognizing compliance as essential and professionalism as a passport [3] - The strategic partnership with Zhongyi Futures is aimed at establishing a clear, compliant, and sustainable path for market participation, rather than just a simple business connection [3] - The collaboration focuses on three foundational aspects: compliance of pathways, standardization of management, and rational participation, adhering to relevant regulations and emphasizing risk control [3] Group 3: Long-term Commitment - Zhenfeng's development trajectory is characterized by a commitment to long-term value, avoiding trends and short-term profit models [4] - The partnership with Zhongyi Futures signals a clear message to the market about choosing a path that is policy-compliant, rule-clear, and process-standardized [4] - The company aims to foster a healthy and sustainable development environment through professional empowerment and rational guidance within a clear regulatory framework [4] Group 4: Future Outlook - Zhenfeng's story is one of perseverance, integration, and long-termism, starting from tea and expanding into compliance-driven professional services [5][6] - The company plans to continue its development philosophy of "entity as the foundation, compliance as the line, and long-term as the axis," steadily progressing in the future [6]

Report Core View - The glass price is expected to be volatile in the short term and bullish in the medium term. Cold repair expectations provide short - term support, and the policy of ensuring the completion of real - estate projects after the Spring Festival may strengthen the upward trend. There is strong cost support at the bottom [3] Supply - demand Analysis Supply - The daily melting volume of glass has dropped below 150,000 tons, with an increase in cold repairs. However, industry losses have not led to large - scale capacity clearance, and the supply contraction is limited. Manufacturer inventories are higher than the same period last year, and the inventory accumulation pressure has not been alleviated [4] Demand - Real - estate completion and new construction are weak, and the rigid demand for float glass remains sluggish. The incremental demand for photovoltaic glass is limited, with only 8.6 days of deep - processing orders. There is a wait - and - see attitude in procurement, providing insufficient support [4] Technical and Capital Analysis Technology - The main 2605 contract of glass is in a shock state, with a weak basis, futures at a premium, and cautious capital sentiment. After the rebound, it has turned to a shock trend [4] Capital - The capital sentiment is cautious, and the rebound has ended, entering a shock phase [4] Key Variables - Pre - Spring Festival stockpiling may provide short - term support, but the post - festival demand off - season will increase inventory pressure. If glass cold repairs are implemented and real - estate stimulus measures are realized, the market may stabilize in the medium term [4] Trading Strategies - In the short term, treat the main contract as a wide - range shock. In the medium term, pay attention to the progress of cold repairs and inventory reduction. Do not bottom - fish without clear positive news. A positive arbitrage of going long on glass and short on soda ash can be carried out [5] Technical Analysis of Different Products Stock Index Futures - The market trend is transitioning from a one - way trend to a shock. Tomorrow morning, consider low - buying and high - selling [8] Gold - After a shock adjustment, gold has reached a new high. The operation strategy is to go long [13] Iron Ore - The market is in a bottom - seeking phase, and domestic demand support is weak. Technically, after a breakthrough, it is in a callback phase, and the low - buying idea remains unchanged [15] Glass - Technically, after a breakthrough, it is in a high - level consolidation phase, and the low - buying idea remains unchanged. The daily melting volume is continuously decreasing slightly, and inventory is also being reduced, mainly driven by policy - side stimulus and anti - involution policies for supply - side clearance [18][19] Methanol - On January 12, the US announced a 25% tariff on countries trading with Iran and threatened military action, causing the US - Iran tension to escalate suddenly. Due to Iran's special geographical location and its important role in the Middle East, if the conflict with the US intensifies, it will lead to an increase in geopolitical tension and cause sharp fluctuations in oil prices. The short - term price trend is mainly shock - bullish [22] Pulp - The paper - making industry is currently enjoying triple benefits of "policy support + cost support + transformation and quality improvement". On the demand side, there are more than 2.888 million packaging enterprises, and the rigid demand is resilient. On the supply side, the price and volume of pulp are rising, optimizing the profit structure, and the advantages of leading enterprises are continuously strengthened. On the transformation side, policies promote the application of recycled materials and green transformation, opening up long - term growth space. The sector valuation is at a historical low, and with the expected release of policy dividends, the long - term allocation value is prominent. The futures market has shown a range - shock trend recently [25]

Report Overview - Report Title: "GOLDTRUST FUTURES DAILY" - Report Date: January 8, 2026 - Report Author: GOLDTRUST FUTURES RESEARCH INSTITUTE Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - There are five reasons to be bullish on the glass main contract, including strong supply contraction, cost support, improved demand, clear technical rebound signals, and continuous policy dividends [3][4] - The Shanghai Composite Index has had 14 consecutive positive days and is expected to break through 4100 points tomorrow, with positive capital inflows and a strong short - term trend [7] - The entire precious metal market is experiencing increased volatility, and caution is advised when participating in the gold market [10] - For iron ore, supply is expected to be loose with weak domestic demand support, but it has broken through the previous consolidation platform and a low - buying strategy is recommended [11][12] - For glass, the daily melting volume is decreasing, inventory has accumulated this week, and the main drivers are policy - side stimulus and supply - side clearance. A low - buying strategy remains unchanged [14][15] - For methanol, international supply risks are rising, January imports are expected to decline, and short - term prices are expected to be slightly bullish [17] - For pulp, domestic pulp mills are operating normally, port inventories are fluctuating slightly, downstream demand is weak, and the futures market is in a range - bound trend [19] Summary by Related Catalogs Glass 2605 Contract - Supply: Industry losses have led to capacity reduction. As of January 7, the daily melting volume of float glass has dropped to 151,500 tons, the lowest in history [3] - Cost: The current price is approaching the cash - flow cost range of 900 - 1000 yuan/ton, and the stable prices of core raw materials such as liquid caustic soda provide strong cost support [3] - Demand: In 2026, the decline in real estate completion has narrowed and turned positive. Infrastructure special bonds, green building materials policies, and emerging fields such as photovoltaics and automotive glass drive demand growth, and the export market is expanding [3] - Technical: The price has broken through the downward trend line, stood above the 20 - day moving average, and the MACD has formed a golden cross. The 4 - hour level shows a stable support and a bullish pattern [3] - Policy: "14th Five - Year Plan" infrastructure development, green building standard upgrades, and capacity replacement policies are expected to shift the industry from destocking to restocking, with a potential supply - demand gap after the second quarter and a strong expectation of improved industry prosperity [4] Technical Analysis of Various Futures - **Stock Index Futures**: The large - cycle trend is intact. After a strong adjustment, it is expected to continue to expand upward tomorrow. A low - buying strategy is recommended [6][7] - **Gold**: The precious metal market is volatile, and caution is needed when participating [10] - **Iron Ore**: With the commissioning of the Simandou project, supply is expected to be loose. Domestic demand support is weak, but it has broken through the previous consolidation platform, and a low - buying strategy is recommended [11][12] - **Glass**: The daily melting volume is decreasing, inventory has accumulated this week. The main drivers are policy - side stimulus and supply - side clearance. A low - buying strategy remains unchanged [14][15] - **Methanol**: Port arrivals are delayed, most Iranian plants are shut down, and international geopolitical risks are rising. January imports are expected to decline, and short - term prices are expected to be slightly bullish [17] - **Pulp**: Domestic pulp mills are operating normally, port inventories are fluctuating slightly, downstream demand is weak, and the futures market is in a range - bound trend [19]

Core Viewpoint - The China Securities Regulatory Commission has approved the registration of coking coal options on the Dalian Commodity Exchange, which will enhance risk management tools for the steel and coal chemical industries [1][2]. Group 1: Market Context - Coking coal is a core raw material for the steel and coal chemical industries, with China being the largest producer and consumer globally. In 2024, China's production of premium coking coal is projected to be 165 million tons, accounting for 53% of global production, while consumption is expected to reach 206 million tons, representing 63% of global consumption [1]. - The Dalian Commodity Exchange launched coking coal futures in 2013 to help industries manage price volatility, and the market has since expanded significantly, with an average daily trading volume of 1.04 million contracts and an average open interest of 670,000 contracts in the first 11 months of 2025 [1][2]. Group 2: Options Launch Details - Coking coal options will be listed for trading starting January 16, 2026, with specific trading hours and contract details outlined, including the first contracts based on futures contracts JM2604 to JM2612 [2][3]. - The trading fee for coking coal options is set at 0.5 yuan per contract, with a reduced fee for hedging transactions, and a position limit of 8,000 contracts [2]. Group 3: Contract Design - The design of coking coal options follows a similar approach to existing options, featuring both call and put options, with a minimum price fluctuation of 0.1 yuan per ton [3]. - The exercise price will cover a range corresponding to 1.5 times the price fluctuation limits of the underlying futures, with varying intervals based on the price level [3]. Group 4: Industry Impact - The introduction of coking coal options is seen as a significant advancement in the risk management framework for the coal and steel industry, providing companies with enhanced flexibility and diversity in hedging strategies [4]. - Industry experts believe that the options will allow companies to optimize their hedging strategies and improve capital efficiency, thereby supporting the high-quality development of the coal and steel sectors [4].

Report Industry Investment Ratings The report does not provide industry investment ratings. Core Views of the Report The report offers comprehensive analysis and forecasts for various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. It assesses the supply - demand situation, price trends, and influencing factors of each commodity, providing investors with reference for trading decisions [2][4]. Summary by Commodity Categories Precious Metals - **Gold**: Inflation is moderately declining, with a trend strength of 0. Gold prices are affected by factors such as inflation data and central bank policies [2][5]. - **Silver**: Adjusting at a high level, trend strength is 0. Silver prices are in a high - level adjustment phase [2][5]. - **Platinum**: ETFs are continuously flowing in, and prices are oscillating upwards, trend strength is 1 [2][28]. - **Palladium**: Successfully breaking through the previous high, with strong upward momentum, trend strength is 1 [2][28]. Base Metals - **Copper**: Both domestic and overseas inventories are decreasing, providing support for prices, trend strength is 0 [2][11]. - **Zinc**: Moving sideways in a range, trend strength is 0 [2][14]. - **Lead**: Inventory reduction is supporting prices, trend strength is 0 [2][17]. - **Tin**: Supply is facing new disruptions, trend strength is 1 [2][20]. - **Aluminum**: Oscillating within a range, trend strength is 0 [2][25]. - **Alumina**: Slightly declining, trend strength is 0 [2][25]. - **Cast Aluminum Alloy**: Following the trend of electrolytic aluminum, trend strength is 0 [2][25]. - **Nickel**: The surplus is undergoing a structural shift, and attention should be paid to Indonesian policy risks, trend strength is 0 [2][32]. - **Stainless Steel**: Supply and demand are both weak, and steel prices are oscillating at a low level, trend strength is 0 [2][32]. Energy and Chemicals - **Crude Oil - related**: The report does not directly cover crude oil, but some products are affected by it. For example, asphalt is in a low - level oscillation, trend strength is 0 [2][78]. - **PTA**: Cost support is relatively strong, with a 4500 - 4800 range operation suggested, trend strength is 1 [2][63][69]. - **MEG**: In a range - bound market, trend strength is 1 [2][63][69]. - **Rubber**: Widely oscillating, trend strength is 0 [2][70]. - **Synthetic Rubber**: The upward trend is slowing down, trend strength is 0 [2][74]. - **LLDPE**: Supply elasticity is limited, and valuation continues to be under pressure, trend strength is 0 [2][92]. - **PP**: Factory warehouse warrants are cancelled, and the market is moving sideways, trend strength is 0 [2][95]. - **Caustic Soda**: There will still be pressure in the later stage, trend strength is 0 [2][98]. - **Paper Pulp**: Widely oscillating, trend strength is 0 [2][101]. - **Glass**: The price of the original sheet is stable, trend strength is 0 [2][108]. - **Methanol**: Oscillating with support, trend strength is 0 [2][111]. - **Urea**: Oscillating with support, trend strength is 0 [2][115]. - **Soda Ash**: The spot market has little change, trend strength is 0 [2][119]. - **LPG**: Strong in the short - term but under pressure in the long - term, trend strength is 0 [2][123]. - **Propylene**: Narrowly adjusting in the short - term, trend strength is 0 [2][124]. - **PVC**: The rebound is difficult to sustain, trend strength is 0 [2][132]. - **Fuel Oil**: Consolidating in the short - term with support below, trend strength is 0 [2][135]. - **Low - Sulfur Fuel Oil**: Narrowly oscillating, with the spread between high - and low - sulfur in the overseas spot market narrowing, trend strength is 0 [2][136]. Agricultural Products - **Palm Oil**: May rebound in the short - term and is searching for a bottom while oscillating, trend strength is 0 [2][160]. - **Soybean Oil**: Weak performance of US soybeans, and it is difficult for soybean oil to stabilize, trend strength is 0 [2][160]. - **Soybean Meal**: Oscillating at a low level, trend strength is 0 [2][166]. - **Soybean**: Oscillating, trend strength is 0 [2][166]. - **Corn**: Attention should be paid to the spot market, trend strength is 0 [2][169]. - **Sugar**: Weakly operating, trend strength is - 1 [2][173]. - **Cotton**: Oscillating with an upward bias, attention should be paid to downstream demand, trend strength is 0 [2][69][178]. - **Eggs**: Maintaining an oscillating trend, trend strength is 0 [2][184]. - **Hogs**: The peak demand during the Winter Solstice has passed, trend strength is - 1 [2][186]. - **Peanuts**: Attention should be paid to oil mill purchases, trend strength is 0 [2][192]. Shipping - **Container Freight Index (European Line)**: In an oscillating market, trend strength is 0 [2][138]. Fibers - **Short Fiber**: Oscillating at a low level in the short - term and facing pressure in the medium - term, trend strength is 0 [2][148]. - **Bottle Chip**: Oscillating at a low level in the short - term and facing pressure in the medium - term, trend strength is 0 [2][148]. Paper - **Offset Printing Paper**: It is advisable to take a wait - and - see approach, trend strength is 0 [2][151]. Aromatics - **Pure Benzene**: Oscillating in the short - term, trend strength is 0 [2][156].