Core Viewpoint - The Zhengzhou Commodity Exchange has announced adjustments to margin requirements and price fluctuation limits for certain futures contracts during the 2026 Spring Festival period, effective from February 9 and February 12, 2026 [1] Group 1: Margin Requirements and Price Limits - From February 9, 2026, the margin requirement for futures contracts of methanol, paraxylene, PTA, short fiber, and bottle flakes will be set at 10%, with a price fluctuation limit of 9% [1] - From February 12, 2026, the margin requirement for futures contracts of glass, soda ash, apples, and red dates will be set at 12%, with a price fluctuation limit of 10% [1] - The margin requirement for futures contracts of rapeseed oil, rapeseed meal, peanuts, cotton, caustic soda, silicon manganese, urea, and propylene will be 10%, with a price fluctuation limit of 9% [1] - The margin requirement for futures contracts of white sugar and cotton yarn will be set at 8%, with a price fluctuation limit of 7% [1]

Oil Market - Oil prices fell on Thursday, with WTI March contract closing down $1.26 at $59.36 per barrel, a decline of 2.08% [2] - Brent March contract closed down $1.18 at $64.06 per barrel, a decline of 1.81% [2] - EIA report indicated an increase in crude oil inventory by 3.6 million barrels, significantly exceeding analysts' expectations of a 1.1 million barrel increase [2] - Gasoline inventory reached its highest level since 2021, with exports dropping by over 500,000 barrels per day [2] - Geopolitical tensions, particularly the drone attack on a major Russian oil terminal, continue to impact oil prices [2] Fuel Oil - The main fuel oil contract FU2603 rose by 1.89% to 2592 yuan/ton, while low-sulfur fuel oil contract LU2603 increased by 1.65% to 3135 yuan/ton [3] - Singapore's onshore fuel oil inventory decreased by 2.08 million barrels (8.22%) week-on-week, while Fujairah's inventory increased by 13,600 barrels (1.35%) [3] - The market structure for high-sulfur fuel oil is expected to face downward pressure due to potential supply from Venezuela [3][4] Asphalt - The main asphalt contract BU2602 rose by 0.45% to 3157 yuan/ton, with domestic asphalt shipments increasing by 15.1% week-on-week [5] - The capacity utilization rate for modified asphalt producers decreased by 0.5% week-on-week but increased by 3.5% year-on-year [5] - The market is currently balancing weak demand with strong cost expectations, influenced by geopolitical tensions [5] Rubber - The main rubber contract RU2605 increased by 105 yuan/ton to 15850 yuan/ton, with NR and BR contracts also showing gains [6] - China's rubber tire production is projected to increase by 0.3% year-on-year, while synthetic rubber production is expected to decline by 20.2% [6] - The rise in butadiene rubber prices is attributed to supply shortages and increased demand from tire manufacturers [6] PX, PTA, and MEG - TA605 closed at 5298 yuan/ton, up 2.79%, while EG2605 closed at 3847 yuan/ton, up 4.28% [7] - PX futures closed at 7390 yuan/ton, reflecting a 2.55% increase [7] - The overall operating rate for ethylene glycol in mainland China is at 73.04%, down 1.39% week-on-week [7] Methanol - Methanol prices in Taicang were reported at 2238 yuan/ton, with CFR China prices ranging from $260 to $264 per ton [8] - Domestic supply remains stable, while demand is weakening due to reduced operating rates in MTO facilities [8] - The market is expected to maintain a bottoming trend due to pressure from port inventory [8] Polyolefins - Mainstream prices for polypropylene in East China range from 6320 to 6500 yuan/ton, with various production margins reported [9] - HDPE and LDPE prices have increased compared to last week, indicating a recovery in demand [9] - Inventory levels are expected to rise as factories prepare for the upcoming holiday [9] PVC - PVC prices have increased across various regions, with electric stone method prices ranging from 4530 to 4630 yuan/ton [10] - Supply remains high, but domestic demand is slowing down, leading to a bearish outlook [10] - The market is expected to experience bottoming trends due to changes in export tax policies [10] Urea - Urea futures prices showed a slight increase, with the main contract closing at 1776 yuan/ton [11] - Demand is expected to remain strong due to pre-spring planting preparations, although market acceptance of prices will be crucial [11] - Urea inventory has decreased by 4.07%, supporting manufacturers' pricing strategies [11] Soda Ash - Soda ash futures prices increased to 1185 yuan/ton, with stable pricing in the market [12] - Recent production rates have shown slight fluctuations, with a decrease in output [12] - The market is expected to face pressure from rising supply and stable demand [12] Glass - Glass futures prices showed a slight increase, closing at 1057 yuan/ton, with stable demand observed [14] - The industry is preparing for potential production increases, but seasonal demand may decline as the holiday approaches [14] - Overall supply-demand dynamics remain challenging, with expectations of inventory accumulation [14]

Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 24 日星期一 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 研究员： 吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the articles highlights a significant increase in lithium carbonate prices due to supply concerns stemming from the suspension of mining operations in the Jiangxi region, particularly the Jiangxia Wokou mining area, which is expected to impact the overall supply-demand balance in the industry [1][2] - The Jiangxia Wokou mining area, which contributes approximately 10,000 tons per month, accounts for about 12.5% of the domestic lithium carbonate production, and its suspension is anticipated to shift the market from a tight balance to a shortage [1] - The new Mineral Resources Law set to be implemented in 2025 is causing concerns regarding the approval processes for other major mining areas, further exacerbating supply worries in the lithium market [1] Group 2 - On August 11, the domestic futures market saw a general increase, with lithium carbonate contracts hitting the limit up, rising over 8%, while other commodities like industrial silicon and red dates also saw gains exceeding 3% [2] - In contrast, commodities such as eggs, fuel, plywood, crude oil, and urea experienced declines of over 1% [2]