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上市公司积极开展套期保值对冲风险
本报记者 王僖 除上述企业外,近期,四川发展龙蟒股份有限公司、传化智联股份有限公司、大连达利凯普科技股份公 司等多家上市公司也发布了类似公告,涉及丁二烯橡胶、钯、银、铜等多种商品标的。 中国民协新质生产力委员会秘书长吴高斌对《证券日报》记者表示,这背后是企业经营理念的深层转 变。"过去,传统企业追求规模扩张,如今,则更加注重精细化财务管理和风险对冲,以保障盈利稳 定、提升发展韧性。" 翟丹表示,套期保值不仅是对冲风险,还可成为相关企业主动构建竞争护城河的关键工具。"比如山东 钢铁套保锌价后,可稳定推进高附加值镀锌板产能,这使得企业在锁定成本与售价后,可以专注技术升 级与市场份额争夺。" 值得注意的是,企业利用套期保值工具,核心目标是构建经营的"稳定器"。 例如,南山铝业在公告中反复强调,其开展沪铝期货套期保值不以期货盈利为目的,重在聚焦风险对 冲。具体目标是实现锁定原材料采购成本与产品销售铝价基准,稳定生产利润与加工费收益;对冲库存 减值风险,维护资产价值与财报稳健性等多重效果。 2026年元旦前后,多家传统行业上市公司密集发布开展或调整套期保值业务的公告。 例如,山东钢铁股份有限公司(以下简称"山东钢铁") ...
高能环境(603588)2025年度业绩预增公告点评:结构优化、产能释放促业绩持续释放
Xin Lang Cai Jing· 2026-01-09 08:32
核心观点 事件:公司发布2025 年度业绩预增公告,预计2025 年度实现归属于上市公司股东的扣除非经常性损益 的净利润为7.50~9.00 亿元,同比增加4.26~5.76亿元,同比增长131.63%~177.95%。 资源化项目产品结构升级、金属涨价等多因素共振促业绩释放:金昌高能二期于2024 年投产,贵金属 尤其是铂族金属(铂、钯、铑、钌、铱)的分离提纯能力大幅提升,已具备年产金2 吨、铂2 吨、钯2 吨、2 吨、铑500 公斤、铱500 公斤、银50 吨的生产能力。靖远高能、江西鑫科通过产品结构优化、技 改升级,金银铜铋镍锡的产能亦大幅提升。珠海项目投产亦为公司带来产能增量,公司亦抓住了稀贵金 属高景气的机遇,推动业绩实现大幅上涨。我们判断,公司各项目产能释放、协同优化仍有较大空间, 业绩持续增长可期。 垃圾焚烧业绩稳健,海外项目落地:公司环保运营板块以垃圾焚烧发电为主,目前在运项目11000 吨/ 日,公司近年通过增加供热等举措,持续推动降本增效,盈利能力稳中有升。公司此前公告,中标泰国 亚穆乡500 吨/日垃圾焚烧项目,总投资约4.27 亿人民币,公司权益80%。公司坚定出海战略,东南亚等 海外 ...
国内商品期货收盘 多晶硅跌超8%
人民财讯1月9日电,国内商品期货收盘,多晶硅主力合约跌超8%,沪镍、BR橡胶跌超2%。钯涨6%, LU燃油、原油涨超3%,燃料油涨超2%。 (原标题:国内商品期货收盘 多晶硅跌超8%) ...
日度策略参考-20260109
Guo Mao Qi Huo· 2026-01-09 05:51
Report Industry Investment Rating No relevant content provided. Core View of the Report - The market sentiment cooled slightly yesterday, with the commodity market weakening significantly and the stock index showing a volatile trend. The trading volume also contracted. After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] - The prices of various commodities are affected by different factors, such as supply and demand, policy changes, and macro sentiment. The report provides trend judgments and trading suggestions for each commodity, including metals, energy, chemicals, and agricultural products. [1] Summary by Related Catalogs Macro Finance - Stock Index: After a rapid rise, the stock index has entered a stage of shock consolidation. There are no obvious macro-level negatives at present, and the short-term outlook for the stock index remains bullish. Attention should be paid to capital flows and market sentiment changes. [1] - Treasury Bonds: The bond futures are favored by the asset shortage and weak economy, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision. [1] Non-Ferrous Metals - Copper: The copper price has fallen from its recent high, but there are still disruptions in the mining end. The downside space for the copper price is expected to be limited. [1] - Aluminum: There has been an accumulation of domestic electrolytic aluminum stocks recently, and the industrial driving force is limited. The macro anti-involution sentiment has ebbed, and the aluminum price has fallen from its high. [1] - Alumina: The supply side of alumina still has a large release space, and the industrial side exerts downward pressure on the price. However, the current price is basically near the cost line, and the price is expected to fluctuate. [1] - Zinc: The fundamentals of zinc have improved, and the cost center has shifted upward. The recent macro sentiment has been good, and the zinc price has risen. However, considering the still existing pressure on the fundamentals, caution is advised regarding the upside space. [1] - Nickel: The market's concerns about nickel supply have significantly cooled, and the LME nickel inventory has increased significantly recently. The nickel price has corrected from its high. Since Indonesia has not disclosed the specific amount and said that it is still in the process of accounting, there is still uncertainty about the implementation of the subsequent policy. The short-term volatility risk of the nickel price has increased. Attention should be paid to the implementation of Indonesia's policy, changes in macro sentiment, and changes in futures positions, and risk control should be done well. [1] Precious Metals and New Energy - Gold and Silver: The annual weight adjustment of the BCOM index has officially started, and the exchange has introduced multiple risk control measures for silver to suppress speculative enthusiasm. The prices of precious metals have fallen across the board, with a significant decline in silver. In the short term, gold and silver are expected to continue to be weak and volatile. In the medium and long term, attention can be paid to the opportunity to buy on dips after this round of risk release. [1] - Platinum and Palladium: Platinum and palladium have followed the weakening of precious metals. In the short term, they are expected to be in a wide-range volatile pattern. In the medium and long term, with the still existing supply-demand gap for platinum and the tendency of palladium to have a loose supply, platinum can still be bought on dips or a [long platinum, short palladium] arbitrage strategy can be adopted. [1] Industrial Products - Industrial Silicon: There is an increase in production in the northwest and a decrease in production in the southwest. The production schedules for polysilicon and organic silicon in December have decreased. [1] - Polysilicon: It is the traditional peak season for new energy vehicles. The demand for energy storage is strong. The supply side has increased production resumption. There is a short-term rapid increase. [1] - Rebar and Hot Rolled Coil: In the short term, sentiment and capital have a greater influence than industrial contradictions. One can try to follow long positions with a stop-loss; for futures-spot trading, participate in positive spread positions. [1] - Iron Ore: There is sector rotation, but the upside pressure on iron ore is obvious. It is not recommended to chase long positions at this level. [1] - Non-Ferrous Metals: There is a combination of weak reality and strong expectations. The current supply and demand situation remains weak, but in terms of expectations, energy consumption double control and anti-involution may have an impact on supply. [1] - Soda Ash: Soda ash follows the trend of glass. In the medium term, the supply and demand situation will be more relaxed, and the price will be under pressure. [1] - Coking Coal and Coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, coking coal may still have room to rise. However, since the current market's "capacity reduction" expectation mainly comes from online rumors, it is difficult to judge the actual upside space. After a significant increase, the volatility will intensify, and caution should be exercised. The logic for coke is the same as that for coking coal. [1] Agricultural Products - Palm Oil: The MPOB December data is expected to be bearish for palm oil, but palm oil will reverse under the themes of seasonal production reduction, the B50 policy, and US biodiesel in the future. Short-term rebounds due to macro sentiment should be watched out for. [1] - Soybean Oil: The fundamentals of soybean oil are relatively strong. It is recommended to allocate more in the oil sector and consider a long Y, short P spread. Wait for the January USDA report. [1] - Rapeseed Oil: The trade relationship between China and Canada may improve, and Australian rapeseed will be imported smoothly. After the rapeseed trade flow is opened up, the trading logic of rapeseed oil will gradually shift from the domestic tight supply situation to the global rapeseed production increase expectation. There is still room for the price to fall. Short-term rebounds due to macro sentiment should be watched out for. [1] - Cotton: There is a strong expectation of a good harvest for domestic new crops, and the purchase price of seed cotton supports the cost of lint cotton. The downstream operating rate remains low, but the inventory of yarn mills is not high, and there is a rigid demand for restocking. Considering the growth of spinning capacity, the demand for cotton in the new crop market year is relatively resilient. Currently, the cotton market is in a situation of "having support but no driving force." Future attention should be paid to the tone of the No. 1 Central Document in the first quarter of next year regarding the direct subsidy price and cotton planting area, the intention of cotton planting area next year, the weather during the planting period, and the demand during the "Golden Three and Silver Four" peak season. [1] - Sugar: Currently, there is a global surplus of sugar, and the supply of domestic new crops has increased. The short-selling consensus is relatively strong. If the futures price continues to fall, there will be strong cost support below. However, there is a lack of continuous driving force in the short-term fundamentals. Attention should be paid to changes in the capital side. [1] - Corn: The fundamentals of corn have not changed significantly. The spot price remains firm, and the progress of grain sales at the grassroots level is relatively fast. Most traders have not yet strategically built inventories, and feed enterprises maintain a safe inventory. There is a certain restocking demand before the holiday. The short-term outlook for CO3 is expected to be oscillating and slightly bullish. Attention should be paid to the dynamics of policy grain auctions. [1] - Soybean Meal: The domestic market may restart the auction of imported soybeans; the relationship between China and Canada is expected to ease, and China is expected to suspend the tax on Canadian rapeseed meal; the macro sentiment has cooled, and the domestic market has returned to the fundamentals and shown a significant decline. Recently, it has been greatly affected by policy news. The soybean meal futures price is expected to be mainly oscillating in the short term. Attention should be paid to the adjustment of the January USDA supply and demand report and the trend of the Brazilian premium. [1] - Pulp: Pulp has fallen today due to the decline in the commodity macro market. The overall price has not broken through the oscillating range. The short-term commodity sentiment fluctuates greatly, and it is recommended to observe cautiously. [1] - Logs: The spot price of logs has shown a certain sign of bottoming out and rebounding recently. The further downside space for the futures price is expected to be limited. However, the January overseas quotation has still slightly declined, and the log futures and spot markets lack upward driving factors. It is expected to oscillate in the range of 760 - 790 yuan/m³. [1] - Hogs: Recently, the spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet fully cleared, the production capacity still needs to be further released. [1] Energy and Chemicals - Crude Oil: OPEC+ has suspended production increases until the end of 2026. There is uncertainty about the Russia-Ukraine peace agreement. The United States has imposed sanctions on Venezuela's crude oil exports. [1] - Fuel Oil: In the short term, the supply-demand contradiction is not prominent, and it follows the trend of crude oil. The probability of the 14th Five-Year Plan's rush demand being falsified is high, and the supply of Ma Rui crude oil is not short. The profit of asphalt is relatively high. [1] - BR Rubber: The futures position has declined, and the number of new warehouse receipts has increased. The increase in BR has slowed down temporarily. The spot price has led the rise to repair the basis, and BR continues to focus on the upward momentum above the 12,000 yuan line. The listed prices of BD/BR have been continuously raised, and the processing profit of butadiene rubber has narrowed. The overseas cracking device capacity has been cleared, which is beneficial to the long-term export expectation of domestic butadiene. The tax on naphtha also has a positive impact on the butadiene price. Fundamentally, butadiene rubber maintains high production and high inventory operation, and the trading center is generally average. Styrene-butadiene rubber is relatively better than butadiene rubber. [1] - PX and PTA: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. The fundamentals of PX do have support, and the market is expected to continue to tighten in 2026, driven by the new PTA production capacity in India and the organic growth of demand. Domestic PTA maintains high production. The gasoline spread is still at a high level, which supports aromatics. [1] - Ethylene Glycol: There is news that two sets of MEG plants in Taiwan, China, with a total annual capacity of 720,000 tons, plan to stop production next month due to efficiency reasons. Ethylene glycol has rebounded rapidly during the continuous decline, stimulated by supply-side news. The current operating rate of the polyester downstream remains above 90%, and the demand performance is slightly better than expected. [1] - Short Fiber: The PX market has experienced a rapid rise, but this round of rise is not due to a fundamental change. Domestic PTA maintains high production, and the domestic polyester load has declined. The short fiber price continues to closely follow the cost fluctuations. [1] - Styrene: The Asian styrene market is generally stable. Suppliers are reluctant to lower prices due to continuous losses, while buyers insist on pressing prices due to weak downstream polymer demand and compressed profits. Although the downstream demand is weak, the domestic market has a strong bullish sentiment due to export support. The market is in a weak balance state, and the short-term upward momentum needs to be driven by the overseas market. [1] - Urea: The export sentiment has slightly eased, and there is limited upside space due to insufficient domestic demand. There is support from anti-involution and the cost side below. [1] - PF: Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. There are fewer maintenance activities, the operating load is at a high level, and there are overseas arrivals, so the supply has increased. The downstream demand operating rate has weakened. In 2026, there will be more new production capacity, and the supply-demand surplus will further intensify, and the market expectation is weak. [1] - Propylene: There are fewer maintenance activities, the operating load is relatively high, and the supply pressure is relatively large. The improvement in the downstream is less than expected. The propylene monomer price is at a high level, the crude oil price has risen, and the cost support is strong. Geopolitical conflicts have intensified, and there is a risk of an increase in crude oil prices. [1] - PVC: In 2026, there will be less global new production capacity, and the future expectation is relatively optimistic. Currently, there are fewer maintenance activities, new production capacity is being released, and the supply pressure is increasing. The demand has weakened, and the orders are not good. The differential electricity price in the northwest region is expected to be implemented, which will force the clearance of PVC production capacity. [1] - LPG: The January CP has risen more than expected, and the cost support for imported gas is relatively strong. The geopolitical conflicts between the United States, Venezuela, and the Middle East have escalated, and the short-term risk premium has increased. The trend of inventory accumulation in the EIA weekly C3 inventory has slowed down, and it is expected to gradually turn to inventory reduction. The domestic port inventory has also decreased. Domestic PDH maintains high production and deep losses. There is a rigid demand for global civil combustion, and the demand for MTBE from overseas olefin blending for gasoline has declined temporarily. Since January 1, 2026, naphtha has been re-taxed, and the long-term demand expectation for light cracking raw materials such as LPG has increased, and the performance of downstream olefin products is relatively strong. [1] Shipping - Container Shipping - European Line: It is expected to peak in mid-January. Airlines are still relatively cautious in their trial reflights. The pre-holiday restocking demand still exists. [1]
周四国际贵金属价格继续回落
Sou Hu Cai Jing· 2026-01-09 02:55
西德克萨斯中油(WTI)收于58.25美元/吨,上涨3.48%。布伦特(Brent)原油收于62.68美元/吨,上涨 3.93%。 铀(U3O8)收于81.95美元/磅,上涨0.18%。 62%品位铁矿粉收于107.95美元/吨,下跌0.92%。58%品位铁矿粉收于95美元/吨附近,基本持平。 纽约商品交易所黄金价格收于4478.4美元/盎司,上涨0.49%。银76.35美元/盎司,下跌2.35%。铂2240.6 美元/盎司,下跌2.64%。钯1801.5美元/盎司,下跌0.33%。 来源:自然资源部 周四,国际原油价格大幅上涨,贵金属价格继续回落,镍锡等有色金属价格跌幅较大。 伦敦金属交易所(LME)铜期货价格收于12687.20美元/吨,下跌1.38%。铝3087.50美元/吨,上涨 0.16%。铅2016.50美元/吨,下跌1.92%。锌3128.50美元/吨,下跌1.00%。镍17065.00美元/吨,下跌 3.31%。锡43435.00美元/吨,下跌2.04%。 ...
中国期货每日简报-20260109
Zhong Xin Qi Huo· 2026-01-09 01:02
China Futures Daily Note 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No:F3023159 投资咨询号 Consulting No.:Z0013632 CITIC Futures International Service Platform:https://internationalservice.citicsf.com Investment consulting business qualification:CSRC License [2012] No. 669 投资咨询业务资格:证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2026/01/09 摘要 Abstract Macro News: MFA stated that the US side's arbitrary seizure of other countries' vessel ...
美元下跌 金属集体下挫 多晶硅跌停 沪镍跌超6% 碳酸锂涨逾2%
Sou Hu Cai Jing· 2026-01-08 09:26
来源:上海有色网 金属市场: 截至日间收盘,内盘基本金属集体下挫,且跌幅均在1%以上。沪镍以高达6.14%的跌幅领跌,沪铜、沪 铝以及沪铅一同跌超2%,沪铜跌2.76%,沪铝跌2.89%,沪铅跌2.01%。沪锌跌1.36%,沪锡跌1.83%。 氧化铝主连跌1.58%,铸造铝主连跌2.19%。 贵金属方面,截至15:02分,COMEX黄金跌0.48%,COMEX白银跌2.27%。国内方面,沪金跌0.73%, 沪银跌5.9%。 此外,铂主连跌6.72%,钯主连跌3.57%。 截至今日15:02分行情 | 初始 代码 | | 名称 | * @ | 最新 | 苏尼号% | 涨跌 | 总量 | THUSE | 买入价 | 英出价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 3 | ecm | 欧线集运 时 | 4 | 1706.0 | -8.98 | -168.3 | 2.72万 | 12 | 1705.7 | 1706.0 | | 8 | CLOOY | | | 56.25 | | | 1.36万 | | 56.25 ...
国内期货收盘 多晶硅跌停
人民财讯1月8日电,国内期货收盘,多晶硅跌停,集运欧线跌近9%,铂、沪镍跌超6%,沪银跌超5%, 工业硅跌超4%,钯、硅铁跌超3%。焦煤涨超4%,玻璃、焦炭、碳酸锂涨超2%。 ...
湘财证券:看多铜、铝价格 维持有色金属行业“增持”评级
Zhi Tong Cai Jing· 2026-01-08 07:01
智通财经APP获悉,湘财证券发布研报称,在铜铝铂钯四大重点跟踪金属中,看多铜、铝价格,谨慎看 多铂价,对钯价格中性偏看空。在投资标的方面,铜板块建议关注具有铜矿,持续并购铜矿的上游龙头 企业,即使股价有所上涨的背景下,该行认为铜金属的定价仍未结束。铝板块关注电解铝环节。铂板块 关注国内铂金属回收龙头。维持有色金属行业"增持"评级。 湘财证券主要观点如下: 铜 本月铜价延续上行态势但伴随阶段性现货贴水,这一现象在铜价快速上行背景下更可能是短期调整(类 似2024年年中情况),当前判断铜价转向为时尚早;供给端维持增长但累计增速环比回落,需求端受国补 退坡影响白电需求持续回落,但空调及冰箱对铜的需求整体保持稳定,阶段性核心矛盾集中于关税担 忧、大国博弈、数据中心资本开支等因素,白电行业更多是铜价的接受方而非决定方,对铜价影响有 限;库存方面,北美"囤铜"行为加剧,全球铜库存延续紧张格局,行业供需矛盾尚未得到根本解决,整 体呈现供需偏紧态势,因此维持铜价看多判断。 铝 本月铝价延续上行态势但伴随阶段性贴水,电解铝与氧化铝价差持续走阔,二者走势分化的格局暂未扭 转。供给端,氧化铝市场供需挤压下,除精细/化学品氧化铝制造 ...
商品研究晨报-20260108
Guo Tai Jun An Qi Huo· 2026-01-08 02:28
Report Industry Investment Ratings The report does not provide an overall industry investment rating. Core Views The report offers insights into the trends and outlooks of various commodities in the futures market on January 8, 2026. It analyzes the fundamentals, news, and trends of each commodity, providing investment suggestions and trend intensities. Summary by Commodity Precious Metals - **Gold**: Safe-haven sentiment has rebounded. The trend intensity is 1. China's central bank has increased its gold holdings for 14 consecutive months [5][6]. - **Silver**: Prices have corrected from high levels. The trend intensity is 1 [5]. Base Metals - **Copper**: The LME spot premium has declined, and price increases have slowed. The trend intensity is 0 [9]. - **Zinc**: Prices are oscillating at high levels. The trend intensity is 0 [12]. - **Lead**: Reduced inventory is supporting prices. The trend intensity is 0 [15]. - **Tin**: Bullish capital has been blocked, and prices have retreated after reaching highs. The trend intensity is 0 [18]. - **Aluminum**: Prices have slightly declined. The trend intensity is 0 [21]. - **Alumina**: Prices are oscillating within a range. The trend intensity is 0 [21]. - **Cast Aluminum Alloy**: It is stronger than electrolytic aluminum. The trend intensity is 0 [21]. - **Platinum**: Prices are oscillating to find a direction. The trend intensity is 0 [24]. - **Palladium**: Prices are maintaining an oscillating pattern. The trend intensity is 0 [24]. - **Nickel**: There is a tug - of - war between real - world pressure and the narrative of a cyclical shift, with wide - range oscillations. The trend intensity is 0 [28]. - **Stainless Steel**: The real - world fundamentals are dragging, and the market is mainly focused on Indonesia's policies. The trend intensity is 0 [28]. Energy and Chemicals - **Carbonate Lithium**: Prices are oscillating at high levels, and market sentiment changes should be monitored. The trend intensity is 0 [32]. - **Industrial Silicon**: With silicon material production cuts, short positions can be established on price increases. The trend intensity is 0 [36]. - **Polysilicon**: The market is significantly affected by news. The trend intensity is - 1 [36]. - **Iron Ore**: Prices are fluctuating at high levels. The trend intensity is 0 [40]. - **Rebar**: Market sentiment is causing fluctuations, and prices are oscillating strongly. The trend intensity is 1 [44]. - **Hot - Rolled Coil**: Market sentiment is causing fluctuations, and prices are oscillating strongly. The trend intensity is 1 [44]. - **Silicon Ferrosilicon**: Market sentiment is driving up prices, and the market is oscillating upwards. The trend intensity is 1 [48]. - **Manganese Silicide**: Market sentiment is driving up prices, and the market is oscillating upwards. The trend intensity is 1 [48]. - **Coke**: Due to event developments, prices are oscillating at high levels. The trend intensity is 1 [52]. - **Coking Coal**: Due to event developments, prices are oscillating at high levels. The trend intensity is 1 [53]. - **Log**: Prices are oscillating repeatedly. The trend intensity is 0 [56]. - **Para - Xylene**: Spot supply is sufficient, and prices are under short - term pressure, with a unilateral high - level oscillating market. The trend intensity is 0 [60]. - **PTA**: Prices are in a high - level oscillating market. The trend intensity is 0 [60]. - **MEG**: The upside space is limited, and there is still medium - term pressure. The trend intensity is 0 [60]. - **Rubber**: Prices are oscillating. The trend intensity is 0 [69]. - **Synthetic Rubber**: Prices are trending strongly. The trend intensity is 1 [72]. - **LLDPE**: The production of standard products continues to decline, and the basis is weakly stable. The trend intensity is 0 [75]. - **PP**: Macroeconomic sentiment is boosting, but fundamental improvements are limited. The trend intensity is 0 [78]. - **Caustic Soda**: The rebound is unlikely to be sustained. The trend intensity is 0 [80]. - **Pulp**: Prices are oscillating. The trend intensity is 0 [85]. - **Glass**: The prices of raw sheets are stable. The trend intensity is 0 [90]. - **Methanol**: Prices are oscillating and falling. The trend intensity is 0 [94]. - **Urea**: Prices are oscillating in the short term. The trend intensity is 0 [99]. - **Styrene**: Prices are oscillating in the short term. The trend intensity is 0 [103]. - **Soda Ash**: There are few changes in the spot market. The trend intensity is 0 [107]. - **LPG**: The import cost is firm, and attention should be paid to the realization of negative feedback. The trend intensity is 0 [113]. - **Propylene**: Demand is stable, and spot prices are slightly rising. The trend intensity is 0 [114]. - **PVC**: The rebound is unlikely to be sustained. The trend intensity is 0 [122]. - **Fuel Oil**: Prices are oscillating in a narrow range, and there is still support at the bottom. The trend intensity is 0 [126]. - **Low - Sulfur Fuel Oil**: Volatility is decreasing, and the price spread between high - and low - sulfur fuels in the overseas spot market continues to narrow. The trend intensity is 0 [126]. Agricultural Products - **Short - Fiber**: The market is oscillating in the short term. The trend intensity is 0 [141]. - **Bottle Chip**: The market is oscillating in the short term. The trend intensity is 0 [141]. - **Offset Printing Paper**: It is advisable to wait and see. The trend intensity is 0 [144]. - **Pure Benzene**: Prices are mainly oscillating in the short term. The trend intensity is 0 [148]. - **Palm Oil**: Wait for the negative factors to be exhausted, and pay attention to the impact of macroeconomic sentiment. The trend intensity is 0 [153]. - **Soybean Oil**: Prices are rebounding within a range, and attention should be paid to the spread opportunities between months. The trend intensity is 0 [153]. - **Soybean Meal**: Affected by market sentiment, it is advisable to wait and see. The trend intensity is 0 [159]. - **Soybean**: Affected by market sentiment, it is advisable to wait and see. The trend intensity is 0 [159]. - **Corn**: Attention should be paid to the spot market. The trend intensity is 0 [162]. - **Sugar**: Prices are consolidating within a range. The trend intensity is 0 [166]. - **Cotton**: Prices are fluctuating with the overall market sentiment. The trend intensity is 0 [170]. - **Egg**: Sentiment for the far - month contracts is weakening. The trend intensity is 0 [177]. - **Live Pig**: There is negative feedback in demand. The trend intensity is - 1 [180]. - **Peanut**: Prices are oscillating. The trend intensity is 0 [186]. Shipping - **Container Freight Index (European Line)**: The freight rate peak has emerged; for the 02 contract, wait and see, and for the 04 contract, short on price increases. The trend intensity is 0 [128].