Group 1: Report's Industry Investment Rating - No relevant information provided Group 2: Report's Core View - On Thursday (January 15th), most domestic commodity futures closed lower, with precious metals leading the decline, while basic metals had significant gains and agricultural products showed a mixed trend [1] - Industrial products mostly weakened, and agricultural products were a mix of gains and losses [1] Group 3: Summary by Related Categories Black Series - Most black series commodities declined. The steel market is in a weak supply - demand balance, with prices fluctuating according to market sentiment. Terminal demand is facing a downward trend in the off - season, market transactions are sluggish, and although there is a slight increase in production, cost support is relatively stable. It is expected to continue to fluctuate [1] Basic Metals - Basic metals showed mixed performance. For Shanghai copper, the short - term willingness of long - position holders to close positions is strong. The 01 contract expired, the near - month spread weakened, and electrolytic copper inventories increased. For industrial silicon futures, production decreased, demand was average, and the market was mainly circulated among futures - spot traders. It is expected that prices will fluctuate and wait for industry follow - up [1] Energy Products - Most energy products declined. Negative sentiment from the external market affected the domestic market. The fundamentals of crude oil are weak, with sufficient supply and weak demand. If the geopolitical situation does not worsen, a short - selling strategy on rallies is recommended, but a sharp escalation of geopolitical risks could lead to a short - term surge in oil prices [1] Oilseeds and Oils - Most oilseeds and oils declined. Weak US soybeans and lower import costs pressured domestic soybean meal prices. The expected improvement in China - Canada relations affected rapeseed meal. High supply continued to suppress the soybean meal market. For oils, the high inventory in Malaysia and the improvement in January's supply - demand situation are in a game, but factors such as the setback of Indonesia's B50 implementation and the expected improvement in China - Canada trade relations have put pressure on the market [1]