Report Industry Investment Rating - Not provided in the content Core Viewpoints - The market is affected by various factors such as geopolitical risks, policy expectations, and supply - demand relationships, with different trends for different varieties. For example, some varieties are expected to be volatile, while others show short - term strength or weakness [3] Summary by Related Catalogs Daily Selected Views - Tin (SN2604) is expected to be volatile and strong; Methanol (MA2605) is expected to be weak; Silicon iron (SF605) is expected to be volatile and strong; Palm oil (P2605) is expected to be strong in the short term [3] Full - Variety Daily Reviews Equity Indexes - Equity indexes bottomed out and rebounded, and energy risks may be alleviated. With the possibility of subsequent negotiations increasing in the Middle - East conflict, it may gradually cool down, but the uncertainty remains high. It is recommended to wait and see, reduce operations, maintain a low position, and wait for the macro - situation to be clearer [3] Precious Metals - Gold has key support at the 20 - day moving average of $5000, and it is necessary to wait and see cautiously. It is recommended to observe the volatility change and sell out - of - the - money call options above $1170 in the short term; Silver fluctuates repeatedly and tests the support of the 60 - day moving average, and it is recommended to sell out - of - the - money call options to earn time value; Platinum and palladium are supported by the tightening supply expectation but are dragged down by gold and silver, and it is recommended to sell out - of - the - money call options [3] Steel and Related Products - For steel, cost pushes up the price, and it is recommended to take profits on long positions when the price is high. For iron ore, macro - disturbances intensify, and supply - demand expectations are revised, with wide - range fluctuations between 750 - 800. For coking coal, the spot is gradually stabilizing, and it is expected to fluctuate between 1100 - 1250. For coke, the steel mill reduces the coke price, and it is expected to fluctuate between 1650 - 1850. For silicon iron and manganese silicon, the market sentiment is changeable, and the cost boosts the price. It is recommended to wait and see for one - sided operations and do 5 - 9 positive spreads [3] Non - ferrous Metals - Copper prices bottomed out and stabilized, and it is recommended to wait and see in the short term and go long at low prices in the long term. For aluminum, due to the spread of the Middle - East supply crisis, it is recommended to buy on dips. For zinc, the inventory accumulation slows down, and it is recommended to wait and see in the short term and go long at low prices in the long term. For tin, the panic in the market dissipates, and it is recommended to wait and see in the short term and go long at low prices in the long term. For nickel, the macro - risk increases, and it is recommended to operate within the range of 134000 - 142000. For stainless steel, it is expected to fluctuate and adjust within the range of 14000 - 14500 [3] New Energy and Chemical Products - For polycrystalline silicon, the spot price falls, and it is recommended to wait and see and operate within the short - term range. For lithium carbonate, the macro - uncertainty increases, and it is recommended to try to buy out - of - the - money call options lightly. For crude oil, it is recommended to wait and see. For PX, PTA, pure benzene, and styrene, due to the high - level decline of oil prices, it is recommended to reduce long positions. For short - fiber, bottle - chip, and other products, the operations are mainly related to raw material prices and processing fees [3] Agricultural Products - For oilseeds, it is expected to fluctuate at a high level. For live pigs, it is necessary to pay attention to the supply reduction. For corn, it runs at a high level. For oils, it is expected to be volatile and strong. For sugar, it is strong in the short term. For cotton, it is recommended to reduce long positions. For eggs, it is strong in the short term. For apples, it is recommended to match long positions with put options for protection. For red dates, it is recommended to short on short - term rebounds [3] Shipping - For the container shipping European line, the probability of short - term navigation in the Strait of Hormuz is low, and it is recommended to do 6 - 10 positive spreads or wait and see [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report presents the price data, including spot prices, futures prices, basis, basis rates, and historical quantiles, for various commodities across multiple sectors such as metals, precious metals, agricultural products, and energy chemicals on January 27, 2026. It offers a snapshot of the market conditions and price relationships for these commodities [1]. 3. Summary by Related Catalogs Metals - **Ferroalloys**: The price of 72 - grade silicon - iron qualified blocks (SF603) increased by 2.09% to 5678, with a basis of 122 and a basis rate of 2.09%. The price of 6517 - grade silicon - manganese (SM603) had a basis rate of 49.30% [1]. - **Steel Products**: HRB400 20mm rebar (RB2605) decreased by 0.36% to 3143, and Q235B 4.75mm hot - rolled coil (HC2605) had a price of 3290. Iron ore (I2605) increased by 8.38% to 850 [1]. - **Non - ferrous Metals**: Copper (CU2603) had a spot price of 101880 with a historical quantile of 91.04%, and a basis of - 230. Aluminum (AL2603) decreased to 24030. Zinc (ZN2603), tin (SN2603), nickel (NISEOS), and stainless steel (SS2603) also had corresponding price and basis data [1]. - **Industrial Silicon and Lithium**: Industrial silicon (SIS605) increased by 19.07% to 9250, and battery - grade lithium carbonate (LC2605) had a price of 15820 with a historical quantile of 99.77% [1]. Precious Metals - Gold (AU2604) had a spot price of 1143.3 and a historical quantile of 98.90%, and silver (AG2604) had a spot price of 27513.0 [1]. Agricultural Products - Soybean meal (M2605) had a spot price of 3080, with a basis of 311 and a basis rate of 4.79%. Other agricultural products like soybean oil (y2605), palm oil (P2605), rapeseed meal (RM605), etc., also had their price and basis information presented [1]. Energy Chemicals - PX (PX603) had a spot price of 7522.0 and a futures price of 7458.0. PTA (TA605), MEG (EG2605), and other energy - chemical products had corresponding price and basis details [1]. Financial Futures - Stock index futures such as IF2603.CFF, IH2603.CFE, IC2603.CFE, and IM2603.CFE, as well as bond futures including 2 - year (TS2603), 5 - year (TF2603), 10 - year (T2603), and 30 - year (TL2603) bonds, had price, basis, and historical quantile data [1].