非农大超预期，“两新”加力扩围

Domestic Market Analysis - Domestic commodity prices experienced fluctuations, with industrial products outperforming agricultural products as the market remains volatile[4] - The upcoming Chinese New Year is expected to boost demand due to winter storage and consumption peaks, providing support for the spot market[4] - The People's Bank of China indicated a potential for interest rate cuts, influenced by domestic and international economic conditions[4] Overseas Market Analysis - The U.S. added 256,000 non-farm jobs in December, the highest since April 2024, with the unemployment rate dropping to 4.1%, indicating a strong labor market[4] - Eurozone inflation rose to 2.4% in December, exceeding expectations, but economic growth remains weak, suggesting the European Central Bank may maintain its easing policies[4] - Japan's central bank hinted at potential interest rate hikes if economic conditions improve, reflecting a shift towards tightening monetary policy[4] Commodity Outlook - The macroeconomic environment remains unclear, with expectations of continued market volatility due to mixed signals from domestic and international data[4] - The U.S. PMI data exceeded expectations, reinforcing the strength of the U.S. economy and delaying Fed rate cut expectations[4] - Overall, the market is likely to remain in a state of fluctuation as it lacks strong directional guidance[4]