CITIC Futures: Polysilicon prices continue to rise, with expectations of tightening supply increasing.

The polycrystalline silicon disk continues its upward trend, with expectations of shrinking supply continuing to open up room for further increases. However, the average price of N-type recycled materials remains at 46,000 yuan/ton, with no further adjustments at the moment; at the same time, the number of warehouse receipts has increased to 3,020 lots. The current strong momentum continues, but market sentiment is starting to diverge, with spot prices above 50,000 yuan/ton showing a premium, and there may be a period of consolidation in the near future. Overall, it is expected that there is limited room for a pullback, and caution should be exercised in managing position risks.