Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Not provided in the given content. 3. Summary by Related Catalogs Metals and Minerals - **Ferroalloys**: For silicon - iron (SF505), the spot price is 78, the futures price is 6020, and the basis rate is 1.30%. For silicon - manganese (SM505), the spot price is 74, the futures price is 6146, and the basis rate is 1.20% [1]. - **Steel and Related Products**: For rebar (RB2505), the spot price is 3260, the futures price is 3209, and the basis rate is 1.59%. For hot - rolled coil (HC2505), the spot price is 3380, the futures price is 3386, and the basis rate is - 0.18% [1]. - **Iron Ore and Coking Coal**: For iron ore (I2505), the spot price is 808, the futures price is 780, and the basis rate is 3.63%. For coke (J2505), the spot price is 1616, the futures price is 1531, and the basis rate is - 5.25%. For coking coal (JM2505), the spot price is 1068, the futures price is 1026, and the basis rate is 4.14% [1]. Non - Ferrous Metals - **Copper and Aluminum**: For copper (CU2505), the spot price is 82655, the futures price is 82000, and the basis rate is 0.80%. For aluminum (AL2505), the spot price is 20670, the futures price is 20720, and the basis rate is - 0.24% [1]. - **Other Non - Ferrous Metals**: For zinc (ZN2505), the spot price is 24155, the futures price is 24030, and the basis rate is - 0.52%. For tin (SN2505), the spot price is 278200, the futures price is 277650, and the basis rate is 0.20% [1]. Precious Metals - **Gold and Silver**: For gold (AU2506), the spot price is 707.4, the futures price is 709.0, and the basis rate is - 0.23%. For silver (AG2506), the spot price is 8366.0, the futures price is 8334.0, and the basis rate is - 0.38% [1]. Agricultural Products - **Grains and Oils**: For soybean meal (M2505), the spot price is 3090, the futures price is 2820, and the basis rate is 9.57%. For soybean oil (Y2505), the spot price is 8100, the futures price is 7882, and the basis rate is 2.77%. For palm oil (P2505), the spot price is 8846, the futures price is 9400, and the basis rate is - 6.26% [1]. - **Other Agricultural Products**: For cotton (CF505), the spot price is 14573, the futures price is 13635, and the basis rate is 6.88%. For sugar (SR505), the spot price is 6210, the futures price is 6098, and the basis rate is 1.84% [1]. Energy and Chemicals - **Petrochemicals**: For paraxylene (PX505), the spot price is 7108, the futures price is 6928, and the basis rate is 2.60%. For PTA (TA505), the spot price is 4910, the futures price is 4926, and the basis rate is - 0.32% [1]. - **Other Chemicals**: For ethylene glycol (EG2505), the spot price is 4525, the futures price is 4487, and the basis rate is 0.85%. For styrene (EB2505), the spot price is 7920, the futures price is 7762, and the basis rate is 2.04% [1]. Financial Products - **Stock Index Futures**: For CSI 300 (IF2506), the spot price is 3891.8, the futures price is 3919.4, and the basis rate is - 0.71%. For SSE 50 (IH2506), the spot price is 2677.3, the futures price is 2676.0, and the basis rate is - 0.05% [1]. - **Bond Futures**: For 2 - year bond (TS2506), the spot price is 99.23, the futures price is 102.44, and the basis rate is - 0.32%. For 5 - year bond (TF2506), the spot price is 101.08, the futures price is 105.54, and the basis rate is - 0.09% [1].

广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： 有色金属： 铜、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 3 月 27 日星期四 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z0010559） 电话：02 ...

油脂产业期现日报 投资咨询业务资格：证监许可 【2011】1292号 2025年3月27日 王泽辉 Z0019938 | 2025年3月27日 | THIN | CUVISSOO | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 原 | 3月24日 | 3月25日 | 涨跌 | 张跌幅 | | | | | | | | | 8350 | 8420 | -70 | -0.83% | 江苏一级 | 现价 | Y2505 | 7872 | 7940 | 期价 | -0.86% | -68 | | Y2505 | 墓差 | -2 | 478 | 480 | -0.42% | 江苏3月 | 05 + 350 | 05+370 | - | 现货墓差报价 | -20 | | 0.00% | 仓单 | 8485 | 8485 | 0 | 棕榈油 | | | | | | | | 涨跌幅 | 3月25日 | 3月24日 | 涨跌 | 9500 | 9630 | -1.35% | 广东24度 ...

Report Industry Investment Ratings No relevant information provided. Core Views Tin - Supply is tight due to reduced domestic tin ore imports, delays in Myanmar's production resumption, and the suspension of Congo's Bisie mine. Demand recovery in traditional sectors is slow. Tin prices are expected to remain high and volatile in the range of 270,000 - 285,000 yuan, with attention on production dynamics in Congo and Myanmar [1]. Nickel - The nickel market is influenced by a strong non - ferrous sector. Refined nickel production decreased, while imports increased significantly. The market is supported by strong raw materials but constrained by overall industry overcapacity. Nickel prices are expected to fluctuate widely in the range of 128,000 - 135,000 yuan, with focus on macro changes and ore trends [3]. Stainless Steel - Stainless steel prices are supported by rising raw material costs. However, demand recovery is slower than expected, and high inventory may lead to price pressure. Prices are expected to oscillate in the range of 13,000 - 13,600 yuan [4]. Lithium Carbonate - The lithium carbonate market has a clear supply - demand contradiction. With loosening raw materials and reduced costs, the market sentiment is weak. The short - term trend is expected to be weak, with prices operating in the range of 72,000 - 76,000 yuan [6][7]. Zinc - The zinc market has a balanced supply - demand situation. Supply is increasing with rising ore imports and smelter restarts, while demand is in the recovery phase. Zinc prices are expected to fluctuate in the short term, with attention on macro expectations [8]. Aluminum and Alumina - Alumina supply is abundant, and demand is stable. It is expected to remain in a slightly oversupplied state, with prices in the range of 2,900 - 3,100 yuan. Aluminum supply is stable, and demand is recovering. Aluminum prices are expected to oscillate, with attention on the 20,500 yuan support level [10]. Copper - Copper prices are supported by tight supply of copper ore and scrap copper, as well as tariff expectations. However, high prices suppress downstream demand. Copper prices are expected to remain strong in the short term, with a reference range of 79,500 - 82,000 yuan [11]. Summary by Directory Tin - **Spot Prices and Basis**: SMM 1 tin and Yangtze 1 tin prices rose by 1.64%. The LME 0 - 3 spread dropped by 586.67% [1]. - **Internal - External Ratio and Import Profit/Loss**: The import loss increased by 3.52%, and the Shanghai - London ratio was 8.00 [1]. - **Monthly Spread**: The spreads between different contracts showed significant changes, such as the 2504 - 2505 spread dropping by 28.95% [1]. - **Fundamental Data**: February saw decreases in tin ore imports, refined tin production, and imports, while exports increased. The average SMM refined tin operating rate decreased, and the SMM solder operating rate increased [1]. - **Inventory Changes**: SHEF and social inventories increased, while LME inventory decreased [1]. Nickel - **Prices and Basis**: SMM 1 electrolytic nickel and other nickel prices increased slightly. The LME 0 - 3 spread increased by 288.86% [3]. - **Electrowinning Nickel Costs**: Costs for different production methods showed various changes, with the cost of integrated MHP production increasing by 2.51% [3]. - **New Energy Material Prices**: Battery - grade lithium carbonate prices decreased by 0.27%, and cobalt sulfate prices increased by 0.20% [3]. - **Monthly Spread**: The spreads between different contracts changed, such as the 2505 - 2506 spread increasing by 40 yuan/ton [3]. - **Supply, Demand, and Inventory**: Chinese refined nickel production decreased, imports increased, and SHFE and social inventories increased [3]. Stainless Steel - **Prices and Basis**: 304/2B stainless steel prices in Wuxi decreased by 0.37%, while those in Foshan increased by 0.37%. The basis decreased by 25.30% [4]. - **Raw Material Prices**: Most raw material prices remained stable, with the price of 8 - 12% high - nickel pig iron increasing by 0.10% [4]. - **Monthly Spread**: The spreads between different contracts changed slightly [4]. - **Fundamental Data**: Chinese 300 - series stainless steel production increased, imports and exports changed significantly, and social inventories decreased slightly [4]. Lithium Carbonate - **Prices and Basis**: Most lithium carbonate prices remained stable, and the basis decreased by 33.33% [6]. - **Monthly Spread**: The spreads between different contracts changed, such as the 2504 - 2505 spread decreasing by 60 yuan/ton [6]. - **Fundamental Data**: February saw an increase in lithium carbonate production and inventory, while demand decreased [6]. Zinc - **Prices and Spreads**: SMM 0 zinc ingot prices increased slightly. The import loss increased by 52.5 yuan/ton [8]. - **Monthly Spread**: The spreads between different contracts showed various changes, such as the 2504 - 2505 spread increasing by 20 yuan/ton [8]. - **Fundamental Data**: February refined zinc production and imports decreased, while exports increased significantly. Galvanizing and other operating rates increased slightly, and social and LME inventories decreased [8]. Aluminum and Alumina - **Prices and Spreads**: SMM A00 aluminum prices increased slightly. Alumina prices in some regions decreased slightly [10]. - **Monthly Spread**: The spreads between different contracts changed, such as the 2504 - 2505 spread decreasing by 10 yuan/ton [10]. - **Fundamental Data**: February saw decreases in alumina and electrolytic aluminum production. Aluminum product operating rates increased, and social and LME inventories decreased [10]. Copper - **Prices and Basis**: SMM 1 electrolytic copper prices increased by 1.34%. The LME 0 - 3 spread decreased by 37.50 dollars/ton [11]. - **Monthly Spread**: The spreads between different contracts changed, such as the 2505 - 2506 spread increasing by 30 yuan/ton [11]. - **Fundamental Data**: February electrolytic copper production and imports increased. Copper rod operating rates decreased, and social and SHFE inventories changed [11].

投资咨询业务资格:证监许可【2011】1292号 2025年3月27日 要指示 Z0019144 苯乙烯上游 *业期现日报 | 品种 | 3月26日 | 3月25日 | 张跌 | 涨跌幅 | 单位 | | --- | --- | --- | --- | --- | --- | | Brent原油 (5月) | 73.8 | 73.0 | 0.8 | 1.1% | 美元/桶 | | CFR日本石脑油 | 639.0 | 638.0 | 1.0 | 0.2% | 美元/吨 | | CFR东北亚乙烯 | 855.0 | 855.0 | 0.0 | 0.0% | | | CFR韩国纯本 | 799.0 | 798.0 | 1.0 | 0.1% | | | CFR中国纯苯 | 813.0 | 813.0 | 0.0 | 0.0% | | | 纯苯-石脑油 | 174.0 | 175.0 | -1.0 | -0.6% | | | 乙烯-石脑油 | 216.0 | 217.0 | -1.0 | -0.5% | | | 纯苯华东现货价 | 6640.0 | 6615.0 | 25.0 | 0.4% | 元/吨 | | 纯苯讲 ...

Report Summary 1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views - The market trading funds are ebbing, and investors should wait for the verification of profit improvement. For different varieties, specific operation suggestions are given according to their respective market conditions [2]. 3. Summary by Related Catalogs Financial - **Stock Index**: Market trading funds are retreating, and with the approaching earnings period, wait for profit verification and adopt a wait - and - see approach [2]. - **Treasury Bonds**: In the short - term unilateral strategy, suggest range operation. For the basis strategy, focus on widening the basis and positive arbitrage strategies of treasury bond futures contracts. For hedging, pay attention to short - selling hedging opportunities at low basis levels. The 10 - year and 30 - year treasury bond interest rates are facing downward resistance at 1.8% and 2.0% respectively, and the 10 - year bond interest rate is expected to fluctuate mainly in the 1.75% - 1.9% range [2]. - **Precious Metals**: Gold prices will continue the upward trend if they stabilize above $3000 (700 yuan), otherwise, buy on dips or use out - of - the - money call options instead of unilateral long positions. Silver prices are seeking to break through the resistance at $34 (8400 yuan) [2]. - **Shipping Index (EC)**: Short - term shock is bearish [2]. Black - **Steel**: The blast furnace continues the resumption trend, and the five major steel products are seasonally destocking. Hold short positions and sell out - of - the - money call options for protection [2]. - **Iron Ore**: The resumption of hot metal production accelerates, and the shipment increases month - on - month. Try short on rebounds, with the upper pressure reference at 790 [2]. - **Coke**: After the eleventh round of price cuts, it is temporarily stable, the supply - demand margin improves, and the futures price rebounds in advance. Adopt a callback - buying operation [2]. - **Coking Coal**: The market is in a weak trend, coal mine开工 increases slightly, inventory destocking slows down, and it still needs to wait for the bottom. Adopt a callback - buying operation [2]. - **Silicon Iron**: The output declines slightly, and the factory inventory pressure is still large. Mainly short - allocate, with the range reference of 5900 - 6100 [2]. - **Manganese Silicon**: The supply - demand contradiction accumulates, and the cost support weakens. Mainly short - allocate, with the bottom support reference of 5900 - 6000 [2]. Non - ferrous - **Copper**: The short - term supply shortage is difficult to reverse, and the COMEX - LME spread widens again. The main reference range is 80500 - 83500 [2]. - **Nickel**: The disk fluctuates mainly, and the fundamentals change little. The main reference range is 128000 - 135000 [2]. - **Stainless Steel**: The cost support is clear, and the inventory pressure gradually appears. It fluctuates mainly in the short term. The main reference range is 13000 - 13600 [2]. - **Tin**: The supply disturbance continues, and the tin price fluctuates at a high level. The operating range is 270,000 - 280,000 [2]. Energy and Chemical - **Crude Oil**: The Russia - Ukraine issue eases, and the short - term disk is mainly in high - level consolidation. Short - term unilateral suggests waiting and seeing, with the WTI fluctuation range at [65, 73], Brent at [68, 75], and SC at [490, 550] [2]. - **Urea**: The downstream trading sentiment is positive, and the short - term disk is mainly in a strong shock. Short - term suggests waiting and seeing, with the 2505 monthly line fluctuation around [1750, 1890] [2]. - **PX**: The supply - demand situation is expected to improve, and the oil price is strong. PX's short - term trend is strong. Cautiously go long on PX05; wait and see for the PX5 - 9 spread; suggest widening the PX - SC spread [2]. - **PTA**: The supply - demand expectation is good, and the driving force has strengthened. The absolute price still focuses on the oil price trend. Cautiously go long on TA05; the TA5 - 9 spread is biased towards positive arbitrage; mainly widen the TA - SC spread [2]. - **Short - fiber**: The supply is at a high level, and the demand is weak. The short - term driving force is weak, and the price follows the raw material fluctuation. PF05 is the same as PTA unilaterally; pay attention to the opportunity to widen the processing fee below 1000 for the PF05 disk processing fee, but the short - term driving force is weak [2]. - **Bottle Chip**: The short - term destocking speed is expected to slow down, and the processing fee still has support. The absolute price follows the cost fluctuation. The 5 - month disk processing fee is expected to fluctuate in the range of 400 - 600 yuan/ton. Pay attention to the opportunity to widen the processing fee at the lower edge of the range [2]. - **Ethanol**: The short - term visible inventory is difficult to continuously destock, and the MEG rise is limited. Short - term EG05 pays attention to the pressure around 4500 [2]. - **Styrene**: The regional arbitrage window of pure benzene opens to suppress the price. Under the condition that the EB's own supply - demand contradiction is not obvious, it is mainly affected by the raw material. It may still be weak in the short term, with the first - line support at 7500 [2]. - **Caustic Soda**: The inventory at each link is not optimistic, and the spot performance is weak, so the disk is difficult to effectively rebound. The idea is still to short on rallies [2]. - **PVC**: The supply - demand driving force is limited, and the disk trend is relatively tangled. Participate in shorting on rallies [2]. - **Synthetic Rubber**: The short - term cost - end boost is limited, and BR fluctuates. BR2505 is expected to fluctuate in the range of 13300 - 14000 in the short term [2]. Agricultural Products - **Soybean Meal**: The South American supply suppresses the US soybean disk. Pay attention to the planting intention report at the end of the month. Keep the view that soybean meal fluctuates in the range of 2800 - 3000 [2]. - **Live Pigs**: The disk returns to the spot price. Pay attention to the weight risk. Pay attention to the pressure around 13500 [2]. - **Corn**: The supply volume continues to be high, and the disk center of gravity moves down. It fluctuates in the range of 2260 - 2320 [2]. - **Palm Oil**: The fundamental data is bearish, and the palm oil prices decline across the board. P05 may test the support at 8800 in the short term [2]. - **Sugar**: It follows the raw sugar fluctuation. It fluctuates in the range of 5900 - 6100 [2]. - **Cotton**: The supply is sufficient, and the short - term upward driving force is not strong. It fluctuates in the range of 13000 - 14000 [2]. - **Eggs**: The pattern of strong supply and weak demand continues. Reduce short positions and hold near - far month arbitrage [2]. - **Apples**: Fruit farmers are reluctant to sell, and the trading speed is average. It may run above 7200 in the short term [2]. - **Red Dates**: The market supply is strong and the demand is weak, and the disk rebound is limited. It runs around 9000 in the short term [2]. - **Peanuts**: The market price fluctuates steadily. The main contract runs around 8100 [2]. - **Soda Ash**: The sentiment drives the disk to rebound, but the supply - demand surplus pressure still exists. Short - term wait and see [2]. Special Commodities - **Glass**: The production and sales maintain a strong trend, and the disk continues to rise. Hold long positions [2]. - **Rubber**: The NR warehouse receipt is at a low level, which boosts the rubber sector. Continue to hold long positions [2]. - **Log**: The supply pressure is combined with weak demand, and the spot price in Jiangsu area is lowered. It fluctuates in the range of 830 - 870 [2]. - **Industrial Silicon**: There is an expectation of production reduction, and the futures price continues to rise. The main futures contract price mainly fluctuates in the range of about 9500 - 11500 yuan/ton [2]. New Energy - **Polysilicon**: The component price continues to rise, and the futures price fluctuates upward. Long positions can continue to be held [2]. - **Lithium Carbonate**: The disk rebounds slightly, but the fundamental pressure still exists. The main reference range is 70,000 - 76,000 [2].

Group 1: Stock Index Futures Spread Daily Report Core View - Presents the latest values, changes from the previous day, 1 - year historical quantiles, and full - historical quantiles of various stock index futures spreads and cross - variety ratios on March 26, 2025 [1]. Summary by Category - **Futures - Spot Spread**: IF futures - spot spread is - 27.90, up 6.75; H futures - spot spread is - 1.90, up 2.43; IC futures - spot spread is - 51.75, up 13.53; IM futures - spot spread is - 195.16, up 22.38 [1]. - **Cross - Period Spread**: Different cross - period spreads for IF, H, IC, and IM show various changes and quantile positions [1]. - **Cross - Variety Ratio**: Ratios such as CSI 500/SSE 300, CSI 500/SSE 50, etc., have different values and changes [1]. Group 2: Treasury Bond Futures Spread Daily Report Core View - Displays the IRR, latest values, changes from the previous trading day, and quantiles since listing of various treasury bond futures spreads on March 25, 2025 [3]. Summary by Category - **Basis**: TS basis is - 0.2579, down 0.0244; TF basis is - 0.0865, down 0.0198; T basis is 0.3407, up 0.1568; TL basis is 0.1694, down 0.4945 [3]. - **Cross - Period Spread**: Different cross - period spreads for TS, TF, T, and TL have different changes and quantile positions [3]. - **Cross - Variety Spread**: Spreads such as TS - TF, TS - T, etc., show various changes [3]. Group 3: Precious Metals Spot - Futures Daily Report Core View - Provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on March 26, 2025 [7]. Summary by Category - **Futures Closing Price**: AU2504 contract closes at 706.76 yuan/gram, down 0.38; AG2504 contract closes at 8249 yuan/kg, up 1 [7]. - **Spot Price**: London gold is at 3019.82 dollars/ounce, up 8.39; London silver is at 33.72 dollars/ounce, up 0.73 [7]. - **Basis**: Gold TD - Shanghai gold main contract basis is - 2.29, down 0.97; Silver TD - Shanghai silver main contract basis is - 30, down 6 [7]. - **Ratio**: COMEX gold/silver ratio is 88.36, down 1.65; SHFE gold/silver ratio is 85.68, down 0.06 [7]. - **Interest Rate and Exchange Rate**: 10 - year US Treasury yield is 4.31%, down 0.03%; US dollar index is 104.21, down 0.10 [7]. - **Inventory and Position**: SHFE gold inventory remains at 15675 kg; SHFE silver inventory is 1148519, down 27667 [7]. Group 4: Container Shipping Industry Spot - Futures Daily Report Core View - Offers current quotes, shipping indices, supply of shipping capacity, and other fundamental data of the container shipping industry on March 26, 2025 [15]. Summary by Category - **Current Quote**: Shanghai - Europe future 6 - week freight rates of different shipping companies show different changes, such as Maersk down 2.64%, CMA CGM up 2.85% [15]. - **Shipping Index**: SCFIS (European route) settlement price index is 1506.2, down 105.5; SCFIS (US West route) is 1152.7, down 107.3 [15]. - **Shipping Capacity Supply**: Global container shipping capacity supply is 3193.95 million TEU, up 2.33 [15]. - **Red Sea Diversion**: Suez Canal 7 - day average is 132.86 million tons, down 70.30%; South Africa's Cape of Good Hope 7 - day average is 639.23 million tons, up 46.42% [16]. Group 5: Important Information Daily Report Core View - Lists overseas and domestic economic indicators and financial events to be released on March 26, 2025 [17]. Summary by Category - **Overseas Data/Information**: Includes US February durable goods orders monthly rate, US API and EIA crude oil inventories [17]. - **Domestic Data/Information**: Involves China's port commercial crude oil inventory, steel - making raw material production and sales, glass production and sales rate, and soda ash delivery warehouse inventory [17].

| 胶产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 2025年3月25日 | | | | 张晓珍 | Z0003135 | | 现货价格及基差 | | | | | | | 品种 | 3月24日 | 3月21日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全乳胶(SCRWF):上海 | 16600 | 16520 | 50 | 0.30% | | | 全乳基差(切换至2505合约) | -495 | -390 | -105 | -26.92% | 元/吨 | | 泰标混合胶报价 | 16820 | 16650 | 200 | 1.20% | | | 非标价差 | -245 | -290 | વર્તિ | 15.52% | | | 杯胶:国际市场:FOB中间价 | 61.15 | 60.95 | 0.20 | 0.33% | 泰铢/公斤 | | 胶水:国际市场:FOB中间价 | 67.50 | 67.50 | 0.00 | 0.00% | | | 月间价差 | | | | | | | 合 ...

Report Industry Investment Ratings No relevant content provided. Core Views Tin - Supply is expected to be further tightened. Although Myanmar has issued a notice for mining - related licenses, actual production resumption takes time. With the suspension of the Congo - Kinshasa Bisie mine, tin ore supply is tight. - Demand recovery is slow, with downstream orders being weak. - Before the supply - side repair, tin prices are expected to remain in a high - level shock, ranging from 270,000 to 285,000 yuan. Follow the production dynamics of tin mines in Congo - Kinshasa and Myanmar. [1] Nickel - Macro environment is temporarily stable. In the industry, refined nickel spot trading is average, and raw material nickel ore prices are firm. - Nickel iron prices are strong but with limited transactions, and Indonesian nickel iron return volume is still high. - Sulfuric acid nickel enterprises are in losses, and inventory pressure exists. - Nickel prices are expected to have a wide - range shock in the short term, with the main range from 128,000 to 135,000 yuan. Pay attention to macro changes and ore - end trends. [2] Stainless Steel - Macro environment has expectations of domestic policy stimulus. Raw material prices are rising, providing cost support. - Supply growth expectations are moderated due to steel mill maintenance and new - capacity delays. - Demand is slowly recovering, but the overall purchasing atmosphere is weak, and social inventory is high. - Prices are expected to have a short - term range shock, with the main range from 13,000 to 13,600 yuan. [4] Lithium Carbonate - The futures market has intensified long - short competition. The mine end is loosening, and cost support is weakening. - Supply is increasing, while demand lacks further drivers. Inventory is high, and the pressure may increase. - The market is expected to be weak in the short term, with the main range from 70,000 to 76,000 yuan. [6] Zinc - Supply is loose, with increasing zinc ore imports and rising processing fees. Demand is in the traditional peak season but still in the recovery stage. - Inventory is in the seasonal destocking stage. - Zinc prices are expected to have a short - term shock adjustment. Pay attention to macro expectations at home and abroad. [9] Alumina - Supply is expected to increase, and the market will be in a slightly surplus situation. - The market is expected to continue the weak trend and enter a shock adjustment stage. Pay attention to the 2,900 - 3,100 yuan support level. [11] Aluminum - Supply is stable, and demand is robust. Inventory is in the accumulation stage. - Aluminum prices are expected to have a short - term shock adjustment. Pay attention to the 20,500 yuan support level. [11] Copper - Macro factors such as tariff expectations and Fed policies affect copper prices. - Supply of copper ore and scrap copper is tight, while high prices suppress downstream demand. - Copper prices are expected to be strong in the short term, with the main range from 80,500 to 83,500 yuan. Pay attention to downstream demand changes and tariff policies. [12] Summary by Directory Tin - **Spot Prices and Basis**: SMM 1 tin and Yangtze 1 tin prices decreased by 1.19%. LME 0 - 3 premium increased by 5.08%. - **Internal - External Price Ratio and Import Profit/Loss**: Import loss increased by 4.84%, and the Shanghai - London ratio was 7.99. - **Monthly Spread**: The spreads between different contracts changed significantly. - **Fundamental Data**: In February, tin ore imports, refined tin production, and imports decreased, while exports increased. SMM refined tin average operating rate decreased, and SMM solder enterprise operating rate increased. - **Inventory Changes**: SHEF inventory, social inventory, and SHEF warehouse receipts increased, while LME inventory remained unchanged. [1] Nickel - **Prices and Basis**: Spot prices of various nickel products decreased slightly. Futures import loss increased by 5.24%, and the Shanghai - London ratio was 8.02. - **Electrowinning Nickel Cost**: Costs of different production methods changed, with some increasing and some decreasing. - **New Energy Material Prices**: Battery - grade nickel sulfate price increased by 0.25%, and battery - grade lithium carbonate price decreased by 0.27%. - **Monthly Spread**: Spreads between different contracts changed. - **Supply, Demand, and Inventory**: Chinese refined nickel production decreased, imports increased, and inventories in different regions changed. [2] Stainless Steel - **Prices and Basis**: Spot prices of stainless steel increased slightly, and the basis increased by 48.21%. - **Raw Material Prices**: Prices of some raw materials remained unchanged, while others increased slightly. - **Monthly Spread**: Spreads between different contracts changed. - **Fundamental Data**: Chinese 300 - series stainless steel production increased, while Indonesian production decreased. Imports, exports, and net exports changed significantly. Inventories in different regions changed slightly. [4] Lithium Carbonate - **Prices and Basis**: Spot prices of lithium carbonate remained unchanged, and the basis decreased by 9.52%. - **Monthly Spread**: Spreads between different contracts changed. - **Fundamental Data**: In February, lithium carbonate production increased, demand decreased, imports decreased, and exports increased. In March, capacity and operating rate increased. Total inventory increased, downstream inventory decreased, and smelter inventory increased. [6] Zinc - **Prices and Spreads**: SMM 0 zinc ingot price decreased by 0.29%. Import loss increased, and the Shanghai - London ratio decreased. - **Monthly Spread**: Spreads between different contracts decreased. - **Fundamental Data**: In February, refined zinc production and imports decreased, and exports increased significantly. Operating rates of related industries increased slightly. Inventories in different regions decreased. [9] Alumina and Aluminum - **Prices and Spreads**: Aluminum prices remained stable, and alumina prices decreased slightly. Import loss of aluminum decreased, and the Shanghai - London ratio increased. - **Monthly Spread**: Spreads between different contracts changed. - **Fundamental Data**: In February, alumina and electrolytic aluminum production decreased. Import and export volumes of electrolytic aluminum changed. Operating rates of related industries changed slightly. Inventories in different regions changed. [11] Copper - **Prices and Basis**: SMM 1 electrolytic copper price increased by 0.67%. Import loss increased, and the Shanghai - London ratio decreased. - **Monthly Spread**: Spreads between different contracts changed. - **Fundamental Data**: In February, electrolytic copper production and imports increased. Import copper concentrate index decreased, and domestic port copper concentrate inventory increased. Operating rates of copper rod production decreased. Inventories in different regions changed. [12]

| 钢材产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年3月26日 | | | 周敏波 | Z0010559 | | | 钢材价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 基差 | 单位 | | 螺纹钢现货(华东) | 3280 | 3260 | 20 | -39 | | | 螺纹钢现货(华北) | 3300 | 3290 | 10 | -19 | | | 螺纹钢现货(华南) | 3530 | 3520 | 10 | 211 | | | 螺纹钢05合约 | 3220 | 3204 | 16 | 60 | | | 螺纹钢10合约 | 3290 | 3284 | 6 | -10 | | | 螺纹钢01合约 | 3319 | 3318 | 1 | -39 | 元/吨 | | 热卷现货(华东) | 3390 | 3390 | 0 | -51 | | | 热卷现货(华北) | 3340 | 3350 | -10 | -101 | | | 热卷现货(华南) ...