Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View The report presents the spot prices, futures prices, basis, historical quantiles, and basis rates of various commodities on March 30, 2026, covering multiple sectors such as metals, agriculture, energy, and finance. 3. Summary by Commodity Sectors Ferrous Metals - **Silicon Iron (SF603)**: Spot price is 6012, down 0.97%; futures price is 5978, with a basis of -34 and a basis rate of -1.22% [1]. - **Silicon Manganese (SM603)**: Spot price is 6500, futures price is 6580, and the basis is -80 [1]. - **Rebar (RB2605)**: Spot price is 3220, futures price is 3124, down 0.27%, with a basis of 96 and a historical quantile of 46.20% [1]. - **Hot Rolled Coil (HC2605)**: Spot price is 3290, futures price is 3299, with a basis of -9 and a historical quantile of 15.80% [1]. - **Iron Ore (I2605)**: Spot price is 27, up 3.29%; futures price is 812, up 22.80%, with a basis of -27 and a historical quantile of 75.86% [1]. - **Coke (J2605)**: Spot price is 1752, futures price is 1767, up 0.83%, with a basis of -15 and a historical quantile of 75.86% [1]. - **Coking Coal (JM2605)**: Spot price is 1333, futures price is 1219, up 9.35%, with a basis of 114 and a historical quantile of 57.20% [1]. Non - Ferrous Metals - **Copper (CU2605)**: Spot price is 95930, futures price is 95320, with a basis of 610 and a historical quantile of 12.91% [1]. - **Aluminum (AL2605)**: Spot price is 23935, futures price is 23810, with a basis of 125 and a historical quantile of 27.08% [1]. - **Alumina (AO2605)**: Spot price is 2785, futures price is 2930, with a basis of -145 and a historical quantile of 14.09% [1]. - **Zinc (ZN2605)**: Spot price is 23380, futures price is 23140, with a basis of 240 and a historical quantile of 10.00% [1]. - **Tin (SN2605)**: Spot price is 362460, futures price is 353400, with a basis of 9060 and a historical quantile of 1.66% [1]. - **Nickel (NI2605)**: Spot price is 137100, futures price is 136450, with a basis of 650 and a historical quantile of 22.29% [1]. - **Stainless Steel (SS2605)**: Spot price is 14500, futures price is 14390, with a basis of 110 and a historical quantile of 49.14% [1]. - **Lithium Carbonate (LC2605)**: Spot price is 168440, futures price is 158000, down 6.20%, with a basis of 10440 and a historical quantile of 2.64% [1]. - **Industrial Silicon (SI2605)**: Spot price is 9200, futures price is 8652, up 6.67%, with a basis of 548 and a historical quantile of 37.78% [1]. Precious Metals - **Gold (AU2606)**: Spot price is 992.5, futures price is 998.66, with a basis of -6.16 and a historical quantile of -0.62% [1]. - **Silver (AG2606)**: Spot price is 17467, futures price is 17489, with a basis of -22 and a historical quantile of 51.00% [1]. Agricultural Products - **Soybean Meal (M2605)**: Spot price is 3160, futures price is 2937, up 7.59%, with a basis of 223 and a historical quantile of 64.60% [1]. - **Soybean Oil (Y2605)**: Spot price is 8940, futures price is 8688, up 2.90%, with a basis of 252 and a historical quantile of 53.10% [1]. - **Palm Oil (P2605)**: Spot price is 9670, futures price is 9768, down 1.00%, with a basis of -98 and a historical quantile of 1.90% [1]. - **Rapeseed Meal (RM2605)**: Spot price is 2330, futures price is 2315, with a basis of 15 and a historical quantile of 50.00% [1]. - **Rapeseed Oil (Oleos)**: Spot price is 10380, futures price is 9877, up 5.09%, with a basis of 503 and a historical quantile of 91.30% [1]. - **Corn (C2605)**: Spot price is 2390, futures price is 2369, with a basis of 21 and a historical quantile of 44.50% [1]. - **Corn Starch (CS2605)**: Spot price is 2755, futures price is 2900, down 4.67%, with a basis of -145 and a historical quantile of 73.30% [1]. - **Live Hogs (H2605)**: Spot price is 9965, futures price is 9500, with a basis of 465 and a historical quantile of 27.30% [1]. - **Eggs (JD2605)**: Spot price is 3502, futures price is 3290, down 6.05%, with a basis of 212 and a historical quantile of 21.20% [1]. - **Cotton (CF2605)**: Spot price is 16600, futures price is 15395, up 7.83%, with a basis of 1205 and a historical quantile of 82.40% [1]. - **Sugar (SR2605)**: Spot price is 5464, futures price is 5480, up 0.29%, with a basis of -16 and a historical quantile of -1.68% [1]. - **Apples (AP2605)**: Spot price is 9967, futures price is 9800, with a basis of 167 and a historical quantile of 16.60% [1]. - **Red Dates (CJ2605)**: Spot price is 8870, futures price is 7900, down 10.94%, with a basis of 970 and a historical quantile of 41.60% [1]. Energy and Chemicals - **Paraxylene (PX2605)**: Spot price is 10059.9, futures price is 9916, with a basis of 143.9 and a historical quantile of 71.40% [1]. - **PTA (TA2605)**: Spot price is 6876, futures price is 6760, down 1.69%, with a basis of 116 and a historical quantile of 14.40% [1]. - **Ethylene Glycol (EG2605)**: Spot price is 5279, futures price is 5005, down 0.98%, with a basis of 274 and a historical quantile of 0.10% [1]. - **Polyester Staple Fiber (PF2606)**: Spot price is 8392, futures price is 8310, down 0.98%, with a basis of 82 and a historical quantile of 22.20% [1]. - **Styrene (EB2605)**: Spot price is 10800, futures price is 10624, with a basis of 176 and a historical quantile of 64.90% [1]. - **Methanol (MA2605)**: Spot price is 3360, futures price is 3296, up 1.94%, with a basis of 64 and a historical quantile of 69.40% [1]. - **Urea (UR2605)**: Spot price is 1900, futures price is 1877, up 1.23%, with a basis of 23 and a historical quantile of 24.70% [1]. - **LLDPE (L2605)**: Spot price is 8868, futures price is 8600, down 3.02%, with a basis of 268 and a historical quantile of 0.40% [1]. - **PP (PP2605)**: Spot price is 9313, futures price is 9100, up 1.20%, with a basis of 213 and a historical quantile of -2.29% [1]. - **PVC (V2605)**: Spot price is 5615, futures price is 5450, down 2.94%, with a basis of 165 and a historical quantile of 36.80% [1]. - **Caustic Soda (SHEOS)**: Spot price is 2442, futures price is 2303.1, down 5.69%, with a basis of 138.9 and a historical quantile of 27.30% [1]. - **LPG (PG2605)**: Spot price is 6759, futures price is 7198, up 6.50%, with a basis of -439 and a historical quantile of 61.90% [1]. - **Asphalt (BU2606)**: Spot price is 4532, futures price is 4330, up 12.60%, with a basis of 202 and a historical quantile of -4.46% [1]. - **Butadiene Rubber (BR2605)**: Spot price is 18500, futures price is 17840, with a basis of 660 and a historical quantile of 92.60% [1]. - **Float Glass (FG2605)**: Spot price is 960, futures price is 879, down 8.44%, with a basis of 81 and a historical quantile of 49.36% [1]. - **Soda Ash (SA2605)**: Spot price is 1229, futures price is 1209, down 1.65%, with a basis of 20 and a historical quantile of 46.84% [1]. - **Pure Benzene (BZ2605)**: Spot price is 8880, futures price is 8355, down 5.91%, with a basis of 525 and a historical quantile of -1.20% [1]. - **Propylene (PL2605)**: Spot price is 8320, futures price is 8315, up 1.21%, with a basis of 5 and a historical quantile of 92.00% [1]. - **Bottle Chips (PR2605)**: Spot price is 8421, futures price is 8320, up 1.21%, with a basis of 101 and a historical quantile of 92.00% [1]. - **Natural Rubber (RU2605)**: Spot price is 16510, futures price is 16400, down 0.67%, with a basis of 110 and a historical quantile of 85.11% [1]. Financial Products - **Stock Index Futures**: - **IF2606.CFE**: Spot price is 4502.5698, futures price is 4427.4, down 1.70%, with a basis of -75.1698 and a historical quantile of 2.40% [1]. - **IH2606.CFE**: Spot price is 2837.3064, futures price is 2814.4, down 0.81%, with a basis of 22.9064 and a historical quantile of 5.70% [1]. - **IC2606.CFE**: Spot price is 7737.6144, futures price is 7559.2, down 2.36%, with a basis of 178.4144 and a historical quantile of 0.40% [1]. - **IM2606.CFE**: Spot price is 7746.3131, futures price is 7523.8, down 2.96%, with a basis of 222.5131 and a historical quantile of 0.04% [1]. - **Treasury Bond Futures**: - **TS2606**: Spot price is 100.11, futures price is 97.62, up 0.08%, with a basis of 2.49 and a historical quantile of 44.40% [1]. - **TF2606**: Spot price is 105.98, futures price is 100.24, up 0.09%, with a basis of 5.74 and a historical quantile of 42.20% [1]. - **T2606**: Spot price is 108.23, futures price is 99.88, up 0.10%, with a basis of 8.35 and a historical quantile of 31.10% [1]. - **TL2606**: Spot price is 122.03, futures price is 111.18, up 0.46%, with a basis of 10.85 and a historical quantile of 67.50% [1].

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 30, 2026 [1] - Data date: March 27, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow for various varieties, but specific data details are not clearly described in the text [2] Key Seats' Position Changes - The report shows the net positions and daily position changes (with color - coded for increase or decrease) of several futures companies including Morgan Chase, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan for different futures products such as peanut, sulfur - fuel oil, CSI 500 Index, etc [2]

Report Industry Investment Ratings - No investment ratings are provided in the reports. Core Views Steel Industry - Steel prices have declined from their highs. After the holiday, the supply - demand situation in the steel industry has seasonally recovered. Supply in the first quarter decreased year - on - year, and production is expected to rise to a high by the end of April. Demand is rising but the peak has not been reached. Domestic demand is expected to decline year - on - year, and exports will remain flat. Although demand has decreased, production has also been cut, and the inventory drawdown rate after the holiday is acceptable. The key is to focus on the height of the recovery in apparent demand. If the hot metal output rises above 2.4 million tons, there may be inventory accumulation pressure in the off - season. Recently, supply and demand are basically balanced, and the price of steel is expected to fluctuate around 3150 for rebar and 3200 for hot - rolled coils [1]. Iron Ore Industry - Geopolitical games, the undetermined BHP - CMMC negotiation, and hot metal复产 are the key trading factors for iron ore. Supply has increased slightly, but Australian shipments may decline in the short term due to a typhoon. Demand has increased slightly, but it is slightly lower than expected. Steel mill profitability has improved. Terminal demand recovery is slow, and domestic demand is weak. Steel exports are uncertain. Inventories at steel mills and ports have decreased slightly. In the short term, the main iron ore contract is expected to oscillate between 780 - 830 [4]. Coke and Coking Coal Industry - Coke futures rose and then fell last week. Spot prices are expected to increase on April 1st. Supply has increased after the Two Sessions, and demand has recovered with the increase in hot metal output. Overall inventory is slightly above the middle level, and supply and demand are basically balanced in the short term. It is recommended to go long on coke 2605 contracts at low prices, with a reference range of 1650 - 1850, and the arbitrage strategy is to go long on coking coal and short on coke. Coking coal futures rose last week. Spot prices are rising. Supply has increased as mines resume production, and demand has recovered. Inventories in downstream sectors are increasing. It is recommended to go long on coking coal 2605 contracts at low prices, with a reference range of 1150 - 1350, and the arbitrage strategy is also to go long on coking coal and short on coke [6]. Ferrosilicon and Silicomanganese Industry - For ferrosilicon, production has decreased slightly, and the start - up rate has declined. Factory profits are recovering but vary. Steel demand is rising slightly, and non - steel demand is improving. Exports are weak. Cost is expected to rise. The price is expected to fluctuate widely, and it is recommended to operate within the range of 5800 - 6200. For silicomanganese, supply has continued to decline, and there is an expected joint production cut in April. Demand is rising slightly. Cost is pushing up the price. The price is expected to oscillate strongly, with a reference range of 5700 - 6800 [7]. Summary by Directory Steel Industry Steel Prices and Spreads - Rebar and hot - rolled coil spot and futures prices in different regions have shown various changes, with some prices remaining stable, some decreasing slightly [1]. Cost and Profit - Steel billet prices have decreased by 20 yuan/ton, and some production costs have decreased. Profits in different regions and varieties have also changed, with some increasing and some still in the red [1]. Supply - Daily hot metal output has increased by 7.0 to 228.2 tons, a 3.1% increase. Total output of five major steel products has decreased slightly by 0.2 to 839.6 tons, a 0.0% change. Rebar production has decreased by 5.5 to 197.9 tons, a 2.7% decrease, while hot - rolled coil production has increased by 5.4 to 305.6 tons, a 1.8% increase [1]. Inventory - Total inventory of five major steel products has decreased by 48.4 to 1897.8 tons, a 2.5% decrease. Rebar inventory has decreased by 27.5 to 861.9 tons, a 3.1% decrease, and hot - rolled coil inventory has decreased by 8.0 to 453.3 tons, a 1.7% decrease [1]. Transaction and Demand - Building material trading volume has increased by 0.5 to 9.4 tons, a 5.9% increase. Apparent demand for five major steel products has increased by 19.5 to 888.0 tons, a 2.2% increase. Apparent demand for rebar has increased by 17.3 to 225.4 tons, an 8.3% increase, and for hot - rolled coil, it has increased by 3.1 to 313.6 tons, a 1.0% increase [1]. Iron Ore Industry Futures - Warehouse receipt costs of various iron ore powders have decreased, and basis and spreads have also changed [4]. Spot Prices and Price Indexes - Spot prices of iron ore at Rizhao Port have decreased slightly [4]. Supply - The 45 - port arrival volume has increased by 56.6 to 2271.6 tons, a 2.6% increase. Global shipments have increased by 95.5 to 3144.3 tons, a 3.1% increase. Monthly national imports have decreased by 2200.9 to 9763.8 tons, an 18.4% decrease [4]. Demand - The average daily hot metal output of 247 steel mills has increased by 2.9 to 231.1 tons, a 1.3% increase. The 45 - port average daily dispatch volume has decreased by 7.8 to 313.2 tons, a 2.4% decrease. Monthly national pig iron and crude steel production have both decreased to 0 [4]. Inventory - The 45 - port inventory has decreased by 98.1 to 17000.31 tons, a 0.6% decrease. The imported ore inventory of 247 steel mills has decreased by 55.5 to 8978.6 tons, a 0.6% decrease [4]. Coke and Coking Coal Industry Prices and Spreads - Coke and coking coal futures and spot prices have shown various changes, with some prices remaining stable and some decreasing slightly. Coking coal prices in some regions have decreased [6]. Supply - Coke production has increased slightly, and coking coal production has decreased slightly [6]. Demand - Hot metal output has increased by 2.9 to 231.1 tons, a 1.3% increase, driving the demand for coke [6]. Inventory - Coke inventory has increased slightly, with different changes in different sectors. Coking coal inventory in downstream sectors has increased [6]. Ferrosilicon and Silicomanganese Industry Futures and Spot - Ferrosilicon and silicomanganese futures prices have increased, while some spot prices have decreased [7]. Cost and Profit - Production costs in some regions have changed, and production profits have also shown different trends [7]. Supply - Ferrosilicon production and start - up rate have decreased, and silicomanganese supply has continued to decline [7]. Demand - Steel demand is rising slightly, and non - steel demand for ferrosilicon is improving [7]. Inventory - Ferrosilicon and silicomanganese inventories have decreased slightly [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The recent sharp decline in caustic soda futures prices is due to the market returning to fundamentals after the previous export expectations were fulfilled. Currently, the domestic caustic soda market faces high supply and high inventory pressure, and it is expected to maintain a bearish and volatile pattern in the short term [1][9]. 3. Summary by Relevant Catalogs 3.1 Market Performance - On March 30, the main contract of caustic soda futures increased in position and declined, with an intraday decline of 4.39%. Since March 24, caustic soda futures have continued to decline, giving back the previous gains [1]. 3.2 Driving Factors - **Export Expectation Fulfillment**: In March, the caustic soda futures price first declined slightly and then rose sharply, mainly driven by the sudden geopolitical situation in the Middle East, which led to a sharp increase in export orders for 50% high - concentration liquid caustic soda. However, as the export orders were gradually implemented, the market's expectation of the "export dividend" was fully digested, and the withdrawal of long - position funds led to the sharp decline in prices [3]. - **Supply - Demand Contradiction**: The supply of caustic soda remains loose. As of March 26, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 100,000 tons and above was 86%, a slight increase of 0.7% month - on - month. The inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above increased by 4.93% month - on - month and 14.28% year - on - year. On the demand side, alumina manufacturers maintained rigid procurement after the festival, and the overall start - up was at a low level in the same period of previous years; non - aluminum downstream demand gradually recovered, but the overall growth rate was slow. The demand improvement was not enough to offset the pressure of high supply and high inventory [4][5][8]. 3.3 Market Outlook - In the short term, the real - world pressure of high supply and high inventory in the domestic market will continue to suppress prices, and caustic soda futures are expected to maintain a bearish and volatile pattern until a new price equilibrium is found. - In the medium to long term, attention should be paid to the maintenance rhythm of chlor - alkali plants and cost support. As the price falls near the cash cost line of some high - cost enterprises, the supply side may experience passive production cuts. At the same time, it is necessary to closely monitor when the inflection point of high - inventory destocking appears and the supporting effect of the cost side on prices [9].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Tin - Short - term tin prices may show a weakening oscillation due to the Middle - East war situation suppressing market risk appetite. However, the medium - to - long - term bullish logic remains. If the conflict shows signs of ending, long positions can be established at low prices [1]. Nickel - The Indonesian export tax news has brought short - term sentiment boost, but the macro - economic outlook is uncertain. The raw material supply is tight, and the inventory digestion is insufficient. The nickel price is expected to run in a relatively strong range, with the main contract referring to 134,000 - 142,000 [2]. Stainless Steel - The cost logic of stainless steel is strong recently. The news and the tight raw material supply provide support. The steel mill production is increasing, and the demand is gradually recovering but the terminal acceptance is still weak. The price is expected to maintain a relatively strong oscillation, with the main contract referring to 14,200 - 14,800 [5]. Lithium Carbonate - The supply disturbance has boosted market sentiment. The fundamental reality has weakened marginally in the short - term but still has resilience. The price is expected to run in a relatively strong range, with the main contract referring to 160,000 - 172,000 [7]. Aluminum - The alumina market is in an over - capacity stage, and the price is expected to fluctuate around the cost line. The short - term main contract is expected to run in the range of 2,800 - 3,100 yuan/ton. The electrolytic aluminum price is supported by supply - side constraints. The domestic market is expected to enter the de - stocking cycle in April, and the core operating range of Shanghai aluminum this week is expected to be 24,000 - 26,000 yuan/ton [9]. Aluminum Alloy - The casting aluminum alloy price is driven by the cost of electrolytic aluminum. It may show a pattern of weak supply and demand in the second quarter, and the short - term price is expected to run in the range of 23,000 - 24,500 yuan/ton, following the fluctuation of electrolytic aluminum [11]. Copper - The copper price is in an adjustment phase. The supply - demand fundamentals have improved slightly, and the inventory pressure has weakened. But the price is still suppressed. In the long - term, the long - cycle logic of copper supply - demand contradiction remains unchanged, and there may be opportunities for long - term long positions. The main contract should pay attention to the pressure at 97,000 - 98,000 [13]. Zinc - Zinc is in a cycle of weak supply and demand. The contradiction lies between the mine and smelting ends. The smelting cost supports the zinc price. The downstream may replenish inventory in the peak season, and the export space may be opened. The zinc price is expected to have limited room for further decline, and opportunities for price rebound on the right - hand side can be arranged [15]. Industrial Silicon - Industrial silicon has cost support at the bottom and hedging and arbitrage pressure at the top. The supply is expected to increase seasonally in the second quarter, and the demand is expected to be stable. The price is expected to oscillate around 8,000 - 9,000 yuan/ton [16]. Polysilicon - Polysilicon is in a cycle of oversupply, and the price will continue to be under pressure. It is recommended to wait and see for the time being [17]. 3. Summaries According to Relevant Catalogs Tin - **Spot Price and Basis**: SMM 1 tin price increased by 0.17%, and SMM 1 tin premium decreased by 10%. The import loss decreased by 19.10% [1]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 and 2605 - 2606 decreased, while those of 2606 - 2607 and 2607 - 2608 increased [1]. - **Fundamental Data**: In February, tin ore imports decreased by 3.69%, SMM refined tin production decreased by 23.91%, and refined tin imports increased by 96.91% [1]. - **Inventory Changes**: SHEF inventory, social inventory, and SHEF warehouse inventory decreased, while LME inventory remained unchanged [1]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel price decreased by 0.25%, and the import loss of futures decreased by 23.75% [2]. - **Cost of Electrolytic Nickel Production**: The cost of integrated MHP production of electrolytic nickel decreased by 0.69%, while that of integrated high - grade nickel matte production increased by 11.34% [2]. - **New Energy Material Prices**: The average price of battery - grade nickel sulfate decreased by 0.03%, and that of battery - grade lithium carbonate increased by 0.95% [2]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 remained unchanged, 2605 - 2606 increased by 10, and 2606 - 2607 decreased by 80 [2]. - **Supply, Demand, and Inventory**: Chinese refined nickel production decreased by 7.45%, and imports increased by 84.63%. SHFE inventory and social inventory increased, while bonded area inventory decreased [2]. Stainless Steel - **Price and Basis**: The prices of 304/2B stainless steel coils remained unchanged, and the basis remained unchanged [5]. - **Raw Material Prices**: The prices of raw materials such as nickel ore and high - nickel pig iron remained unchanged [5]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 increased by 10, 2605 - 2606 increased by 20, and 2606 - 2607 decreased by 10 [5]. - **Fundamental Data**: Chinese 300 - series stainless steel production increased by 44.07%, and stainless steel net exports increased significantly [5]. - **Inventory**: 300 - series social inventory and cold - rolled social inventory increased slightly [5]. Lithium Carbonate - **Price and Basis**: The average prices of SMM battery - grade lithium carbonate and industrial - grade lithium carbonate increased by 0.96% and 0.98% respectively. The basis decreased by 1391.43% [7]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 decreased by 1860, 2605 - 2606 decreased by 380, and 2606 - 2607 increased by 380 [7]. - **Fundamental Data**: In February, lithium carbonate production decreased by 15.13%, and demand decreased by 10.57% [7]. - **Inventory**: Total lithium carbonate inventory, downstream inventory, and smelter inventory decreased [7]. Aluminum - **Price and Spread**: SMM A00 aluminum price increased by 1.28%, and the import loss of electrolytic aluminum increased by 286.2 [9]. - **Month - to - Month Spread**: The spreads of AL 2604 - 2605 decreased by 15, AL 2605 - 2606 increased by 5, and AL 2606 - 2607 increased by 15 [9]. - **Fundamental Data**: In February, alumina production decreased by 10.63%, and domestic electrolytic aluminum production decreased by 8.91% [9]. - **Inventory**: Chinese electrolytic aluminum social inventory increased by 0.75%, and LME inventory decreased by 0.52% [9]. Aluminum Alloy - **Price and Spread**: The price of SMM aluminum alloy ADC12 increased by 0.41%, and the spreads of 2604 - 2605 decreased by 75 [11]. - **Fundamental Data**: In February, the production of recycled aluminum alloy ingots decreased by 41.31%, and the production of primary aluminum alloy ingots decreased by 30.99% [11]. - **Inventory**: The social inventory of recycled aluminum alloy ingots decreased by 12.24% [11]. Copper - **Price and Basis**: SMM 1 electrolytic copper price decreased by 0.01%, and the refined - scrap price difference increased by 316.57% [13]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 increased by 50, 2605 - 2606 increased by 40, and 2606 - 2607 decreased by 20 [13]. - **Fundamental Data**: In February, electrolytic copper production decreased by 3.13%, and imports decreased by 24.95% [13]. - **Inventory**: Domestic social inventory, bonded area inventory, and SHFE inventory decreased, while LME inventory increased slightly [13]. Zinc - **Price and Spread**: SMM 0 zinc ingot price increased by 1.62%, and the import loss decreased by 80.83 [15]. - **Month - to - Month Spread**: The spreads of 2604 - 2605 decreased by 20, 2605 - 2606 increased by 5, and 2606 - 2607 increased by 5 [15]. - **Fundamental Data**: In February, refined zinc production decreased by 9.99%, and imports decreased by 81.26% [15]. - **Inventory**: Chinese zinc ingot seven - region social inventory decreased by 6.24%, and LME inventory decreased by 0.24% [15]. Industrial Silicon - **Spot Price and Basis**: The prices of various industrial silicon products remained unchanged, and the basis increased [16]. - **Month - to - Month Spread**: The spreads of the main contract decreased by 1.26%, and the spreads of the near - month to the first - continuous contract decreased by 30% [16]. - **Fundamental Data**: In February, national industrial silicon production decreased by 26.58%, and the export volume decreased by 27.44% [16]. - **Inventory Changes**: Xinjiang factory inventory decreased by 4.90%, and social inventory increased by 1.27% [16]. Polysilicon - **Spot Price and Basis**: The average prices of N - type polysilicon products remained unchanged, and the N - type material basis decreased by 3.33% [17]. - **Futures Price and Month - to - Month Spread**: The main contract increased by 0.39%, and the spreads of the near - month to the first - continuous contract decreased by 242.86% [17]. - **Fundamental Data**: In February, polysilicon production decreased by 23.61%, and the export volume increased by 20.51% [17]. - **Inventory Changes**: Polysilicon inventory decreased by 3.49%, and silicon wafer inventory decreased by 2.42% [17].

1. Report Industry Investment Ratings No information provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Malaysian BMD crude palm oil futures are expected to break through the 4,600 ringgit resistance, and Dalian palm oil futures may break through the 9,700 yuan resistance [1]. - CBOT soybean oil is expected to reach 70 cents, and domestic soybean oil has both bullish and bearish factors [1]. - Zhengzhou rapeseed oil futures have a chance to rebound, with the upper pressure range at 9,900 - 10,000 yuan [1]. 2.2 Cotton Industry - ICE cotton futures hit an 11 - month high. The domestic cotton market is expected to be oscillating and slightly stronger in the short - term, and attention should be paid to spinning mills' order - receiving and macro - level news [2]. 2.3 Sugar Industry - ICE raw sugar futures reached a more than five - month high. The domestic sugar market is likely to maintain a high - level oscillation in the short - term, and attention should be paid to geopolitical developments in the Middle East and the mitigation of external risk factors [3]. 2.4 Jujube Industry - The jujube market is currently in a state of weak futures and spot prices, and the futures price is expected to remain at a low level in the short - term [4]. 2.5 Apple Industry - The apple futures price has fallen from a high level. The spot market is differentiated. The national cold - storage inventory is at a historical low, which supports the futures price. The market is expected to oscillate and consolidate in the short - term, and attention should be paid to the de - stocking of ordinary apples and weather changes [5]. 2.6 Corn and Corn Starch Industry - Corn prices are oscillating at a high level, with support from limited remaining grain and rigid demand, and suppression from grain substitution and policy releases. The operation range is mainly between 2,350 - 2,420 yuan [7]. 2.7 Meal Industry - US soybeans have rebounded near 1,160 cents. Domestic soybean meal sentiment has cooled, and the market is waiting for the planting intention report at the end of March [10]. 2.8 Pig Industry - The pig market is in a weak state. Spot prices are expected to continue to bottom out, and the futures market is in a reverse - spread pattern. Attention should be paid to the 5 - 7 or 5 - 9 reverse - spread opportunities [12]. 2.9 Egg Industry - The egg supply is relatively loose, and the demand is average. The egg price may face pressure near 3,550 - 3,600 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - On March 26, the average price of soybean oil in Jiangsu increased by 1.02% to 8,950 yuan, and the futures price of Y2605 increased by 1.12% to 8,646 yuan [1]. - The price of 24 - degree palm oil in Guangdong increased by 1.03% to 9,603 yuan, and the futures price of P2605 increased by 1.09% to 9,614 yuan [1]. - The price of rapeseed oil in Jiangsu increased by 1.28% to 10,268 yuan, and the futures price of OIROS increased by 1.37% to 9,840 yuan [1]. 3.1.2 Spread Changes - The soybean - palm oil spot spread decreased by 1.24% to - 653 yuan, and the soybean - palm oil futures spread (2605) decreased by 0.83% to - 968 yuan [1]. - The rapeseed - soybean spot spread increased by 3.13% to 1,318 yuan, and the rapeseed - soybean futures spread (2605) increased by 3.20% to 1,194 yuan [1]. 3.2 Cotton Industry 3.2.1 Futures Market - The price of cotton 2605 increased by 1.35% to 15,420 yuan/ton, and the price of cotton 2609 increased by 1.24% to 12,242 yuan/ton [2]. - The 5 - 9 spread of cotton increased by 10.71% to - 125 yuan/ton [2]. 3.2.2 Spot Market - The Xinjiang arrival price of 3128B increased by 0.14% to 16,597 yuan, and the CC Index: 3128B increased by 0.20% to 16,745 yuan [2]. - The FC Index: M: 1% increased by 1.55% to 13,270 yuan [2]. 3.2.3 Industry Situation - The small - scale inventory decreased by 100.0% to 0.00 tons, and the industrial inventory increased by 14.5% to 102.40 tons [2]. - The import volume decreased by 19.0% to 16.65 tons, and the bonded - area inventory increased by 9.8% to 47.10 tons [2]. 3.3 Sugar Industry 3.3.1 Futures Market - The price of sugar 2605 increased by 0.63% to 5,463 yuan/ton, and the price of sugar 2609 increased by 0.44% to 5,485 yuan/ton [3]. - The 5 - 9 spread of sugar increased by 31.25% to - 22 yuan/ton [3]. 3.3.2 Spot Market - The Guoyuan price remained unchanged at 5,470 yuan, and the Nanning price increased by 0.09% to 5,325 yuan [3]. - The import price of Brazilian sugar (within quota) decreased by 1.55% to 4,331 yuan/ton, and the import price of Brazilian sugar (outside quota) decreased by 1.58% to 5,497 yuan/ton [3]. 3.3.3 Industry Situation - The cumulative national sugar production decreased by 4.69% to 926.00 tons, and the cumulative national sugar sales decreased by 27.39% to 345.00 tons [3]. - The cumulative sugar production in Guangxi decreased by 8.36% to 565.13 tons, and the monthly sugar sales in Guangxi increased by 20.16% to 162.23 tons [3]. 3.4 Jujube Industry - The price of jujube 2605 decreased by 0.62% to 8,835 yuan/ton, and the price of jujube 2607 decreased by 0.94% to 9,060 yuan/ton [4]. - The 5 - 7 spread of jujube decreased by 170 yuan to - 140 yuan/ton, and the 5 - 9 spread of jujube increased by 35 yuan to - 340 yuan/ton [4]. 3.5 Apple Industry - The price of apple 2605 decreased by 0.32% to 9,946 yuan/ton, and the price of apple 2610 increased by 0.21% to 8,684 yuan/ton [5]. - The 5 - 10 spread of apple decreased by 3.81% to 1,262 yuan/ton [5]. 3.6 Corn and Corn Starch Industry 3.6.1 Corn - The price of corn 2605 remained unchanged at 2,376 yuan/ton, and the basis remained unchanged at 14 yuan [7]. - The 5 - 9 spread of corn decreased by 26.09% to - 29 yuan [7]. 3.6.2 Corn Starch - The price of corn starch 2605 increased by 0.07% to 2,765 yuan/ton, and the basis decreased by 2.39% to 204 yuan [7]. - The 5 - 9 spread of corn starch increased by 41.18% to - 10 yuan [7]. 3.7 Meal Industry 3.7.1 Soybean Meal - The price of Jiangsu soybean meal remained unchanged at 3,280 yuan, and the futures price of M2605 increased by 0.68% to 2,952 yuan [10]. - The basis of M2605 decreased by 5.75% to 328 yuan [10]. 3.7.2 Rapeseed Meal - The price of Jiangsu rapeseed meal increased by 0.39% to 2,570 yuan, and the futures price of RM2605 increased by 0.21% to 2,344 yuan [10]. - The basis of RM2605 increased by 2.26% to 226 yuan [10]. 3.8 Pig Industry 3.8.1 Futures Market - The price of the main pig contract decreased by 1.45% to 9,835 yuan/ton, and the 5 - 7 spread of pigs decreased by 6.39% to - 1,415 yuan [12]. 3.8.2 Spot Market - The spot price in Henan decreased by 150 yuan to 9,500 yuan/ton, and the spot price in Shandong decreased by 100 yuan to 9,700 yuan/ton [12]. 3.8.3 Industry Situation - The daily slaughter volume of sample points increased by 0.93% to 182,741, and the weekly white - strip price decreased by 0.86% to 17.25 yuan [12]. - The weekly piglet price remained unchanged at 26.20 yuan/kg, and the weekly sow price remained unchanged at 32.45 yuan/kg [12]. 3.9 Egg Industry - The price of the egg 04 contract increased by 2.64% to 3,418 yuan/500KG, and the price of the egg 05 contract increased by 2.99% to 3,512 yuan/500KG [14]. - The egg - producing area price increased by 0.47% to 3.30 yuan/jin, and the basis increased by 28.03% to - 116 yuan/500KG [14].

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, historical 1-year percentiles, and all-time percentiles of IF, IH, IC, and IM futures-spot spreads and inter - period spreads are presented. For example, the IF futures - spot spread is -81.53, with a change of 5.93 from the previous day, and its historical 1 - year percentile is 2.40% [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of -0.0051 [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and its percentile since listing is 8.809% [3]. - The latest values, changes, and percentiles of cross - variety spreads such as TS - TF, TS - T, etc., are reported. For example, the TS - TF spread on March 26, 2026, is -3.4600, with a change of -0.0450 [3]. Group 3: Precious Metals Spot - Futures Daily Report - The domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold, silver, platinum, and palladium) are presented. For example, the AU2606 contract's domestic futures closing price on March 26 is 095.98, down 17.98 (-1.77%) from March 25 [4]. - Views on precious metals are provided: in the short - term, gold may experience a price drop but there is a chance for a phased recovery; silver may bottom out around 60 - 65 dollars with resistance at 85 dollars; platinum and palladium fluctuate in certain price ranges following the trends of gold and silver [4].

Report Information - Report title: Funds Flow and Key Seats' Position Changes Daily Report [1] - Report date: March 27, 2026 [1] - Data date: March 26, 2026 [2] Core Content Funds Flow - The report presents the percentage changes in funds inflow and outflow of various varieties, but specific data for each variety is not clearly stated [2] Key Seats' Position Changes - The report shows the net positions and daily position changes (increase or decrease) of key seats such as JPMorgan, Qiankun Futures, UBS Futures, CITIC Futures, and Guotai Junan in different futures products, including CSI 500 Futures, CSI 1000 Futures, etc. The vertical axis percentage represents the net position divided by the total position (unilateral) and the daily position change divided by the total position (unilateral) [2]

Group 1: Stock Index Futures Spread Daily Report - The latest values, changes from the previous day, 1 - year historical percentiles, and all - time historical percentiles of IF, IH, IC, and IM futures price - spot price spreads and inter - period spreads are presented. For example, the IF futures price - spot price spread is - 81.53, with a change of 5.93 from the previous day, and 1 - year and all - time historical percentiles of 2.40% and 2.20% respectively [1]. - The ratios of different stock indices such as CSI 500/CSI 300, CSI 500/SSE 50, etc., along with their changes and percentiles, are provided. For instance, the CSI 500/CSI 300 ratio is 1.7068, with a change of - 0.0051, and 1 - year and all - time historical percentiles of 81.50% and 77.30% respectively [1]. Group 2: Treasury Bond Futures Spread Daily Report - The latest values, changes from the previous trading day, and percentiles since listing of the basis and inter - period spreads of TS, TF, T, and TL treasury bond futures are given. For example, the TS basis on March 26, 2026, is 0.0400, with a change of 0.0012 from the previous day, and a percentile of 8.809 since listing [3]. - The cross - variety spreads between different treasury bond futures, such as TS - TF, TS - T, etc., along with their changes and percentiles, are presented. For example, the TS - TF spread on March 26, 2026, is - 3.4600, with a change of - 0.0450, and a percentile of 13.10% [3]. Group 3: Precious Metals Spot - Futures Daily Report - The closing prices, price changes, and price change rates of domestic and foreign precious metal futures contracts on March 26 and March 25 are reported. For example, the AU2606 contract closed at 095.98 on March 26, down 17.98 (- 1.77%) from March 25 [4]. - The spot prices, price changes, and price change rates of precious metals such as London gold, London silver, etc., are provided. For example, the price of London gold on March 26 is 4379.82, down 125.49 (- 2.79%) from March 25 [4]. - The basis values, their changes, and historical 1 - year percentiles are presented. For example, the gold TD - Shanghai gold main contract basis is - 6.21, with a change of - 6.69, and a 1 - year historical percentile of 46.10% [4]. - The ratios between different precious metals, along with their changes and price change rates, are given. For example, the COMEX gold/silver ratio is 64.25, up 1.22 (1.93%) [4]. - The values of interest rates, exchange rates, inventories, and positions, along with their changes, are reported. For example, the 10 - year US Treasury yield is 4.42, up 0.09 (2.1%) [4]. - Investment suggestions are provided: in the short - term, although the US is actively promoting peace talks with Iran, reaching a cease - fire agreement may be difficult, and there may be intense conflicts, causing the gold price to fall again. In the medium - to - long - term, allocation should be cautious. In the short - term, one can try to buy call options around $4400 to seize the opportunity of a phased recovery. Silver may gradually bottom out around $60 - 65, with resistance at $85. It is recommended to continue holding short positions of out - of - the - money call options on Shanghai silver. Platinum and palladium fluctuate widely following the trends of gold and silver, with platinum fluctuating in the range of $1850 - 2000 and palladium in the range of $1450 - 1600 [4].

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Malaysian BMD crude palm oil futures may break through the 4,600 ringgit resistance. Dalian palm oil futures have a chance to continue rising after breaking through the 9,700 yuan resistance. CBOT soybean oil's May contract may reach 70 cents. Domestic soybean oil has a mixed fundamental situation. Rapeseed oil has a chance to rebound, with the upper pressure range at 9,900 - 10,000 yuan [1]. 2.2 Cotton Industry - ICE cotton futures reached an 11 - month high. The US 2026 cotton planting area is expected to decrease. The domestic cotton market is expected to be slightly stronger in the short - term, and attention should be paid to spinning mills' order - receiving and macro news [2]. 2.3 Sugar Industry - ICE raw sugar futures reached a more than five - month high. The domestic sugar market is likely to maintain a high - level shock pattern in the short - term, and attention should be paid to the geopolitical situation in the Middle East and the alleviation of external risks [3]. 2.4 Red Date Industry - The red date market is currently weak both in futures and spot. It is in the low - valuation range and is expected to maintain low - level operation in the short - term [4]. 2.5 Apple Industry - The apple futures price has fallen from a high. The spot market is differentiated. The national cold - storage inventory is at a historical low, which supports the futures price. It is expected to fluctuate and consolidate in the short - term, and attention should be paid to the de - stocking of ordinary apples and weather changes [5]. 2.6 Corn and Corn Starch Industry - Corn prices are supported by limited remaining grain and rigid demand, and suppressed by grain substitution and policy releases. It will maintain a high - level shock in the range of 2,350 - 2,420 yuan/ton [7]. 2.7 Meal Industry - US soybeans have rebounded near 1,160 cents. The domestic soybean meal market has cooled down, and the short - term inventory is not loose. Attention should be paid to the planting intention report at the end of March [10]. 2.8 Pig Industry - The pig market is in a weak pattern. The spot price is expected to continue to bottom out, and the futures market may have opportunities for reverse spreads [12]. 2.9 Egg Industry - The egg supply is relatively loose, and the demand is average. The egg price may face pressure near 3,550 - 3,600 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry - **Price Changes**: On March 26, the average price of soybean oil in Jiangsu increased by 1.02% to 8,950 yuan/ton; the price of 24 - degree palm oil in Guangdong increased by 1.03% to 9,603 yuan/ton; the price of rapeseed oil in Jiangsu increased by 1.28% to 10,268 yuan/ton [1]. - **Spread Changes**: The soybean - palm oil spot spread decreased by 1.24%, and the rapeseed - soybean oil spot spread increased by 3.13% [1]. 3.2 Cotton Industry - **Futures Market**: The price of cotton 2605 increased by 1.35% to 15,420 yuan/ton, and the price of cotton 2609 increased by 1.24% to 12,242 yuan/ton [2]. - **Spot Market**: The Xinjiang arrival price of 3128B cotton increased by 0.14% to 16,597 yuan/ton, and the CC Index of 3128B increased by 0.20% to 16,745 yuan/ton [2]. - **Industry Situation**: The small - scale inventory decreased by 100%, the industrial inventory increased by 14.5%, the import volume decreased by 19.0%, and the bonded - area inventory increased by 9.8% [2]. 3.3 Sugar Industry - **Futures Market**: The price of sugar 2605 increased by 0.63% to 5,463 yuan/ton, and the price of sugar 2609 increased by 0.44% to 5,485 yuan/ton [3]. - **Spot Market**: The price in Nanning remained unchanged at 5,470 yuan/ton, and the price in Kunming increased by 0.09% to 5,325 yuan/ton [3]. - **Industry Situation**: The national sugar production decreased by 4.69%, the sales volume decreased by 27.39%, and the industrial inventory increased by 17.03% [3]. 3.4 Red Date Industry - **Futures Market**: The price of red date 2605 decreased by 0.62% to 8,835 yuan/ton, and the price of red date 2607 decreased by 0.94% to 9,060 yuan/ton [4]. - **Spot Market**: The prices of Cangzhou's special - grade, first - grade, and second - grade red dates remained unchanged [4]. - **Industry Situation**: As of March 27, the inventory of 36 sample points was 11,459 tons, a decrease of 81 tons from last week [4]. 3.5 Apple Industry - **Futures Market**: The price of apple 2605 decreased by 0.32% to 9,946 yuan/ton, and the price of apple 2610 increased by 0.21% to 8,684 yuan/ton [5]. - **Spot Market**: The arrival volume of some fruit wholesale markets increased, and the national cold - storage inventory decreased by 5.69% to 441.79 tons as of March 26 [5]. 3.6 Corn and Corn Starch Industry - **Corn**: The price of corn 2605 remained unchanged at 2,376 yuan/ton, the basis remained unchanged at 14 yuan/ton, and the 5 - 9 spread decreased by 26.09% [7]. - **Corn Starch**: The price of corn starch 2605 increased by 0.07% to 2,765 yuan/ton, the basis decreased by 2.39% [7]. 3.7 Meal Industry - **Soybean Meal**: The spot price in Jiangsu remained unchanged at 3,280 yuan/ton, the futures price of M2605 increased by 0.68% to 2,952 yuan/ton, and the basis decreased by 5.75% [10]. - **Rapeseed Meal**: The spot price in Jiangsu increased by 0.39% to 2,570 yuan/ton, the futures price of RM2605 increased by 0.21% to 2,344 yuan/ton, and the basis increased by 2.26% [10]. 3.8 Pig Industry - **Futures Market**: The price of the main contract of live pigs 2605 decreased by 1.45% to 9,835 yuan/ton, and the price of live pigs 2607 decreased by 0.53% to 11,250 yuan/ton [12]. - **Spot Market**: The spot prices in various regions generally decreased, and the sample - point slaughter volume increased by 0.93% [12]. 3.9 Egg Industry - **Futures Market**: The price of the egg 04 contract increased by 2.64% to 3,418 yuan/500KG, and the price of the egg 05 contract increased by 2.99% to 3,512 yuan/500KG [14]. - **Spot Market**: The egg - producing area price increased by 0.47% to 3.30 yuan/jin, and the base difference increased by 28.03% [14]. - **Industry Situation**: The egg - laying hen chick price increased by 2.86% to 3.60 yuan/feather, and the egg - feed ratio decreased by 9.98% [14].