研究所 农产品研发报告 粕类日报 2026 年 3 月 4 日 【粕类日报】天气状况好转 盘面整体下行 F3045719 投资咨询证号： Z0015458 研究员：陈界正 期货从业证号： 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2026/3/4 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3003 | -11 | 天津 | 260 | 260 | 0 | | 0 5 | | 2829 | - 7 | 东莞 | 200 | 200 | 0 | | 张家港 | 0 9 | 2944 | -12 | | 180 | 180 | 0 | | | | | | 日照 | 200 | 200 | 0 | | 0 1 | | 2313 | -10 | 南通 | 217 | 210 | 7 | | 菜粕 ...

Report Information - Report Title: Stock Index Futures Data Daily Report [1] - Date: March 4, 2026 [2] IM Futures Market Summary - The main IM contract fell 0.94% to close at 8,064.2 points [4]. - The total trading volume of the four IM contracts was 245,473 lots, a decrease of 48,216 lots from the previous day; the total open interest was 394,667 lots, a decrease of 7,240 lots from the previous day [4]. - The main IM contract was at a discount of 30.32 points, a decrease of 17.27 points from the previous day; the annualized basis rate was -8.07% [4]. - The dividend impacts of the four IM contracts were 0.01 points, 0.18 points, 40.04 points, and 62.77 points respectively [4]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 | 8,094.52 | -0.59% | 32,069 | -18% | 5,027 | -24% | - | - | - | | IM2603 | 8,064.20 | -0.90% | 155,033 | -14% | 2,517 | -15% | 179,738 | -6,114 | 348 | | IM2604 | 8,018.40 | -0.94% | 10,557 | -31% | 170 | -32% | 16,399 | 229 | 32 | | IM2606 | 7,875.00 | -1.00% | 57,253 | -17% | 908 | -18% | 124,141 | -1,267 | 235 | | IM2609 | 7,685.60 | -1.05% | 22,630 | -24% | 350 | -25% | 74,389 | -88 | 137 | [3] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 1000 (Spot) | 8,094.52 | - | - | - | - | - | - | | Current Month | 8,064.20 | 2026 - 03 - 20 | 16 | 0.01 | -30.32 | -0.4% | -8.1% | | Next Month | 8,018.40 | 2026 - 04 - 17 | 44 | 0.18 | -76.12 | -0.9% | -7.7% | | First Quarter | 7,875.00 | 2026 - 06 - 22 | 110 | 40.04 | -219.52 | -2.7% | -9.2% | | Second Quarter | 7,685.60 | 2026 - 09 - 18 | 198 | 62.77 | -408.92 | -5.0% | -9.8% | [12] IF Futures Market Summary - The main IF contract fell 1.19% to close at 4,591 points [21]. - The total trading volume of the four IF contracts was 139,926 lots, a decrease of 26,703 lots from the previous day; the total open interest was 288,752 lots, an increase of 825 lots from the previous day [22]. - The main IF contract was at a discount of 11.62 points, a decrease of 7.12 points from the previous day; the annualized basis rate was -5.44% [22]. - The dividend impacts of the four IF contracts were 0 points, 0.54 points, 29.61 points, and 83.63 points respectively [22]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 | 4,602.62 | -1.14% | 30,304 | -18% | 6,089 | -24% | - | - | - | | IF2603 | 4,591.00 | -1.16% | 88,154 | -18% | 1,216 | -19% | 140,207 | -5,696 | 232 | | IF2604 | 4,580.40 | -1.19% | 6,258 | -13% | 86 | -15% | 7,968 | 846 | 13 | | IF2606 | 4,540.00 | -1.28% | 31,815 | -15% | 434 | -16% | 97,922 | 3,036 | 160 | | IF2609 | 4,475.40 | -1.30% | 13,699 | -9% | 184 | -10% | 42,655 | 2,639 | 69 | [21] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 300 (Spot) | 4,602.62 | - | - | - | - | - | - | | Current Month | 4,591.00 | 2026 - 03 - 20 | 16 | 0.00 | -11.62 | -0.3% | -5.4% | | Next Month | 4,580.40 | 2026 - 04 - 17 | 44 | 0.54 | -22.22 | -0.5% | -3.9% | | First Quarter | 4,540.00 | 2026 - 06 - 22 | 110 | 29.61 | -62.62 | -1.4% | -4.5% | | Second Quarter | 4,475.40 | 2026 - 09 - 18 | 198 | 83.63 | -127.22 | -2.8% | -5.2% | [30] IC Futures Market Summary - The main IC contract fell 0.64% to close at 8,219.4 points [39]. - The total trading volume of the four IC contracts was 203,068 lots, a decrease of 58,264 lots from the previous day; the total open interest was 309,828 lots, a decrease of 22,275 lots from the previous day [40]. - The main IC contract was at a discount of 29.55 points, a decrease of 14.14 points from the previous day; the annualized basis rate was -7.72% [40]. - The dividend impacts of the four IC contracts were 0.36 points, 7.07 points, 60.74 points, and 97.82 points respectively [40]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 | 8,248.95 | -0.39% | 27,211 | -21% | 4,715 | -26% | - | - | - | | IC2603 | 8,219.40 | -0.61% | 121,611 | -19% | 2,011 | -20% | 134,589 | -13,868 | 265 | | IC2604 | 8,192.20 | -0.64% | 9,210 | -19% | 152 | -20% | 12,206 | 961 | 24 | | IC2606 | 8,075.80 | -0.80% | 54,400 | -24% | 885 | -26% | 109,888 | -6,719 | 213 | | IC2609 | 7,921.60 | -0.90% | 17,847 | -36% | 285 | -37% | 53,145 | -2,649 | 101 | [39] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | CSI 500 (Spot) | 8,248.95 | - | - | - | - | - | - | | Current Month | 8,219.40 | 2026 - 03 - 20 | 16 | 0.36 | -29.55 | -0.4% | -7.7% | | Next Month | 8,192.20 | 2026 - 04 - 17 | 44 | 7.07 | -56.74 | -0.7% | -5.6% | | First Quarter | 8,075.80 | 2026 - 06 - 22 | 110 | 60.74 | -173.15 | -2.1% | -7.1% | | Second Quarter | 7,921.60 | 2026 - 09 - 18 | 198 | 97.82 | -327.34 | -4.0% | -7.6% | [50] IH Futures Market Summary - The main IH contract fell 1.4% to close at 2,972.2 points [59]. - The total trading volume of the four IH contracts was 71,090 lots, a decrease of 7,883 lots from the previous day; the total open interest was 115,104 lots, an increase of 562 lots from the previous day [59]. - The main IH contract was at a discount of 2.01 points, a decrease of 6.74 points from the previous day; the annualized basis rate was -1.45% [60]. - The dividend impacts of the four IH contracts were 0 points, 0 points, 18.35 points, and 63.93 points respectively [60]. Contract - Specific Data | Contract | Closing Price | Change (%) | Trading Volume | Volume Change (%) | Turnover (billion yuan) | Turnover Change (%) | Open Interest | Interest Change | Margin (million yuan) | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 2,974.21 | -1.33% | 8,683 | -17% | 1,745 | -21% | - | - | - | | IH2603 | 2,972.20 | -1.33% | 44,988 | -14% | 402 | -15% | 60,625 | -1,496 | 65 | | IH2604 | 2,970.20 | -1.40% | 3,587 | 7% | 32 | 5% | 4,525 | 354 | 5 | | IH2606 | 2,963.20 | -1.38% | 15,212 | -6% | 135 | -8% | 32,792 | 975 | 35 | | IH2609 | 2,927.40 | -1.34% | 7,303 | 2% | 64 | 1% | 17,162 | 729 | 18 | [59] Basis and Other Data | Contract | Closing Price | Maturity Date | Remaining Days | Dividend Value | Premium/Discount (points) | Premium/Discount Rate | Annualized Premium/Discount Rate | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 (Spot) | 2,974.21 | - | - | - | - | - | - | | Current Month | 2,972.20 | 2026 - 03 - 20 | 16 | 0.00 | -2.01 | -0.1% | -1.5% | | Next Month | 2,970.20 | 2026 - 04 - 17 | 44 | 0.00 | -4.01 | -0.1% | -1.1% | | First Quarter | 2,963.20 | 2026 - 06 - 22 | 110 | 18.35 | -11.01 | -0.4% | -1.2% | | Second Quarter | 2,927.40 | 2026 - 09 - 18 | 198 | 63.93 | -46.81 | -1.6% | -2.9% | [68]

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The supply pressure of US corn has weakened, and it is expected to fluctuate strongly at the bottom. The supply of North China corn is still low, and the spot price continues to rise, while the price of Northeast corn is also rising, but the purchase price at northern ports remains stable today. The price of North China wheat is relatively strong, and the price gap between Northeast and North China corn remains low. However, as farmers sell more grain in March, it is expected that the upside potential of Northeast corn spot and the 05 corn contract is limited. The price of starch is mainly influenced by the price of corn and downstream inventory preparation. Currently, the inventory of corn starch has increased, and the spot price of starch is also rising. It is expected that the 05 starch contract will fluctuate at a high level in the short term [4][6][7][8]. 3. Summary by Relevant Catalogs 3.1 Data 3.1.1 Futures Market - C2601 closed at 2340, up 5 (0.21%), with a trading volume of 1,784 (up 44.34%) and an open interest of 5,815 (down 1.31%) - C2605 closed at 2379, up 6 (0.25%), with a trading volume of 555,128 (down 12.83%) and an open interest of 1,464,914 (up 0.62%) - C2509 closed at 2396, up 12 (0.50%), with a trading volume of 22,210 (down 25.08%) and an open interest of 116,380 (down 1.49%) - CS2601 closed at 2669, up 9 (0.34%), with a trading volume of 27 (down 66.25%) and an open interest of 110 (down 0.90%) - CS2605 closed at 2692, up 14 (0.52%), with a trading volume of 98,736 (up 9.88%) and an open interest of 254,705 (up 3.75%) - CS2509 closed at 2705, up 12 (0.44%), with a trading volume of 1,802 (down 9.04%) and an open interest of 15,521 (up 0.62%) [2] 3.1.2 Spot and Basis - **Corn**: The spot price in Qinggang is 2180, in Songyuan Jiajia is 2230, in Zhucheng Xingmao is 2406, in Shouguang is 2390, in Jinzhou Port is 2390, in Nantong Port is 2490, and in Guangdong Port is 2510. The basis is -216, -166, 10, -6, 11, 94, and 114 respectively - **Starch**: The spot price of Longfeng is 2780, of COFCO is 2700, of Yihai (Heilongjiang) is 2750, of Yufeng is 2900, of Jinyu is 2920, of Zhucheng Xingmao is 2970, and of Hengren Industry and Trade is 2850. The basis is 88, 8, 58, 208, 228, 278, and 158 respectively [2] 3.1.3 Spread - **Corn Inter - delivery Spread**: C01 - C05 is -39 (down 1), C05 - C09 is -17 (down 6), C09 - C01 is 56 (up 7) - **Starch Inter - delivery Spread**: CS01 - CS05 is -23 (down 5), CS05 - CS09 is -13 (up 2), CS09 - CS01 is 36 (up 3) - **Cross - variety Spread**: CS09 - C09 is 309 (unchanged), CS01 - C01 is 329 (up 4), CS05 - C05 is 313 (up 8) [2] 3.2 Market Judgment 3.2.1 Corn - US corn has rebounded, and the global corn supply pressure has weakened, but it is still oscillating at the bottom. The in - quota tariff for US corn is 11%, and for sorghum is 12%. The import profit of foreign corn has increased, with the import price from Brazil in July at 2245 yuan. The flat - price at northern ports is stable today, around 2390 yuan, and the spot price in the Northeast corn - producing area continues to rise. The operating rate of deep - processing enterprises in North China has increased, but the supply of corn is affected by the weather and is relatively low. The price of wheat in North China is strong, and the price difference between wheat and corn has narrowed, reducing the cost - effectiveness of corn. The domestic breeding demand will decline in March, but the inventory of downstream feed enterprises has increased. The supply of Northeast corn is still low, the price has risen, and the port inventory is low. It is expected that the upside potential of the 05 corn contract is limited [4][6]. 3.2.2 Starch - The number of trucks arriving at deep - processing enterprises in Shandong is still low, and the spot price of corn in Shandong is strong. The spot price of starch in Shandong is around 2880 yuan, and the spot price of starch in the Northeast is also rising. This week, the inventory of corn starch has increased to 121.9 million tons, an increase of 2.1 million tons from last week, a monthly increase of 1.75% and a year - on - year decrease of 11.4%. The current starch price mainly depends on the corn price and downstream inventory preparation. The average income from by - products in the past few years has been basically over 600 yuan. Today, the contribution of by - products in Shandong is 626 yuan (675 yuan in Heilongjiang). The price of by - products has been relatively stable recently and is still higher than last year. The spot price difference between corn and starch is at a low level. Affected by the weather, the supply of corn has decreased, the downstream operating rate has increased, the spot price of corn has risen significantly, and the enterprises are still suffering large losses. It is expected that the 05 starch contract will oscillate at a high level in the short term [7]. 3.3 Trading Strategies 3.3.1 Unilateral Trading - The 05 US corn contract has support at 430 cents per bushel. For the 05 corn contract, consider short - selling at high levels with a light position and set stop - losses [9]. 3.3.2 Arbitrage - For the 05 corn and starch contracts, consider widening the spread when the price difference is low [10]. 3.4 Corn Options - The option strategy is a short - term put - accumulation strategy with rolling operations [11]. 3.5 Relevant Attachments - The attachments include graphs of the flat - price of corn at northern ports, the basis of the corn 05 contract, the 5 - 9 spread of corn, the 5 - 9 spread of corn starch, the basis of the corn starch 05 contract, and the spread of the corn starch 05 contract [14][15][19].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The spot price of peanuts is expected to be relatively stable in the short term, with the futures market trading on the assumption of ample supply of oil peanuts and low import prices, but the cost of warehouse receipts is still relatively high. The 05 peanut contract is oscillating at the bottom [3][7] - The purchase price of some peanut oil mills is stable, and the theoretical profit of oil mill crushing is good [3][7] - The spot price of peanut meal is relatively strong in the short term, while the spot price of soybean meal has declined [5] Group 3: Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 7844, down 44 (-0.56%), with a trading volume of 15,831 (up 110.41%) and an open interest of 32,007 (up 2.33%); PK610 closed at 8228, down 16 (-0.19%), with a trading volume of 596 (up 23.40%) and an open interest of 4,076 (up 2.05%); PK601 closed at 8272, down 10 (-0.12%), with a trading volume of 21 (down 16.00%) and an open interest of 145 (up 3.57%) [1] - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 7800, 8000, and 8000 respectively, with price changes of 200, 0, and 0. The basis was -44, 156, and 156 respectively. The prices of Rizhao peanut meal, Rizhao soybean meal, peanut oil, and Rizhao first - grade soybean oil were 3250, 3030, 14300, and 8600 respectively, with price changes of 0, -10, 0, and -80. The import prices of Sudanese peanuts and Senegalese peanuts were 8600 and unchanged [1] - **Spreads**: The spread of PK01 - PK04 was 428 (up 34), PK04 - PK10 was -384 (down 28), and PK10 - PK01 was -44 (down 6) [1] Second Part: Market Analysis - Peanut prices in Henan are weak, and those in Northeast China have declined. The prices of 308 general peanuts in Jilin Fuyu, Liaoning Changtu, and Xingcheng Huayu 23 are 4.65 yuan/jin (down 0.05 yuan/jin), 4.6 yuan/jin (down 0.05 yuan/jin), and 4.35 yuan/jin (unchanged) respectively. The price of Baisha general peanuts in Henan is 3.5 - 3.85 yuan/jin (down 0.05 yuan/jin), and that in Shandong Junan is 3.4 yuan/jin (unchanged). The import prices of Senegalese oil peanuts and commercial peanuts are 7200 yuan/ton and 7700 yuan/ton respectively, remaining stable [3] - The purchase prices of some peanut oil mills are stable, with the mainstream transaction price at 7200 - 7700 yuan/ton and the theoretical break - even price of oil mills at 7800 yuan/ton. The price of soybean oil has risen, while the price of peanut oil is stable, with the domestic first - grade ordinary peanut oil quoted at 14300 yuan/ton and the small - pressed fragrant peanut oil at 16500 yuan/ton [3][5] - The spot price of Rizhao soybean meal has declined to 3020 yuan/ton (down 25 yuan/ton). The unit protein price difference between peanut meal and soybean meal is low, and peanut meal is relatively strong in the short term, with the 48 - protein peanut meal quoted at 3050 yuan/ton [5] Third Part: Trading Strategies - **Single - side**: The 05 peanut contract is oscillating at the bottom. Go long lightly at low prices for the 05 peanut contract [8] - **Month - spread**: Hold a wait - and - see attitude [9] - **Options**: Sell PK605 - P - 7700 at low prices [10] Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 4 - 10 contracts, and the spread between peanut 1 - 4 contracts [12][17][19]

Group 1: Report Overview - The report is a daily research report on the hog market, dated March 4, 2026, titled "Hog Daily Report: Market Shows Temporary Improvement, Spot Prices Rise Slightly" [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Views - The hog market shows temporary improvement with a slight increase in spot prices, but there is still pressure in the short - term due to high inventory and large supply - side pressure [1][3][5] - Hog futures prices are in a volatile state. The short - term is supported by spot price increases, but in the long - term, they are expected to remain in a low - level volatile state due to supply - side pressure [5] Group 4: Market Data Summary Spot Prices - Today, hog spot prices in various regions of the country are rising. For example, the price in Henan increased from 10.54 to 10.71, and the average price decreased from 10.24 to 10.18 [3] Futures Prices - Futures contracts show different trends. For example, LH01 increased by 115 to 13545, while LH07 decreased by 125 to 12245 [3] Sow and Piglet Prices - Piglet prices decreased from 357 to 348 this week, while sow prices remained unchanged at 1557 [3] Spot Breeding Profits - The profit of self - breeding and self - raising decreased from - 98.32 to - 159.65, and the profit of purchasing piglets decreased from 53.10 to 20.83 [3] Slaughter Data - The slaughter volume increased from 129803 to 136079 [3] Pig Price Spreads - The spreads between different sizes of pigs have changed. For example, the spread between large and medium - sized pigs decreased from 0.5 to 0.46 [3] Futures Contract Spreads - Contract spreads such as LH7 - 9 decreased from - 950 to - 985 [3] Group 5: Market Situation Analysis - Scale enterprises' hog sales volume continues to increase significantly this month, and ordinary farmers' sales are expected to increase. Secondary fattening is still cautious, and the supply - side pressure is obvious due to high inventory and large hog weights [3][5] - The increase in spot prices drives futures to operate strongly in the short - term. The widening of the price spread between different sizes of pigs may slow down the sales rhythm and relieve price pressure, supporting near - term futures. However, in the long - term, supply - side pressure remains the main influencing factor [5] Group 6: Trading Strategies - Unilateral: It is recommended to short on rallies in the far - month contracts [6] - Arbitrage: Wait and see [6] - Options: Mainly adopt the strategy of selling wide straddles [6]

期 货 眼 ·日 迹 每日早盘观察 银河期货研究所 2026 年 3 月 4 日 0 / 51 研究所 期货眼·日迹 | 股指期货：避险情绪进一步升温 4 | | --- | | 国债期货：债市窄幅波动 5 | | 蛋白粕：市场扰动增加 | 粕类高位震荡 6 | | --- | --- | | 白糖：国际油价大涨 | 国际糖价冲高回落 6 | | 油脂板块：油脂波动加大 8 | | | 玉米/玉米淀粉：产区现货上涨，盘面高位震荡 9 | | | 生猪：供应压力增加 | 猪价震荡运行 9 | | 花生：花生现货稳定，花生盘面底部震荡 10 | | | 鸡蛋：节后进入淡季 | 蛋价稳中有落 11 | | 苹果：库存低需求好转 | 苹果好货价格坚挺 12 | | 棉花-棉纱：基本面有所支撑 | 棉价短期震荡 13 | | 钢材：两会间钢价延续震荡 14 | | --- | | 双焦：地缘冲突加剧，震荡偏强运行 14 | | 铁矿：地缘冲突加大，矿价震荡运行 15 | | 铁合金：盈亏比降低，多单部分止盈 16 | | 金银：中东冲突风险重估 冲击市场情绪 17 | | --- | | 铂钯：能源类价格高涨 再通胀担 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The market conditions of L plastic and PP polypropylene fluctuate daily, affected by factors such as geopolitical situations, crude oil prices, and supply - demand relationships. Different trading strategies are recommended based on daily analysis, including holding long positions, short - selling, and waiting and seeing [1][2][5]. Summary by Directory Market Conditions - **L Plastic**: The price of L plastic's main 2605 contract and LLDPE market prices show daily fluctuations. For example, on 26 - 03 - 04, the L main 2605 contract rose 203 points or 2.82% to 7403 points, and LLDPE market prices had a wide - range increase of 170 - 650 yuan/ton [1]. - **PP Polypropylene**: The price of PP's main 2605 contract and the PP market are also affected by various factors. On 26 - 03 - 04, the PP main 2605 contract rose 228 points or 3.16% to 7451 points. Geopolitical fluctuations and rising crude oil prices have a significant impact on the PP market [1]. Important Information - The China Chemical Industry News reported that 15 products in the petrochemical and chemical industry in 2025 have a risk of oversupply, including 12 high - risk products and 3 relatively high - risk products [1]. - The International Investment Bank Young&Partners reported that the chemical mergers and acquisitions market showed signs of increased activity at the end of 2025, and the industry valuation was gradually stabilizing, with a slight recovery expected in 2026 [5]. - The Xinhua News Agency reported that on February 28, the United States and Israel launched a "pre - emptive" military strike against Iran, and Iran retaliated, affecting many Middle Eastern countries [9]. - The China Petrochemical News reported that global refined oil demand will enter the end of growth in the "14th Five - Year Plan" period, and China's refining and refined oil industry will enter the "acceleration period of transformation" [13]. - The Youhuacai News reported that the Yanchang Petroleum Yan'an 10 million tons/year refining and chemical integration transformation and upgrading project with a total investment of 80.29 billion yuan has completed preliminary preparations and has been officially submitted to the State Council for approval [17]. - The China Chemical Industry News reported that in 2025, the petrochemical industry achieved stable progress in economic operation, with stable production of main energy and chemicals, but a decline in industry investment and total import and export trade [21]. - The Zhuan Su Shi Jie reported that the EU's Waste Technical Adaptation Committee for the "Single - Use Plastics Directive" approved an implementation bill draft, which adjusted the accounting rules for the minimum recycled content of plastic beverage bottles [24]. Logical Analysis - In early March, the US dollar index strengthened to 98.5 points, down 5.5% year - on - year, with the decline narrowing for 2 consecutive months, which was bearish for commodities. The Baltic crude oil freight index rose to 2322 points for 3 consecutive months, up 88.2% year - on - year, and the increase was the highest in 39 months, which was bullish for the chemical industry [2]. - In February, the US economic policy uncertainty index rose to 361.3 points, up 9.5% year - on - year, strengthening marginally for 6 consecutive months, which was bullish for the energy sector. Brent oil prices rose to $69.6/barrel for 2 consecutive months, down 7.4% year - on - year, and increased marginally for 6 consecutive months, which was bullish for PP [6]. - In January, the domestic M1 increased 4.9% year - on - year, M2 increased 9.0% year - on - year, and the M1 - M2 scissors difference was - 4.1%, up slightly from the previous month, which was slightly bullish for commodities [10]. - In February, the ZEW global auto industry index dropped to - 7.2 points, slightly bearish for commodities. In December 2025, the total import and export volume of domestic raw salt was $49 million, down 46.0% year - on - year, with the decline widening for 9 consecutive months, which was bearish for the chemical industry [14][18]. - In December 2025, new orders for US automobiles and auto parts increased to $67.98 billion, up 11.4% year - on - year, and the increase was the highest in 35 months, with marginal growth for 2 consecutive months, which was bullish for commodities [22]. Trading Strategies - **Unilateral**: Different strategies are recommended for the L main 2605 contract and the PP main 2605 contract, including holding long positions, short - selling, trial - buying, and waiting and seeing. For example, on 26 - 03 - 04, it was recommended to hold long positions in the L main 2605 contract and the PP main 2605 contract, and raise the stop - loss levels [2]. - **Arbitrage (Long - Short)**: Strategies such as holding short positions and trial - shorting are recommended for the SPC L2605&PP2605 contract, and stop - loss levels are set [2][6]. - **Options**: Generally, a wait - and - see strategy is recommended [2][6].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The current cold storage inventory of apples is at a relatively low level in the same period over the years. As of February 27, 2026, the cold storage inventory of apples in the main producing areas across the country was 5.5292 million tons, a decrease of 190,800 tons from the previous week and a year - on - year decrease of 181,100 tons, a decrease of 3.2%. The fundamentals of the May contract of apples are relatively strong, but the price of the May contract has increased significantly today. There may be some profit - taking orders for closing positions, so be cautious when chasing high. It is recommended to build long positions after a pullback [5]. Group 3: Summary by Directory First Part: Market Information - **Spot Price**: The Fuji apple price index was 107.22, down 0.30 from the next working day. The prices of various grades of apples in different regions remained stable. The average wholesale price of 6 kinds of fruits was 7.97, up 0.14 from the next working day [2]. - **Futures Price**: AP01 was 8528, up 58 from the previous close; AP05 was 10283, up 387 from the previous close; AP10 was 8644, up 26 from the previous close. The spreads between different contracts also changed [2]. - **Basis**: The basis of Qixia first - and second - grade 80 - AP01 was - 528, down 58 from the previous trading day; the basis of Qixia first - and second - grade 80 - AP05 was - 2283, down 387 from the previous trading day; the basis of Qixia first - and second - grade 80 - AP10 was - 644.0, down 26 from the previous trading day [2]. Second Part: Market News and Views - **Transaction Logic**: The cold storage inventory of apples is at a relatively low level. Although the apple price is high this fruit season, the pre - Spring Festival shipment and warehousing situation is okay. After the Spring Festival, from March to April is a relatively off - season for other fruits to be on the market, and the recent apple shipment situation has improved, and the de - stocking speed has accelerated compared with last week. As March enters the delivery month, the market has once again focused on whether the cold - storage apples can meet the delivery requirements and the cost of making warehouse receipts [5]. - **Transaction Strategy**: For the May contract, go long on dips; for arbitrage, go long on the May contract and short on the October contract; for options, it is recommended to wait and see [8]. Third Part: Related Attachments - The report provides multiple charts, including the price charts of Qixia first - and second - grade paper - bag 80 apples, Luochuan semi - commercial paper - bag 70 apples, AP contract main basis, spreads between different AP contracts, the total apple arrival volume in Chalong, Jiangmen, and Xiaqiao, the price of 6 kinds of fruits, the national cold - storage apple inventory, and the national cold - storage apple outbound volume [10][11][12]

Group 1: Report Overview - Report Name: Sugar Daily Report [2] - Date: March 3, 2026 [2][3] - Researcher: Liu Qiannan [7] - Researcher's Qualifications: Futures Practitioner Certificate No. F3013727, Investment Consulting Certificate No. Z0014425 [7] Group 2: Data Analysis Futures Market - SR09: Closing price 5,332, down 21 (-0.39%); Volume 44,224, down 6,768; Open interest 150,412, up 3,627 [3] - SR01: Closing price 5,448, down 32 (-0.58%); Volume 1,117, down 447; Open interest 8,371, up 70 [3] - SR05: Closing price 5,321, down 24 (-0.45%); Volume 289,757, down 64,119; Open interest 453,444, down 16,529 [3] Spot Market - Prices in different regions: Liuzhou 5390, Kunming 0, Wuhan 5630, Nanning 5370, Bayuquan 0, Rizhao 5510, Xi'an 0 [3] - Price changes: Liuzhou 0, Kunming -5200, Wuhan 0, Nanning -10, Bayuquan -5435, Rizhao 0, Xi'an -5790 [3] - Basis: Liuzhou 69, Kunming -5321, Wuhan 309, Nanning 49, Bayuquan -5321, Rizhao 189, Xi'an -5321 [3] Inter - month Spreads - SR05 - SR01 spread: -127, up 8; SR09 - SR05 spread: 11, up 3; SR09 - SR01 spread: -116, up 11 [3] Import Profits - Brazil: ICE main contract 14.77, premium 0.24, freight 38.50; In - quota price 3854, out - of - quota price 4890, spread with Liuzhou 500, spread with Rizhao 620, spread with futures 558 [3] - Thailand: ICE main contract 14.77, premium 0.85, freight 18.00; In - quota price 3795, out - of - quota price 4813, spread with Liuzhou 577, spread with Rizhao 697, spread with futures 635 [3] Group 3: Market Analysis Important Information - As of March 3, 2026, 3 sugar mills in Guangxi have finished crushing in the 2025/26 season, 44 less than the same period last year; Crushing capacity is 14,000 tons/day, 390,500 tons/day less than last year. It is expected that more than 3 sugar mills will finish crushing this week [5] - On March 3, spot prices in major producing areas were basically stable, with general trading volume [6] - Tensions between the US, Israel and Iran may slow sugar exports from India to the Gulf region. The Indian government approved 2 million tons of sugar exports this season, but actual shipments may be only 500,000 tons, leaving 1.5 million tons in the domestic market [9] Logical Analysis - International market: The sugar production increase in India and Thailand this season is likely to be less than expected. The ISO predicts that global sugar production in the 2025/26 season will be 181.29 million tons, 480,000 tons less than the previous forecast; The global sugar surplus is expected to be 1.22 million tons, 410,000 tons less than the previous forecast. Considering the start of the new Brazilian season in April and May, international sugar prices are likely to fluctuate at the bottom [10] - Domestic market: China's sugar is in the peak crushing period, and production is likely to increase significantly. However, due to the low sugar price and possible tightening of import policies, domestic sugar prices are affected by both long and short factors, with a general trend of bottom - level fluctuation. In the short term, considering the optimistic commodity atmosphere, domestic sugar prices are expected to fluctuate slightly stronger [10] Trading Strategies - Unilateral: International sugar prices are likely to range - bound. Zhengzhou sugar may fluctuate slightly stronger in the short term. It is recommended to buy low and sell high [11] - Arbitrage: Hold off [12] - Options: Sell put options in the short term [13] Group 4: Related Figures - Figures include Guangxi and Yunnan's monthly inventory, monthly production, Liuzhou sugar spot price, Liuzhou - Kunming sugar spot price difference, sugar basis for different months, and spreads between different futures contracts [15][19][21][24][27][29]

Group 1: Report Overview - The report is a daily research report on coking coal and coke in the ferrous metals industry, dated March 3, 2026 [1][2] Group 2: Market Information Futures Prices - Coking coal futures prices (JM01: 1420, up 27.5; JM05: 1127, up 33; JM09: 1222, up 27.5). Coke futures prices (J01: 1856, up 38; J05: 1694, up 42; J09: 1770, up 39) [4] Spot Prices - Coking coal spot prices: low - sulfur primary coking coal is 1520, down 50; medium - sulfur primary coking coal is 1270, unchanged. Coke spot prices: port quasi - first - grade (wet - quenched) is 1480, unchanged [4] Warehouse Receipts - Coking coal warehouse receipts: Shanxi coal is 1190, unchanged; Meng 5 is 1197, up 32. Coke warehouse receipts: port spot (wet - quenched) is 1591, unchanged [4] Basis - Coking coal basis: for Shanxi coal, 01 contract is - 150, 05 contract is 63, 09 contract is - 32. Coke basis: for port spot (wet - quenched), 01 contract is - 155, 05 contract is 7, 09 contract is - 69 [4] Transportation Prices - Transportation prices of coking coal and coke remain unchanged, such as Jiexiu to Fengnan District is 140, unchanged [4] Group 3: Market Judgment Trading Strategy - The current coking coal and coke futures prices have risen significantly. Affected by the escalation of geopolitical conflicts, the price of thermal coal has increased, which supports coking coal. In the short - term, the double - coking futures are expected to be volatile and bullish, and in the medium - term, they are expected to continue wide - range fluctuations. It is recommended to focus on the prices of oil, gas and thermal coal [6] Specific Trading Suggestions - Unilateral: Long positions can be held; in the medium - term, it is recommended to focus on band trading [7] - Arbitrage: Wait and see [8] - Options: The short position of out - of - the - money put options can be held [9] Related Prices - Coke warehouse receipts: Rizhao Port quasi - first - grade (wet - quenched) is 1591 yuan/ton, etc. Coking coal warehouse receipts: Shanxi coal is 1190 yuan/ton, etc. [10] Important Information - In the coking coal production area, most mines in Linfen have basically resumed normal production, but the demand is weak, and the low - sulfur primary coking coal price in Anze and Qinyuan is under pressure. The imported coal market is running at a high level, with high costs and narrowing price increases [11] Group 4: Related Attachments - The report provides multiple charts, including the comprehensive absolute price index of coke, the price of Meng 5 coking coal, the basis of coking coal and coke, etc., covering data from 2021 to 2026 [13][15][17]