国新国证期货早报-20260309

Report Summary 1. Market Performance on March 6, 2026 - A-share market: The three major A-share indexes rose slightly. The Shanghai Composite Index rose 0.38% to 4124.19 points, the Shenzhen Component Index rose 0.59% to 14172.63 points, and the ChiNext Index rose 0.38% to 3229.30 points. The trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.22 trillion yuan, a decrease of 193.4 billion yuan from the previous day [1] - Index futures: The CSI 300 index fluctuated and consolidated, closing at 4660.44, a rise of 12.75 [2] 2. Futures Market Analysis 2.1 Coke and Coking Coal - Coke: The weighted coke index trended stronger, closing at 1705.3, a rise of 24.3. Coke production increased, but inventory pressure emerged. Steel mills' demand was mainly for rigid needs and was suppressed [4] - Coking coal: The weighted coking coal index was strong, closing at 1145.0 yuan, a rise of 20.0. Domestic coal mine production resumed, but imports were limited. Inventory was mixed, and costs were rising [5] 2.2 Zhengzhou Sugar - Affected by rising oil prices due to the Middle East conflict, the US sugar and Zhengzhou sugar 2605 contract rose. As of February 28, Guangxi's sugar production and sales decreased year-on-year [5][6] 2.3 Rubber - Due to factors like large short - term gains and global economic uncertainty, Shanghai rubber futures fluctuated and closed slightly higher. The inventory and warehouse receipts of natural rubber and 20 - number rubber changed [6] 2.4 Soybean Meal - In the international market, CBOT soybean prices rose. In the domestic market, the soybean meal main contract rose. Inventory decreased, and costs provided support [6] 2.5 Live Pigs - The live pig main contract rose slightly. The market was in a situation of strong supply and weak demand, with sufficient supply and weak post - holiday demand [6] 2.6 Shanghai Copper - The Shanghai copper main contract opened low, fluctuated, and then rebounded. Domestic supply increased, inventory accumulated, and downstream demand was weak [6] 2.7 Cotton - The Zhengzhou cotton main contract closed at 15310 yuan/ton. Inventory increased, and global cotton consumption was affected by conflicts [6][7] 2.8 Logs - The log 2605 main contract had certain price fluctuations. Spot prices were stable, and future factors to be concerned about were mentioned [7] 2.9 Iron Ore - The iron ore 2605 main contract rose. Shipping increased, arrivals decreased, and prices were in a volatile trend due to production restrictions [7] 2.10 Asphalt - The asphalt 2604 main contract rose. Refinery production resumed, and prices might follow oil prices [7] 2.11 Alumina - The alumina market was in a situation of increasing supply and demand. Bauxite prices might be supported, and domestic supply and demand both increased [7] 2.12 Shanghai Aluminum - The Shanghai aluminum market also had a situation of increasing supply and demand. Supply might increase slightly, and demand was expected to recover [7] 2.13 Steel - Steel prices were volatile during the Two Sessions. After the Two Sessions, prices would return to fundamentals, and pressure remained. Demand recovery was to be observed [7][8]