中国期货每日简报-20260310

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints - On March 9, equity index futures declined, while most commodities showed high performances, with energy & chemicals leading the raise [10][11][12] - The geopolitical situation in the Middle East has increased the uncertainty of oil supply reduction and duration, amplifying oil price volatility. Oil prices are expected to trade with a strong sideways bias [16][19] - The conflict between the U.S. and Iran continues to escalate, and geopolitical tensions remain a strong disturbance to heavy oil supply expectations. High-sulfur fuel oil futures are expected to swing widely [22][23][24] - The Europe route remains in a trend of rising both supply and demand, with spot freight rates bottoming out and rebounding. It is expected to trade with a strong sideways bias [29][31] 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On March 9, equity index futures declined (IF dropped 1.1%, IH dropped 1.0%), and CGB futures also declined (TL dropped 1.13%, T dropped 0.22%). Most commodity futures rose, with SCFIS(Europe), Crude Oil, and Fuel Oil among the top gainers, and Tin, Palladium, and Platinum among the top decliners [10][11][12] 3.1.2 Daily Raise - Crude Oil: On March 9, the crude oil main contract rose 17.0% to 771.8 yuan/barrel. Geopolitical tensions in the Middle East have increased supply uncertainty. If tensions persist, near-month contracts may have more upside potential; if tensions ease, prices may peak and decline, but it's unlikely to return to pre-conflict levels quickly [16][18][19] - Fuel Oil: On March 9, the fuel oil main contract rose 17.0% to 4548 yuan/ton. The U.S.-Iran conflict has escalated, disturbing heavy oil supply expectations. High-sulfur fuel oil futures are expected to swing widely [22][23][24] - SCFIS(Europe): On March 9, the main contract of SCFIS(Europe) rose 20.0% to 2236.4 points. The Europe route is in a supply-demand growth trend, with spot freight rates rebounding. It is expected to trade with a strong sideways bias [28][29][31] 3.2 China News 3.2.1 Macro News - In February 2026, China's PPI fell 0.9% YoY (decline narrowing by 0.5 percentage points) and rose 0.4% MoM. The CPI rose 1.3% YoY, with urban prices rising 1.4%, rural prices rising 0.9%, etc. G-7 finance ministers will discuss a coordinated release of oil reserves [36] 3.2.2 Trading News - Multiple exchanges issued risk alert letters due to complex and volatile Middle East situation. Exchanges also adjusted price limits, trading margin ratios, trading limits, and trading commissions for various futures contracts [41][51][52]