中国期货每日简报-20260313

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On March 12, equity index futures dropped, and most commodities rose, with energy & chemicals leading the raise. In equity index futures, IC dropped 0.8%, and IH dropped 0.6%. In commodity futures, LSFO, Paraxylene, and Crude Oil were the top three gainers, while Apple, Silver, and Palladium were the top three decliners [10][11][12]. Summary by Directory 1. China Futures 1.1 Overview - On March 12, equity index futures dropped, and most commodities rose, with energy & chemicals leading the raise. IC dropped 0.8%, and IH dropped 0.6%. In commodity futures, the top three gainers were LSFO, Paraxylene, and Crude Oil, and the top three decliners were Apple, Silver, and Palladium [10][11][12]. 1.2 Daily Raise 1.2.1 Crude Oil - On March 12, the Crude Oil main contract rose 11.3% to 722.3 yuan/barrel (INE). Strategic petroleum reserve releases will not reverse supply tightness expectations, leaving oil prices strong. Geopolitical uncertainty and passive production cuts will keep the market volatile and biased upward [18][20][21]. 1.2.2 LSFO - On March 12, the main contract of LSFO rose 14.8% to 5653 yuan/ton (INE). LSFO is pressured by green fuel substitution and limited HSFO replacement demand, but is currently undervalued and moves with crude oil. It has strong primary product attributes, and its crack spread strengthens when crude oil prices rise. Fundamentally, it enjoys a more favorable export tax rebate rate than refined oil products [25][26][27]. 1.2.3 Paraxylene - On March 12, the main contract of Paraxylene rose 13.0% to 10218 yuan/ton (ZCE). Cost increases have evolved into actual supply shocks, with force majeure declared at multiple refineries in the Asia - Pacific. Short - term prices will stay strong, and the medium - term logic of buying on dips holds. PX 05 - 09 month spread is recommended for positive calendar spread, and PXN is expected to trade range - bound between USD 250–330/ton [32][33][34]. 2. China News 2.1 Macro News - IEA Member States Agree to Release 400 Million Barrels of Oil Reserves. The 32 member states of the International Energy Agency will release 400 million barrels of oil from their emergency reserves. - U.S. to Release 172 Million Barrels from Strategic Petroleum Reserve. The U.S. will start releasing 172 million barrels of oil from the Strategic Petroleum Reserve next week, which is expected to take about 120 days. - U.S. February CPI Rises 2.4% YoY, Core CPI Up 2.5% YoY. U.S. CPI rose 2.4% year - on - year in February, and core CPI increased 2.5% year - on - year. The market still expects the Federal Reserve to cut interest rates again as early as July. - U.S. to Launch Section 301 Investigations Against 16 Trading Partners. The U.S. will launch Section 301 investigations against 16 trading partners, including China, the European Union, Mexico, Vietnam, India, and Japan [37].