2025 年 04 月 30 日 尿素：节前宽幅震荡，注意仓位管理 | 项 目 | | | 项目名称 | 昨日数据 | 前日数据 | 变动幅度 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 尿素主力 | 收盘价 | （元/吨） | 1,735 | 1,781 | -46 | | | | 结算价 | （元/吨） | 1,748 | 1,772 | -24 | | | | 成交量 | （手） | 313,145 | 208,654 | 104491 | | （09合约） | | 持仓量 | （手） | 210,028 | 205,466 | 4562 | | | | 仓单数量 | （吨） | 4,999 | 4,999 | 0 | | | | 成交额 | （万元） | 1,094,533 | 739,284 | 355249 | | | 基 差 | | 山东地区基差 | 6 5 | 9 | 5 6 | | | | 丰喜-盘面 | （运费约100元/吨） | -35 | -81 | 4 6 | | | | 东光-盘面 | （最便宜可交割品） | 5 5 ...

豆粕生猪：现货成交低迷 豆粕延续回落 朱皓天 zhuhaotian@jsfco.com 期货从业资格号：F03090081 投资咨询从业证书号：Z0016204 表 1：豆粕生猪期货日度数据监测 | | 会门助员 | | | 粕 类 生 猪 每 日 数 据 追 踪 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | TIOSHI EILLIBER | | | | | | | | | 指标 | 截至 | 南位 | マ日 | 昨日 | 涨跌 | 涨跌幅 | | 期货 | DCE豆粕: 01 | 4月29日 | 元/吨 | 3008 | 3019 | -11.00 | -0.36% | | | DCE豆粕: 05 | 4月29日 | 元/吨 | 2833 | 2870 | -37.00 | -1.29% | | | DCE豆粕: 09 | 4月29日 | 元/吨 | 2964 | 5985 | -21.00 | -0.70% | | | CZCE菜籽粕: 01 | 4月29日 | 元/吨 | 2370 | 2399 | -29.00 | -1. ...

Report Industry Investment Ratings No relevant content provided. Core Views Fats and Oils - Palm oil: Affected by concerns over production growth, it fell below 4,000 ringgit and is expected to test the support at 3,500 ringgit in the long - term. In China, Dalian palm oil futures adjusted downward, with short - term support expected around 8,000 - 8,100 yuan. It's advisable to take profits before the May Day holiday [1]. - Soybean oil: The USDA monthly report lowered the US soybean oil's ending inventory, but the positive news has been reflected in the price. US biodiesel consumption has slowed down. In China, spot prices mostly fell, with some regions rising due to higher basis quotes. Factory supply is tight, and inventory is low, keeping spot quotes strong in the short - term [1]. Meal - The US soybean market is in a shock range, with no weather - related speculation yet and continuous demand concerns. Brazil's supply pressure is being realized, and China's soybean arrivals are abundant. Short - term domestic soybean meal is affected by slow customs clearance, with low oil mill operation rates and falling inventories. The basis has been rising, but the market's willingness to buy at high prices is limited. In May, the basis is expected to decline. Wait for the market to stabilize before considering long - term long positions [3]. Live Pigs - The previous entry of second - fattening pigs pushed up prices, but terminal follow - up is difficult. Recently, second - fattening transactions have declined, and pig prices have fallen. The fat - to - standard price difference is narrowing, and demand is weak. Pig prices are expected to remain in a shock pattern. The 09 contract is expected to fluctuate between 14,000 - 14,800 yuan. Pay attention to second - fattening pig sales around May Day [5]. Corn - The market has strong bullish sentiment, and spot prices are rising. The remaining grain at the grassroots level is almost gone, and traders in the Northeast are strongly holding prices. In North China, farmers are reluctant to sell. The downstream has rigid demand for restocking, but high port inventories limit the upside. In the long - term, supply tightening and recovering demand will support corn prices, but new - season wheat substitution may cause short - term corrections. Be cautious when chasing up prices [7]. White Sugar - Brazil's new sugar - crushing season is starting, and Thailand's production is expected to increase. The market expects an increase in the 25/26 sugar - crushing season, which will put long - term pressure on prices. ICE raw sugar will fluctuate between 17 - 20 cents per pound. Rain in Guangxi has alleviated the drought to some extent. The issuance of import licenses and import volume will dominate the market. Domestic supply and demand are loosening, and sugar prices are expected to remain in a high - level shock pattern [9]. Cotton - Cotton prices are mainly affected by macro factors. Pay attention to the development of the US - initiated tariff war. If tariffs are reduced in the short - term, it will be positive for the market; otherwise, it will be negative in the medium - term. Downstream demand is slightly weakening, and inventories are slightly accumulating, but the pressure is not large. Short - term domestic cotton prices may fluctuate. Keep an eye on macro trends [11]. Eggs - The national egg supply is relatively abundant, and demand is decreasing. The supply - demand contradiction is intensifying. Egg prices are expected to decline slightly this week and then stabilize [14]. Summary by Related Catalogs Fats and Oils - **Soybean Oil**: On April 28, the spot price in Jiangsu was 8,370 yuan, down 150 yuan (- 1.76%) from April 25. The futures price of Y2509 was 7,866 yuan, down 1.60%. The basis was - 128 yuan, and the warehouse receipts remained unchanged at 3,035 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong on April 28 was 9,080 yuan, down 150 yuan (- 1.63%) from April 25. The futures price of P2509 was 8,566 yuan, down 1.70%. The basis was 514 yuan, and the warehouse receipts were 0 [1]. - **Rapeseed Oil**: The spot price of Jiangsu Grade 4 rapeseed oil on April 28 was 9,400 yuan, down 150 yuan (- 1.57%) from April 25. The futures price of O1509 was 9,305 yuan, down 1.65%. The basis was 95 yuan, and the warehouse receipts decreased from 1,634 to 1,357 [1]. Meal - **Soybean Meal**: The spot price in Jiangsu was 3,500 yuan, down 300 yuan (- 7.89%) from the previous value. The futures price of M2509 was 2,985 yuan, down 1.52%. The basis was 515 yuan, down 33.03%. The warehouse receipts were 10,600, unchanged [3]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,580 yuan, down 60 yuan (- 2.27%) from the previous value. The futures price of RM2509 was 2,641 yuan, down 1.60%. The basis was - 61 yuan, down 38.64%. The warehouse receipts increased from 1,000 to 2,000 [3]. - **Soybeans**: The spot price of Harbin soybeans was 3,950 yuan, unchanged. The futures price of the main soybean contract was 4,225 yuan, down 0.28%. The basis was - 275 yuan, up 4.18%. The warehouse receipts increased by 13.37% to 10,981 [3]. Live Pigs - **Futures**: The main contract price was 790 yuan/ton, up 2.60%. The price of the live - pig 2507 contract was 13,485 yuan, down 0.41%; the 2509 contract was 14,130 yuan, down 0.14%. The 7 - 9 spread was 645 yuan, up 5.74%. The main - contract positions increased by 1.48% to 73,369, and the warehouse receipts were 705 [5]. - **Spot**: The spot prices in Henan, Shandong, and other regions remained unchanged. The daily slaughter volume of sample points increased by 0.56% to 147,162 heads. The weekly white - strip price dropped by 100.00% to 0.00 yuan, the weekly piglet price dropped by 3.79% to 26.94 yuan/kg, the weekly sow price remained unchanged at 32.51 yuan/kg, the weekly slaughter weight increased by 0.29% to 128.94 kg, and the weekly self - breeding profit increased by 26.05% to 100 yuan [5]. Corn - **Corn**: The price of the corn 2507 contract was 2,361 yuan, up 1.07%. The Jinzhou Port flat - hatch price was 2,270 yuan, up 0.44%. The basis was - 91 yuan, down 19.74%. The 7 - 9 spread was - 19 yuan, unchanged. The positions increased by 3.12% to 2,305,598, and the warehouse receipts increased by 40.44% to 112,229 [7]. - **Corn Starch**: The price of the corn starch 2507 contract was 2,721 yuan, up 0.44%. The Changchun spot price was 2,590 yuan, unchanged; the Weifang spot price was 2,760 yuan, unchanged. The basis was - 131 yuan, down 10.08%. The 7 - 9 spread was - 79 yuan, down 25.40%. The positions increased by 4.13% to 353,656, and the warehouse receipts remained unchanged at 8,450 [7]. White Sugar - **Futures**: The price of the sugar 2505 contract was 6,189 yuan, up 0.23%; the 2509 contract was 5,977 yuan, up 0.05%. The ICE raw - sugar main contract was 17.83 cents/lb, down 1.82%. The 5 - 9 spread was 212 yuan, up 5.47%. The positions increased by 1.69% to 338,467 hands, the warehouse receipts were 28,756, unchanged, and the valid forecasts increased by 12.37% to 3,270 [9]. - **Spot**: The Nanning spot price was 6,220 yuan, up 0.16%; the Kunming spot price was 6,070 yuan, up 1.17%. The Nanning basis was 31 yuan, down 11.43%; the Kunming basis was - 119 yuan, up 32.00% [9]. Cotton - **Futures**: The price of the cotton 2505 contract was 12,675 yuan, down 0.39%; the 2509 contract was 12,950 yuan, down 0.31%. The ICE US cotton main contract was 67.56 cents/lb, down 1.66%. The 5 - 9 spread was - 275 yuan, down 3.77%. The positions decreased by 0.30% to 570,462 hands, the warehouse receipts decreased by 0.72% to 10,479, and the valid forecasts increased by 1.14% to 1,960 [11]. - **Spot**: The Xinjiang arrival price of 3128B was 13,998 yuan, unchanged; the CC Index of 3128B was 14,244 yuan, up 0.07%; the FC Index of M: 1% was 13,956 yuan, down 0.56%. The 3128B - 01 contract basis was 1,323 yuan, up 3.93%; the 3128B - 05 contract basis was 1,048 yuan, up 3.97%; the CC Index of 3128B - FC Index of M: 1% was 288 yuan, up 44.00% [11]. Eggs - **Futures**: The price of the egg 09 contract was 3,812 yuan/500KG, down 0.16%; the 05 contract was 3,133 yuan/500KG, down 0.98%. The 9 - 5 spread was 679 yuan, up 3.82%. The basis was 315 yuan, down 9.92% [14]. - **Related Prices**: The egg - laying chicken chick price was 4.25 yuan/feather, unchanged; the culled - chicken price was 5.19 yuan/jin, up 2.77%; the egg - to - feed ratio was 2.69, up 1.51%; the breeding profit was - 6.03 yuan/feather, up 29.39% [14].

宏源期货煤焦日报 | | | | | | | | | | | | 2025/4/28 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭盘面 | | | | | 焦煤盘面 | | | | 基美 | | | | 昨日 | | 前日 | 涨跌 | | 昨日 | 前日 | 涨跌 | | 昨日 | 商日 | 涨跌 | | 12601 | 1594.5 | 1607.0 | -156 | JM2601 | 1004.0 | 1004.5 | -0.5 | 101基差 | -105.5 | -118.0 | 15.5 | | J2505 | 1565.5 | 0.5651 | -26.5 | JM2505 | 889.0 | 5568 | -3.5 | 105基差 | -76.5 | -103.0 | 26.5 | | 12509 | 0.9995T | 1590.5 | -24,5 | 8055WIE | 0.956.0 | 0.956 | 0.0 | 100 查会 | -77.0 | -101.5 | 24. ...

剧，短线参与为主。 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 菜籽系产业日报 2025-04-28 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9333 | -173 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2641 | -43 | | 期货市场 | 菜油月间差(9-1):(日,元/吨) 主力合约持仓量:菜油(日,手) | 187 321336 | 32 菜粕月间价差(9-1)(日,元/吨) -29808 主力合约持仓量:菜粕(日,手) | 242 557196 | -10 -8955 | | | 期货前20名持仓:净买单量:菜油(日,手) | 17062 | -14629 期货前20名持仓:净买单量:菜粕(日,手) | -22485 | -18944 | | | 仓单数量:菜油(日,张) | 1357 | -277 ...

Group 1: Apple 1. Report Industry Investment Rating - The investment strategy for apples is to be bullish in a volatile market [5] 2. Core View - The current apple market is in the traditional sales peak season, with improved terminal consumption of late - Fuji apples. The inventory is at a five - year low, and the de - stocking pressure is small, so it is expected that this week's transactions will remain smooth and prices will be firm with a slight upward trend. However, since apples are non - essential goods, a sharp price increase in the sales area will suppress demand and slow down the price increase. New - season apples are in the flowering period, and some产区 have suffered frost damage, with a certain expected reduction in production. Weather factors still have a great impact on the production forecast, and short - term prices of futures and spot are expected to be positive [4] 3. Summary by Relevant Catalog Market News and Key Data - Futures: The closing price of the apple 2510 contract yesterday was 7,922 yuan/ton, a change of +248 yuan/ton from the previous day, an increase of +3.23%. Spot: The price of 80 first - and second - grade late - Fuji apples in Shandong Qixia was 4.05 yuan/jin, unchanged from the previous day; the price of 70 and above semi - commercial late - Fuji apples in Shaanxi Luochuan was 4.30 yuan/jin, also unchanged from the previous day. The spot basis of Shandong Qixia was AP10 + 178, a change of - 248 from the previous day; the spot basis of Shaanxi Luochuan was AP10 + 678, also a change of - 248 from the previous day [2] Market Analysis - In the production areas, the in - warehouse transactions are active, the overall shipment is smooth, and the prices are generally stable. In the western production areas, the transactions of merchants' goods are smooth, and the prices are slightly firm. In the Shandong production area, the number of merchants looking for goods has increased, and the transactions are mainly low - priced goods. In the sales areas, the number of incoming trucks is normal, and the overall shipment is okay. The current inventory is at a five - year low, with little de - stocking pressure. New - season apples are in the flowering period, and some areas in Gansu and northern Shaanxi have suffered frost damage, with a certain expected reduction in production. The futures and spot prices are expected to be positive in the short term. This week, attention should be paid to factors such as the continuity of merchants' replenishment, the shipment in the sales area, farmers' selling mentality, new - season flower quantity, and weather changes [3][4] Group 2: Red Dates 1. Report Industry Investment Rating - The investment strategy for red dates is neutral [8] 2. Core View - The red date market is currently in a state where the supply of goods in the sales area is sufficient, and merchants purchase on demand. With the increase in temperature, the demand for warehousing has increased significantly, and the cold - storage capacity is tight. The 2024 red date harvest exceeded expectations, and the market has no significant differences in the fundamentals of red dates. Currently, both futures and spot prices are at historical lows, and the consumption off - season will last until September. The cost of red date warehouse receipts provides some support, and the downside space is limited. The market will focus on the growth of new - season red dates, and short - term prices are expected to be volatile [7] 3. Summary by Relevant Catalog Market News and Key Data - Futures: The closing price of the red date 2509 contract yesterday was 9,440 yuan/ton, a change of - 10 yuan/ton from the previous day, a decrease of - 0.11%. Spot: The price of first - grade grey jujubes in Hebei was 8.30 yuan/kg, unchanged from the previous day. The spot basis was CJ09 - 1140, a change of +10 from the previous day [5][6] Market Analysis - In the Xinjiang main production area of grey jujubes, the jujube trees have sporadically entered the budding stage, and jujube farmers are actively managing the fields. In the Hebei Cuierzhuang market, there are more than a dozen trucks of incoming goods, and the market supply is sufficient. In the Guangdong Ruyifang market, there are 2 trucks of incoming goods, and the mainstream prices are stable. The red date futures closed slightly lower yesterday. In the short term, prices are expected to remain stable. The market will focus on the impact of weather changes on the growth of new - season red dates [6][7]

Report Summary 1. Industry Investment Ratings - Aluminum: Range-bound trading [1] - Alumina: Slight rebound [1] 2. Core Views - The report updates the fundamental data of aluminum and alumina, including futures market and spot market data, and provides information on recent industry events and trend intensities [1][3] 3. Summary by Relevant Catalogs Futures Market - **Aluminum Futures**: The closing price of the SHFE aluminum main contract was 19,870 yuan, up 175 yuan from the previous trading day; the trading volume was 171,811 lots, and the open interest was 212,640 lots. The LME aluminum 3M closing price was 2,385 US dollars, up 7 US dollars. The LME注销仓单占比 was 41.97%, down 0.38% [1] - **Alumina Futures**: The closing price of the SHFE alumina main contract was 2,844 yuan, up 26 yuan; the trading volume was 385,015 lots, and the open interest was 209,696 lots [1] Spot Market - **Aluminum Spot**: The domestic aluminum ingot social inventory was 676,000 tons, down 12,000 tons; the SHFE aluminum ingot warehouse receipt was 85,200 tons, down 7,300 tons. The LME aluminum ingot inventory was 434,200 tons, down 2,800 tons [1] - **Alumina Spot**: The domestic alumina average price was 2,886 yuan, down 2 yuan; the alumina CIF price at Lianyungang was 374 US dollars/ton, up 0 US dollars [1] Industry News - On April 21, a Sichuan electrolytic aluminum enterprise purchased 3,000 tons of spot alumina in Guizhou at a factory price of 3,065 yuan/ton, including 35% acceptance [1] - A large alumina enterprise in Henan is conducting maintenance on the dissolution end of a low-temperature line due to recent quality instability and high costs, with an expected resumption of production on May 10, affecting an annual production capacity of 400,000 tons [3] - On April 21, an electrolytic aluminum plant in Xinjiang continued its regular tender for spot alumina procurement. The total tender volume this week increased by 10,000 tons to 20,000 tons compared with previous weeks. The winning factory prices of traders varied widely, ranging from 3,180 - 3,200 yuan/ton, equivalent to a factory price of about 2,900 yuan/ton for Shanxi sources and 2,850 - 2,860 yuan/ton for Shandong sources [3] Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0. The trend intensity ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3]

1. Report Industry Investment Rating - Aluminum: Oscillating with a bullish bias [1] - Alumina: Price under pressure [1] 2. Core Viewpoints of the Report - The report provides an update on the fundamental data of aluminum and alumina, including futures and spot market prices, trading volumes, open interest, inventory levels, and enterprise profitability, and also presents some industry news and trend intensities [2][4] 3. Summary by Relevant Catalogs Futures Market - **Aluminum Futures**: The closing price of the SHFE aluminum main contract was 19,545 yuan, down 50 yuan from the previous trading day; the LME aluminum 3M closing price was 2,389 US dollars, up 17 US dollars. The trading volume and open interest of the SHFE aluminum main contract increased, while the LME aluminum 3M trading volume also increased. The LME cancelled warrant ratio decreased, and the LME aluminum cash - 3M spread increased slightly [2] - **Alumina Futures**: The closing price of the SHFE alumina main contract was 2,815 yuan, up 29 yuan. The trading volume decreased, and the open interest also decreased. The spread between the near - month contract and the first - consecutive contract and the cost of the near - month long and first - consecutive short inter - period arbitrage changed [2] Spot Market - **Aluminum Spot**: The domestic aluminum ingot social inventory was 716,000 tons, unchanged from the previous day; the SHFE aluminum ingot warrant was 100,100 tons, down 1,100 tons. The electrolytic aluminum enterprise profit was 3,130.67 yuan, up 2.40 yuan. The aluminum spot import profit and loss was - 944.64 yuan, up 29.37 yuan [2] - **Alumina Spot**: The domestic average alumina price was 2,894 yuan, unchanged. The alumina price at Lianyungang's CIF was 356 US dollars/ton, up 1 US dollar. The profit and loss of Shanxi alumina enterprises was - 118 yuan, unchanged [2] - **Other Raw Materials**: The prices of bauxite from different sources were mostly stable, and the price of caustic soda in Shaanxi was also stable [2] Comprehensive News - In Guizhou, 3,000 tons of spot alumina were traded at an ex - factory price of 2,950 yuan/ton [2] - On April 16, 30,000 tons of alumina were traded in Australia at an FOB price of 347.5 US dollars/ton for June shipment [4] Trend Intensity - Aluminum trend intensity: 0; Alumina trend intensity: 0 [4]

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Glass and Soda Ash - Soda ash: The production has gradually recovered to the normal level, and the overall daily production has increased again after the maintenance of some alkali plants ended. Although the alkali plants have slightly reduced their inventories recently, there is still inventory pressure in the future. The market is expected to continue weak fluctuations in the future without macro - positive support [1]. - Glass: The current market trading logic is still dominated by the macro - situation, and the fundamentals play a relatively weak role. The spot sales in many places have been strong since mid - March due to the seasonal recovery of demand. It is recommended to wait for the end of the delivery logic of contract 05 and then comprehensively evaluate the trading logic of contract 2509 [1]. Industrial Silicon The spot price of industrial silicon has declined, and the futures price has reached a new low. Although large - scale enterprises have reduced production, the supply reduction is narrowed due to new capacity in Yunnan, the resumption of production of some small hydropower enterprises in the southwest, and the increase in the start - up rate in the northwest. The overall balance may still face the problem of inventory accumulation, and the price is under pressure [2]. Polysilicon The polysilicon futures price has broken through the support level and fallen. The spot price is higher than the futures price, and there is no arbitrage space. The polysilicon inventory has increased slightly, while the silicon wafer inventory has decreased. The downstream demand is still supported in April, but the prices of downstream products have started to weaken, and the downstream production schedule is expected to decline in May. The market atmosphere is bearish [3]. Rubber On the supply side, domestic rubber - producing areas are gradually entering the new - year tapping season, and new rubber is being gradually released. Overseas raw material prices have declined due to the drop in spot prices, weakening the cost support for rubber prices. On the demand side, the inventory of semi - steel tires has continued to increase, and enterprises have reduced production to control inventory pressure. It is expected that the rubber price will still face significant pressure in the short term [4]. 3. Summary According to Relevant Catalogs Glass and Soda Ash - **Prices and Spreads** - Glass: The spot prices in North China, East China, Central China, and South China remained unchanged. The prices of glass contracts 2505 and 2509 decreased, with declines of 0.69% and 2.07% respectively. The 05 basis increased by 8.16% [1]. - Soda ash: The spot prices in North China, East China, Central China, and Northwest China remained unchanged. The prices of soda ash contracts 2505 and 2509 decreased, with declines of 0.60% and 0.67% respectively. The 05 basis increased by 3.79% [1]. - **Supply** - Soda ash: The operating rate increased from 82.38% to 88.05%, and the weekly output increased by 3.46% to 73.77 million tons [1]. - Glass: The daily melting volume of float glass and photovoltaic glass remained unchanged [1]. - **Inventory** - Glass: The inventory decreased by 0.84% [1]. - Soda ash: The factory inventory decreased by 0.49%, and the delivery warehouse inventory decreased by 3.08% [1]. - **Real Estate Data** - New construction area decreased by 2.88%, construction area decreased by 20.51%, completion area increased by 5.27%, and sales area increased by 1.81% [1]. Industrial Silicon - **Prices and Spreads** - The prices of various types of industrial silicon decreased slightly, and the basis of some types increased [2]. - The month - to - month spreads of some contracts changed, with some showing increases and some showing decreases [2]. - **Fundamental Data (Monthly)** - The national production in March increased by 18.20% to 34.22 million tons, and the production in Xinjiang increased by 26.57% to 21.08 million tons. The production in Yunnan decreased by 14.58%, and the production in Sichuan increased by 170.59% [2]. - The national operating rate increased by 13.29% to 57.80%, and the operating rate in Xinjiang increased by 30.41% to 78.05% [2]. - **Inventory** - The factory inventory in Xinjiang increased by 4.42%, and the social inventory increased by 0.66%. The non - warehouse receipt inventory increased by 1.66%, while the warehouse receipt inventory decreased by 0.08% [2]. Polysilicon - **Prices and Spreads** - The average price of some polysilicon materials remained unchanged, while the price of N - type silicon wafers decreased by 2.60%. The futures price of contract PS2506 decreased by 2.56% [3]. - The month - to - month spreads of some futures contracts changed, with some showing increases and some showing decreases [3]. - **Fundamental Data** - Weekly: The silicon wafer production decreased by 0.59%, and the average cost of the polysilicon industry decreased by 0.38% [3]. - Monthly: The polysilicon production in March increased by 6.66% to 9.61 million tons, and the silicon wafer production increased by 5.05% to 50.76 million tons [3]. - **Inventory** - The polysilicon inventory increased by 3.39% to 24.4 million tons, and the silicon wafer inventory decreased by 8.37% to 19.15 GW [3]. Rubber - **Prices and Spreads** - The prices of Yunnan state - owned whole - latex and Thai standard mixed rubber decreased, and the basis and non - standard price difference changed [4]. - The month - to - month spreads of some contracts changed, with some showing increases and some showing decreases [4]. - **Fundamental Data** - Production: The production in Thailand, Indonesia, India, and China decreased to varying degrees in February [4]. - Operating Rate: The operating rates of semi - steel and full - steel tires decreased [4]. - Output and Export: The domestic tire output in December increased by 2.04%, and the tire export volume in February decreased by 30.93% [4]. - Import: The import volume of natural rubber in February decreased by 14.50%, while the import volume of natural and synthetic rubber increased by 11.76% [4]. - Cost and Profit: The production cost of some rubber products remained unchanged, and the production profit of STR20 decreased by 82.58% [4]. - **Inventory** - The bonded - area inventory increased by 0.13%, and the factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange increased by 49.13% [4].