Report Industry Investment Ratings - Copper: ★★★ (implied by the context) [1] - Aluminum: ★★★ [1] - Alumina: ★★★ [1] - Cast Aluminum Alloy: ★★★ [1] - Zinc: ★★★ [1] - Nickel and Stainless Steel: ★★★ [1] - Tin: ★★★ [1] - Lithium Carbonate: ★★★ [1] - Industrial Silicon: ★★★ [1] - Polysilicon: ★★★ [1] Core Views - The market is assessing the negative risks of the Middle - East war and facing stronger global liquidity constraints under potential inflation, leading to a dominant risk - averse trading sentiment [2]. - Most non - ferrous metals are affected by the war situation and macro - economic factors, showing different trends of price fluctuations, inventory changes and supply - demand relationships [2][3][4] Summary by Related Catalogs Copper - The Shanghai copper futures closed down at 92,000 yuan. The market is evaluating the Middle - East war risks and liquidity constraints. The spot price is 92,820 yuan. The price decline led to intensive downstream point - pricing. The strong support for copper price is at 91,000 yuan, and the MA40 weekly moving average also needs attention [2]. Aluminum, Alumina, and Aluminum Alloy - Shanghai aluminum futures fluctuated. The spot discounts in East, Central, and South China were 150 yuan, 180 yuan, and 175 yuan respectively. The inventory decreased slightly. Aluminum may remain weak until the war eases. Cast aluminum alloy's spread with Shanghai aluminum narrowed. Domestic alumina's over - supply improved slightly but may face more supply in the future and may oscillate strongly waiting for Guinea's policy [3]. Zinc - Low zinc prices stimulated downstream replenishment. The SMM zinc social inventory decreased by 21,000 tons to 255,200 tons. The price may test the smelter's cost line. It is expected to stop falling at 22,000 - 22,500 yuan/ton, and further decline needs a significant increase in TC [4]. Aluminum (Second Part) - Low aluminum prices increased downstream replenishment. The SMM aluminum social inventory decreased by 14,900 tons to 63,100 tons. The domestic aluminum market is in a situation of both supply and demand increase. The cost support is prominent, and the key support is at 16,200 yuan/ton [6]. Nickel and Stainless Steel - Shanghai nickel futures weakened. The market is worried about the Fed's liquidity control. The upstream price increase supported the mid - stream. The market is mainly dominated by policy sentiment, and it is expected to be in a weak oscillation waiting for Indonesia's policy changes [7]. Tin - Shanghai tin futures decreased with reduced positions. The SMM spot tin price dropped to 341,450 yuan. The social inventory decreased by 2,380 tons to 10,977 tons. Tin price may fall towards 300,000 yuan due to sufficient supply [8]. Lithium Carbonate - Lithium carbonate futures oscillated. The total inventory decreased by 100 tons to 99,000 tons. The production has recovered to a high level. The market is expected to be in an oscillating pattern [9]. Industrial Silicon - Industrial silicon futures oscillated. The supply increase is limited in March - April. Downstream demand is weak, and the inventory increased slightly. The market is expected to be in a weak oscillation [10]. Polysilicon - Polysilicon futures dropped sharply by over 8%. High inventory and macro - factors led to a bearish market. The strategy is to be bearish, and it is recommended to gradually take profits when the price is below 35,000 yuan/ton [11]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The core variable of oil price trends depends on the smoothness of the global energy transportation route, and geopolitical conflicts may intensify oil price fluctuations [2]. - Precious metals may maintain a weak operation before the war shows no obvious signs of easing [3]. - The prices of various metals and commodities are affected by factors such as geopolitical conflicts, supply - demand relationships, and macro - economic expectations, showing different trends [4][5][6]... Summary by Relevant Catalogs Energy - **Crude Oil**: Trump issued a 48 - hour ultimatum to Iran, and the supply gap cannot be fully compensated. The smoothness of the Strait of Hormuz is the key to oil price trends, and price fluctuations may intensify [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Geopolitical tensions increase, and the supply recovery is slow. High - sulfur fuel oil demand is supported, and low - sulfur fuel oil has supply - demand support. The overall trend is expected to be strong [22]. - **Asphalt**: The conflict affects supply, and the demand has a recovery expectation. The fundamentals have marginal improvement, and the price follows the oil price [23]. Metals - **Precious Metals**: Interest rate meetings release hawkish signals, and geopolitical conflicts make precious metals weak [3]. - **Base Metals**: - **Copper**: Market assesses the negative risks of the Middle East war, and the price has support at 91,000, but also needs to pay attention to the MA40 weekly moving average [4]. - **Aluminum**: Domestic inventory increases, and the price needs to pay attention to the key support at 23,000 yuan [5]. - **Zinc**: The price adjustment is close to full, with support at 22,000 - 22,300 yuan/ton, and the overall trend is to short on rallies [8]. - **Lead**: The import window is open, and the price is under pressure. The price volatility may increase [9]. - **Nickel & Stainless Steel**: The market is worried about the Fed's liquidity control. The price is mainly affected by policy sentiment and tends to be weak and volatile [10]. - **Tin**: The price may fluctuate widely between 300,000 - 350,000 yuan, and attention should be paid to the price decline risk [11]. Chemicals - **Carbonate Lithium**: The price is weak, the market trading volume decreases, and the inventory decline slows down [12]. - **Polysilicon**: The price is weak, the export is under pressure, and the inventory inflection point is not clear [13]. - **Industrial Silicon**: The price is stable, the supply is weak, and the demand is not strong, with a weak and volatile pattern [14]. - **Other Chemicals**: The prices of various chemicals such as PVC, PTA, and ethylene glycol are affected by geopolitical conflicts, supply - demand relationships, and cost factors, showing different trends [29][30][31]. Building Materials - **Steel**: The price of steel is strong, the demand is improving, but the profit of steel mills restricts the increase space. The cost has strong support [15]. - **Iron Ore**: The fundamentals are marginally improved, but the supply is still loose, and the price is expected to fluctuate [16]. - **Coke & Coking Coal**: The prices are rising, affected by geopolitical energy concerns, and are easy to rise and difficult to fall [17][18]. - **Manganese Silicon & Silicon Iron**: The prices are rising, affected by factors such as weather and supply - demand [19][20]. Agricultural Products - **Soybean & Bean Meal**: Energy price increases raise inflation concerns, and the planting structure may change. Attention should be paid to energy, fertilizer, and climate [36]. - **Vegetable Oils**: The prices are adjusted, but bio - diesel value boosts the price. Attention should be paid to the Middle East situation and macro - expectations [37]. - **Cereals**: The price of corn is affected by policies and the Middle East situation. The price of eggs has a basis for strengthening. The price of cotton is expected to be bullish in the medium - term [40][42][43]. - **Fruits & Others**: The price of apples is high and volatile, and the price of wood is supported by low inventory. The price of pulp has bottom support [45][46][47]. Financial Products - **Stock Index**: A - shares are differentiated, and the market is affected by geopolitical and liquidity factors. The defensive sectors are worth allocating [48]. - **Treasury Bonds**: The price is falling, and the curve is bear - steep. The long - end may fluctuate and rebound [48].