Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - According to the closing prices of adjacent trading days, today the Nanhua Comprehensive Index rose by 0.48%. Among the sector indices, only the Nanhua Black Index fell by -0.11%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Non - ferrous Metals Index, with a gain of 1.38%, and the sector with the smallest increase was the Nanhua Agricultural Products Index, with a gain of 0.17%. Among the theme indices, the theme index with the largest increase was the Coal - to - Chemical Index, rising by 1.9%, and the theme index with the smallest increase was the Economic Crops Index, rising by 0.17%. The theme index with the largest decline was the Building Materials Index, falling by -0.25%, and the theme index with the smallest decline was the Black Raw Materials Index, falling by -0.05%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was Lithium Carbonate, rising by 7.17%, and the single - variety index with the largest decline was Soybean No.1, falling by -1.61% [1][3]. Group 3: Summary by Relevant Catalogs 1. Nanhua Commodity Index Market Data - **Comprehensive Index**: The Nanhua Comprehensive Index (NHCI) closed at 3073.18 today, up 14.78 points or 0.48% from yesterday's close of 3058.40, with an annualized return rate of 21.21%, an annualized volatility of 15.16%, and a Sharpe ratio of 1.40 [3]. - **Sector Indices**: - **Precious Metals Index (NHPMI)**: Closed at 1917.80, up 3.84 points or 0.20% from 1913.97, with an annualized return rate of 68.99%, an annualized volatility of 35.64%, and a Sharpe ratio of 1.94 [3]. - **Industrial Products Index (MHII)**: Closed at 4222.06, up 24.67 points or 0.59% from 4197.40, with an annualized return rate of 12.74%, an annualized volatility of 17.10%, and a Sharpe ratio of 0.74 [3]. - **Metal Index (NHMI)**: Closed at 7194.10, up 55.24 points or 0.77% from 7138.86, with an annualized return rate of 14.44%, an annualized volatility of 17.74%, and a Sharpe ratio of 0.74 [3]. - **Non - ferrous Metals Index (NHNF)**: Closed at 2062.70, up 27.52 points or 1.38% from 2020.70, with an annualized return rate of 16.85%, an annualized volatility of 18.62%, and a Sharpe ratio of 0.90 [3]. - **Black Index (NHFI)**: Closed at 2607.54, down 2.76 points or -0.11% from 2610.30, with an annualized return rate of 1.66%, an annualized volatility of 15.96%, and a Sharpe ratio of 0.10 [3]. - **Agricultural Products Index (NHAI)**: Closed at 1087.68, up 1.83 points or 0.17% from 1085.85, with an annualized return rate of 7.90% [3]. - **Mini - Comprehensive Index (NHCIMi)**: Closed at 1423.96, up 6.30 points or 0.44% from 1417.66, with an annualized return rate of 7.49%, an annualized volatility of 26.53%, and a Sharpe ratio of 0.28 [3]. - **Energy Index (NHEI)**: Closed at 1511.54, up 14.10 points or 0.94% from 1497.44, with an annualized return rate of 16.96%, an annualized volatility of 61.34%, and a Sharpe ratio of 0.28 [3]. - **Petrochemical Index (NHPCI)**: Closed at 1272.16, up 22.06 points or 1.76% from 1250.10, with an annualized return rate of 12.95%, an annualized volatility of 38.05%, and a Sharpe ratio of 0.34 [3]. - **Coal - to - Chemical Index (NHCCI)**: Closed at 1257.99, up 23.40 points or 1.90% from 1234.58, with an annualized return rate of 11.52%, an annualized volatility of 38.48%, and a Sharpe ratio of 0.30 [3]. - **Black Raw Materials Index (NHFM)**: Closed at 1108.64, down 0.53 points or -0.05% from 1109.17, with an annualized return rate of 16.10%, and a Sharpe ratio of 0.03 [3]. - **Building Materials Index (NHBMI)**: Closed at 708.49, down 1.81 points or -0.25% from 710.29, with an annualized return rate of 0.43%, an annualized volatility of 14.14%, and a Sharpe ratio of 0.03 [3]. - **Oilseeds and Oils Index (NHOOI)**: Closed at 1321.37, up 2.34 points or 0.18% from 1319.02, with an annualized return rate of 2.91%, an annualized volatility of 15.52%, and a Sharpe ratio of 0.19 [3]. - **Economic Crops Index (NHAECI)**: Closed at 974.60, up 1.67 points or 0.17% from 972.93, with an annualized return rate of 10.78%, and a Sharpe ratio of 0.11 [3]. 2. Contribution of Each Variety's Daily Gain or Loss to the Index's Gain or Loss - **Nanhua Mini - Comprehensive Index**: Crude oil had a positive contribution of 24.76%, while palm oil had a negative contribution of 9.95% [3]. - **Nanhua Industrial Products Index**: Crude oil had a positive contribution of 49.11%, and palm oil had a negative contribution of 23.11% [3]. - **Nanhua Comprehensive Index**: Crude oil had a positive contribution of 19.89%, and palm oil had a negative contribution of 9.92% [3]. - **Nanhua Metal Index**: Lithium Carbonate had a positive contribution of 27.36%, and aluminum had a negative contribution of -5.09% [3]. - **Nanhua Energy and Chemical Index**: Methanol had a positive contribution of 9.55%, and PVC had a negative contribution of -8.98% [3]. - **Nanhua Agricultural Products Index**: Palm oil had a positive contribution of 35.86%, and iron ore had a negative contribution of -2.22% [3]. 3. Single - Variety Index Daily Gain or Loss in Different Sectors - **Energy and Chemical Sector**: Coal rose by 2.17%, LLDPE rose by 2.01%, natural rubber rose by 0.30%, etc. [3]. - **Black Sector**: Coal rose by 0.91% [4]. - **Agricultural Products Sector**: Tung oil rose by 1.35%, soybean No.1 fell by -1.61%, rapeseed oil rose by 0.40%, etc. [6].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core Viewpoints of the Report The report analyzes the market performance, fundamentals, and provides trading strategies for various commodity futures, including precious metals, base metals, black industries, agricultural products, and energy chemicals. The market trends are influenced by factors such as geopolitical conflicts, supply - demand relationships, and macro - economic conditions. 3. Summary by Category Precious Metals - **Market Performance**: International gold prices (London gold) fell 1.88% to $4407.35 per ounce, while domestic gold (9999 on the gold exchange) rose 4.36% to 924.65, and Shanghai gold futures rose 4.26% to 940 yuan per gram. International silver prices rose 2.21% to $69.09 per ounce [1]. - **Fundamentals**: Trump's statement on pausing military strikes and Iran's denial affected oil prices. There were changes in gold and silver inventories in different locations, and domestic gold ETFs had a small inflow [1]. - **Trading Strategy**: Consider re - laying out long positions in gold; for silver, suggest gradually taking profits on previous short positions [1]. Base Metals Copper - **Market Performance**: Copper prices were weak during the day and stabilized at night [1]. - **Fundamentals**: Trump's remarks affected the market, and the supply of copper ore remained tight while downstream procurement was active [1]. - **Trading Strategy**: With an unclear but easing situation, it is recommended to wait and see [1]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract decreased 1.94% to 23555 yuan per ton [1]. - **Fundamentals**: Aluminum plants maintained high - load production, and the weekly aluminum product start - up rate increased slightly [1]. - **Trading Strategy**: Due to the conflict in the Middle East, short - term aluminum prices may face greater macro - pressure than industrial support and are expected to fluctuate widely [1]. Alumina - **Market Performance**: The closing price of the alumina main contract increased 1.71% to 3093 yuan per ton [1]. - **Fundamentals**: The operating capacity of alumina was relatively stable, and electrolytic aluminum plants maintained high - load production [1]. - **Trading Strategy**: With supply restrictions and cost support, the price is expected to fluctuate slightly upward in the short term, but the high domestic inventory and new capacity may limit the upside [2]. Zinc and Lead - **Market Performance**: Zinc and lead main contracts closed at 22800 yuan/ton and 16395 yuan/ton respectively, with changes of - 135 yuan/ton and + 105 yuan/ton compared to the previous trading day [2]. - **Fundamentals**: The lead market was affected by overseas declines, but the price difference between recycled lead and primary lead and downstream purchasing provided support. The zinc market had a bearish macro - sentiment, but consumption was gradually recovering [2]. - **Trading Strategy**: For lead, watch the inventory reduction; for zinc, it is recommended to wait and see or use a high - selling and low - buying strategy [2]. Industrial Silicon - **Market Performance**: The main 05 contract closed at 8575 yuan/ton, up 120 yuan/ton [2]. - **Fundamentals**: Supply may increase due to more furnaces and lower electricity prices. Demand from different industries showed different trends [2]. - **Trading Strategy**: Pay attention to possible industry meetings and expect the price to fluctuate between 8100 - 8900 yuan/ton [2]. Lithium Carbonate - **Market Performance**: LC2605 closed at 149,040 yuan/ton, up 3.6% [2]. - **Fundamentals**: Supply increased, demand from related industries also rose, and inventory showed different trends in different links [2]. - **Trading Strategy**: Observe supply disruptions in Zimbabwe and April production schedules [2]. Polysilicon - **Market Performance**: The main 05 contract closed at 35435 yuan/ton, down 2330 yuan/ton [2]. - **Fundamentals**: Supply pressure eased marginally, and demand prices declined but at a slower pace [2]. - **Trading Strategy**: Wait and see, focusing on downstream procurement and order prices [2]. Tin - **Market Performance**: Tin prices stabilized and rebounded [3]. - **Fundamentals**: Supply was tight but production in Wa State was resuming, and demand showed signs of inventory reduction [3]. - **Trading Strategy**: Wait for a clear macro - situation before buying [3]. Black Industry Rebar - **Market Performance**: The main 2605 contract of rebar closed at 3144 yuan/ton, down 4 yuan/ton [4]. - **Fundamentals**: Inventory was stable, demand was weak in the short - term, and supply decreased year - on - year. The market was affected by the possible cooling of the conflict [4]. - **Trading Strategy**: Wait and see, and consider shorting the 2605 contract. The reference range is 3120 - 3180 yuan/ton [4]. Iron Ore - **Market Performance**: The main 2605 contract of iron ore closed at 816 yuan/ton, down 0.5 yuan/ton [4]. - **Fundamentals**: Supply and demand improved marginally, but there were structural contradictions. The market was affected by the conflict situation [4]. - **Trading Strategy**: Wait and see. The reference range is 800 - 830 yuan/ton [4]. Coking Coal - **Market Performance**: The main 2605 contract of coking coal closed at 1248.5 yuan/ton, down 15 yuan/ton [4]. - **Fundamentals**: Iron - making production increased, there was a game in coke price adjustment, and inventory was at a neutral level. The market was affected by the conflict [4]. - **Trading Strategy**: Wait and see, and consider shorting the 2605 contract. The reference range is 1220 - 1290 yuan/ton [4]. Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans closed slightly higher overnight [5]. - **Fundamentals**: Global supply is expected to be abundant, and demand shows seasonal characteristics [5]. - **Trading Strategy**: US soybeans may enter a volatile period, and domestic soybean meal follows the cost side. Pay attention to crude oil and demand fulfillment [5]. Corn - **Market Performance**: Corn futures prices continued to rise, while spot prices fell [5]. - **Fundamentals**: The grain - selling progress was slow, and policy - related factors affected the market [5]. - **Trading Strategy**: Futures prices are expected to fluctuate at a high level [5]. Oils and Fats - **Market Performance**: The Malaysian market was closed. ITS estimated a 36% increase in Malaysian exports from March 1 - 20 [5]. - **Fundamentals**: Supply is expected to increase seasonally, and demand also increased [5]. - **Trading Strategy**: Short - term price fluctuations follow crude oil. Pay attention to crude oil and production in the producing areas [5]. Sugar - **Market Performance**: Zhengzhou sugar 05 contract closed at 5429 yuan/ton, down 0.75% [5]. - **Fundamentals**: International sugar prices rose due to factors such as ethanol production expectations and Indian production. Domestic production increased and entered a stock - building stage [5]. - **Trading Strategy**: Wait and see [5]. Cotton - **Market Performance**: ICE US cotton futures prices fell, and international crude oil prices dropped significantly [5]. - **Fundamentals**: International cotton prices were affected by crude oil, and domestic and international price differences changed. Domestic textile enterprise inventories decreased [5]. - **Trading Strategy**: Wait and see, with a price range of 14900 - 15400 yuan/ton [5]. Eggs - **Market Performance**: Egg futures prices continued to rise, and spot prices rose slightly [6]. - **Fundamentals**: Festival demand boosted the market, but supply was sufficient [6]. - **Trading Strategy**: Futures prices are expected to fluctuate weakly [6]. Pigs - **Market Performance**: Pig futures prices continued to decline, and spot prices also fell [6]. - **Fundamentals**: Supply was strong and demand was weak, and attention should be paid to slaughter volume and sales rhythm [6]. - **Trading Strategy**: Futures prices are expected to decline [6]. Energy Chemicals LLDPE - **Market Performance**: The main LLDPE contract fell significantly. The spot price in North China was 8900 yuan/ton, and the 05 contract basis was weak [7]. - **Fundamentals**: Supply is expected to decrease due to production cuts and reduced imports, while demand is improving [7]. - **Trading Strategy**: Short - term prices follow crude oil. In the medium - term, consider short - selling at high prices [7]. PVC - **Market Performance**: V05 closed at 6250 yuan/ton, up 6.8% [7]. - **Fundamentals**: Production of Asian ethylene - based PVC decreased, and demand from downstream factories resumed. Social inventory decreased [7]. - **Trading Strategy**: Suggest a positive spread strategy [7]. Glass - **Market Performance**: fg05 closed at 1083 yuan/ton, up 2% [8]. - **Fundamentals**: Supply continued to decrease, and inventory began to decline. The real - estate market was weak [8]. - **Trading Strategy**: Suggest buying glass and short - selling soda ash [8]. PP - **Market Performance**: The main PP contract fell significantly. The spot price in East China was 9400 yuan/ton, and the 05 contract basis was weak [8]. - **Fundamentals**: Supply decreased due to production cuts and reduced imports, and demand improved [8]. - **Trading Strategy**: Short - term prices follow crude oil. In the medium - to - long - term, consider short - selling at high prices [8]. Crude Oil - **Market Performance**: Oil prices fell significantly due to Trump's statement on negotiations with Iran [8]. - **Fundamentals**: The conflict in the Middle East affected oil production and exports, and the closure of the Strait of Hormuz could lead to a significant reduction in exports [8]. - **Trading Strategy**: Oil prices may continue to rise if the strait remains blocked, but may reverse if the situation eases [8]. Styrene - **Market Performance**: The main EB contract fell significantly. The spot price in East China was 11000 yuan/ton, and the market trading was average [9]. - **Fundamentals**: Supply of pure benzene and styrene may be affected by the conflict, and demand showed mixed trends [9]. - **Trading Strategy**: Short - term prices follow crude oil. In the long - term, supply - demand may weaken [9].

Group 1: Report Summary - The South China Composite Index rose 0.11% based on the closing prices of adjacent trading days [1] - Among the sector indices, the South China Energy and Chemical Index had the largest increase of 1.3%, and the South China Non - ferrous Metal Index had the smallest increase of 0.04%. The South China Precious Metal Index had the largest decline of - 1.95%, and the South China Metal Index had the smallest decline of - 0.07% [1] - Among the theme indices, the Petroleum and Chemical Index had the largest increase of 2.72%, and the Economic Crop Index had the smallest increase of 0.45%. The Building Materials Index had the largest decline of - 0.15%, and the Oilseeds and Oils Index had the smallest decline of - 0.03% [1] Group 2: Index Market Data - The South China Composite Index (NHCI) closed at 3077.03, up 0.79% from the previous day, with an annualized return of 20.61% and an annualized volatility of 14.89% [3] - The South China Precious Metal Index (NHPMI) closed at 2301.66, down - 0.76% from the previous day, with an annualized return of 110.66% and an annualized volatility of 31.86% [3] - The South China Industrial Products Index (NHII) closed at 4106.95, up 1.20% from the previous day, with an annualized return of 8.25% and an annualized volatility of 16.21% [3] - The South China Metal Index (NHMI) closed at 7238.22, up 0.11% from the previous day, with an annualized return of 13.17% and an annualized volatility of 14.31% [3] - The South China Energy and Chemical Index (NHECI) closed at 1920.92, up 2.16% from the previous day, with an annualized return of 5.96% and an annualized volatility of 20.76% [3] - The South China Non - ferrous Metal Index (NHNF) closed at 2077.14, down - 0.06% from the previous day, with an annualized return of 25.81% and an annualized volatility of 18.17% [3] - The South China Black Index (NHFI) closed at 2553.25, up 0.70% from the previous day, with an annualized return of - 3.40% and an annualized volatility of 16.01% [3] - The South China Agricultural Products Index (NHAI) closed at 1112.48, up 1.03% from the previous day, with an annualized return of 3.60% and an annualized volatility of 7.94% [3] - The South China Composite Index (NHCIMi) closed at 1886.34, up 0.21% from the previous day, with an annualized return of 6.44% and an annualized volatility of 23.54% [3] - The South China Energy Index (NHEI) closed at 1362.33, down - 0.05% from the previous day, with an annualized return of 13.13% and an annualized volatility of 48.41% [3] - The South China Petroleum and Chemical Index (NHPCI) closed at 1154.16, up 4.89% from the previous day, with an annualized return of 10.46% and an annualized volatility of 28.62% [3] - The South China Coal - based Chemical Index (NHCCI) closed at 1126.11, up 4.23% from the previous day, with an annualized return of 8.53% and an annualized volatility of 29.54% [3] - The South China Black Raw Materials Index (NHFM) closed at 1071.94, up 1.00% from the previous day, with an annualized return of 0.31% and an annualized volatility of 17.59% [3] - The South China Building Materials Index (NHBMI) closed at 714.50, up 2.05% from the previous day, with an annualized return of 1.40% and an annualized volatility of 13.96% [3] - The South China Oilseeds and Oils Index (NHOOl) closed at 1334.24, up 1.79% from the previous day, with an annualized return of 4.12% and an annualized volatility of 14.05% [3] - The South China Economic Crop Index (NHAECI) closed at 982.56, up 0.44% from the previous day, with an annualized return of 2.75% and an annualized volatility of 10.43% [3] Group 3: Single - variety Index - Among single - variety indices, the asphalt had the largest increase of 9%, and the rapeseed meal had the largest decline of - 4.21% [4] Group 4: Calculation Rules - The daily change in the report is the ratio of the closing price of the current day to the closing price of the previous day, and the contribution is the product of the change and the weight [7] - The South China Commodity Index eliminates the spread when the commodity contract is rolled over, reflecting the real return of investing in commodity futures [7] - The contribution calculation method used in the report is: the daily change of a certain variety / ∑|the daily change of each variety| [7]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - According to the closing prices of adjacent trading days, today the Nanhua Composite Index rose 1.96%. Among the sector indices, only the Nanhua Precious Metals Index fell by -0.56%, while the rest of the sectors rose. The sector with the largest increase was the Nanhua Energy and Chemical Index, with a gain of 3.66%, and the sector with the smallest increase was the Nanhua Agricultural Products Index, with a gain of 0.12%. Among the theme indices, only the Economic Crops Index fell by -0.74%, while the rest of the theme indices rose. The theme index with the largest increase was the Energy Index, with a gain of 7.33%, and the theme index with the smallest increase was the Building Materials Index, with a gain of 0.28%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was Low - Sulfur Fuel Oil, up 11.94%, and the single - variety index with the largest decline was Apple, with a decline of -2.46% [1][4] Group 3: Summary by Relevant Catalog Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 3077.03 today, up 24.14 points or 0.79% from yesterday, with an annualized return of 20.61%, an annualized volatility of 14.89%, and a Sharpe ratio of 1.38 [3] - The Nanhua Precious Metals Index (NHPMI) closed at 2301.66, down 17.56 points or -0.76% from yesterday, with an annualized return of 110.66%, an annualized volatility of 31.86%, and a Sharpe ratio of 3.47 [3] - The Nanhua Industrial Products Index (NHII) closed at 4106.95, up 48.65 points or 1.20% from yesterday, with an annualized return of 8.25%, an annualized volatility of 16.21%, and a Sharpe ratio of 0.51 [3] - The Nanhua All - Metal Index (NHMI) closed at 7238.22, up 8.04 points or 0.11% from yesterday, with an annualized return of 13.17%, an annualized volatility of 14.31%, and a Sharpe ratio of 0.92 [3] - The Nanhua Energy and Chemical Index (NHECI) closed at 1920.92, up 40.54 points or 2.16% from yesterday, with an annualized return of 5.96%, an annualized volatility of 20.76%, and a Sharpe ratio of 0.29 [3] - The Nanhua Non - Ferrous Metals Index (NHNF) closed at 2077.14, down 1.15 points or -0.06% from yesterday, with an annualized return of 25.81%, an annualized volatility of 18.17%, and a Sharpe ratio of 1.42 [3] - The Nanhua Black Index (NHFI) closed at 2553.25, up 17.81 points or 0.70% from yesterday, with an annualized return of -3.40%, an annualized volatility of 16.01%, and a Sharpe ratio of -0.21 [3] - The Nanhua Agricultural Products Index (NHAI) closed at 1112.48, up 11.35 points or 1.03% from yesterday, with an annualized return of 3.60%, an annualized volatility of 7.94%, and a Sharpe ratio of 0.45 [3] - The Nanhua Mini - Composite Index (NHCIMi) closed at 1386.34, up 2.89 points or 0.21% from yesterday, with an annualized return of 6.44%, an annualized volatility of 23.54%, and a Sharpe ratio of 0.27 [3] - The Nanhua Energy Index (NHEI) closed at 1362.33, down 0.74 points or -0.05% from yesterday, with an annualized return of 13.13%, an annualized volatility of 48.41%, and a Sharpe ratio of 0.27 [3] - The Nanhua Petrochemical Index (NHPCI) closed at 1154.16, up 53.76 points or 4.89% from yesterday, with an annualized return of 10.46%, an annualized volatility of 28.62%, and a Sharpe ratio of 0.37 [3] - The Nanhua Coal - Chemical Index (NHCCI) closed at 1126.11, up 45.67 points or 4.23% from yesterday, with an annualized return of 8.53%, an annualized volatility of 29.54%, and a Sharpe ratio of 0.29 [3] - The Nanhua Black Raw Materials Index (NHEM) closed at 1071.94, up 10.59 points or 1.00% from yesterday, with an annualized return of 0.31%, an annualized volatility of 17.59%, and a Sharpe ratio of 0.02 [3] - The Nanhua Building Materials Index (NHBMI) closed at 714.50, up 14.36 points or 2.05% from yesterday, with an annualized return of 1.40%, an annualized volatility of 13.96%, and a Sharpe ratio of 0.10 [3] - The Nanhua Oilseeds and Oils Index (NHOOl) closed at 1334.24, up 23.41 points or 1.79% from yesterday, with an annualized return of 4.12%, an annualized volatility of 14.05%, and a Sharpe ratio of 0.29 [3] - The Nanhua Economic Crops Index (NHAECI) closed at 982.56, up 4.26 points or 0.44% from yesterday, with an annualized return of 2.75%, an annualized volatility of 10.43%, and a Sharpe ratio of 0.26 [3] Other Information - The calculation method of the contribution degree in the report is that the contribution degree is the product of the daily increase/decrease and the weight, and the daily increase/decrease is the ratio of the (today's closing price) to the (yesterday's closing price). The Nanhua Commodity Index eliminates the price difference when the commodity contract changes months, reflecting the real return of investing in commodity futures [11]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The Nanhua Composite Index fell by -2.1% today compared to the closing price of the previous trading day [1][3] 3. Summary by Relevant Catalogs 3.1 Plate Index - The Nanhua Precious Metals Index had the largest increase, rising by 2.75%, while the Nanhua Metal Index had the smallest increase, rising by 0.19% [1] - The Nanhua Energy and Chemical Index had the largest decline, falling by -5.1%, and the Nanhua Black Index had the smallest decline, falling by -0.8% [1] 3.2 Theme Index - All theme indices declined, with the Energy Index having the largest decline of -7.91% and the Economic Crops Index having the smallest decline of -0.06% [1] 3.3 Single - Variety Index - Among commodity futures single - variety indices, the Silver index had the largest increase, rising by 5.62% [1] - In the energy and chemical sector, LPG had a decline of -6.67%, asphalt had a decline of -7.99%, etc [11] - In the agricultural products sector, soybean meal had a decline of -0.73%, rapeseed had a decline of -1.24%, etc [8] - In the coal sector, coking coal had a decline of -3.98% [6]

1. Report's Industry Investment Rating - Not provided in the content 2. Report's Core View - The short - term and medium - term views of soybean meal, palm oil, and soybean oil are all "oscillating", while the intraday and reference views are "oscillating strongly". The market is affected by multiple factors, with both positive and negative forces, resulting in a state of oscillation [5][6][7]. 3. Summary According to Related Catalogs For Soybean Meal (M) - **Price Trend** - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [5][6] - **Core Logic** - Positive factors: Market expectations of China's purchase of US soybeans and the implementation of the US biodiesel tax credit policy boosting US soybean oil demand have injected positive sentiment and supported US soybean prices [5]. - Negative factors: The abundant global soybean supply is the core force suppressing prices. Brazil's soybean harvest is expected to be bountiful and the progress is faster than usual, which means high imports in the coming months. The domestic soybean and soybean meal inventories are nearly doubled year - on - year and at a historical high, while the downstream aquaculture industry is generally in the red and pre - Spring Festival stockpiling is almost over, leading to weak demand [5]. For Palm Oil (P) - **Price Trend** - Intraday view: Oscillating strongly; Medium - term view: Oscillating; Reference view: Oscillating strongly [7][6] - **Core Logic** - Positive factors: The upcoming MPOB data is expected to show a decline in Malaysian palm oil inventory, which may provide short - term support [7]. - Negative factors: Although Malaysia's palm oil is in the production - reduction season, the absolute inventory level is still high and it will enter the production - increasing cycle later. The domestic pre - Spring Festival stockpiling is coming to an end, demand support is weakening, and there is still inventory pressure in the near term [7]. For Soybean Oil (Not in a separate doc but in the catalog) - **Price Trend** - Short - term: Oscillating; Medium - term: Oscillating; Intraday: Oscillating strongly; Reference view: Oscillating strongly [6] - **Core Logic** - Influenced by US soybean cost support, US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil - mill inventory [6] For Palm (in the catalog) - **Price Trend** - Short - term: Oscillating; Medium - term: Oscillating; Intraday: Oscillating strongly; Reference view: Oscillating strongly [6] - **Core Logic** - Affected by Malaysian palm production and exports, Indonesian biodiesel and export policies, EU - related policy changes, domestic arrivals and inventory, and substitution demand [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Gold is expected to be strong in the long - term, with short - term oscillations, medium - term strength, and intraday oscillations tending to be weak. The core logic is that after the interest rate meeting, the safe - haven demand boosts the gold price [1]. - Copper is also expected to be strong in the long - term, with short - term oscillations, medium - term strength, and intraday oscillations tending to be weak. The core logic is the situation of strong expectations but weak reality [1]. 3. Summary by Relevant Catalogs Gold - **Price Performance**: Yesterday, the gold price soared, with Shanghai gold reaching 1250 yuan/gram and New York gold reaching 5600 US dollars/ounce. During the night session, the price quickly dived, with New York gold falling below 5200 US dollars/ounce and Shanghai gold reaching around 1160 yuan/gram. After a sharp decline, there was a strong buying force from the bulls, leading to a V - shaped rebound [3]. - **Market Analysis**: The short - term rise and fall are not an independent market of a single variety but a resonance in the global market. After the interest rate meeting, global commodities generally rose. After short - term large cumulative increases in gold and silver, the volatility intensified, and the willingness of long - position holders to take profits was strong, resulting in a sharp decline last night [3]. Copper - **Price Performance**: Last night, the copper price first rose and then fell. LME copper rose to 14,500 US dollars, corresponding to Shanghai copper at around 114,000 yuan. Then, the commodity market weakened collectively, and the copper price dropped significantly, with an intraday decline approaching 10,000 yuan/ton. After falling to the previous oscillation upper limit, it stabilized and rebounded [4]. - **Market Analysis**: After the interest rate meeting yesterday, the market's bullish sentiment was strong, and precious metals and non - ferrous metals generally rose. The copper price broke through the oscillation upper limit since January and continued to increase positions and rise, with rapid increase in capital attention. Subsequently, the industrial pressure rose rapidly, the spread between February and March contracts continued to widen, and downstream buyers were in a wait - and - see mood [4].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to run weakly, with a short - term and medium - term outlook of oscillation and an intraday view of weakness [1][5][7] 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Price Trend**: In the short - term and medium - term, it will oscillate, and intraday it will be weak. It is expected to run weakly [1][5] - **Core Logic**: As domestic rubber - producing areas in Yunnan and Hainan enter the off - season, the supply pressure of domestic whole latex has significantly decreased. The domestic automobile production and sales data in the downstream of the rubber market are optimistic, and the heavy - truck sales data in November are better than expected. After Thailand and Cambodia declared a truce, geopolitical disturbances have weakened. After the positive factors are digested, the domestic Shanghai rubber futures maintained an oscillating and weak trend in the night session on Monday, and the futures price closed slightly lower. It is expected to maintain this trend on Tuesday [5] Synthetic Rubber (BR) - **Price Trend**: In the short - term and medium - term, it will oscillate, and intraday it will be weak. It is expected to run weakly [1][7] - **Core Logic**: The domestic automobile production and sales data in the downstream of the rubber market are optimistic, and the heavy - truck sales data in November are better than expected. However, the potential supply pressure is prominent, weakening the market driving force. As the crude oil futures price has fallen under pressure, the cost support has weakened. The domestic synthetic rubber futures showed an oscillating and weak trend in the night session on Monday, and the futures price closed slightly lower. It is expected to maintain this trend on Tuesday [7]

Report Overview - The report is the morning report of precious metals and non - ferrous metals of Baocheng Futures on December 30, 2025, covering gold and copper [1]. Investment Ratings - No industry investment rating is provided in the report. Core Views - For gold, short - term is "oscillation", mid - term is "strong", and intraday is "oscillation and slightly strong", with a reference view of "wait - and - see". The core logic is that the recovery of liquidity is beneficial to the gold price, but the willingness of long - position holders to close positions before the holiday is strong [1][3]. - For copper, short - term is "oscillation", mid - term is "strong", and intraday is "oscillation and slightly strong", with a reference view of "wait - and - see". The core logic is that the recovery of liquidity and strong industrial expectations push up the copper price, but the willingness of long - position holders to close positions before the holiday is strong [1][4]. Summary by Variety Gold - **Price Movement**: Yesterday, precious metals tumbled significantly. Shanghai gold fell below the 1000 - yuan mark, and New York gold successively fell below the 4500 - dollar and 4400 - dollar marks, with an intraday decline of over 4% [3]. - **Driving Logic**: After the Christmas break in the overseas market, the short - term macro - atmosphere cooled down, and the willingness of long - position holders to close positions was strong. Precious metals and non - ferrous metals generally fell on Monday. It is expected that funds will be cautious before the New Year's Day holiday, and Shanghai gold can focus on the support of the 20 - day moving average [3]. Copper - **Price Movement**: Yesterday, the copper price dropped from a high level, with an intraday high - level decline of nearly 4000 yuan/ton. The night - session maintained a weak trend, and the main futures price fell to the 96,000 - yuan mark. LME copper opened high and closed low yesterday, basically falling back to the price before the Christmas holiday [4]. - **Driving Logic**: As the New Year's Day holiday approaches, the willingness of long - position funds to take profits and close positions is strong. Industrial pressure has been continuously accumulating during the continuous rise of the copper price in December and needs time to digest. It is expected that funds will be cautious before the holiday, and the 95,000 - yuan mark support can be focused on [4].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.49% today. Among the sector indices, only the Nanhua Black Index rose by 0.22%, while the rest of the sectors declined. The Nanhua Energy and Chemical Index had the largest decline of -1.27%, and the Nanhua Metal Index had the smallest decline of -0.06%. Among the theme indices, only the Black Raw Materials Index rose by 0.23%, while the rest of the theme indices declined. The Energy Index had the largest decline of -1.64%, and the Building Materials Index had the smallest decline of -0.07%. Among the single - variety indices of commodity futures, the Silver index had the largest increase of 5.25%, and the Lithium Carbonate index had the largest decline (not fully given in the text) [1][3] Group 3: Summary by Relevant Catalogs Market Data of Nanhua Commodity Index - **Composite Index NHCI**: Closed at 2637.12 today, down 13.11 points or -0.49% from yesterday. The annualized return rate is 6.25%, the annualized volatility is 11.55%, and the Sharpe ratio is 0.54 [3] - **Precious Metal Index NHPMI**: Closed at 1921.55, down 14.73 points or -0.76%. The annualized return rate is 87.32%, the annualized volatility is 19.46%, and the Sharpe ratio is 4.49 [3] - **Industrial Products Index NHII**: Closed at 3534.24, down 24.69 points or -0.69%. The annualized return rate is -5.65%, the annualized volatility is 13.78%, and the Sharpe ratio is -0.41 [3] - **Metal Index NHMI**: Closed at 6866.03, down 4.32 points or -0.06%. The annualized return rate is 9.40%, the annualized volatility is 11.92%, and the Sharpe ratio is 0.79 [3] - **Energy and Chemical Index NHECI**: Closed at 1522.34, down 19.56 points or -1.27%. The annualized return rate is -15.45%, the annualized volatility is 16.62%, and the Sharpe ratio is -0.93 [3] - **Non - ferrous Metal Index NHNF**: Closed at 1908.43, down 13.78 points or -0.72%. The annualized return rate is 17.64%, the annualized volatility is 12.85%, and the Sharpe ratio is 1.37 [3] - **Black Index NHFI**: Closed at 2527.86, up 5.57 points or 0.22%. The annualized return rate is -4.56%, the annualized volatility is 16.11%, and the Sharpe ratio is -0.28 [3] - **Agricultural Products Index NHAI**: Closed at 1049.30, down 1.24 points or -0.12%. The annualized return rate is 1.83%, the annualized volatility is 7.95%, and the Sharpe ratio is 0.23 [3] - **Mini Composite Index NHCIMi**: Closed at 1167.06, down 5.85 points or -0.50%. The annualized return rate is -1.00%, the annualized volatility is 8.99%, and the Sharpe ratio is -0.11 [3] - **Energy Index NHEI**: Closed at 961.05, down 16.01 points or -1.64%. The annualized return rate is -2.89%, the annualized volatility is 15.92%, and the Sharpe ratio is -0.18 [3] - **Petrochemical Index NHPCI**: Closed at 892.09, down 9.56 points or -1.06%. The annualized return rate is -0.33%, the annualized volatility is 10.05%, and the Sharpe ratio is -0.03 [3] - **Coal - based Chemical Index NHCCI**: Closed at 907.15, down 4.23 points or -0.46%. The annualized return rate is -2.55%, the annualized volatility is 10.80%, and the Sharpe ratio is -0.24 [3] - **Black Raw Materials Index NHFM**: Closed at 1063.40, up 2.42 points or 0.23%. The annualized return rate is -0.41%, the annualized volatility is 15.08%, and the Sharpe ratio is -0.03 [3] - **Building Materials Index NHBMI**: Closed at 688.02, down 0.49 points or -0.07%. The annualized return rate is -1.36%, the annualized volatility is 11.66%, and the Sharpe ratio is -0.12 [3] - **Oilseeds and Oils Index NHOOl**: Closed at 1210.70, down 3.77 points or -0.31%. The annualized return rate is -0.84%, the annualized volatility is 7.69%, and the Sharpe ratio is -0.11 [3] - **Economic Crops Index NHAECI**: Closed at 919.25, down 6.56 points or -0.71%. The annualized return rate is 0.50%, the annualized volatility is 7.51%, and the Sharpe ratio is 0.07 [3] Some Single - variety Index Data - **Silver**: Rose 5.25% [1] - **Lithium Carbonate**: Had the largest decline (specific decline not fully given) [1] Some Single - variety Index Data in Different Sectors - **Energy and Chemical Sector**: Synthetic Ammonia rose 1.58%, Coal had no change (0.00%), Crude Oil fell -1.62%, and Polypropylene fell -1.28% [11] - **Black Sector**: Coking Coal fell -0.76% [12] - **Agricultural Products Sector**: Rapeseed fell -2.57%, Purple Seed Rape fell -0.17%, and Live Pigs rose 0.60% [6]