Report Summary 1. Investment Rating No investment rating was provided in the report. 2. Core View - The iron ore price has been maintaining a high - level oscillation recently. The main reasons include concerns about restricted domestic spot trade liquidity, an increase in demand and a slowdown in port inventory pressure, and a rise in iron ore costs due to the increase in shipping freight caused by the Middle - East geopolitical conflict [3]. - In the short term, the supply - demand relationship of iron ore has marginally improved, but geopolitical factors have increased costs. In the long run, trade restrictions will not change the pattern of loose supply - demand, and the release of spot liquidity will put significant pressure on prices [3]. - The expected price range is 104 - 109 US dollars/ton (61% index), corresponding to 790 - 825 yuan/ton for Dalian iron ore futures [3]. - The recommended strategy is range - bound trading and selling call options [3]. 3. Summary by Directory Supply - External ore supply has rebounded month - on - month. Although the supply from Brazil has not fully recovered due to precipitation, Australia's shipments are strong. The geopolitical conflict between the US and Iran has led to a lack of iron ore supply from Iran, and there is also pressure from transshipment from other countries. The supply of domestic ore is expected to enter a seasonal upward cycle. Overall, short - term supply support has weakened [3]. Demand - Domestic demand has entered a recovery cycle. The environmental protection restrictions in Hebei have been lifted, domestic demand has entered a seasonal increase cycle, and steel mill profits have rebounded month - on - month. The significant weakening of the basis recently has also driven speculative demand. However, the possibility of demand exceeding expectations is low, and the upward drive on the demand side is neutral [3]. Inventory - The resumption of production at steel mills has driven restocking demand, and the inventory level at steel mills has rebounded month - on - month. Port inventory has decreased month - on - month, and short - term port inventory pressure has weakened. There are still structural contradictions in domestic inventory, and there is an expectation of inventory reduction. The upward drive on the inventory side is moderately strong [3].

Core Viewpoint - Recent fluctuations in international silver prices have led to a decline in domestic spot silver prices, significantly impacting terminal consumption and industrial sectors [3][6]. Group 1: Market Impact - In the Shenzhen Shui Bei gold and jewelry market, the volatility in silver prices has caused wholesale businesses to experience drastic changes, with some days seeing sales drop to as low as one or two kilograms due to market hesitation [3][6]. - Retailers have adopted cautious procurement strategies in response to price uncertainty, leading to reduced purchases of investment silver bars [8][10]. Group 2: Consumer Behavior - Despite the cooling demand for investment silver bars, small-weight silver jewelry has seen increased sales as consumers view the price drop as an opportunity to buy [12]. - Consumers are taking advantage of lower prices, with reports of increased interest in purchasing silver jewelry around 30 grams [14]. Group 3: Industrial Demand - In contrast to the retail sector, industrial demand for silver has surged, driven by its essential role in industries such as photovoltaics and electrical alloys, prompting companies to replenish stocks and increase production [16]. - Analysts indicate that while short-term silver prices may be influenced by geopolitical factors, the long-term supply-demand fundamentals remain strong, with current inventories at historically low levels [18].

1. Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: March 26, 2026 [2] - Research Team: Energy and Chemical Research Team [4] - Researchers: Li Jie, Ren Junchi, Peng Jinglin, Liu Youran, Feng Zeren [4] 2. Investment Rating - No investment rating provided in the report 3. Core Views - Soda ash market is in a weak fundamental situation with significant supply pressure and weak demand, but cost support from geopolitical factors partially offsets the downward pressure. In the short - term, the soda ash futures may have increased volatility, and in the long - term, it faces price decline pressure [8][9] - Glass futures are in an oscillating pattern. High inventory and production restart expectations suppress prices, while cold - repair expectations and raw material price fluctuations support prices. The key to glass price increase in the long - term is the continuous recovery of commercial housing sales data. There are short - term rebound opportunities, but the upward space is limited [10][11] 4. Summary by Section 4.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market** - On March 25, the main soda ash futures SA605 fluctuated strongly. The closing price was 1,244 yuan/ton, up 4 yuan/ton with a 0.32% increase, and the daily position increased by 2,265 lots [8] - The supply pressure is significant with new capacity release and high operating rates, leading to four - week consecutive increases in weekly output. Demand is weak due to increased cold - repair of float glass and slow recovery of real - estate completion data. Inventory is still at a historical high above 1.8 million tons, and the de - stocking process is blocked [8] - Geopolitical factors push up oil and coal prices, providing cost support for soda ash, but this support is unstable and affected by upstream commodity prices. The market is in a game between weak fundamentals, cost support, and macro expectations [9] - **Glass Market** - The glass futures price is in an oscillating pattern. High inventory and production restart expectations suppress prices, while cold - repair expectations and raw material price fluctuations support prices. Only a few production lines are cold - repaired, and inventory accumulation is the core problem restricting price increase [10][11] - The industry is in a loss range, and the price decline space is limited. The key to long - term price increase is the continuous recovery of commercial housing sales data. There are short - term rebound opportunities, and operation should focus on risk control [11] 4.2 Data Overview - Figures provided include the price trends of soda ash and glass active contracts, soda ash weekly output, soda ash enterprise inventory, central China heavy soda market price, and flat glass output [13][18][23]

1. Report Industry Investment Ratings - Bean No.1: Not clearly defined [1] - Soybean Oil: Not clearly defined [1] - Palm Oil: Not clearly defined [1] - Rapeseed Oil: Not clearly defined [1] - Soybean Meal: Not clearly defined [1] - Rapeseed Meal: Not clearly defined [1] - Corn: Not clearly defined [1] - Live Pigs: ★★★ (indicating a more distinct bearish trend and a relatively appropriate investment opportunity) [1] - Eggs: ★☆☆ (indicating a bullish bias but poor operability on the market) [1] 2. Core Views - The market is affected by multiple factors such as the geopolitical situation in the Middle East, energy prices, fertilizer supply, and climate. There are uncertainties in the supply chain of agricultural products, and investors need to pay attention to various risk factors [2][3][4] - Different agricultural products have different price trends and influencing factors. For example, the price of bean No.1 futures is mainly in a callback, and the price of live pigs is difficult to reverse in the medium - term, while the price of eggs is expected to gradually strengthen [2][8][9] 3. Summary by Related Catalogs 3.1 Bean No.1 - The main contract of bean No.1 futures reduced positions, and the price mainly declined. The market is affected by factors such as the decline of crude oil prices, the geopolitical situation in the Middle East, and the cost of new - season crops [2] 3.2 Soybean & Soybean Meal - Trump's statement indicates that the relationship between the US and Iran may ease, and the prices of agricultural products affected by fertilizer prices and international freight have weakened. The 2605 contract of Dalian Commodity Exchange reduced more than 80,000 lots and fell 1.6%. Brazil's soybean harvest rate is lower than last year, and the export plan to China is still at a high level. The shipment volume of US soybeans to China decreased. Multiple factors affect the market, and uncertainties are increasing [3] 3.3 Soybean Oil & Palm Oil - Crude oil prices dropped significantly, and the global financial market fluctuated sharply. The price difference between vegetable oil and petro - diesel continued to decline, which was beneficial for the marginal improvement of biodiesel. The prices of natural gas in Asia and Europe were strong, and new - season crops faced the risks of fertilizer supply interruption and cost increase. The market expected a higher probability of planting more soybeans and less corn, but it needed to be verified. The market is affected by both inflation and recession logics [4] 3.4 Rapeseed Meal & Rapeseed Oil - The prices of rapeseed products followed the market decline. The statements of the US and Iran will affect the pricing of geopolitical factors in the oilseed market. The inventory and operating rate of coastal rapeseed oil mills are low, but the supply is expected to increase. The demand for rapeseed meal is expected to be boosted seasonally, and it is recommended to wait and see [6] 3.5 Corn - The prices of corn in some ports in the north increased slightly, while the prices in Shandong decreased. The increase in the auction volume of state - supported wheat and the opening of enterprise qualification may impact the corn price. With the warming of the weather in the northeast, the selling sentiment may weaken, and investors need to pay attention to the callback risk [7] 3.6 Live Pigs - The decline of live pig futures in the far - month contracts slowed down, and the overall position increased by nearly 10,000 lots. The spot price continued to decline. The inventory pressure needs to be relieved, the production capacity reduction is insufficient, and the supply - demand situation is loose throughout the year, so the mid - term reversal of pig prices is difficult [8] 3.7 Eggs - The price of egg futures decreased with increased positions, while the spot price was stable with a slight upward trend. The number of newly - hatched laying hens will be lower than the number of old hens to be culled in the next five months, and the egg inventory is expected to decline. It is recommended to lay out long positions at low levels [9]

Group 1: Report Summary - The report is a weekly futures report on soybean meal and soybean oil, covering the period from March 23 - 27, 2026 [1][2] Group 2: Soybean Meal Futures 1. Mid - term Market Analysis - Mid - term trend: The soybean meal main contract is in a wide - range oscillation stage. The 11th week's oil factory soybean actual crushing volume was 1.9694 million tons, with an operating rate of 54.23% and a soybean meal inventory of 627,300 tons. Domestic oil factory soybean arrival rhythm has slowed down, soybean meal inventory has been continuously decreasing, and downstream feed enterprises' inventory is low with released replenishment demand. The US soybeans maintain a high - level oscillation due to crude oil fluctuations and biodiesel expectations, providing cost support. However, the continuous loss of breeding profit restrains the willingness to purchase at high prices, and the future arrival pressure of Brazilian soybeans still exists, limiting the upside space of the market [7] - Mid - term strategy suggestion: Pay attention to South American weather changes, US tariff policies, and domestic breeding demand [7] 2. Variety Trading Strategy - Last week's strategy review: The soybean meal futures price was in an upward channel, and the funds were slightly bearish. The current market sentiment is still affected by geopolitical factors, and attention should be paid to the evolution of the Middle East situation and the arrival of Brazilian soybeans [10] - This week's strategy suggestion: Short - term spot tight balance and cost support boost the price, but weak demand and future supply pressure suppress the increase. It is expected that the soybean meal futures price will maintain a high - level oscillation pattern [11] 3. Variety Diagnosis - The main force is relatively bullish with a long - short flow of 72.8. The main funds are flowing out slightly with a capital energy of - 24.5. The long - short divergence is 93.3, indicating a high risk of market reversal [14] 4. Related Data - Data includes soybean meal weekly output, weekly inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio [19][22][26] Group 3: Soybean Oil Futures 1. Mid - term Market Analysis - Mid - term trend: The soybean oil main contract is in a wide - range oscillation stage. According to Mysteel data, the actual output of soybean oil from 125 oil factories in the 11th week was 374,200 tons. South American logistics and policy uncertainties support the supply side. Crude oil fluctuates sharply due to geopolitical risks, providing emotional support through biodiesel expectations. However, terminal consumption is suppressed by high prices, spot transactions are light, commercial inventory is at a high level, and de - stocking is slow, suppressing the basis. The market is dominated by macro - sentiment, and the fundamental support is weakened [33] - Mid - term strategy suggestion: Pay attention to US biodiesel policies, crude oil trends, and domestic demand [33] 2. Variety Trading Strategy - Last week's strategy review: The current market is driven by geopolitical and crude oil fluctuations, and the supply - demand fundamentals are temporarily weakened. Attention should be paid to the evolution of geopolitical situations and crude oil price fluctuations [36] - This week's strategy suggestion: The short - term trend of soybean oil futures will still focus on crude oil fluctuations and policy expectations, maintaining a high - level oscillation pattern in the contradiction between cost support and high - price - suppressed demand [36] 3. Related Data - Data includes soybean oil weekly output, weekly inventory, basis, trading volume, as well as soybean weekly arrival volume, weekly inventory, weekly crushing volume, and weekly operating rate [44][49][53][58]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The macro - driving force remains weak, the short - term supply - demand relationship of iron ore has marginally improved, and geopolitical factors have increased the cost of iron ore. However, supply - demand changes and cost increases are not sufficient to support a rapid and substantial price increase. The short - term iron ore price is not determined by fundamentals, and the market speculation sentiment is overheated. In the long run, trade restrictions will not change the pattern of loose supply - demand, and the release of spot liquidity will put significant pressure on prices. [5] Group 3: Summary by Directory Logic - The Fed announced to keep interest rates unchanged, in line with market expectations. The market is pricing in the impact of the Middle East conflict on US inflation. The interest rate dot - plot shows that the Fed will cut interest rates once this year. Fed Chairman Powell said US inflation is stubborn and the outlook uncertainty has increased. If there is no progress in inflation, there will be no rate cuts. The recent sharp rise in iron ore prices is due to concerns about restricted domestic spot trade liquidity, an irrational rise in iron ore swap prices, short - term high domestic supply, an upward cycle in demand, and a phased increase in shipping costs caused by the Middle East conflict. [3] Supply - Foreign ore supply has decreased both month - on - month and year - on - year due to the incomplete recovery of Brazilian supply affected by precipitation and concerns about the impact of US - Iran geopolitical factors on Iran's global iron ore supply. Domestic ore supply is expected to enter a seasonal recovery cycle. Overall, short - term supply - side pressure has decreased month - on - month. [3] Demand - The probability of super - expected growth in terminal demand is low. Attention should be paid to the de - stocking slope of steel inventories and the intensity of resumption of work. According to seasonal patterns, domestic iron ore demand will enter a recovery cycle from late March. Short - term trade restrictions have also strengthened speculative demand, and domestic iron ore demand is expected to be supported. [4] Inventory - Steel mills maintain a low - inventory operation mode and are cautious in procurement, with short - term restocking needs. Current port inventories are still accumulating, and short - term port inventory pressure remains high. However, with the recovery of domestic demand and trade restrictions, there are still structural contradictions in domestic inventories and an expectation of inventory de - stocking. [5] Price - The expected price range is 104 - 109 US dollars per ton (61% index), corresponding to 790 - 825 yuan per ton for Dalian iron ore futures. [5] Strategy - The strategy is to conduct range operations and sell call options. [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Corn**: The corn market showed a trend of falling first and then rising on Tuesday. The price of Northeast spot remained stable except for a slight decline in the price of North Port at the beginning of the week. The price of North China corn continued to rise, but the pace of increase slowed down. The price of the corn market in the sales area remained stable. The overall supply - demand situation of the market remained unchanged compared with the previous period. The corn main 2605 contract fell below the 2400 - yuan integer mark. After the profitable long positions in the corn market left, it was recommended to continue to pay attention to the impact of policy trends on the grain market. The view on corn is "oscillation" [1]. - **Soybean and Soybean Meal**: CBOT soybeans closed higher on Tuesday, supported by the strengthening of crude oil prices. The US government planned to release the final bio - fuel blending quota before the end of March, which increased the market's expectation of an increase in the demand for raw materials such as soybean oil. Brazil's Anec said that Brazil planned to export 16.32 million tons of soybeans in March, slightly lower than the previous estimate. The domestic protein meal was strong. The view on soybean meal is "rising" [1]. - **Fats and Oils**: BMD palm oil fell on Tuesday, ending a four - day winning streak. The market was suppressed by the decline in soybean oil futures and the uncertainty of several key policies in Indonesia. The shipping data showed that the export of palm oil in Malaysia from March 1 - 15 increased by 43.5% - 56.9% month - on - month. Domestic fats and oils fell first and then rose. The view on fats and oils is "rising" [1]. - **Eggs**: The egg futures corrected on Tuesday, and the main 2605 contract closed down 1.66%. The spot price of eggs remained stable in most areas. The main contract fell after rising to the upper limit of the range, and it was recommended to maintain the idea of range oscillation and pay attention to supply and market sentiment changes. The view on eggs is "oscillation" [2]. - **Pigs**: The pig futures continued to fall on Tuesday, and the main 2605 contract closed down 1.06%. The spot price of pigs continued to decline. The breeding side had a strong willingness to sell, but a weak willingness to cut prices. The current demand was in the off - season, and the terminal demand was still weak. The pig price was likely to continue the weak pattern before the supply pressure was effectively relieved. The view on pigs is "oscillation and weakening" [2]. 3. Summary by Relevant Catalogs Market Information - **Military and Geopolitical Information**: Israel's military operations against Iran will last at least three more weeks, and there are still thousands of targets to be attacked. The US Pentagon is considering sending more warships to the Middle East to escort oil tankers passing through the Strait of Hormuz. The US Treasury issued a 30 - day license allowing countries to buy Russian oil and oil products stranded at sea [3]. - **Economic Data**: At the end of February, the balance of broad money (M2) was 349.22 trillion yuan, a year - on - year increase of 9% [3]. - **Regulatory Information**: In March, the China Securities Regulatory Commission emphasized strengthening the bottom - line thinking and monitoring and supervision of the linkage between domestic and foreign, futures and spot markets in 2026 [3]. - **Commodity Market Information**: The total inventory of imported iron ore in 45 ports in China increased by 696,600 tons compared with the previous period, and the daily port clearance volume increased by 68,200 tons. The price increase of iron ore at the end of February was mainly due to emotional and technical repairs, lacking fundamental support. The international fertilizer supply chain was affected by the conflict between the US, Israel and Iran, and the price of the urea futures contract on the Chicago Mercantile Exchange rose by more than 20% compared with before the attack. Iraq was ready to resume oil exports through the Ceyhan pipeline, but the Kurdish region refused to resume exports. Due to the near - stagnation of transportation in the Strait of Hormuz, Bahrain Aluminium started a phased shutdown. The methanol inventory in East China ports decreased by 72,000 tons compared with March 5 [3][4]. - **Agricultural Information**: The relevant national departments decided to organize the early release of the 2025/2026 national fertilizer commercial reserve to meet the needs of agricultural production during the spring plowing period [4]. Variety Spreads - **Contract Spreads**: The report presents the 5 - 9 spreads of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [7][8][10][11]. - **Contract Basis**: The report shows the basis of various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but does not provide specific data analysis [14][16][20][22]. Research Team Introduction - The agricultural product research team of Everbright Futures includes Wang Na, the director of agricultural product research, Hou Xueling, a soybean analyst, and Kong Hailan, a researcher in the egg and pig industries. They have rich experience and many honors in the field of futures research [26].

Report Industry Investment Ratings - Urea: ★★★ (indicating a clear upward trend and a relatively appropriate investment opportunity) [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★☆ (indicating a clear upward trend and the market is fermenting) [1] - Propylene: ★★★ [1] - Plastic: ★★★ [1] - PVC: ★☆★ [1] - Caustic Soda: ★★★ [1] - PX: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fiber: ★★★ [1] - Glass: ★★★ [1] - Soda Ash: ★★☆ [1] - Bottle Chip: ★★★ [1] Core Views - The overall chemical market is affected by geopolitical factors, such as the situation in the Middle East and the shipping situation in the Strait of Hormuz, which lead to price fluctuations and supply uncertainties [2][3][5] - Different chemical products have different supply - demand situations and price trends, and investors need to pay attention to specific product fundamentals and market sentiment [2][3][6] Summary by Directory Olefins - Polyolefins - Propylene futures rose significantly. Cost support strengthened, but downstream demand declined, and some producers may cut prices to sell [2] - Plastic and polypropylene futures also rose. For polyethylene, cost support increased and supply was expected to decrease, but downstream was cautious. For polypropylene, the geopolitical risk remained, and the market entered a wait - and - see stage [2] Polyester - PX and PTA prices were driven up by supply decline expectations due to the Strait of Hormuz issue. Downstream stopped purchasing, and there was inventory pressure on polyester filament [3] - New capacity put long - term pressure on ethylene glycol. Although the price rebounded due to supply concerns, there were still risks from the situation and downstream feedback [3] - Short - fiber inventory increased from a low level, and the market followed raw material fluctuations [3] - Bottle - chip load increased from a low level, and inventory grew. There was an opportunity for positive spread arbitrage in the medium - term [3] Pure Benzene - Styrene - Pure benzene futures and spot prices fluctuated widely. Domestic production decreased, and port inventory decreased slightly [5] - Styrene futures fluctuated. Cost support strengthened, but spot buying was cautious [5] Coal Chemical Industry - Methanol futures prices fluctuated. MTO device operation in Jiangsu and Zhejiang was low, and port inventory decreased significantly. The short - term market was affected by the geopolitical situation [6] - International urea prices rose sharply. Domestic supply was high, but it was the peak demand season, and factories' inventory decreased significantly. The market was expected to remain strong [6] Chlor - Alkali - PVC prices rose and then fell. Supply decreased due to maintenance and raw material shortages, but inventory pressure remained. It was expected to be volatile and strong in the short - term [7] - Caustic soda prices also rose and then fell. Liquid caustic soda inventory decreased, and industry profits increased. It was expected to fluctuate with market sentiment [7] Soda Ash - Glass - Soda ash prices fluctuated widely. Inventory pressure remained, and supply was high. A short - selling strategy could be considered after the market sentiment subsided [8] - Glass prices fluctuated with market sentiment. Inventory decreased this week, but there was still pressure in the mid - and upstream. It was expected to fluctuate with the macro - trend [8]

Report Investment Rating - No investment rating information provided in the report Core View - The initial price increase of some chemicals was driven by the premium effect of geopolitical tensions, but as the market evolved, the strength of the fundamentals of each variety has become the decisive factor for the price increase. The market shows obvious differentiation characteristics. The price increase of the varieties with tight supply - demand patterns is relatively smooth, while the increase of those with weak supply - demand patterns is weak. At present, a defensive strategy should be adopted, and it is necessary to focus on the performance of varieties with tight and loose supply - demand patterns in the future [23][24][25] Summary by Directory 1. Changes in the Price Transmission Path of Chemical Products (1) Geopolitical Premium Driving Chemical Prices Up in the Early Stage - Last week, the market rise was mainly driven by the geopolitical event of the US - Iran conflict, which strengthened the market's expectation of a contraction in crude oil supply. This week, the price quickly corrected due to the cooling of market sentiment, profit - taking by some long - positions, and the exchange's increase in margin requirements [4] - The impact of price fluctuations shows obvious echelon differentiation. The first echelon includes crude oil, methanol, and LPG; the second echelon includes ethylene, propylene, polyethylene, and polypropylene; the third echelon includes PX, pure benzene, styrene, and ethylene glycol; the fourth echelon has relatively weak price linkage [5] (2) Later Gradually Turning to the Promotion of the Own Fundamental - The market driving logic is extending from simple cost transmission to supply - chain transmission, and the weight of fundamentals is gradually increasing. The first - echelon varieties are directly affected by supply shocks; the second - echelon ones are driven by both cost and supply; the third - echelon ones are demand - driven [11] 2. Analysis of Some Chemical Products (1) PX/PTA - The core logic of PX price increase has changed from cost increase to "real supply shock". The PX supply shock has become a reality, and the market's pricing of near - term supply tightness has been strengthened. PTA shows a game between "cost - driven" and "weak fundamentals". PX is the strongest link in the industrial chain, while PTA's rise depends more on cost promotion [14][15] (2) Pure Benzene/Styrene - Short - term geopolitical events have reconstructed the cost bottom line of the pure - benzene and styrene industrial chains. Styrene performs relatively strongly due to its better inventory structure. The supply of pure benzene in the Asian market is expected to be tight, and its future trend will be mainly affected by external factors. Styrene has strong future demand expectations, but there are also risks [17][18] (3) Methanol - The driving factor of methanol comes from the Middle East geopolitical situation, which directly affects supply expectations. The inventory has decreased, but in the long - term, the supply is expected to be loose once the geopolitical risk eases [19] (4) Plastics (PP, PE, PVC) - The three plastics show a differentiated market. PP is a cost - driven increase but has a "market without transactions" risk. PE is in a dilemma between cost and supply - demand. PVC is the weakest, and its price center may move down [20] 3. Overall Strategy for the Chemical Sector - At present, a defensive strategy should be adopted, and it is advisable to wait and see. In the next observation period, focus on the follow - up performance of varieties with tight and loose supply - demand patterns [25]

Report Industry Investment Rating There is no information about the industry investment rating in the provided content. Core Viewpoints of the Report - The market trends of various energy and chemical commodities are influenced by multiple factors, including geopolitical uncertainties, supply - demand relationships, and cost changes. For example, geopolitical conflicts lead to supply contractions and price fluctuations in many commodities [11][18][20]. - The prices of some commodities are expected to show different trends, such as continued strength, wide - range fluctuations, or short - term weakness. For instance, PX, MEG, and rubber are expected to be strong, while fuel oil is expected to be weak [5][13]. Summary According to Relevant Catalogs 1. Aromatics and Polyester - related Products - **PX**: Cost - supported and supply - contracted, the price hits a new high. Short - term chasing is not recommended, and mid - term callback buying is advisable. The month - spread should be treated with a positive - spread strategy. The supply is expected to decrease due to factors like poor passage in the Strait of Hormuz and potential production cuts in refineries [11]. - **PTA**: Cost - supported, the previous reverse - spread positions have high risks, and a positive - spread strategy is recommended [12]. - **MEG**: Due to raw material supply shortages, multiple domestic MEG plants reduce production, and the supply contraction drives the price to strengthen [12]. - **Polyester**: The sales of polyester yarn in Jiangsu and Zhejiang on March 10 were cold, and the sales of direct - spun polyester staple fiber factories were polarized [11]. 2. Rubber and Synthetic Rubber - **Rubber**: It shows a strong - oscillating trend. The fundamentals show some changes in futures and spot prices, and the tire industry has a structural differentiation in orders [13][14]. - **Synthetic Rubber**: It has a wide - range intraday oscillation, and the price center moves up. The inventory of domestic cis - polybutadiene rubber sample enterprises has decreased, and the price is expected to be pushed up by cost [16][18]. 3. Polyolefins - **LLDPE**: Geopolitical uncertainties are high, and the supply contraction of cracking continues. The cost is pushed up by the supply disruption of naphtha, and the demand for mulch film is expected to improve after the festival [19][20]. - **PP**: Multiple raw material supplies are restricted, and the upstream production starts to contract. The cost is strongly supported, and the demand is expected to improve after the Lantern Festival [19][20]. 4. Other Chemical Products - **Caustic Soda**: Supply is passively reduced, and the market oscillates strongly. Overseas production cuts and domestic PVC production cuts affect the supply, but the futures premium is large, and overseas device dynamics and export orders need to be tracked [23][24]. - **Pulp**: It oscillates. The supply - side port inventory is high, and the demand - side downstream paper mills' procurement is cautious [27][28]. - **Glass**: The price of the original sheet is stable. The downstream processing plants' start - up rate recovers, and the glass factory focuses on inventory clearance [33]. - **Methanol**: It oscillates widely at a high level. The spot price shows regional adjustments, and the port inventory decreases significantly [35][37]. - **Urea**: It oscillates widely, and the fundamentals support the price. The enterprise inventory decreases, but the policy restricts the upward space of valuation [39][40]. - **Styrene**: It oscillates strongly. The supply of pure benzene decreases, and the export of styrene increases. The downstream starts to replenish inventory [42][43]. - **Soda Ash**: The spot market changes little. The market sentiment is high, and the price may be stable and slightly strong [47]. - **LPG**: Geopolitical uncertainties are high [50]. - **Propylene**: Due to geopolitical disturbances at the cost end, the supply is expected to decrease [51]. - **PVC**: Supported by cost and with supply cuts, the market oscillates strongly. The cost of ethylene - based enterprises increases, and the supply - demand structure may reverse [59]. - **Fuel Oil**: It continues to decline and may turn weak in the short term. The low - sulfur fuel oil has a continuous night - session callback, and the price difference between high - and low - sulfur in the overseas spot market continues to rise [62]. 5. Shipping and Related Index - **Container Shipping Index (European Line)**: It is dominated by geopolitical sentiment and has large fluctuations. The supply - demand situation includes normal post - festival resumption of work on the demand side, and the supply side has capacity adjustments. The freight rate is affected by oil prices and shipping company policies [64][73][74]. 6. Fibers and Paper Products - **Short Fiber and Bottle Chip**: They fluctuate at a high level, and upward risks need to be guarded against. The prices of short - fiber and bottle - chip futures and spot increase, and the trading atmosphere is different [79][80]. - **Offset Printing Paper**: It is advisable to wait and see. The prices in Shandong and Guangdong markets are stable, and the trading is light [82][83][85]. - **Pure Benzene**: It oscillates strongly. The inventory in ports decreases slightly, and the market price shows certain fluctuations [87][88].