1. Report Industry Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] 2. Core View of the Report - Geopolitical tensions show marginal easing signals, but there is still uncertainty. The gold price is expected to be in a volatile and slightly bullish pattern, with the Au2606 contract oscillating between 980 yuan/gram and 1080 yuan/gram. The silver price is also expected to maintain a volatile and slightly bullish pattern, with the Ag2606 contract oscillating between 18,000 yuan/kilogram and 19,500 yuan/kilogram [8][9] 3. Summary by Relevant Catalogs Market Analysis - Geopolitical tensions show easing signals. The US and Iran express willingness to end the war, but negotiations have not started yet [1] Futures Quotes and Trading Volume - On March 31, 2026, the Shanghai gold main contract opened at 1023.80 yuan/gram and closed at 1020.10 yuan/gram, a change of 0.51% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The night session closed at 1040.82 yuan/gram, up 2.03% from the afternoon close. The Shanghai silver main contract opened at 17,949.00 yuan/kilogram and closed at 18,126.00 yuan/kilogram, a change of 2.37% from the previous trading day's close. The trading volume was 881,875 lots, and the open interest was 241,055 lots. The night session closed at 18,954 yuan/kilogram, up 4.57% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On March 31, 2026, the US 10-year Treasury yield closed at 4.309%, down 0.99 BP from the previous trading day. The 10-year and 2-year spread was 0.53%, a change of -0.45 BP from the previous trading day [3] Changes in Positions and Trading Volume of Gold and Silver on the Shanghai Futures Exchange - On the Au2606 contract, the long positions changed by 4,419 lots compared with the previous day, and the short positions changed by -695 lots. The total trading volume of the Shanghai gold contract on the previous trading day was 432,534 lots, a change of -14.43% from the previous trading day. On the Ag2606 contract, the long positions changed by 4,883 lots, and the short positions changed by 6,775 lots. The total trading volume of the silver contract on the previous trading day was 1,341,387 lots, a change of -15.77% from the previous trading day [4] Tracking of Precious Metal ETF Positions - The gold ETF position was 1,046.13 tons, down 3.43 tons from the previous trading day. The silver ETF position was 15,274 tons, down 14 tons from the previous trading day [5] Tracking of Precious Metal Arbitrage - On March 31, 2026, the domestic gold premium was 5.66 yuan/gram, and the domestic silver premium was 70.59 yuan/kilogram. The price ratio of the main gold and silver contracts on the Shanghai Futures Exchange was about 56.28, a change of -1.81% from the previous trading day. The foreign gold-silver ratio was 64.00, a change of -1.04% from the previous trading day [6] Fundamental Analysis - On March 31, 2026, the trading volume of gold on the Shanghai Gold Exchange T+d market was 59,994 kilograms, a change of -34.18% from the previous trading day. The trading volume of silver was 345,804 kilograms, a change of 17.53% from the previous trading day. The gold delivery volume was 11,872 kilograms, and the silver delivery volume was 30 kilograms [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the report; it mainly offers various commodity and index-related data, including basis, spreads, and ratios 3. Summary by Category 3.1 Power Coal - Basis data from March 25 to March 31, 2026, shows values such as -45.4, -41.4, -40.4, -40.4, and -46.4 respectively; the spreads between different contract months (5 - 1, 9 - 1, 9 - 5) are all 0.0 [2] 3.2 Energy and Chemicals 3.2.1 Energy Commodities - INE crude oil, fuel oil, and the ratio of crude oil to asphalt have corresponding basis and ratio data from March 25 to March 31, 2026 [5] 3.2.2 Chemical Commodities - Basis data for various chemical products (natural rubber, methanol, PTA, LLDPE, PP, etc.) from March 25 to March 31, 2026, are provided; also includes spread data between different contract months and cross - product spread data [7] 3.3 Black Metals - Basis data for black metals (rebar, iron ore, coke, coking coal) from March 25 to March 31, 2026, are presented; spread data between different contract months and cross - product ratio data are also included [11] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Domestic basis data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) from March 25 to March 31, 2026, are provided [21] 3.4.2 London Market - LME data for non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) on March 31, 2026, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit/loss [27] 3.5 Agricultural Products - Basis data for agricultural products (soybean No. 1, soybean No. 2, soybean meal, soybean oil, etc.) from March 25 to March 31, 2026, are provided; spread data between different contract months and cross - product ratio data are also included [34] 3.6 Stock Index Futures - Basis data for stock index futures (CSI 300, SSE 50, CSI 500, CSI 1000) from March 25 to March 31, 2026, are presented; spread data between different contract months are also included [45]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View No clear core view presented in the content. The report mainly provides daily arbitrage data for various futures varieties on March 31, 2026. 3. Summary by Directory I. Thermal Coal - The report shows the basis and spread data of thermal coal from March 24 to March 30, 2026. The basis values were -50.4, -45.4, -41.4, -40.4, -40.4 respectively, and the spreads (5 - 1, 9 - 1, 9 - 5) were all 0.0 during this period [2]. II. Energy and Chemicals - **Energy Commodities**: It includes basis data of fuel oil, crude oil, and asphalt from March 24 to March 30, 2026. For example, the basis of INE crude oil on March 30 was 540.36, and the ratio of crude oil to asphalt was 0.1641 [8]. - **Chemical Commodities**: - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 24 to March 30, 2026 are presented. For instance, the basis of rubber on March 30 was -190 [10]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - 1 spread of rubber was -800 [11]. - **Inter - variety Spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from March 24 to March 30, 2026 are provided. For example, the LLDPE - PVC spread on March 30 was 3360 [11]. III. Black Metals - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 24 to March 30, 2026 are shown. For example, the basis of rebar on March 30 was 111.0 [20][21]. - **Inter - period Spreads**: The spreads of 5 - 1, 9(10) - 1, and 9(10) - 5 for rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 spread of rebar was -44.0 [20]. - **Inter - variety Spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from March 24 to March 30, 2026 are provided. For example, the rebar to iron ore ratio on March 30 was 3.85 [20]. IV. Non - ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 24 to March 30, 2026 are given. For example, the basis of copper on March 30 was -380 [30]. - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 30, 2026 are presented. For example, the LME spread of copper was (82.55) [33]. V. Agricultural Products - **Basis**: The basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 24 to March 30, 2026 are shown. For example, the basis of soybeans on March 30 was 6 [40]. - **Inter - period Spreads**: The spreads of 5 - 1, 9 - 1, and 9 - 5 for various agricultural products are provided. For example, the 5 - 1 spread of soybeans was -54 [40]. - **Inter - variety Spreads**: The ratios and spreads of various agricultural products from March 24 to March 30, 2026 are presented. For example, the ratio of soybeans to corn on March 30 was 1.94 [40]. VI. Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 24 to March 30, 2026 are given. For example, the basis of CSI 300 on March 30 was 77.95 [51]. - **Inter - period Spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided. For example, the next - month to current - month spread of CSI 300 was -19.8 [51].

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 30, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][6][23][29][40][51] 3. Summary by Directory 3.1 Power Coal - The report shows the basis and inter - period spreads of power coal from March 23 to March 27, 2026. The basis values are - 58.4, - 50.4, - 45.4, - 41.4, and - 40.4 respectively, and the inter - period spreads (5 - 1, 9 - 1, 9 - 5) are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - From March 23 to March 27, 2026, the basis of INE crude oil is 339.44, 345.10, 259.80, 50.55, and 105.35 respectively; the basis of fuel oil is 374.15, 208.78, 103.65, 222.50, and 151.50 respectively; the crude oil / asphalt ratio is 0.1762, 0.1686, 0.1668, 0.1624, and 0.1641 respectively [7] 3.2.2 Chemical Commodities - Inter - period spreads: For rubber, 5 - 1 is - 820, 9 - 1 is - 765, 9 - 5 is 55; for methanol, 5 - 1 is 369, 9 - 1 is 107, 9 - 5 is - 262; etc. - Inter - variety spreads: For example, on March 27, 2026, LLDPE - PVC is 3187, LLDPE - PP is - 428, etc. - Basis: The basis data of rubber, methanol, PTA, etc. from March 23 to March 27, 2026 are provided [11][12] 3.3 Black Metals - Inter - period spreads: For example, for rebar, 5 - 1 is - 51.0, 9(10) - 1 is - 24.0, 9(10) - 5 is 27.0; for iron ore, 5 - 1 is 45.5, 9(10) - 1 is 19.5, 9(10) - 5 is - 26.0 - Inter - variety spreads: On March 27, 2026, the rebar / iron ore ratio is 3.84, the rebar / coke ratio is 1.7834, etc. - Basis: The basis data of rebar, iron ore, coke, and coking coal from March 23 to March 27, 2026 are provided [22][23] 3.4 Non - Ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 23 to March 27, 2026 are presented, such as - 380 for copper on March 27, 2026 [32] 3.4.2 London Market - On March 27, 2026, the LME spreads of copper, aluminum, zinc, etc. are provided, along with the Shanghai - London ratio, CIF, domestic spot price, and import profit and loss [35] 3.5 Agricultural Products - Basis: The basis data of soybeans, soybean meal, soybean oil, etc. from March 23 to March 27, 2026 are given, such as 27 for soybeans on March 27, 2026 - Inter - period spreads: For example, for soybeans, 5 - 1 is - 50, 9 - 1 is - 6, 9 - 5 is 44 - Inter - variety spreads: On March 27, 2026, the soybean / corn ratio is 1.93, the soybean oil / soybean meal ratio is 2.95, etc. [41] 3.6 Stock Index Futures - Basis: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 23 to March 27, 2026 are provided, such as 75.17 for CSI 300 on March 27, 2026 - Inter - period spreads: For CSI 300, the next - month - current - month spread is - 19.0, the next - quarter - current - quarter spread is - 81.8; for SSE 50, the next - month - current - month spread is - 4.2, the next - quarter - current - quarter spread is - 40.4; etc. [52]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The 04 contract is gradually entering the delivery logic. There is a contradiction between its weak fundamentals and the potential increase in fuel costs. In the short term, there is a high possibility of a decline in spot prices. Meanwhile, geopolitical risks still exist, and it is expected to fluctuate weakly. The 10 contract follows the cost - support logic, with a long time horizon and a peak season in between. It is recommended to wait and see in the short term [3]. - The core of other far - month contracts lies in the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will not only disrupt the global supply chain, but also high oil prices will have a negative impact on the European economy. The transmission path of this geopolitical event to the European route is complex and highly uncertain. It is recommended to avoid the high - volatility risks of far - month unilateral positions and look for arbitrage opportunities from the valuation of the monthly spread [3]. Group 3: Summary of Related Catalogs EC Contract Information - EC2604 had a closing price of 1771.4, a decline of 1.75%, a basis of - 78.1, a trading volume of 12470, an open interest of 10730, and an open - interest change of - 1330 [2]. - For other contracts (EC2605 - EC2612), their prices, price changes, bases, trading volumes, open interests, and open - interest changes are also provided in the report [2]. - The monthly spreads (e.g., EC2604 - 2606, EC2604 - 2605, EC2606 - 2610) and their changes compared to the previous days and weeks are presented [2]. Spot and Index Information - The spot price on 2026/3/23 was 1693.26 points, with a month - on - month increase of 8.79% [2]. - The SCFI (European route) on 2026/3/20 was 1636 dollars/TEU, with a month - on - month increase of 1.11% [2]. European Route Spot Situation - In Week 13, MSK opened flat at 2250 dollars, PA reported 2400 - 2500 dollars, and some voyages were 2200 dollars (2000 dollars for large orders). The average spot price converted to the futures price was about 1700 - 1800 points [4]. - In the first half of April, YML and ONE reported 2500 dollars, EMC reported 3160 dollars, and OOCL reported 3100 dollars [4]. - Maersk reported 2650 dollars in Week 14 (a 400 - dollar increase from the previous week) and 2350 dollars in Week 15 (a 300 - dollar decrease from the previous week). On Thursday, CMA reported 2800 dollars, and ONE's FE4 line was 2000 dollars [4]. Related News - On 3/26, Trump announced that the strike on Iranian energy facilities would be postponed for 10 days until April 6 at the request of Iran. Mediators said the possibility of a cease - fire was still low due to the tough demands of both sides [5]. - On 3/27, according to the Wall Street Journal, President Trump was considering sending an additional 10,000 ground troops to the Middle East [5]. Price Trend Charts - There are price trend charts of EC main contracts, EC forward curves, and various TCI (different routes) and SCFI (European route) seasonal trends [6][7][8][9] etc.

1. Report Industry Investment Rating - No information provided in the report. 2. Core View of the Report - The report presents daily arbitrage data for various futures varieties on March 25, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide data support for market participants' investment decisions [1] 3. Summary by Directory 3.1 Power Coal - Displays the basis and spread data of power coal from March 18 to March 24, 2026. The basis gradually increased from - 78.4 yuan/ton on March 18 to - 50.4 yuan/ton on March 24, while the spreads of 5 - 1, 9 - 1, and 9 - 5 remained at 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - Shows the basis and price ratio data of fuel oil, crude oil, and asphalt from March 18 to March 24, 2026. For example, on March 24, the basis of INE crude oil was 374.15 yuan/ton, and the price ratio of crude oil to asphalt was 0.1762 [8] 3.2.2 Chemical Commodities - **Basis**: Presents the basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 18 to March 24, 2026. For instance, the basis of rubber was - 125 yuan/ton on March 24 [10] - **Inter - period Spread**: Displays the inter - period spread data of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol. For example, the 5 - 1 spread of rubber was - 780 yuan/ton [12] - **Inter - variety Spread**: Provides the inter - variety spread data of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 18 to March 24, 2026. On March 24, the LLDPE - PVC spread was 3121 yuan/ton [12] 3.3 Black Metals - **Inter - period Spread**: Shows the inter - period spread data of rebar, iron ore, coke, and coking coal. For example, the 5 - 1 spread of rebar was - 55.0 yuan/ton [21] - **Inter - variety Spread**: Presents the inter - variety spread data of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from March 18 to March 24, 2026. On March 24, the rebar/iron ore ratio was 3.83 [21] - **Basis**: Displays the basis data of rebar, iron ore, coke, and coking coal from March 18 to March 24, 2026. On March 24, the basis of rebar was 75.0 yuan/ton [22] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - Shows the domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 18 to March 24, 2026. On March 24, the basis of copper was - 120 yuan/ton [31] 3.4.2 London Market - Presents the LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of LME non - ferrous metals on March 24, 2026. For example, the LME spread of copper was (91.73), and the Shanghai - London ratio was 7.83 [34] 3.5 Agricultural Products - **Basis**: Displays the basis data of soybeans, soybean meal, soybean oil, corn, etc. from March 18 to March 24, 2026. On March 24, the basis of soybeans was - 75 yuan/ton [40] - **Inter - period Spread**: Shows the inter - period spread data of soybeans, soybean meal, soybean oil, rapeseed meal, etc. For example, the 5 - 1 spread of soybeans was - 20 yuan/ton [40] - **Inter - variety Spread**: Presents the inter - variety spread data of soybeans/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, etc. from March 18 to March 24, 2026. On March 24, the soybeans/corn ratio was 1.97 [40] 3.6 Stock Index Futures - **Basis**: Shows the basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 18 to March 24, 2026. On March 24, the basis of CSI 300 was 86.32 [51] - **Inter - period Spread**: Displays the inter - period spread data of CSI 300, SSE 50, CSI 500, and CSI 1000. For example, the next - month - current - month spread of CSI 300 was - 20.4 [51]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on March 24, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - period spreads, and inter - variety spreads of these commodities [1][7][22][28][38][51] 3. Summary by Directory Power Coal - The basis data of power coal from March 17 to March 23, 2026, is presented. The basis on March 23 is - 58.4 yuan/ton, and the spreads between 5 - month and 1 - month, 9 - month and 1 - month, 9 - month and 5 - month are all 0.0 [1][2] Energy Chemicals - **Energy Commodities**: The basis data of fuel oil, INE crude oil, and the ratio of crude oil to asphalt from March 17 to March 23, 2026, are provided. For example, on March 23, the basis of INE crude oil is 477.41 yuan/ton, and the ratio of crude oil to asphalt is 0.1737 [9] - **Chemical Commodities**: - Basis: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 17 to March 23, 2026, are given. For instance, on March 23, the basis of rubber is - 145 yuan/ton [11] - Inter - period spreads: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - month - 1 - month spread of rubber is - 760 yuan/ton [12] - Inter - variety spreads: The inter - variety spreads (LLDPE - PVC, LLDPE - PP, PP - PVC, PP - 3*methanol) from March 17 to March 23, 2026, are shown. On March 23, the LLDPE - PVC spread is 3125 yuan/ton [12] Black Metals - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9(10) - month - 1 - month, 9(10) - month - 5 - month) of rebar, iron ore, coke, and coking coal are provided. For example, the 5 - month - 1 - month spread of rebar is - 56.0 yuan/ton [21] - **Inter - variety spreads**: The inter - variety spreads (rebar/iron ore, rebar/coke, coke/coking coal, rebar - hot rolled coil) from March 17 to March 23, 2026, are presented. On March 23, the rebar/iron ore ratio is 3.84 [21] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 17 to March 23, 2026, are given. On March 23, the basis of rebar is 116.0 yuan/ton [22] Non - Ferrous Metals - **Domestic Market**: The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 17 to March 23, 2026, are provided. On March 23, the basis of copper is 810 yuan/ton [30] - **London Market**: The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 23, 2026, are presented. For example, the LME spread of copper is (85.26) [33] Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 17 to March 23, 2026, are given. On March 23, the basis of soybeans No.1 is - 190 yuan/ton [39] - **Inter - period spreads**: The inter - period spreads (5 - month - 1 - month, 9 - month - 1 - month, 9 - month - 5 - month) of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are presented. For example, the 5 - month - 1 - month spread of soybeans No.1 is - 5 yuan/ton [39] - **Inter - variety spreads**: The inter - variety spreads (soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, corn - corn starch) from March 17 to March 23, 2026, are shown. On March 23, the soybeans No.1/corn ratio is 1.99 [39] Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 17 to March 23, 2026, are provided. On March 23, the basis of CSI 300 is 10.43 [51] - **Inter - period spreads**: The inter - period spreads (next - month - current - month, next - quarter - current - quarter) of CSI 300, SSE 50, CSI 500, and CSI 1000 are presented. For example, the next - month - current - month spread of CSI 300 is - 17.8 [49]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - Platinum and palladium face continuous selling risks, with platinum being relatively weaker and palladium being also on the weak side. The price ranges are 460 - 540 yuan/gram for Guangbo Platinum and 330 - 410 yuan/gram for Guangbo Palladium. The market sentiment is fragile, and the precious metals sector may be the first to be sold off if liquidity is withdrawn. The report maintains the view that platinum is stronger than palladium, and the platinum - palladium ratio will continue to widen. It is necessary to closely monitor the import data of platinum and palladium before May 2026 [3]. Summary by Directory Trading Aspect (Price, Spread, Funds, and Positions) - **Trading Volume and Open Interest**: As of the end of this week, the total open interest of Guangbo Platinum is 23,640 lots, with a trading volume of 41,280 lots; the total open interest of Guangbo Palladium is 9,264 lots, with a trading volume of 17,458 lots. This week, the open interest of platinum and palladium decreased slightly, while the trading volume increased. The trading volume and open interest of the main contracts are significantly larger than those of non - main contracts [6]. - **Platinum - Palladium Ratio**: This week, palladium finally broke through, showing a weak market trend in line with high - frequency data, causing the platinum - palladium ratio to further widen. The London platinum - palladium ratio reached 1.37, and the Guangzhou Futures Exchange platinum - palladium ratio was 1.38. It is expected that palladium will remain weak, and the platinum - palladium ratio still has room to widen [12]. - **Overseas Spot - Futures Spread**: For platinum, the spread between London platinum spot and New York platinum main contract was inverted except on Thursday, indicating tight supply of London goods. The spread between New York platinum continuous and New York platinum main contract fluctuated and converged, with a weekly average of $9.9 per ounce. For palladium, the spread between London palladium spot and New York palladium main contract was inverted on Tuesday and Wednesday. The spread between New York palladium continuous and New York palladium main contract fluctuated and increased, with a weekly average of - $41.1 per ounce [14][16]. - **Arbitrage Analysis**: - Platinum spot - futures positive arbitrage: The cost is 4.1 yuan/gram, and the spread is 0.87 yuan/gram, so there is no arbitrage space [19]. - Palladium spot - futures positive arbitrage: The cost is 2.9 yuan/gram, and the spread is 21.9 yuan/gram, with a profit window of 19 yuan/gram [21]. - Platinum near - far month cross - month positive arbitrage: The cost is 6.8 yuan/gram, and the spread is - 4.7 yuan/gram, so the arbitrage window is not open [23]. - Palladium near - far month cross - month positive arbitrage: The cost is 5.0 yuan/gram, and the spread is - 1.0 yuan/gram, so the arbitrage window is not open [25]. - Platinum internal - external arbitrage: The cost is 59.7 yuan/gram, and the spread is 71.8 yuan/gram, with a profit window of 12.1 yuan/gram [27]. - Palladium internal - external arbitrage: The cost is 43.1 yuan/gram, and the spread is 44.5 yuan/gram, with almost no arbitrage space [29]. - Platinum import parity calculation: The cost is 58.1 yuan/gram, and the spread is 76.2 yuan/gram, with a profit window of 18.1 yuan/gram [31]. - Palladium import parity calculation: The cost is 43.3 yuan/gram, and the spread is 46.4 yuan/gram, with almost no arbitrage space [33]. - **Recycling Spread**: This week, the recycling discount of platinum further converged to 65 yuan/gram, while the recycling discount of palladium remained at about 55 yuan/gram [36]. - **ETF Holdings**: This week, the platinum ETF holdings decreased by 1.27 tons (about 40,700 ounces), and the palladium ETF holdings decreased by 1.69 tons (about 54,400 ounces). The continuous outflow of platinum and palladium ETFs indicates a pessimistic investment sentiment, and the market is expected to remain sluggish [38]. Fundamental Aspect (Inventory and Import - Export Data) - **Forward Discount Rate**: The 1 - month forward rate of palladium showed a premium this week. The forward discount of platinum remained this week, with an annualized rate of over - 5% for all terms. The forward structure of palladium continued to be loose, and the 1 - month rate was at a premium [43]. - **Inventory and Registered Warehouse Receipt Ratio**: - Platinum: This week, the NYMEX platinum inventory decreased slightly, reaching 579,300 ounces (about 18.01 tons) on Friday, and the proportion of registered warehouse receipts was 53.2% [44]. - Palladium: This week, the NYMEX palladium inventory increased significantly to 248,400 ounces (about 7.73 tons), and the proportion of registered warehouse receipts increased to 85.3% [47]. - **China's Import - Export Data**: - Platinum: Since September 2025, platinum exports have increased sharply, and imports and net inflows have diverged. Since January 2020, the cumulative net inflow has been 561.2 tons. In January and February 2026, imports decreased compared with December 2025. In January, 4.62 tons were imported, and in February, 4.4 tons were imported. In January, the export volume was also relatively large, with a net inflow of 3.29 tons in January and 4.03 tons in February [54]. - Palladium: Since 2020, there has been almost no palladium export, showing a pure import state, and the cumulative net inflow has been 177.9 tons. In January 2026, 2.76 tons were imported, with a net inflow of 2.76 tons. In February, imports increased significantly to 4.4 tons, with a net inflow of 4.4 tons [54]. - **London Fixing Supply - Demand Balance**: - Platinum: This week, the London platinum fixing supply - demand balance was negative on only three trading days, with a weekly average of 41.6 kg [56][57]. - Palladium: This week, the London palladium fixing supply - demand balance was positive for five days, with a weekly average of 126.5 kg [58][59].

1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report presents the daily arbitrage data of various futures varieties on March 18, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures. It shows the basis, inter - month spreads, and inter - commodity spreads of these varieties over the past few trading days. 3. Summary by Directory 3.1 Power Coal - The daily data of power coal basis, 5 - month minus 1 - month spread, 9 - month minus 1 - month spread, and 9 - month minus 5 - month spread from March 11 to March 17, 2026 are presented. The basis values are - 67.4, - 72.4, - 72.4, - 78.4, - 78.4 respectively, while the spreads are all 0.0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis data of fuel oil, crude oil/asphalt, INE crude oil from March 11 to March 17, 2026 are provided, along with their price ratios on March 17 [8] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, PP from March 11 to March 17, 2026 are presented [10] - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are provided [11] - **Inter - commodity Spreads**: The LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol spreads from March 11 to March 17, 2026 are given [11] 3.3 Black Metals - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month(10) minus 1 - month, and 9 - month(10) minus 5 - month spreads of rebar, iron ore, coke, and coking coal are presented, with the note that the rebar main contracts are in January, May, and October [20] - **Inter - commodity Spreads**: The rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil spreads from March 11 to March 17, 2026 are given [20] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from March 11 to March 17, 2026 are provided [21] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from March 11 to March 17, 2026 are presented [28] 3.4.2 London Market - On March 17, 2026, the LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit/loss of LME non - ferrous metals (copper, aluminum, zinc, lead, nickel, tin) are provided [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 11 to March 17, 2026 are presented [39] - **Inter - month Spreads**: The 5 - month minus 1 - month, 9 - month minus 1 - month, and 9 - month minus 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are provided [39] - **Inter - commodity Spreads**: The soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch spreads from March 11 to March 17, 2026 are given [39] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 11 to March 17, 2026 are presented [50] - **Inter - month Spreads**: The next - month minus current - month and next - quarter minus current - quarter spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [50]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The transmission path of the geopolitical event to the European line is complex and highly uncertain. It is recommended to avoid the high volatility risk of unilateral trading and look for arbitrage opportunities brought by the valuation of monthly spreads. Short - term, it is advisable to wait and see. Although historically, the reverse spreads of 6 - 7 and 6 - 8 are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Summary by Relevant Catalogs Futures Contract Information - For contract EC2604, the previous closing price was 1938.8, with a decline of 1.59%, a basis of - 393.3, a trading volume of 38449, an open interest of 24603, and an open interest change of - 438 [2] - For contract EC2605, the price was 2175.0, with a decline of 1.83%, a basis of - 629.5, a trading volume of 2285, an open interest of 1957, and an open interest change of - 203 [2] - For contract EC2606, the price was 2394.4, with a decline of 1.87%, a basis of - 848.9, a trading volume of 12680, an open interest of 14383, and an open interest change of 98 [2] - For contract EC2607, the price was 2500.6, with a decline of 0.87%, a basis of - 955.1, a trading volume not provided, an open interest of 775, and an open interest change of 3 [2] - For contract EC2608, the price was 2375.0, with an increase of 0.30%, a basis of - 829.5, a trading volume of 1331, an open interest of 2868, and an open interest change of - 180 [2] - For contract EC2609, the price was 1716.8, with a decline of 0.65%, a basis of - 171.3, a trading volume not provided, an open interest of 576, and an open interest change of - 6 [2] - For contract EC2610, the price was 1568.0, with a decline of 0.82%, a basis of - 22.5, a trading volume of 3635, an open interest of 8472, and an open interest change of - 93 [2] - For contract EC2612, the price was 1814.0, with a decline of 2.90%, a basis of - 268.5, a trading volume of 102, an open interest of 403, and an open interest change of 0 [2] Month - spread Information - The month - spread of EC2604 - 2606 was - 416.8, with a day - on - day increase of 14.3 and a week - on - week decrease of 134.5 [2] - The month - spread of EC2604 - 2605 was - 186.3, with a day - on - day increase of 9.2 and a week - on - week decrease of 59.1 [2] - The month - spread of EC2606 - 2610 was 856.5, with a day - on - day decrease of 32.6 and a week - on - week increase of 115.6 [2] Spot and Index Information - The spot price (European line) on March 9, 2026, was 1545.46, with a 5.61% increase compared to the previous period and a - 7.00% decrease in the previous period [2] - The SCFI (European line) index on March 13, 2026, was 1618 dollars/TEU, with an 11.43% increase compared to the previous period and a 2.25% increase in the previous period [2] European Line Spot Situation - In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars [3] - In Week 12, MSK quoted 2250 US dollars (a 400 - dollar increase compared to the previous week), QA alliance quoted 2700 - 2800 US dollars, PA alliance quoted 2200 US dollars (a 200 - dollar decrease for large - volume orders), and MSC quoted 2740 US dollars (a 200 - dollar decrease for large - volume orders). The average was 2450 US dollars, equivalent to about 1715 points on the futures market [3] - In Week 13, MSK kept the price at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars. On Monday, ONE's Week 13 quote dropped from 2755 US dollars to 2445 US dollars at 1:30 pm and then was adjusted back to 2755 US dollars after the market closed, possibly due to an internal staff operation error [3] News - On March 16, the media reported that the Iranian foreign minister had text - exchanged with Witkoff, which the Iranian foreign minister denied [4] - On March 17, Iranian Foreign Minister Araqchi stated that there had been no information exchange between Iran and the US, Tehran had not proposed a cease - fire request, and "the war must end in a way that ensures it will not happen again" [4] - Two senior White House officials said that Iran had recently tried to contact the Trump administration through multiple channels to restart diplomatic negotiations, but President Trump refused to resume negotiations. Iranian officials tried to contact US Middle East envoy Witkoff and other government officials, but Trump instructed the team not to negotiate for the time being and hoped to continue military operations. Araqchi denied recent contact with Witkoff and said that the last contact occurred before the US launched new military operations against Iran [4]