Report Industry Investment Rating - Not provided Core View - The report provides cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, and lead on April 1, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On April 1, 2026, the domestic spot price was 95540, LME price was 12131, and the ratio was 7.87; the three - month domestic price was 95330, LME price was 12210, and the ratio was 7.83. The equilibrium ratio for spot import was 7.86, with a profit of - 92.99 [1] - **Zinc**: The domestic spot price was 23420, LME price was 3175, and the ratio was 7.83; the three - month domestic price was 23530, LME price was 3182, and the ratio was 5.18. The equilibrium ratio for spot import was 8.25, with a profit of - 2788.51 [1] - **Aluminum**: The domestic spot price was 24610, LME price was 3529, and the ratio was 6.97; the three - month domestic price was 24915, LME price was 3475, and the ratio was 7.13. The equilibrium ratio for spot import was 8.35, with a profit of - 4874.63 [1] - **Nickel**: The domestic spot price was 134700, LME price was 16966, and the ratio was 7.94. The equilibrium ratio for spot import was 7.99, with a profit of - 925.00 [1] - **Lead**: The domestic spot price was 16400, LME price was 1882, and the ratio was 8.69; the three - month domestic price was 16495, LME price was 1913, and the ratio was 12.31. The equilibrium ratio for spot import was 8.52, with a profit of 317.35 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were - 360, - 370, - 350, and - 370 respectively, while the theoretical spreads were 581, 1059, 1547, and 2034 [4] - **Zinc**: The spreads were 0, 50, 55, and 45 respectively, and the theoretical spreads were 220, 347, 473, and 600 [4] - **Aluminum**: The spreads were 235, 275, 305, and 295 respectively, and the theoretical spreads were 234, 369, 505, and 640 [4] - **Lead**: The spreads were 35, 30, 55, and 30 respectively, and the theoretical spreads were 207, 311, 414, and 517 [4] - **Nickel**: The spreads were - 1760, - 1460, - 1170, and - 820 respectively [4] - **Tin**: The 5 - 1 spread was - 2600, and the theoretical spread was 7602 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts relative to the spot were 110 and - 250 respectively, and the theoretical spreads were 340 and 814 [4] - **Zinc**: The spreads were 60 and 60 respectively, and the theoretical spreads were 138 and 274 [4] - **Lead**: The spreads were 65 and 100 respectively, and the theoretical spreads were 133 and 243 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.05, 3.83, 5.78, 1.06, 1.51, and 0.70 respectively; for London (three - continuous) were 3.82, 3.56, 6.48, 1.07, 1.82, and 0.59 respectively [5]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Aluminum price high volatility may become the norm. The market anticipates and fully prices in expectations in advance, and it's easy to misstep the rhythm if chasing after the reality materializes. It's advisable to adopt a box strategy and conduct timely high - selling and low - buying [4]. - The impact of unexpected production cuts and shutdowns on supply far exceeds the new production stimulated by high profits, and the gap in the balance sheet may further widen this year [4]. - The expected scale of Russian aluminum inflow is downgraded, and the domestic net import situation is expected to ease [4]. - The rhythm of automobile production and sales at the beginning of the year is similar to that in 2024, and policies are expected to play a role during the year [4]. - For unilateral trading, the second quarter may be a consolidation period for aluminum prices, and it's advisable to allocate and increase aluminum assets in advance [4]. - For arbitrage, when there are expectations of energy disturbances, it's recommended to first focus on cross - market arbitrage opportunities and then on arbitrage opportunities among domestic non - ferrous metal varieties [4]. - For cross - variety arbitrage, the long - term copper - aluminum price ratio is expected to rise, and the zinc - aluminum price ratio is expected to fall. When short - term conflict expectations decline, attention can be paid to reverse opportunities in the price ratio [4]. 3. Summary by Relevant Catalogs 3.1 This Year's Trading Precautions - Commodity high volatility may become the norm. The market anticipates and fully prices in expectations in advance. In the aluminum market, there are cases such as the market speculating on the expectation of Middle - East production cuts in advance and the market not following through on supply - side positive news after an actual production cut [10]. - Pay attention to the periodic counter - trend of the macro - environment. The long - term upward - driving logic of aluminum remains unchanged, but when the market's consistent expectations are too high and hot money floods in, sharp retracements should be expected [13]. 3.2 Supply: Unexpected Production Cuts > Stimulated Restarts - Overseas aluminum plants have seen more unexpected production cuts and shutdowns than profit - stimulated early restarts this year. For example, plants in Qatar, Bahrain, and Mozambique have experienced production cuts or shutdowns, while some plants in Norway, Iceland, etc. have restarted production [15][19][20]. - Supply - side disturbances are long - term risks. Aluminum is highly sensitive to energy supply, and energy shocks can have a significant impact on aluminum production. The current energy situation is different from that in 2022, and the impact of the current geopolitical situation on aluminum prices is expected to be less than that of the Russia - Ukraine war in 2022 [24]. 3.3 Cross - Variety Arbitrage - In the long - term, the copper - aluminum price ratio is expected to rise and the zinc - aluminum price ratio is expected to fall. Aluminum is short in supply due to policy constraints, while copper and zinc are constrained by the shortage of ore. In the energy shock window, the price ratio trends may reverse temporarily. The zinc - aluminum price ratio is expected to decline in the long - term, and aluminum prices are expected to exceed zinc prices gradually [33][36]. 3.4 Cross - Market Arbitrage - The supply pattern of overseas shortage and domestic surplus makes cross - market arbitrage the optimal strategy when overseas electrolytic aluminum plants face supply disturbances. Historical data shows that when European aluminum plants cut production due to rising natural gas prices, the cross - market price ratio dropped and then gradually recovered [40]. 3.5 Balance Sheet: Widening Gap - Due to unexpected production cuts caused by the US - Iran conflict, the expected increase in overseas electrolytic aluminum production this year is revised downwards. The global and overseas electrolytic aluminum balance sheet gaps are expected to further widen. The peak of production capacity investment will occur in the first half of the year, and the production growth rate will slow down in the second half of the year, while demand is expected to pick up seasonally [42][44]. 3.6 Cost: Rising in the Second Quarter - The price of alumina is expected to decline due to the release of new production capacity but will remain higher than in the first quarter due to the stable and rising ore prices. As a result, the cost of electrolytic aluminum is expected to rise in the second quarter [48]. 3.7 Import: Downgraded Expectation of Russian Aluminum Inflow - Russia is the main source of China's aluminum ingot imports. Since February this year, the inflow of Russian aluminum has decreased year - on - year, and the scale of Russian aluminum imports for the whole year is expected to be downgraded. Although the import of aluminum ingots from Indonesia is expected to increase, it cannot fully make up for the reduction in Russian aluminum imports [54]. 3.8 Demand: Upgraded Forecast of Aluminum Product Exports - **Automobile**: The annual growth rate of automobile production is expected to be around 5%. The high - speed growth of automobile exports in the first two months of this year is expected to continue. The production rhythm this year is similar to that in 2024, and if the market faces excessive downward pressure, new policies are expected to be introduced [59][65]. - **Export**: The export of aluminum products at the beginning of the year was remarkable. The export structure shows that the growth rate of aluminum products has exceeded that of aluminum materials, and the export of terminal products such as wheels is stable. The net export growth rate of aluminum products for the whole year is expected to be upgraded to 15% [68].

Report Industry Investment Rating - Not provided Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 31, 2026 [1][3][4] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price in China is 95330, LME price is 12123, with a ratio of 7.90; March price in China is 95730, LME price is 12206, ratio 7.80. Spot import equilibrium ratio is 7.87, profit is 541.77 [1] - **Zinc**: Spot price in China is 23400, LME price is 3153, ratio 7.42; March price in China is 23575, LME price is 3154, ratio 5.22. Spot import equilibrium ratio is 8.26, profit is - 2650.82 [1] - **Aluminum**: Spot price in China is 24530, LME price is 3485, ratio 7.04; March price in China is 24795, LME price is 3438, ratio 7.18. Spot import equilibrium ratio is 8.37, profit is - 4632.22 [1] - **Nickel**: Spot price in China is 135150, LME price is 17158, ratio 7.88. Spot import equilibrium ratio is 8.00, profit is - 416.07 [1] - **Lead**: Spot price in China is 16400, LME price is 1972, ratio 8.28; March price in China is 16500, LME price is 1903, ratio 12.36. Spot import equilibrium ratio is 8.50, profit is - 444.79 [3] Cross - Period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 190, - 220, - 200, - 260 respectively, with theoretical spreads of 582, 1062, 1550, 2039 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 205, 240, 235, 255 respectively, with theoretical spreads of 220, 345, 471, 597 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 855, 925, 955, 965 respectively, with theoretical spreads of 230, 362, 493, 624 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 20, - 15, - 5, - 15 respectively, with theoretical spreads of 208, 311, 415, 518 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are 500, 680, 920, 1090 respectively [4] - **Tin**: 5 - 1 spread is - 3090, theoretical spread is 7666 [4] Spot - Futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 775 and 585 respectively, with theoretical spreads of 424 and 922 [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are - 65 and 140 respectively, with theoretical spreads of 154 and 290 [4] - **Zinc (repeated)**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are - 65 and 140 respectively, with theoretical spreads of 47 and 317 [5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 115 and 95 respectively, with theoretical spreads of 144 and 254 [5] Cross - Variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 4.06, 3.86, 5.80, 1.05, 1.50, 0.70 respectively; in London (triple - continuous) are 3.84, 3.59, 6.40, 1.07, 1.78, 0.60 respectively [5]

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]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The core contradiction in the market this week lies in the tug - of - war between external macro - environmental suppression and internal profit support. Overseas, geopolitical risks are repeated, high oil prices and global liquidity tightening expectations continue to ferment, suppressing overall market risk appetite. Domestically, although the transmission efficiency of macro - liquidity to the stock market is limited, the industrial enterprise profit data from January to February 2026 exceeded expectations, providing a solid profit bottom support for stock indices [4]. - The profit of industrial enterprises above the national scale from January to February 2026 increased by 15.2% year - on - year, with the growth rate accelerating by 14.6 percentage points compared to the whole of last year. This improvement is due to the low - base effect of the same period last year and the substantial boost from improved corporate revenues, providing obvious support for the stock indices at the fundamental level [4]. - The uncertainty of the external environment is the main risk in the current market. The repeated Middle East situation keeps international oil prices high, and combined with the existing global inflation expectations, the expectation of liquidity tightening continues to heat up, suppressing global risk appetite and significantly inhibiting the small - cap growth style. Although Chinese assets have shown some resilience in this global fluctuation, external pressure has not been substantially relieved [4]. - In late March, the A - share market enters the intensive earnings disclosure window, and the core trading logic may gradually shift to performance verification. The large - cap value style with stable cash flow, high - dividend advantages, and profit certainty will further enhance its defensive and relative advantages. In contrast, the small - cap growth style faces greater uncertainty under the dual tests of external liquidity suppression and internal performance verification. The valuation ratio of CSI 300 to CSI 1000 is still at a relatively low historical level, providing potential momentum for the mean reversion of the large - cap style [4]. - Currently, the A - share market is in the stage of profit bottom confirmation and suppressed risk appetite. The improvement of profit data provides support for the market, but external uncertainties and the liquidity environment limit the upside space. Strategically, it is recommended to maintain a defensive mindset and continue to focus on the cross - variety arbitrage opportunity of going long on CSI 300 and short on CSI 1000 to capture the structural market where large - cap value is relatively dominant [4]. 3. Summary by Directory 3.1 Macro Data Tracking - **Economic Kinetic Energy**: Not elaborated in the provided content - **Financing Demand**: Not elaborated in the provided content - **Scissors Difference**: Not elaborated in the provided content - **Liquidity Observation**: Not elaborated in the provided content - **Industrial Production**: Not elaborated in the provided content - **Investment and Consumption**: Not elaborated in the provided content - **Interest Rate Difference**: Not elaborated in the provided content 3.2 Stock Index Futures Data Tracking - **Stock Market Barometer**: Not elaborated in the provided content - **Stock Market Capital Flow**: Not elaborated in the provided content - **Futures Market Capital Flow**: Not elaborated in the provided content - **Spot - Futures Price Difference**: Not elaborated in the provided content - **Cross - Variety Price Difference**: Not elaborated in the provided content - **Cross - Period Price Difference**: Not elaborated in the provided content

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, and lead on March 26, 2026, which can help investors find potential arbitrage opportunities [1][3][4] 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: The spot price in China is 95,610, LME price is 12,158, with a spot ratio of 7.73; the March price in China is 95,610, LME price is 12,229, with a ratio of 7.83. The equilibrium ratio for spot import is 7.85, and the profit is - 81.97 [1] - **Zinc**: The spot price in China is 22,920, LME price is 3,058, with a spot ratio of 7.50; the March price in China is 22,945, LME price is 3,058, with a ratio of 5.39. The equilibrium ratio for spot import is 8.26, and the profit is - 2,327.04 [1] - **Aluminum**: The spot price in China is 23,760, LME price is 3,284, with a spot ratio of 7.23; the March price in China is 23,920, LME price is 3,235, with a ratio of 7.40. The equilibrium ratio for spot import is 8.38, and the profit is - 3,776.15 [1] - **Nickel**: The spot price in China is 134,450, LME price is 17,040, with a spot ratio of 7.89. The equilibrium ratio for spot import is 7.98, and the profit is - 223.68 [1] - **Lead**: The spot price in China is 16,375, LME price is 1,901, with a spot ratio of 8.59; the March price in China is 16,500, LME price is 1,901, with a ratio of 12.10. The equilibrium ratio for spot import is 8.50, and the profit is 160.51 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, and May contracts and the spot month are 1,480, 1,500, 1,540, and 1,450 respectively, while the theoretical spreads are 573, 1,043, 1,523, and 2,002 [4] - **Zinc**: The spreads between the next - month, March, April, and May contracts and the spot month are - 5, 5, 35, and 30 respectively, while the theoretical spreads are 218, 341, 465, and 589 [4] - **Aluminum**: The spreads between the next - month, March, April, and May contracts and the spot month are 280, 340, 385, and 405 respectively, while the theoretical spreads are 229, 359, 489, and 619 [4] - **Lead**: The spreads between the next - month, March, April, and May contracts and the spot month are 85, 90, 120, and 105 respectively, while the theoretical spreads are 207, 310, 413, and 516 [4] - **Nickel**: The spreads between the next - month, March, April, and May contracts and the spot month are 2,930, 3,120, 3,350, and 3,490 respectively [4] - **Tin**: The spread between the 5 - 1 contracts is - 4,620, and the theoretical spread is 7,346 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1,465 and 15 respectively, while the theoretical spreads are 204 and 947 [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 20 and 15 respectively, while the theoretical spreads are 157 and 290 [4] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 35 and 120 respectively, while the theoretical spreads are 151 and 261 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 4.17, 4.00, 5.79, 1.04, 1.45, and 0.72 respectively; for LME (three - continuous) are 4.00, 3.80, 6.45, 1.05, 1.70, and 0.62 respectively [5]

Report Investment Ratings - Cotton: ★☆★, indicating a bullish bias but limited operability on the trading floor [1] - Pulp: ★★★, suggesting a clearer bullish trend and relatively appropriate investment opportunities [1] - Sugar: ★★★, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - Apple: ★★★, suggesting a clearer bullish trend and relatively appropriate investment opportunities [1] - Timber: ★★★, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - 20 - rubber: ☆☆☆, representing a short - term equilibrium state with poor operability, suggesting a wait - and - see approach [1] - Natural rubber: ★★★, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - Butadiene rubber: ☆☆☆, representing a short - term equilibrium state with poor operability, suggesting a wait - and - see approach [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, rubber, pulp, and timber, and provides corresponding investment suggestions based on supply, demand, and inventory situations [2][3][4] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton rose slightly, and the spot basis remained stable. Downstream spinning mills mainly made bargain purchases with average transactions. The demand in the peak season in March was good, and mills with low inventories had a certain willingness to stock up. The domestic import quota was issued, narrowing the price gap between domestic and foreign cotton. As of March 15, the national commercial cotton inventory was 523.02 million tons, a decrease of 24.68 million tons from the end of February, and 5.31 million tons higher than the same period last year. The national commercial inventory changed from lower to higher year - on - year compared with the end of February. The peak season in China showed a positive performance, the开机 rate continued to rise, and the inventory of cotton yarn and grey cloth was well digested. Recently, the sales of pure cotton yarn have slowed down. In the medium term, a bullish strategy for Zhengzhou cotton is maintained [2] Sugar - Overnight, US sugar fluctuated. The market focused on Brazil's production forecast. After the rainy season, there was less rainfall in the central - southern main producing areas of Brazil, which was unfavorable for sugarcane growth. The sugar - alcohol price ratio dropped significantly, and the sugar - making ratio in the new season was expected to decline, resulting in a decrease in Brazil's sugar production in the 26/27 season. In China, Zhengzhou sugar fluctuated. From January to February, China imported 520,000 tons of sugar, an increase of 440,900 tons year - on - year. Both the production and sales progress were slow. The significant decline in sales was mainly due to strong bearish sentiment in the market, leading to less procurement. Although there was a strong expectation of increased production in Guangxi in the 25/26 season, the production progress was always slow. For now, a wait - and - see approach is recommended [3] Apple - The futures price fluctuated. The spot price remained stable. In the northwest producing areas, merchants had high procurement enthusiasm, and the prices of some specifications of goods were relatively strong. In Shandong, there were few transactions, and merchants mainly purchased medium - to - low - grade goods. In Shaanxi and Gansu, merchants mainly looked for high - quality goods, but there were not many remaining high - quality goods. As of March 19, the national cold - storage apple inventory was 4.1892 million tons, a 6% year - on - year decrease. The market's trading logic focused on the demand side. After the Spring Festival, the demand in the northwest producing areas was good, and the prices were relatively strong. However, the apples in Shandong had poor quality but high acquisition prices, which might affect the sales speed. As the market started to trade Shandong goods, and the goods in Shandong had low cost - effectiveness, the price increase was weak, and funds withdrew, leading to a sharp price drop. For now, a wait - and - see approach is recommended [4] 20 - rubber, Natural Rubber, and Synthetic Rubber - Today, the futures prices of natural rubber (RU) and 20 - rubber (NR) rose slightly, and the futures price of butadiene rubber (BR) rose significantly. The domestic spot prices of natural rubber and synthetic rubber increased, and the port price of butadiene in the external market rose. In terms of supply, the global natural rubber supply will shift from the low - production period to the increasing - production period, with the Yunnan production area starting trial tapping first, while Hainan in China, Vietnam and other production areas are still in the suspension - tapping period. Last week, the operating rate of domestic butadiene rubber plants continued to decline, with some plants such as Dushanzi Petrochemical, Jinzhou Petrochemical, Zhenhua New Materials, and Shandong Weite continuing to stop for maintenance, and more plants in Zhejiang Petrochemical temporarily stopping or reducing loads. The operating rate of upstream butadiene plants continued to decline. In terms of demand, the domestic tire operating rate continued to rise last week. Domestic tire enterprises raised prices passively as costs increased. The finished - product inventory of all - steel tires in Shandong continued to decline, while that of semi - steel tires continued to increase. In terms of inventory, this week, the total natural rubber inventory in Qingdao announced by Longzhong increased to 685,600 tons, with both the bonded - area inventory and general - trade inventory increasing. Last week, the social inventory of cis - butadiene rubber in China announced by Zhuochuang continued to decline to 18,800 tons, and the upstream butadiene tower - mouth inventory in China continued to decline to 27,600 tons. Overall, geopolitical risks still exist, cost - driven factors are dominant, domestic demand continues to strengthen, external demand needs improvement, rubber supply decreases, natural rubber inventory increases, synthetic rubber inventory decreases, and market sentiment fluctuates sharply. A wait - and - see approach is recommended, and opportunities for cross - variety arbitrage can be grasped [5] Pulp - Today, the pulp futures rose slightly, and there was still some support near the bottom. The fundamentals of pulp were still average. The domestic pulp port inventory was still at a high level, and there was some inventory reduction. As of March 19, 2026, the inventory of mainstream ports of Chinese pulp was 2.297 million tons, a decrease of 76,000 tons from the previous period, a 3.2% month - on - month decrease, and the port inventory had decreased for two consecutive weeks. The overseas quotation of pulp was strong, providing some support for long - term costs. The overseas quotation of broad - leaf pulp increased in March. The overall domestic demand for pulp was average, and the procurement of high - priced broad - leaf pulp was cautious. The prices and profits of downstream base paper were not good. In the short term, pulp may maintain a low - level range - bound oscillation [6] Timber - The futures price fluctuated. The spot price remained stable. In terms of supply, the external market quotation increased significantly, while the domestic spot price was relatively weak, and the future arrival volume may be relatively low. In terms of demand, the downstream demand increased, and the port outbound volume increased. Last week, the average daily outbound volume of national ports was 61,400 cubic meters, a 4.36% year - on - year decrease. As of March 20, the total national port log inventory was 2.95 million cubic meters, an 18.96% year - on - year decrease. The total national log inventory was low, and the inventory pressure was relatively small. Overall, the low inventory provided some support for the price. For now, a wait - and - see approach is recommended [7]

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 Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals such as copper, zinc, aluminum, nickel, and lead on March 23, 2026, including domestic and LME prices, price ratios, equilibrium price ratios, and profit/loss data [1][3][4] 3) Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: On March 23, 2026, the domestic spot price was 95790, LME spot price was 12057, with a ratio of 7.82; the domestic three - month price was 94710, LME three - month price was 12152, with a ratio of 7.88. The equilibrium ratio for spot import was 7.84, with a profit of 149.23, and a loss of - 1379.27 for spot export [1] - **Zinc**: The domestic spot price was 22900, LME spot price was 3062, with a ratio of 7.48; the domestic three - month price was 22950, LME three - month price was 3087, with a ratio of 5.31. The equilibrium ratio for spot import was 8.26, with a loss of - 2399.15 [1] - **Aluminum**: The domestic spot price was 24070, LME spot price was 3294, with a ratio of 7.31; the domestic three - month price was 24075, LME three - month price was 3256, with a ratio of 7.46. The equilibrium ratio for spot import was 8.34, with a loss of - 3405.67 [1] - **Nickel**: The domestic spot price was 133850, LME spot price was 16738, with a ratio of 8.00. The equilibrium ratio for spot import was 7.99, with a loss of - 683.23 [1] - **Lead**: The domestic spot price was 16150, LME spot price was 1842, with a ratio of 8.84; the domestic three - month price was 16335, LME three - month price was 1882, with a ratio of 12.23. The equilibrium ratio for spot import was 8.53, with a profit of 570.92 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next month, three - month, four - month, and five - month contracts and the spot month were 310, 280, 390, and 340 respectively, while the theoretical spreads were 574, 1046, 1527, and 2009 [4] - **Zinc**: The spreads were 245, 260, 280, and 275, and the theoretical spreads were 216, 339, 461, and 584 [4] - **Aluminum**: The spreads were - 110, - 55, - 45, and - 15, and the theoretical spreads were 232, 364, 497, and 630 [4] - **Lead**: The spreads were - 110, - 65, - 40, and 15, and the theoretical spreads were 207, 310, 413, and 516 [4] - **Nickel**: The spreads were 1940, 2110, 2370, and 2720 [4] - **Tin**: The 5 - 1 spread was - 2860, and the theoretical spread was 7101 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 1375 and - 1065, and the theoretical spreads were 313 and 886 [4] - **Zinc**: The spreads were - 210 and 35, and the theoretical spreads were 198 and 325 [4][5] - **Lead**: The spreads were 250 and 140, and the theoretical spreads were 199 and 308 [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 4.13, 3.93, 5.80, 1.05, 1.47, and 0.71 respectively; for London (three - continuous), they were 3.89, 3.71, 6.29, 1.05, 1.70, and 0.62 [5]