1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The inflation data in China in February 2026 exceeded market expectations. The economic is transitioning from policy - driven to endogenous recovery. CPI may face seasonal回调 pressure, while PPI is expected to turn positive as early as March. Attention should be paid to the impact of the Middle - East geopolitical conflict on inflation [1][2]. - The RMB exchange rate is affected by the US - Iran situation. In the short term, it is difficult for the RMB to start a trend appreciation, and the key lies in the change of corporate settlement willingness [3]. - The stock index is expected to oscillate and repair in the short term, and its subsequent trend depends on the release of the 15th Five - Year Plan policy documents after the Two Sessions [5]. - The bond market may have a short - term trading window, and long positions can be gradually entered [6]. - The container shipping European line futures are highly correlated with geopolitics and oil prices in the short term, with the sentiment side dominating. The main 04 contract is expected to maintain a high - level wide - range shock pattern [11]. - For lithium carbonate, in the long - term, the industry fundamentals support its value, and attention can be paid to the opportunity of going long on dips [15]. - The silicon industry chain is currently in a situation of weak supply and demand. It is necessary to wait for capacity clearance and improvement of the supply - demand pattern [17]. - The aluminum industry chain has obvious price fluctuations, and the short - term trend is dominated by the war situation. Alumina has short - term fluctuations and long - term over - supply. Cast aluminum alloy has a strong follow - up to aluminum [21]. - Copper shows resilience, and industrial customers can replenish inventory according to price ranges, while speculative customers can consider volatility - increasing strategies [25]. - Zinc is weak in the short term and strong in the medium term [26]. - Nickel - stainless steel oscillates repeatedly, and the market is affected by factors such as RKAB revision and sulfur import blockage [28]. - Tin follows the overall market fluctuations, and the ma60 support level still exists [30]. - Lead is in a weak shock state, and interval operations are recommended [31]. - For oilseeds, the internal market may be strong in the short term, and strategies such as positive spreads between months or widening the spread between soybean meal and rapeseed meal can be considered [33]. - Oils may maintain a high - level operation if diesel prices remain stable [34]. - The crude oil market is mainly affected by the Middle - East situation, and short - term attention should be paid to factors such as the passage of the Strait of Hormuz and the attitudes of the US and Iran [37]. - Fuel oil maintains a strong pattern in the short term [40]. - Asphalt prices follow the change of crude oil prices, and there may be a downward trend after the geopolitical disturbance subsides [41]. - Platinum and palladium are in an oscillating and strengthening state. In the long - term, the bull market foundation still exists, but short - term adjustments should be vigilant [46]. - Gold and silver are strategically bullish, and dips can be regarded as opportunities for long - term layout [48]. - Pulp futures can be traded in the short - term within an interval, and a low - long strategy can be considered in the medium - term. Offset printing paper futures can try a high - short strategy [53]. - Pure benzene and styrene are expected to be strong before the Strait of Hormuz passage problem is solved, but attention should be paid to callback risks [56]. - LPG price is affected by the Middle - East war, and the length of the Strait of Hormuz blockade determines its price trend [58]. - Methanol may catch up with the increase of olefins next week, but attention should be paid to the risks of geopolitical relaxation and monomer price reduction [61]. - Polyolefins are expected to maintain a strong trend before the Middle - East situation eases [63]. - Rubber is jointly affected by macro - sentiment and synthetic rubber trends, with multiple and short factors intertwined. In the medium - term, a long - on - dips view can be taken, and light positions are recommended [71]. - For soda ash, the supply may be affected by maintenance, and the price space is limited. For glass, the recovery of supply and high intermediate inventory limit its upward space [72][73]. - For steel products, the cost provides support, but the rebound height is limited [75]. - Iron ore has a high valuation, and its price is affected by supply, demand and geopolitical factors [76]. - Coking coal and coke have an over - supply problem, which restricts their price elasticity [79]. - Ferroalloys have cost support, but the upward space is limited due to weak downstream demand [81]. - For live pigs, the price is affected by feed costs, and a short - call option strategy can be considered [84]. - Cotton prices may be in a narrow - range shock adjustment, and attention should be paid to geopolitical conflicts and foreign trade policies [87]. - Sugar futures are strong, driven by rising oil prices and valuation repair [90]. - Eggs are expected to be strong in the short - term but with limited upward space, and short - call options can be sold [91]. - Apples' 05 contract maintains a strong shock pattern due to the scarcity of delivery products [99]. - Red dates may maintain a low - level shock due to insufficient demand drive [101]. - Log futures are affected by geopolitical sentiment, and an interval trading strategy can be adopted [102]. 3. Summaries According to Relevant Catalogs Financial Futures - **Macro**: The domestic inflation data in February 2026 exceeded expectations. The economic is transitioning to endogenous recovery. Attention should be paid to the inflation impact of the Middle - East geopolitical conflict [1][2]. - **RMB Exchange Rate**: The RMB exchange rate is affected by the US - Iran situation. In the short term, it is difficult for the RMB to start a trend appreciation, and attention should be paid to corporate settlement willingness, domestic export data and US inflation index [3]. - **Stock Index**: The stock index is expected to oscillate and repair in the short term, and its subsequent trend depends on the release of the 15th Five - Year Plan policy documents after the Two Sessions [5]. - **Treasury Bond**: The bond market may have a short - term trading window, and long positions can be gradually entered [6]. - **Container Shipping European Line**: The futures are highly correlated with geopolitics and oil prices in the short term, with the sentiment side dominating. The main 04 contract is expected to maintain a high - level wide - range shock pattern [11]. Commodities New Energy - **Lithium Carbonate**: In the long - term, the industry fundamentals support its value, and attention can be paid to the opportunity of going long on dips [15]. - **Industrial Silicon & Polysilicon**: The silicon industry chain is currently in a situation of weak supply and demand. It is necessary to wait for capacity clearance and improvement of the supply - demand pattern [17]. Non - ferrous Metals - **Aluminum Industry Chain**: The price fluctuations are obvious. The short - term trend is dominated by the war situation. Alumina has short - term fluctuations and long - term over - supply. Cast aluminum alloy has a strong follow - up to aluminum [21]. - **Copper**: It shows resilience. Industrial customers can replenish inventory according to price ranges, while speculative customers can consider volatility - increasing strategies [25]. - **Zinc**: It is weak in the short term and strong in the medium term [26]. - **Nickel - Stainless Steel**: It oscillates repeatedly, and the market is affected by factors such as RKAB revision and sulfur import blockage [28]. - **Tin**: It follows the overall market fluctuations, and the ma60 support level still exists [30]. - **Lead**: It is in a weak shock state, and interval operations are recommended [31]. Oils and Feeds - **Oilseeds**: The internal market may be strong in the short term, and strategies such as positive spreads between months or widening the spread between soybean meal and rapeseed meal can be considered [33]. - **Oils**: They may maintain a high - level operation if diesel prices remain stable [34]. Energy and Oil and Gas - **SC**: The market is mainly affected by the Middle - East situation, and short - term attention should be paid to factors such as the passage of the Strait of Hormuz and the attitudes of the US and Iran [37]. - **Fuel Oil**: It maintains a strong pattern in the short term [40]. - **Asphalt**: Its prices follow the change of crude oil prices, and there may be a downward trend after the geopolitical disturbance subsides [41]. Precious Metals - **Platinum and Palladium**: They are in an oscillating and strengthening state. In the long - term, the bull market foundation still exists, but short - term adjustments should be vigilant [46]. - **Gold and Silver**: They are strategically bullish, and dips can be regarded as opportunities for long - term layout [48]. Chemicals - **Pulp - Offset Printing Paper**: Pulp futures can be traded in the short - term within an interval, and a low - long strategy can be considered in the medium - term. Offset printing paper futures can try a high - short strategy [53]. - **Pure Benzene - Styrene**: They are expected to be strong before the Strait of Hormuz passage problem is solved, but attention should be paid to callback risks [56]. - **LPG**: Its price is affected by the Middle - East war, and the length of the Strait of Hormuz blockade determines its price trend [58]. - **Methanol**: It may catch up with the increase of olefins next week, but attention should be paid to the risks of geopolitical relaxation and monomer price reduction [61]. - **Plastic PP**: They are expected to maintain a strong trend before the Middle - East situation eases [63]. - **Rubber**: It is jointly affected by macro - sentiment and synthetic rubber trends, with multiple and short factors intertwined. In the medium - term, a long - on - dips view can be taken, and light positions are recommended [71]. - **Glass Soda Ash**: For soda ash, the supply may be affected by maintenance, and the price space is limited. For glass, the recovery of supply and high intermediate inventory limit its upward space [72][73]. Black Metals - **Rebar & Hot Rolled Coil**: The cost provides support, but the rebound height is limited [75]. - **Iron Ore**: It has a high valuation, and its price is affected by supply, demand and geopolitical factors [76]. - **Coking Coal and Coke**: They have an over - supply problem, which restricts their price elasticity [79]. - **Ferroalloys**: They have cost support, but the upward space is limited due to weak downstream demand [81]. Agricultural and Soft Commodities - **Live Pigs**: The price is affected by feed costs, and a short - call option strategy can be considered [84]. - **Cotton**: Its prices may be in a narrow - range shock adjustment, and attention should be paid to geopolitical conflicts and foreign trade policies [87]. - **Sugar**: Its futures are strong, driven by rising oil prices and valuation repair [90]. - **Eggs**: They are expected to be strong in the short - term but with limited upward space, and short - call options can be sold [91]. - **Apples**: The 05 contract maintains a strong shock pattern due to the scarcity of delivery products [99]. - **Red Dates**: They may maintain a low - level shock due to insufficient demand drive [101]. - **Logs**: The futures are affected by geopolitical sentiment, and an interval trading strategy can be adopted [102].

Report Industry Investment Rating - The report gives a view that the industry will operate in a range with a bullish bias [4] Core Viewpoint - The steel price rebounds driven by sentiment. The "Shanghai Seven - Point Policy" has led to a peak of visits to new - house sales offices in Shanghai last weekend, and the new - house trading volume in March has increased significantly compared with the same period last year. The continuous rise of the energy - chemical sector has spilled over to coking coal, which drove the rebound of finished steel products. However, the fundamentals of finished steel products themselves have changed little, mainly following the upward trend passively. The steel price is mainly determined by its own fundamentals, especially the downstream start - up situation [3][4] Summary According to Related Contents Policy and Market Conditions - Affected by the "Shanghai Seven - Point Policy", the new - house sales offices in Shanghai saw a peak of visits last weekend, and the new - house trading volume in March increased significantly year - on - year. From March 1st to 7th, the number of new - house online sign - ups in Shanghai was 2,312 units, a year - on - year increase of about 10%. On March 9th, the ex - factory含税 price of general billet resources in Qian'an, Tangshan increased by 30, reaching 2,960 yuan/ton [3] Price Movement and Market Sentiment - The continuous rise of the energy - chemical sector has spilled over to coking coal. Yesterday, the rise of coking coal drove the rebound of finished steel products. Both rebar and hot - rolled coils closed with a doji with an upper shadow. The overall market enthusiasm is high due to the rise in crude oil prices, and the prices of many varieties have increased. The steel price is mainly determined by its own fundamentals, especially the downstream start - up situation [4] Market Outlook - The finished steel products are expected to operate in a range with a bullish bias [4] Later Concerns - Macro - policies and downstream demand conditions [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The macro - economic recovery momentum needs to be strengthened, and it is expected that the monetary policy will remain loose. The market is affected by various factors such as the Iran situation, and different commodities have different trends and risks [6][10][12]. 3. Summary by Directory 3.1 Bonds - **Performance**: On the previous trading day, Treasury bond futures closed down across the board. The 30 - year main contract fell 1.11%, the 10 - year main contract fell 0.21%, the 5 - year main contract fell 0.14%, and the 2 - year main contract fell 0.04%. The central bank conducted 48.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 86.5 billion yuan on the day. In February, CPI rose 1% month - on - month and 1.3% year - on - year; PPI rose 0.4% month - on - month and decreased 0.9% year - on - year [5]. - **Outlook**: It is expected that there will still be some pressure, so caution is advised [6][7]. 3.2 Stock Index Futures - **Performance**: On the previous trading day, stock index futures showed mixed trends. The CSI 300 stock index futures (IF) main contract fell 1.09%, the SSE 50 stock index futures (IH) main contract fell 0.97%, the CSI 500 stock index futures (IC) main contract fell 0.75%, and the CSI 1000 stock index futures (IM) main contract fell 0.28% [8]. - **Outlook**: The domestic economic recovery momentum is not strong, but asset valuations are low, and there are policy expectations. However, the Iran situation has high uncertainty, and it is expected that market volatility will increase significantly. It is recommended to close long positions and wait for opportunities [10][11]. 3.3 Precious Metals - **Performance**: On the previous trading day, the gold main contract closed at 1,140 with a decline of 0.07%, and the silver main contract closed at 21,547 with an increase of 0.07% [12]. - **Outlook**: The "de - globalization" and "de - dollarization" trends are beneficial to the allocation and hedging value of gold. However, due to the high uncertainty of the Iran situation, it is recommended to stay on the sidelines [12][13]. 3.4 Steel Products (Rebar and Hot - Rolled Coil) - **Performance**: On the previous trading day, rebar and hot - rolled coil futures rose slightly. The spot price of Tangshan common carbon billet was 2,970 yuan/ton, the spot price of Shanghai rebar was 3,120 - 3,220 yuan/ton, and the price of Shanghai hot - rolled coil was 3,240 - 3,260 yuan/ton [14]. - **Outlook**: The Middle East geopolitical conflict may affect market sentiment, but has little impact on the actual supply - demand pattern. In the medium term, the price is determined by industry supply - demand. The demand for rebar is still declining year - on - year, and the supply pressure has been alleviated. It is expected that the price will lack positive drivers but has low valuation. Technically, the futures are expected to continue to rebound in the short term. Investors can pay attention to low - position long - entry opportunities [15][16]. 3.5 Iron Ore - **Performance**: On the previous trading day, iron ore futures rose significantly. The port spot price of PB powder was 770 yuan/ton, and the spot price of Super Special powder was 660 yuan/ton [17]. - **Outlook**: The Middle East geopolitical conflict may affect market sentiment, but has little impact on the actual supply - demand pattern. During the key meetings, steel mills' production restrictions have suppressed the demand for iron ore. The supply of iron ore is increasing, and the port inventory is at a high level. Technically, the futures are expected to continue to rebound in the short term. Investors can pay attention to low - position long - entry opportunities [17][18]. 3.6 Coking Coal and Coke - **Performance**: On the previous trading day, coking coal and coke futures rose significantly [19]. - **Outlook**: The Middle East geopolitical conflict may affect market sentiment, but has little impact on the actual supply - demand pattern. The supply of coking coal is gradually recovering, and the demand is weak. The supply of coke is stable, but the demand is under pressure due to steel mills' production restrictions. Technically, the futures are still in a volatile pattern. Investors can pay attention to low - position long - entry opportunities [20][21]. 3.7 Ferroalloys - **Performance**: On the previous trading day, the manganese silicon main contract rose 0.43% to 6,132 yuan/ton, and the silicon iron main contract rose 0.51% to 5,868 yuan/ton. The Tianjin manganese silicon spot price rose 50 yuan/ton to 5,950 yuan/ton, and the Inner Mongolia silicon iron price rose 270 yuan/ton to 5,700 yuan/ton [22]. - **Outlook**: The cost is at a low level with limited downward space, and the supply is in a state of overall surplus. After a rapid short - term price rebound, investors can consider exiting long positions on rallies [22]. 3.8 Crude Oil - **Performance**: On the previous trading day, INE crude oil hit the daily limit due to market expectations of war escalation [23]. - **Outlook**: The increase in net long positions in CFTC shows that US funds are bullish on the crude oil market. The closure of the Strait of Hormuz has led to production cuts by Middle East oil companies, which supports oil prices. However, Trump's statement that the war with Iran is basically over has eased the tension. It is recommended to stay on the sidelines for the main crude oil contract [25][26]. 3.9 Polyolefins - **Performance**: On the previous trading day, the Hangzhou PP market reported a rapid price increase, and the Yuyao LLDPE market rose 1,950 - 2,450 yuan/ton [27]. - **Outlook**: The downstream factories of polyolefins are resuming production, and the demand for replenishment has increased, which supports the price increase. The geopolitical conflict has strengthened the cost support. It is recommended to stay on the sidelines [28][29]. 3.10 Synthetic Rubber - **Performance**: On the previous trading day, the synthetic rubber main contract rose 8.97%, and the mainstream price in Shandong was adjusted to 15,000 - 15,200 yuan/ton [30]. - **Outlook**: The Middle East geopolitical conflict has pushed up the price of crude oil, which has increased the cost of synthetic rubber. Some device overhauls are expected in March. Although the inventory is accumulating, the price is expected to be in a strong - side oscillation [30][31]. 3.11 Natural Rubber - **Performance**: On the previous trading day, the natural rubber main contract rose 1.44%, and the 20 - rubber main contract rose 1.38%. The Shanghai spot price of whole latex was adjusted to around 16,900 yuan/ton [32]. - **Outlook**: The Middle East geopolitical conflict has pushed up the price of synthetic rubber, increasing the substitution demand for natural rubber. The supply is in a low - production season, and the demand is gradually recovering. The price is expected to be in a strong - side oscillation [32][33]. 3.12 PVC - **Performance**: On the previous trading day, the PVC main contract rose 5.99% and hit the daily limit, and the East China spot price was raised by 400 yuan/ton [34]. - **Outlook**: The overseas geopolitical conflict has led to concerns about energy and raw material supply, which is in a game with the seasonal off - season of domestic spring demand. The inventory is accumulating. The price is expected to be in a strong - side oscillation [34][36]. 3.13 Urea - **Performance**: On the previous trading day, the urea main contract rose 4.33%, and the price in Shandong Linyi was 1,920 yuan/ton (+30) [37]. - **Outlook**: The geopolitical conflict and international supply - demand mismatch have led to a global production gap in urea. China has strict export quota control. The domestic supply and demand are in a tight balance. In the short term, it is expected to be in a strong - side oscillation. In the medium term, export and production capacity expansion need to be concerned. In the long term, the pattern is expected to be loose [37][38]. 3.14 PX - **Performance**: On the previous trading day, the PX2605 main contract rose 7.02% [39]. - **Outlook**: The PXN spread and short - process profit are slightly compressed. The PX load is slightly increased, and the downstream polyester and terminal industries are gradually resuming work. It is expected to enter the de - stocking stage. Due to the easing of the US - Iran conflict, the oil price may decline, and the PX price may follow and fluctuate. It is recommended to operate cautiously [39][40]. 3.15 PTA - **Performance**: On the previous trading day, the PTA2605 main contract rose 7.01%, and the processing fee rose to around 300 yuan/ton [41]. - **Outlook**: The PTA supply is adjusted, the demand is gradually recovering, and the cost support is slightly weakened due to the easing of the geopolitical situation. The price may follow the PX and oil prices and decline slightly. It is recommended to operate cautiously [41]. 3.16 Ethylene Glycol - **Performance**: On the previous trading day, the ethylene glycol main contract rose 7.99% [42]. - **Outlook**: The geopolitical situation may ease, the cost support may weaken, and the high inventory may suppress the short - term price increase. It is necessary to pay attention to the geopolitical situation and the spring overhaul rhythm [42][43]. 3.17 Short - Fiber - **Performance**: On the previous trading day, the short - fiber 2604 main contract rose 7.02% [44]. - **Outlook**: The short - fiber supply is gradually increasing, the terminal factory inventory is basically stable, and the loom load is slightly increasing. The price is mainly driven by the cost. It is necessary to pay attention to the geopolitical situation, device dynamics, and downstream factory resumption progress [44]. 3.18 Bottle Chips - **Performance**: On the previous trading day, the bottle chips 2605 main contract rose 7.02%, and the processing fee was adjusted to around 520 yuan/ton [45]. - **Outlook**: The bottle chips supply is expected to shrink, the export is increasing, and the spot is still tight in the short term. The price is mainly driven by the cost. It is recommended to participate cautiously and pay attention to the restart of overhauled devices and cost changes [45]. 3.19 Soda Ash - **Performance**: On the previous trading day, the main 2605 contract closed at 1,276 yuan/ton during the day session with a 3.66% increase and 1,265 yuan/ton during the night session with a 2.17% decrease [46]. - **Outlook**: The soda ash production is stable, the inventory is at a high level, and the downstream demand is weak. The price is affected by the energy price. The market sentiment is volatile, and it is necessary to control risks [47][48]. 3.20 Glass - **Performance**: On the previous trading day, the main 2605 contract closed at 1,104 yuan/ton during the day session with a 3.18% increase and 1,095 yuan/ton during the night session with a 2.75% decrease [49]. - **Outlook**: The glass production capacity is in the process of active de - stocking, the inventory is accumulating, and the demand recovery is slow. The price is under pressure. It is necessary to pay attention to the Middle East situation and fundamental indicators [50][51]. 3.21 Caustic Soda - **Performance**: On the previous trading day, the main 2605 contract closed at 2,442 yuan/ton during the day session with a 5.30% increase and 2,355 yuan/ton during the night session with a 4.31% decrease [52]. - **Outlook**: The caustic soda supply is at a high level, and the inventory is increasing. The downstream demand is mainly driven by rigid demand. The price is affected by the oil price. The market has a strong export expectation but weak fundamentals. It is necessary to control positions [52][53]. 3.22 Pulp - **Performance**: On the previous trading day, the main 2605 contract closed at 5,300 yuan/ton with a 0.45% increase [54]. - **Outlook**: The pulp inventory is not showing a de - stocking trend, the supply is relatively stable, and the downstream demand is weak. The price of coniferous pulp fluctuates with the futures, and the price of broad - leaf pulp is supported by cost. It is necessary to pay attention to the price trends of crude oil and bulk commodities, downstream paper mill procurement, and capital movements [54][55]. 3.23 Lithium Carbonate - **Performance**: On the previous trading day, the lithium carbonate main contract rose 2.94% to 161,060 yuan/ton [56]. - **Outlook**: The US - Iran conflict has increased the price volatility of resource products. The global lithium resource supply - demand balance is being reshaped. The supply of lithium carbonate is decreasing, and the demand is improving. The inventory is gradually decreasing. The price has short - term support, but the short - term volatility may increase [56]. 3.24 Copper - **Performance**: On the previous trading day, the Shanghai copper main contract closed at 101,160 yuan/ton with a 1.28% increase [57]. - **Outlook**: The US - Iran situation is uncertain, and the domestic electrolytic copper supply is limited. The demand is seasonally warming, and the inventory accumulation speed has slowed down. The copper price is expected to be in a range - bound oscillation [57][58]. 3.25 Aluminum - **Performance**: On the previous trading day, the Shanghai aluminum main contract closed at 24,850 yuan/ton with a 1.43% decrease, and the alumina main contract closed at 2,859 yuan/ton with a 2.72% decrease [59]. - **Outlook**: The alumina market has a surplus supply, and the cost is supported by the geopolitical conflict. The domestic aluminum inventory is under pressure, and the demand has not fully recovered. The aluminum price is expected to be in a strong - side operation [59][60]. 3.26 Zinc - **Performance**: On the previous trading day, the Shanghai zinc main contract closed at 24,425 yuan/ton with a 0.41% increase [61]. - **Outlook**: The zinc supply is increasing, and the demand recovery is weak. The inventory is accumulating. The zinc price may be under pressure and oscillate [61][62][63]. 3.27 Lead - **Performance**: On the previous trading day, the Shanghai lead main contract closed at 16,720 yuan/ton with a 0.21% decrease [64]. - **Outlook**: The supply - demand mismatch is conducive to the de - stocking of primary lead, but the downstream rigid demand is limited. The lead price is expected to be in a consolidation state [64][65]. 3.28 Tin - **Performance**: On the previous trading day, the Shanghai tin main contract rose 3.51% to 397,630 yuan/ton [66]. - **Outlook**: The US - Iran conflict has increased the price volatility of resource products. The supply of tin is gradually easing, and the demand has short - term support. The inventory is decreasing. The tin price has support, but it is necessary to control risks due to the uncertainty of the overseas situation [66]. 3.29 Nickel - **Performance**: On the previous trading day, the Shanghai nickel futures main contract rose 1.37% to 137,930 yuan/ton [67]. - **Outlook**: The US - Iran conflict has increased the price volatility of resource products. The nickel ore supply is expected to be tight, and the production cost is expected to rise. The downstream demand is weak, and the inventory is at a relatively high level. The primary nickel is in an oversupply situation. It is necessary to pay attention to Indonesian policies and macro - events [67][68]. 3.30 Soybean Oil and Soybean Meal - **Performance**: On the previous trading day, the soybean meal main contract rose 3.53% to 2,995 yuan/ton, and the soybean oil main contract rose 3.16% to 8,672 yuan/ton.

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2026年3月10日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：特朗普称伊朗战事基本结束，美元回落，金价震荡；美国三大股指全线 收涨，欧洲三大股指收盘全线下跌；美债收益率全线走低，10年期美债收益率跌 3.28个基点报4.096%；美元指数跌0.24%报98.72，离岸人民币对美元大幅升值报 6.8875；COMEX黄金期货跌0.19%报5148.70美元/盎司；中性 2、基差：黄金期货1140，现货1137.6，基差-2.4，现货贴水期货；中性 3、库存：黄金期货仓单104934千克，减少99千克；偏空 4、盘面：20日均线向下，k线在20日均线上方；中性 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Due to the blockade of the Strait of Hormuz, fuel oil supply from the Middle East is restricted, intensifying concerns about recent market supply disruptions. The market structures of Asian high - sulfur and low - sulfur fuel oil have further strengthened, and the spot price spread of fuel oil has reached a high. Terminal marine fuel demand is strong, and buyers are stocking up before short - term price increases. The market is in a supply shortage state. [3] - Middle East tensions have worsened, some oil - producing countries are starting to cut production passively, market sentiment is high, and enterprises are hoarding. Fuel oil prices are expected to rise in the short term, with high - sulfur and low - sulfur fuel oil expected to hit the daily limit today. The FU2605 contract is expected to run in the 4500 - 4549 range, and the LU2605 contract in the 5000 - 5032 range. [3] - The market is driven by the resonance of supply affected by geopolitical risks and neutral demand. [4] Summary by Directory 1. Daily Prompt - **Futures Market**: The previous FU and LU主力合约期货 prices were 3888 and 4376 respectively, and the current values are 4437 and 4999, with increases of 549 (14.12%) and 623 (14.24%) respectively. The previous FU and LU basis were 578 and 884, and the current values are 1581 and 1865, with increases of 1002.53 (173.31%) and 981 (111%) respectively. [5] - **Spot Market**: The previous prices of Zhoushan high - sulfur fuel, Zhoushan low - sulfur fuel, Singapore high - sulfur fuel, Singapore low - sulfur fuel, Middle - East high - sulfur fuel, and Singapore diesel were 790, 850, 646.6, 765.5, 548.92, and 1110.92 respectively. The current values are 1110, 1200, 877.87, 989.37, 772.77, and 1129.41, with increases of 320 (40.51%), 350 (41.18%), 231.27 (35.77%), 223.87 (29.24%), 223.85 (40.78%), and 18.49 (1.66%) respectively. [6] 2. Multi - and Short - term Concerns - **Likely to be Bullish**: Middle East tensions and poor channel traffic [4] - **Likely to be Bearish**: The Trump administration's TACO situation and upstream crude oil being under pressure [4] 3. Fundamental Data - **Supply and Demand**: The blockade of the Strait of Hormuz has restricted fuel oil supply from the Middle East, and terminal marine fuel demand is strong, with the market in a supply shortage state [3] - **Basis**: The basis of Singapore high - sulfur fuel oil is 578 yuan/ton, and that of Singapore low - sulfur fuel oil is 700 yuan/ton, with the spot price higher than the futures price [3] - **Market Trend**: The price is above the 20 - day line, and the 20 - day line is upward [3] - **Main Position**: High - sulfur main positions are short, with short positions decreasing; low - sulfur main positions are short, changing from long to short [3] 5. Spread Data - A chart of the high - and low - sulfur futures price spread is provided, but specific data is not detailed [9] 6. Inventory Data - Singapore fuel oil inventory on March 4, 2026, was 2574.9 million barrels, an increase of 187 million barrels. Historical inventory data from December 24, 2025, to March 4, 2026, is also provided. [3][7]

Report Industry Investment Rating - The investment rating for the bond market is "oscillation" [1] Core Viewpoints - China's overall inflation level in February exceeded expectations, with CPI rising 1.3% year-on-year and PPI falling 0.9% year-on-year. The increase in inflation and geopolitical factors led to a significant correction in the prices of Treasury bond futures on Monday. With the dissipation of market panic, Treasury bond futures may oscillate in the short term [1][2] Summary by Relevant Catalogs Market Review - On Monday, the main contracts of Treasury bond futures opened lower across the board. By the close, the 30-year Treasury bond futures main contract TL2606 fell 1.11%, the 10-year T2606 fell 0.21%, the 5-year TF2606 fell 0.14%, and the 2-year TS2606 fell 0.04% [1] - The Wande All A index opened lower, bottomed out in the morning session, and then rose in a volatile manner. It closed with a small Yang line with a long lower shadow, down 0.84%. The trading volume was 2.67 trillion yuan, an increase from the previous trading day's 2.22 trillion yuan [2] Important Information - The central bank conducted 48.5 billion yuan of 7-day reverse repurchase operations on Monday, with 135 billion yuan of reverse repurchase maturing on the same day, resulting in a net withdrawal of 86.5 billion yuan [1] - In the interbank money market on Monday, the overnight interest rate remained flat compared with the previous trading day. The weighted average of DR001 was 1.32%, and the weighted average of DR007 was 1.45%, up from 1.41% in the previous trading day [1] - In the interbank Treasury bond cash market on Monday, most closing yields rose compared with the previous trading day. The 2-year Treasury bond yield rose 1.73 basis points to 1.36%, the 5-year rose 2.55 basis points to 1.56%, the 10-year rose 2.44 basis points to 1.81%, and the 30-year rose 4.80 basis points to 2.33% [1] - In February, China's CPI rose 1.3% year-on-year, higher than the market expectation of 0.9%. The PPI fell 0.9% year-on-year, better than the market expectation of a 1.2% decline. The CPI rose 1.0% month-on-month, and the PPI rose 0.4% month-on-month for the fifth consecutive month [1] - US President Trump said in a phone interview that the war was almost over, which led to the dissipation of market panic. The VIX panic index fell by more than 13%, and risk assets rebounded strongly [1] - G7 officials said that at the G7 finance ministers' meeting, a broad consensus was reached not to release oil reserves for the time being and to take measures such as releasing reserves to support global energy supply if necessary [1] Market Logic - China's inflation level in February exceeded expectations, and the rise in international oil prices drove up the prices of domestic energy and chemical products, which led to a significant correction in the prices of Treasury bond futures on Monday [2] - The statement by the US president that the war was almost over led to the dissipation of market panic and a strong rebound in risk assets. Treasury bond futures may oscillate in the short term [2] Trading Strategy - Traders are advised to conduct band operations [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Market sentiment is significantly influenced by the US - Iran conflict, with potential risk preference recovery as the conflict intensity may decline. Attention should be paid to investment opportunities in IM/IC, while being cautious about chasing highs and selling lows [15][16]. - In the bond market, due to sensitivity to inflation and technical trends, short - and medium - term bonds are judged to be bearish [17]. - For various commodities, the supply - demand relationship, cost factors, and geopolitical events all have an impact on their prices and trends, and corresponding trading strategies are recommended for different commodities. Summary by Directory 1. Macro Information - US President Trump indicates that the war with Iran may end soon, and the G7 decides not to release strategic oil reserves for the time being [11]. - In February, CPI and PPI show different trends. CPI rises both month - on - month and year - on - year, while PPI rises month - on - month but declines year - on - year with a narrowing decline [11]. - OpenClaw AI agents are popular globally, and Tencent launches its AI agent WorkBuddy [11]. - Domestic refined oil prices are raised, and many small and medium - sized banks lower deposit interest rates [12]. - Russia and the US have a phone call to discuss the Middle East situation and the Ukraine issue [12]. - The energy price surge reshapes European interest rate trading, with changes in market expectations for central bank interest rate hikes [12]. - The White House is discussing sending troops to seize Iran's Kharg Island, and Saudi Aramco sells crude oil in the spot market through tender [13]. - Qatar Energy delays the commissioning of the North Field East expansion project due to the shutdown of a factory caused by an Iranian drone attack [13]. 2. Stock Index Futures - The short - term performance of IM/IC may be better than that of weighted stocks. As the US - Iran war intensity may decline, risk preference may recover, and attention should be paid to the repair opportunities of IM/IC [15][16]. 3. Treasury Bond Futures - The bond market is sensitive to inflation, and short - and medium - term bonds are judged to be bearish. The market is affected by inflation data, G7's decision on oil reserves, and the situation of the US - Iran war [17]. 4. Black Commodities 4.1. Steel and Iron Ore - The short - term rebound of black commodities is limited. The supply of steel mills is increasing slightly, and the demand for building materials is weak, while the demand for coils is acceptable. It is recommended to take profits on short - term long positions and hold short - straddle strategies [19][20]. 4.2. Coking Coal and Coke - The prices of coking coal and coke may fluctuate strongly in the short term and are expected to continue wide - range oscillations in the medium term. The market is affected by the US - Iran situation and downstream demand [21]. 4.3. Ferroalloys - For manganese silicon, short - term short - selling on rallies is recommended; for ferrosilicon, short - selling is recommended for intraday operations, while being wary of unexpected price increases [22]. 4.4. Soda Ash and Glass - It is recommended to wait and see. Soda ash supply is high, and attention should be paid to new production capacity and enterprise maintenance plans. Glass supply has cold - repair and ignition expectations, and attention should be paid to demand recovery [23]. 5. Non - ferrous Metals and New Materials 5.1. Copper - Copper prices may oscillate in the short term. High energy prices and concerns about economic stagflation put pressure on copper prices, but the substitution effect of refined copper rods may support prices [25]. 5.2. Zinc - Zinc prices are expected to be weak. Domestic zinc inventories are increasing, and the operating idea is to be bearish on oscillations and operate short positions cyclically [26][27]. 5.3. Lead - After taking profits on previous short positions, short positions can be arranged when the price rises. Lead inventories are increasing, and the delivery volume is expected to be large [28][29]. 5.4. Lithium Carbonate - Lithium carbonate prices may oscillate widely in the short term. Supply is increasing, and the short - term supply - demand situation is weakening, but long - term supply - demand is favorable [30]. 5.5. Industrial Silicon and Polysilicon - Industrial silicon oscillates, and attention should be paid to short - straddle option opportunities. Polysilicon oscillates weakly, and it is recommended to wait and see [31]. 6. Agricultural Products 6.1. Cotton - Cotton prices are high and oscillating. Attention should be paid to the actual demand in the "Golden March and Silver April" and the impact of external conflicts. The global cotton supply may decline in the future [36][37]. 6.2. Sugar - Sugar prices face pressure to rebound. There are differences in the global sugar supply situation, and domestic sugar has seasonal production pressure. The operation idea is to oscillate at high levels [38][39][40]. 6.3. Eggs - Egg prices may be strong in the short term, but the supply pressure is large. The futures contract may enter an oscillating pattern, and attention should be paid to inventory and elimination [41][42]. 6.4. Apples - High - quality apple prices may be strong, and the market is expected to be strong overall, showing a structural differentiation pattern [43]. 6.5. Corn - Be cautious about chasing high prices, and consider a 5 - 7 reverse spread strategy. Pay attention to supply pressure and low inventory support [44]. 6.6. Red Dates - Red dates are expected to oscillate weakly. The market has a high - inventory pattern, and the demand in the off - season needs to be observed [45]. 6.7. Pigs - Spot pig prices are under pressure, and the futures market is expected to oscillate at a low level. The market has a pattern of strong supply and weak demand [46]. 7. Energy and Chemicals 7.1. Crude Oil - The geopolitical premium of crude oil has significantly declined, but the US - Iran conflict has not ended. Attention should be paid to the resumption of navigation in the Strait of Hormuz [48][49]. 7.2. Fuel Oil - Fuel oil prices will follow oil prices and enter high - level fluctuations. Attention should be paid to the resumption of navigation in the Strait of Hormuz [50]. 7.3. Plastics - Polyolefin prices may be supported by geopolitical factors, but they may decline if the war eases. Be cautious about rebound risks and take a bullish view [51]. 7.4. Rubber - Be cautious in unilateral trading. Consider narrowing the spread between RU - NR and RU - BR, and pay attention to selling put options at low prices [52]. 7.5. Synthetic Rubber - Synthetic rubber prices are driven by costs, but be cautious about chasing high prices. Consider taking partial profits on the strategy of going long synthetic rubber and short natural rubber [53]. 7.6. Methanol - The supply and demand of methanol have slightly improved. Pay attention to the impact of the Middle East situation on Iranian methanol supply and the operation of downstream MTO plants [53][54]. 7.7. Caustic Soda - Caustic soda prices may oscillate widely. Overseas production decline increases potential export demand, but real - world transactions are not as active as in the futures market [55][56]. 7.8. Asphalt - Asphalt demand is in the off - season, and prices follow oil prices. Attention should be paid to the resumption of navigation in the Strait of Hormuz [57]. 7.9. PVC - PVC may oscillate strongly in the short term. Rising oil prices increase ethylene - based PVC costs, and the reduction of ethylene production may continue [58]. 7.10. Polyester Industry Chain - The short - term trend of the polyester chain is dominated by oil prices and market sentiment. Pay attention to device maintenance and demand recovery [59]. 7.11. Pulp - Pulp prices are affected by macro - sentiment and supply - demand factors. High inventory is a pressure, but there is support from overseas price increases. Pay attention to inventory and price increases of finished products [59]. 7.12. Logs - Log prices may oscillate upward. Demand is recovering, and inventory data is good. Pay attention to the impact of the US - Iran conflict and new delivery rules [61]. 7.13. Urea - Urea futures should be traded with a wide - range oscillation idea. The market is affected by industrial policies and the trend of energy and chemical futures [62].

Report Industry Investment Rating No information provided in the text. Core Viewpoints of the Report - Overseas, the US President indicates the war is almost over and is considering controlling the Strait of Hormuz, and the US government is considering further relaxing sanctions on Russian oil. Energy prices have dropped significantly, global inflation expectations have weakened in the short - term, the US dollar index and US Treasury yields have declined, and global risk appetite has increased. Domestically, China's economic sentiment slowed slightly in February, but inflation continued to recover, and the economy and inflation are generally stable. The government work report's goals and policies for 2026 are less aggressive than in 2025. The market is currently focused on Middle - East geopolitical risks, and market sentiment has improved due to the decline in global inflation expectations. [2][3] - For different asset classes: short - term stock index may have increased volatility, and it is advisable to be cautious and go long; government bonds may fluctuate in the short - term, and it is advisable to watch carefully; for the commodity sector, black metals, non - ferrous metals, and precious metals may fluctuate in the short - term, with cautious long positions for precious metals and cautious watching for the others; energy and chemical products have significantly declined in the short - term, and it is advisable to watch carefully. [2] Summary by Relevant Catalogs Macro - finance - Overseas: The US President's statements and potential policy changes have alleviated the energy crisis, leading to a significant drop in energy prices, a short - term weakening of global inflation expectations, and a rise in global risk appetite. [2] - Domestic: China's economic sentiment slowed in February, but inflation continued to recover. The government work report's goals and policies for 2026 are less ambitious than in 2025. The market is focused on Middle - East geopolitical risks, and short - term market sentiment has improved. [2][3] - Asset Recommendations: Short - term stock index: cautious long; government bonds: cautious watching; black metals: cautious watching; non - ferrous metals: cautious watching; energy and chemical products: cautious watching; precious metals: cautious long. [2] Stock Index - Domestic stocks have declined in the short - term due to the drag of sectors such as airport shipping, military industry, and semiconductor components. The economy and inflation are generally stable, but the government work report's goals and policies for 2026 are less aggressive. The market is focused on Middle - East geopolitical risks, and short - term market sentiment has improved. It is advisable to be cautious and go long in the short - term. [3] Precious Metals - The precious metals market rose on Monday night. Due to the initial rise in oil prices and subsequent decline, gold and silver prices fluctuated. Gold initially fell and then rebounded, while silver rose significantly. It is advisable to be cautious and go long in the short - term. [4] Black Metals - **Steel**: The spot steel market rebounded slightly on Monday, with the futures price rising and then falling. The cost support logic has strengthened due to the rise in oil and related energy prices. The real - world demand is weakening, and inventory is at a high level. It is advisable to view the market as oscillating and strengthening. [5] - **Iron Ore**: The futures and spot prices of iron ore rebounded on Monday. The decline in iron - water production was due to temporary restrictions during the Two Sessions. The supply of iron ore is in the off - season, and the rise in oil prices has increased transportation costs. It is advisable to view the market as oscillating and strengthening. [6] - **Silicon Manganese/Silicon Iron**: The spot prices of silicon iron and silicon manganese rebounded slightly on Monday, with the futures price rising and then falling. The strong prices of manganese ore and oil have boosted the silicon - manganese market. The supply of silicon manganese has changed slightly, and downstream demand is gradually recovering. It is advisable to view the market as rebounding. [7] Non - ferrous Metals and New Energy - **Copper**: The peak season has arrived, but the demand needs to be verified. Refined copper production is at a record high, and inventories at home and abroad are accumulating, indicating a long - term supply shortage but short - term sufficiency. [8] - **Aluminum**: The price of aluminum fluctuated significantly on Monday due to the rise and fall of oil prices. The price is still supported by the short - term situation in the Middle East. [8] - **Zinc**: The supply of zinc concentrate will increase in 2026. Domestic smelting production is at a relatively high level, but the demand is not optimistic. Inventory has increased seasonally, but the overall pressure is not large. [9] - **Lead**: In the short - to - medium term, lead production is at a high level, but the demand is weakening due to policy over - consumption and the end of the peak season. Inventory has increased significantly. [9][10] - **Nickel**: The RKAB quota in Indonesia has decreased significantly in 2026. Although there is room for improvement, the decline compared to 2025 is likely. The price has strong support below but limited upward momentum. Inventory at home and abroad is at a high level. [10] - **Tin**: The smelting start - up rate has increased seasonally, and the supply is expected to increase. The demand is divided, with some industries growing and others in a downturn. The price has declined due to the ebb of sentiment, and it is expected to be weak in the short - term. [11] - **Carbonate Lithium**: The price of the main contract rose on Monday. The market's panic has subsided, and inventory is decreasing. It is expected to oscillate at a high level, and it is advisable to watch carefully. [12] - **Industrial Silicon**: The price of the main contract rose on Monday. The market is in a state of weak supply and demand, with high inventory. It is priced close to the cost, and it is advisable to operate within a range. [12] - **Polysilicon**: The price of the main contract rose on Monday. Inventory is at a high level, and the price of downstream silicon wafers is falling. It is expected to oscillate weakly, and it is advisable for short - sellers to hold positions carefully. [13] Energy and Chemicals - **Crude Oil**: The oil price rose significantly in the Asian session and then fell due to the release of emergency oil reserves and the US President's statement. It may continue to oscillate significantly before the short - term situation becomes clear. [14][15] - **Asphalt**: The price of asphalt followed the oil price and oscillated at a high level. There may be further downward pressure. The inventory is at a relatively low level, and the supply pressure will be alleviated. It is advisable to pay attention to the development of the situation in Iran. [15] - **PX**: The price of PX followed the oil price and strengthened and then fell. Due to device accidents and the strength of naphtha, it will continue to be strong in the near future. It is necessary to beware of downstream negative feedback. [15] - **PTA**: The price of PTA followed the oil price and strengthened. The downstream production and sales are good, but there is a risk of negative feedback. It is advisable to pay attention to terminal orders and downstream inventory. [16] - **Ethylene Glycol**: The price of ethylene glycol followed the oil price and rose, but the inventory is at a three - year high. The follow - up increase may be limited unless the oil price rises significantly. [16] - **Short - fiber**: The price of short - fiber followed the energy and chemical sector and strengthened. The downstream start - up rate is increasing, and the inventory has increased recently. It is advisable to observe the increase in peak - season orders. [16] - **Methanol**: The domestic methanol market is mainly in a wait - and - see state, and the port basis has strengthened. The supply is expected to increase, and the demand is stable. The price is expected to be strong, but it is necessary to beware of downstream shutdown risks. [17] - **PP**: The market price of PP has risen, but the spot transaction may be affected. The price may fluctuate significantly in the short - term, and it is advisable to pay attention to geopolitical dynamics. [17] - **LLDPE**: The price of LLDPE has risen, and the downstream demand is recovering. The supply and demand situation has improved, and the price may continue to strengthen. It is necessary to beware of abnormal fluctuations in the oil price due to geopolitics. [18] - **Urea**: The domestic urea market is rising steadily. The supply pressure is increasing, and the demand is weak. The price increase is limited due to price - limit policies. [18] Agricultural Products - **US Soybeans**: The price of US soybeans on the CBOT market fell overnight. The export inspection volume was higher than expected, and the Brazilian soybean harvest progress is slower than last year. The market is waiting for the USDA's monthly crop supply and demand report. [19] - **Soybean and Rapeseed Meal**: The purchase of March - shipped soybeans by oil mills is basically completed. The prices of soybean and rapeseed meal have strengthened with the rise of US soybeans, but the high inventory and weak demand in China suppress the market. The supply of imported rapeseed will increase, increasing the risk of price fluctuations. [20] - **Soybean and Rapeseed Oil**: The rise in oil prices has increased the competitiveness of biodiesel, driving the bullish market of oils. The basis of soybean oil has fallen, and the spot transaction is almost stagnant. The basis of rapeseed oil is stable, and the transaction is light. [21][22] - **Palm Oil**: The price of palm oil futures rose overnight. Indonesia may restart the B50 plan due to the rise in oil prices. The price of palm oil has fallen with the decline of international oil prices. It is advisable to pay attention to the B50 plan and the MPOB report. The supply and demand of Malaysian palm oil are expected to decrease in February, and the inventory will shrink. [23] - **Corn**: The domestic corn price has risen. The futures market has boosted the spot price. The demand for replenishment by deep - processing enterprises and traders is strong, but the increase in imported barley and the expected release of policy - based grain sources may limit the upward space. [24] - **Pigs**: The national pig price is weakly stable. The market's weight - gain expectation is weak, and the terminal demand is still weak. Although the second - fattening entry has increased slightly, the possibility of price increase is small. [24]

Report Industry Investment Rating - Not provided Core View of the Report - Raw materials are leading the rise, and it is expected that finished products and iron ore will be bullish in the short term. Attention should be paid to the demand recovery situation. [2] Summary by Related Catalogs Market Review - On Monday, rebar, iron ore, and hot-rolled coils all closed higher, and they continued to close higher during the night session. [1] Important Information - In February 2026, the national industrial producer price index decreased by 0.9% year-on-year, with the decline narrowing by 0.5 percentage points compared to the previous month; it increased by 0.4% month-on-month, the same as the previous month. The industrial producer purchase price index decreased by 0.7% year-on-year, with the decline narrowing by 0.7 percentage points compared to the previous month; it increased by 0.7% month-on-month, with the increase expanding by 0.2 percentage points compared to the previous month. From January to February, the average industrial producer price index decreased by 1.2% compared to the same period last year, and the industrial producer purchase price index decreased by 1.1%. [1] - According to data released by Clarkson on March 6, in February this year, the global new ship order volume was 163 vessels with 5.21 million compensated gross tons (CGT). Calculated by CGT, it increased by 15% compared to 4.52 million CGT in the same period last year and decreased by 23% compared to 6.76 million CGT in January this year. Among them, Chinese shipyards received 131 new ship orders with 4.15 million CGT, accounting for 80% of the global market share, ranking first, and the market share reached a new high since 93.67% in August 2024; South Korean shipyards received 17 orders with 0.57 million CGT, accounting for 11% of the global market share, ranking second. [1] - During the Two Sessions in 2026, many NPC deputies and CPPCC members actively put forward suggestions on the development of the steel industry, mainly focusing on capacity control, rectifying "involutionary" competition, and supporting the development of "artificial intelligence + steel". [1] Market Logic - The prices of raw materials, coking coal and coke, soared and once hit the daily limit. [1] - Overseas iron ore supply decreased significantly again. The total global iron ore shipment volume this period decreased by 4.429 million tons to 28.978 million tons month-on-month, a decrease of 13.26%, reaching the lowest level in the same period in the past five years. Among them, the shipment volume from Australia decreased by 3.485 million tons to 17.532 million tons, and the shipment volume from Brazil decreased by more than 20% to 5.89 million tons compared to last week. The shipment volume from non-mainstream regions also decreased significantly. However, the arrival volume of foreign ore increased significantly this period. The total arrival volume at 47 ports in China increased by 4.675 million tons or 20.96% to 26.975 million tons month-on-month, approaching a one-and-a-half-month high. [1] - From March 2 to March 8, 2026, the total global iron ore shipment volume was 28.978 million tons, a decrease of 4.429 million tons month-on-month. The total shipment volume of iron ore from Australia and Brazil was 23.421 million tons, a decrease of 3.485 million tons month-on-month. The shipment volume from Australia was 17.532 million tons, a decrease of 1.953 million tons month-on-month. Among them, the volume shipped from Australia to China was 14.659 million tons, a decrease of 1.051 million tons month-on-month. The shipment volume from Brazil was 5.89 million tons, a decrease of 1.533 million tons. The total shipment volume of iron ore from 19 ports in Australia and Brazil was 22.695 million tons, a decrease of 3.479 million tons month-on-month. The shipment volume from Australia was 16.949 million tons, a decrease of 1.848 million tons month-on-month. Among them, the volume shipped from Australia to China was 14.077 million tons, a decrease of 1.015 million tons month-on-month. The shipment volume from Brazil was 5.745 million tons, a decrease of 1.631 million tons. [1] - On Monday, the spot prices of rebar and hot-rolled coils both increased. The price of Shanghai Zhongtian rebar was 3,220 yuan/ton, an increase of 30 yuan/ton. The RB2605 contract broke through the previous resistance level of 3,120. [1] Trading Strategy - The support level for rebar is 3,000, and the resistance level is 3,200. The support level for hot-rolled coils is 3,180, and the resistance level is 3,300. The support level for iron ore is 730, and the resistance level is 800. [2] - For single-sided trading, continue to hold existing long positions in rebar and hot-rolled coils and set stop-losses. For arbitrage, continue to hold long hot-rolled coil and short rebar arbitrage orders. It is recommended to set a stop-loss at 110 and a take-profit at over 200. [2]

021-60635740 期货从业资格号：F3075681 行业 锌期货日报 日期 2026 年 3 月 10 日 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明 ＃summary＃ 每日报告 一、 行情回顾 | 表1：期货市场行情 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 沪锌 | 2603 | 24185 | 24310 | 24395 | 24100 | 160 | 0.66 | 7195 | -360 | | 沪锌 | 2604 | 24 ...