Report Industry Investment Ratings - **Macro Finance**: Bullish on stock indices in the medium to long term, suggesting buying on dips; government bonds expected to trade in a range [1] - **Black Building Materials**: Short - term trading for coking coal; range trading for rebar; buying out - of - the - money call options for glass [1] - **Non - ferrous Metals**: Holding short positions or staying on the sidelines for copper at high prices; strengthening observation for aluminum; staying on the sidelines for nickel; range trading for tin; gold and silver expected to trade in a range; lithium carbonate expected to trade in a range [1] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, polyolefins expected to be bullish with oscillations; shorting soda ash at high prices; range trading for urea and methanol [1] - **Cotton Textile Industry Chain**: Cotton and cotton yarn expected to be bullish with oscillations; apples and jujubes expected to trade in a range [1] - **Agricultural and Livestock**: For live pigs, bearish on 05 and 07 contracts on rebounds, neutral on 09 contract; eggs expected to trade in a range; being cautious about chasing high for corn at high levels; being cautious about chasing long for soybean meal 05 contract; suggesting rolling long on oils and gradually reducing previous long positions [1] Core Views The report provides trading suggestions for various futures products based on their market conditions, including macro - economic factors, supply - demand relationships, and geopolitical events. It also analyzes the price trends and investment opportunities of different industries, taking into account factors such as production, consumption, inventory, and cost. Summary by Industry Macro Finance - **Stock Indices**: Medium - to long - term bullish, suggesting buying on dips. Due to factors such as the significant downward revision of US Q4 GDP growth, low consumer confidence, and geopolitical events, stock indices may trade in a range [1][5] - **Government Bonds**: Expected to trade in a range. Influenced by factors such as China's new social financing and loan data, Sino - US trade negotiations, and geopolitical situations, the bond market shows a differentiated trend [1][6] Black Building Materials - **Coking Coal**: Short - term trading. After the Spring Festival, the coking coal market is weak and stable, with slow recovery of downstream demand [1][8] - **Rebar**: Range trading. The rebar futures price is expected to be bullish with oscillations in the short term, considering factors such as cost, inventory, and demand [1][9] - **Glass**: Buying out - of - the - money call options. The glass market is affected by factors such as production cost, inventory, and demand, and is expected to trade at a high level with oscillations [1][10][11] Non - ferrous Metals - **Copper**: Holding short positions or staying on the sidelines at high prices. The copper price is affected by macro factors and supply - demand relationships, and there are both upward and downward risks [1][13][14][15] - **Aluminum**: Strengthening observation. The aluminum market is affected by factors such as raw material prices, production capacity, and geopolitical situations, with both positive and negative impacts on prices [1][16][17] - **Nickel**: Staying on the sidelines. The nickel market is affected by factors such as supply - demand relationships and cost, and the nickel price is expected to be bullish with oscillations [1][18] - **Tin**: Range trading. The tin market is affected by factors such as production, consumption, and inventory, and the tin price is expected to be bullish with wide - range oscillations [1][19][20] - **Gold and Silver**: Expected to trade in a range. Affected by geopolitical events and interest rate expectations, the prices of gold and silver are expected to adjust with oscillations [1][21][23] - **Lithium Carbonate**: Expected to trade in a range. The lithium carbonate market is affected by factors such as supply - demand relationships and policy risks, and the price is expected to continue to oscillate [1][24] Energy and Chemicals - **PVC**: Bullish with oscillations. The PVC market is affected by factors such as cost, supply, demand, and export policies, and is expected to be bullish in the short term [1][25][27] - **Caustic Soda**: Bullish with oscillations. The caustic soda market is affected by factors such as demand, supply, and geopolitical situations, and is expected to rebound strongly in the short term [1][28][29] - **Styrene**: Bullish with oscillations. The styrene market is affected by factors such as cost, inventory, and export, and is expected to be bullish with oscillations [1][30] - **Polyolefins**: Bullish with oscillations. The polyolefin market is affected by factors such as cost, supply, and demand, and is expected to be bullish [1][31] - **Rubber**: Buying on dips without chasing highs. The rubber market is affected by factors such as cost, supply, and demand, and is expected to be bullish with oscillations [1][32] - **Urea**: Range trading. The urea market is affected by factors such as supply, demand, and inventory, and is expected to be bullish with oscillations [1][33][34] - **Methanol**: Bullish with oscillations. The methanol market is affected by factors such as supply, demand, and geopolitical events, and the price is expected to be pushed up in the short term [1][35] - **Soda Ash**: Shorting at high prices. The soda ash market is affected by factors such as supply, inventory, and cost, and the price is expected to be under pressure [1][36] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Bullish with oscillations. Affected by factors such as global cotton supply - demand and consumption expectations, the price is expected to be bullish with oscillations [1][37] - **Apples**: Expected to trade in a range. The apple market shows a polarized trading situation, and the price is relatively stable [1][38] - **Jujubes**: Expected to trade in a range. The jujube market has a slow trading atmosphere after the Spring Festival, and the price is relatively stable [1][40] Agricultural and Livestock - **Live Pigs**: For 05 and 07 contracts, bearish on rebounds; neutral on 09 contract. The pig market is affected by factors such as supply, demand, and policies, and the price is expected to bottom out with oscillations [1][41] - **Eggs**: Expected to trade in a range. The egg market is affected by factors such as supply, demand, and inventory, and the price is expected to trade in a range [1][43] - **Corn**: Bullish with oscillations, being cautious about chasing high at high levels. The corn market shows a differentiated pattern, and the price is expected to trade in a range in the short term [1][44][45] - **Soybean Meal**: Bullish on 05 contract, buying on dips. The soybean meal market is affected by factors such as US soybean prices, Brazilian harvest, and domestic supply - demand, and the price is expected to be bullish [1][46] - **Oils**: Bullish with oscillations at high levels, suggesting rolling long and gradually reducing previous long positions. The oil market is affected by factors such as geopolitical events, supply - demand relationships, and inventory, and the price is expected to trade at a high level with oscillations [1][47][51]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The fundamentals of the aluminum industry are neutral, with carbon neutrality controlling capacity expansion and domestic supply reaching its ceiling, while downstream demand is not strong, and the real estate market remains weak, along with short - term volatile macro - sentiment [2] - The basis is - 390, with the spot price at 24780, indicating a discount to the futures price, which is bearish [2] - The Shanghai Futures Exchange (SHFE) aluminum inventory increased by 21927 tons to 416425 tons last week, which is neutral [2] - The closing price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [2] - The main positions are net long, and the long positions are increasing, which is bullish [2] - In the long term, carbon neutrality will trigger changes in the aluminum industry, which is bullish for aluminum prices. Due to the volatile macro - sentiment, aluminum prices are expected to fluctuate with a slight upward trend [2] Summary by Relevant Catalogs Daily Viewpoint - The aluminum industry's fundamentals are affected by carbon neutrality, demand, and macro - sentiment, with an overall neutral outlook [2] - The basis shows a bearish signal, while the price trend relative to the 20 - day moving average and the main positions are bullish, and the inventory situation is neutral [2] Recent利多利空Analysis - Bullish factors: carbon neutrality controls capacity expansion, the Russia - Ukraine geopolitical situation affects Russian aluminum supply, and there are expectations of interest rate cuts [3] - Bearish factors: the global economy is not optimistic, high aluminum prices will suppress downstream consumption, and the export tax rebate for aluminum products has been cancelled [3] Daily Summary - Shanghai's spot price decreased by 375, Nanchu's decreased by 450, and Yangtze River's decreased by 400. The SHFE inventory (weekly) increased by 29728 tons, and the LME inventory (daily) decreased by 425 tons [4] Supply - Demand Balance - From 2018 - 2023, China's aluminum market was mostly in short supply, with shortages of 47.61, 68.61, - 1.3, 14.2, 29.98, and 4.31 million tons respectively. In 2024, it is expected to have a surplus of 15 million tons [23]

Report Information - Report Name: Grease Morning Report - Date: March 17, 2026 - Analyst: Wang Mingwei - Qualification Number: F0283029 - Investment Consulting Number: Z0010442 - Contact Information: TEL: 0575 - 85226759 [1] Investment Rating - Not provided in the report Core Views - The prices of oils and fats are expected to fluctuate strongly. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are stalemated, the export of new US soybeans is frustrated, and prices are under pressure. Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The soaring international crude oil price drives up the oil price. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] Summary by Category Daily Views Soybean Oil - **Fundamentals**: The MPOB report shows that in December, Malaysian palm oil production decreased by 5.46% month - on - month to 1.8298 million tons, exports increased by 8.55% month - on - month to 1.3165 million tons, and the end - of - month inventory increased by 7.59% month - on - month to 3.0506 million tons. The report is slightly bearish, and the inventory data exceeded expectations. Currently, shipping survey agencies show that the export data of Malaysian palm oil in January has increased by 29% month - on - month. Entering the production - reduction season, the supply pressure of palm oil decreases. It is neutral [2] - **Basis**: The spot price of soybean oil is 8900, the basis is 184, and the spot price is at a premium to the futures price. It is bullish [2] - **Inventory**: On January 9, the commercial inventory of soybean oil was 1.02 million tons, compared with 1.08 million tons previously, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7%. It is bearish [2] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [2] - **Main Position**: The long positions of the main soybean oil contract decreased. It is bullish [2] - **Expectation**: The soybean oil Y2605 is expected to fluctuate in the range of 8400 - 8800 [2] Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is slightly bearish, and the subsequent supply pressure decreases. It is neutral [3] - **Basis**: The spot price of palm oil is 9890, the basis is 120, and the spot price is at a discount to the futures price. It is bearish [3] - **Inventory**: On January 9, the port inventory of palm oil was 736,000 tons, compared with 733,800 tons previously, a month - on - month increase of 2200 tons and a year - on - year increase of 46%. It is bearish [3] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [3] - **Main Position**: The short positions of the main palm oil contract increased. It is bearish [3] - **Expectation**: The palm oil P2605 is expected to fluctuate in the range of 9700 - 10100 [3] Rapeseed Oil - **Fundamentals**: Similar to soybean oil and palm oil, the MPOB report is slightly bearish, and the subsequent supply pressure decreases. It is neutral [4] - **Basis**: The spot price of rapeseed oil is 10430, the basis is 482, and the spot price is at a premium to the futures price. It is bullish [4] - **Inventory**: On January 9, the commercial inventory of rapeseed oil was 250,000 tons, compared with 270,000 tons previously, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44%. It is bullish [4] - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward. It is bullish [4] - **Main Position**: The short positions of the main rapeseed oil contract increased. It is bearish [4] - **Expectation**: The rapeseed oil OI2605 is expected to fluctuate in the range of 9700 - 10100 [4] Recent利多利空Analysis - **利多**: The US soybean stock - to - use ratio remains around 4%, and the supply is tight. There is a tremor season for palm oil [5] - **利空**: The prices of oils and fats are at a relatively high historical level, and the domestic inventory of oils and fats continues to accumulate. The macro - economy is weak, and the expected output of relevant oils and fats is high [5] - **Main Logic**: The global fundamentals of oils and fats are relatively loose [5] Supply - **Imported Soybean Inventory**: Not detailed in the text, only mentioned [6] - **Soybean Oil Inventory**: On January 9, it was 1.02 million tons, a month - on - month decrease of 60,000 tons and a year - on - year increase of 14.7% [2] - **Soybean Meal Inventory**: Data charts from 2015 - 2025 are provided, but no specific current data is given [9][10] - **Oil Mill Soybean Pressing**: Data charts from 2015 - 2025 are provided, but no specific current data is given [11][12] - **Palm Oil Inventory**: On January 9, it was 736,000 tons, a month - on - month increase of 2200 tons and a year - on - year increase of 46% [3] - **Rapeseed Oil Inventory**: On January 9, it was 250,000 tons, a month - on - month decrease of 20,000 tons and a year - on - year decrease of 44% [4] - **Rapeseed Inventory**: Data charts from 2015 - 2025 are provided, but no specific current data is given [21][22] - **Domestic Total Oil and Fat Inventory**: Data charts from 2015 - 2019 are provided, but no specific current data is given [23][24] Demand - **Soybean Oil Apparent Consumption**: Data charts from 2015 - 2025 are provided, but no specific current data is given [13][14] - **Soybean Meal Apparent Consumption**: Data charts from 2015 - 2025 are provided, but no specific current data is given [15][16]

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The Asian low - sulfur fuel oil market is supported by multiple factors such as a significant reduction in supply from the Middle East, unfeasible European - to - Singapore arbitrage due to high freight rates, and reduced production by Asian refiners because of a lack of crude oil. The supply - side pressure continues to support fuel oil prices. The fuel oil prices are expected to remain in a high - level volatile range, with FU2605 operating between 4600 - 4750 and LU2605 between 5400 - 5550 [3] 3. Summary According to the Table of Contents 3.1 Daily Hints - The Asian low - sulfur fuel oil market is supported by multiple factors. The supply - side pressure continues to support prices, and the fuel oil prices are expected to maintain high - level volatile operations. FU2605 is predicted to run in the 4600 - 4750 range, and LU2605 in the 5400 - 5550 range [3] 3.2 Long - and Short - Term Concerns -利多 factors include the Middle East situation being turbulent and the Strait having poor passage.利空 factors are the Trump administration's TACO situation and the upstream crude oil being under pressure. The market is driven by the resonance of supply - side geopolitical risks and neutral demand [4] 3.3 Fundamental Data - **Supply**: Supply from the Middle East has significantly decreased, and European - to - Singapore arbitrage is unfeasible due to high freight rates. Asian refiners have reduced production because of a lack of crude oil. In the week ending March 11, there were no fuel oil imports from Europe for the second consecutive week, and no fuel oil arrived from Russia. The Middle East fuel oil imports in Singapore that week decreased by 80.5% to 13000 tons compared with the previous week [3] - **Basis**: The basis of Singapore high - sulfur fuel oil is 513 yuan/ton, and that of Singapore low - sulfur fuel oil is 791 yuan/ton, with the spot price at a premium to the futures price [3] - **Inventory**: Singapore's fuel oil inventory in the week of March 11 was 24.499 million barrels, a decrease of 1.25 million barrels [3] - **Market Trend**: The price is above the 20 - day moving average, and the 20 - day moving average is upward [3] - **Main Position**: The main position of high - sulfur fuel oil is short, with short positions decreasing; the main position of low - sulfur fuel oil is long, with long positions decreasing [3] 3.4 Spread Data - The previous value of the FU main - contract futures price was 4762, the current value is 4790, with a rise of 28 and an increase rate of 0.59%. The previous value of the LU main - contract futures price was 5607, the current value is 5636, with a rise of 29 and an increase rate of 0.52%. The previous value of the FU basis was 441, the current value is 513, with a rise of 71.11 and an increase rate of 16.11%. The previous value of the LU basis was 1716, the current value is 791, with a decrease of 925 and a decrease rate of 54% [5] 3.5 Inventory Data - Singapore's fuel oil inventory on December 31, 2025, was 22.659 million barrels, an increase of 0.87 million barrels. As of March 11, 2026, the inventory was 24.499 million barrels, a decrease of 1.25 million barrels [8]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The overall fundamentals of urea are bullish, with high daily production and operating rates year-on-year, expected to remain high, and overall supply is relatively abundant. Industrial demand has recovered, with the operating rate of compound fertilizers rising and that of melamine falling. Agricultural demand has temporarily reached the end of its phased cycle, and comprehensive inventories have increased. The international price has continued to strengthen due to geopolitical factors, widening the price difference between domestic and foreign exports. The domestic price increase is limited by guidance. It is expected that the main urea contract will fluctuate strongly today [4]. - Bullish factors include the gradual transition of agricultural demand to the peak season and the continuous strengthening of overseas prices. Bearish factors include the historical high in daily production. The main logic lies in international prices and marginal changes in domestic demand [5]. 3. Summary by Related Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rates are at a high level year-on-year, and daily production is expected to remain high, with overall supply being relatively abundant. Industrial demand has recovered, with the operating rate of compound fertilizers rising and that of melamine falling. Agricultural demand has temporarily reached the end of its phased cycle, and comprehensive inventories have increased. The international price has continued to strengthen due to geopolitical factors, widening the price difference between domestic and foreign exports. The domestic price increase is limited by guidance. The current spot price of the delivery product is 1870 (+0), and the overall fundamentals are bullish [4]. - **Basis**: The basis of the UR2605 contract is -30, with a premium/discount ratio of -1.6%, which is bearish [4]. - **Inventory**: The UR comprehensive inventory is 1.147 million tons (-14,200 tons), which is bearish [4]. - **Disk**: The 20-day moving average of the main UR contract is upward, and the closing price is above the 20-day line, which is bullish [4]. - **Main Position**: The net position of the main UR contract is short, and short positions are increasing, which is bearish [4]. - **Expectation**: The main urea contract is expected to fluctuate strongly. Daily production is at a high level year-on-year, industrial demand is differentiated, agricultural demand has reached the peak of its phased cycle, and inventories are increasing. It is expected that the UR will fluctuate strongly today [4]. Spot and Futures Market | Region | Price | Change | Main Contract | Price | Change | Type | Quantity | Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Spot Delivery Product | 1870 | 0 | 05 Contract | 1900 | 11 | Warehouse Receipt | 8055 | 0 | | Shandong Spot | 1900 | 0 | Basis | -30 | -11 | UR Comprehensive Inventory | 114.7 | 0 | | Henan Spot | 1870 | 0 | UR01 | 1902 | 25 | UR Manufacturer Inventory | 95.8 | 0 | | FOB China | 4448 | | UR05 | 1900 | 11 | UR Port Inventory | 18.9 | 0 | | | | | UR09 | 1939 | 27 | | | | [6] Supply and Demand Balance Sheet - Urea | Year | Capacity | Capacity Growth Rate | Output | Net Imports | PP Import Dependence | Apparent Consumption | Ending Inventory | Actual Consumption | Consumption Growth Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2018 | | 2245.5 | | 1956.81 | 448.38 | 18.6% | 2405.19 | 23.66 | 2405.19 | | | 2019 | | 2445.5 | 8.9% | 2240 | 487.94 | 17.9% | 2727.94 | 37.86 | 2713.74 | 12.8% | | 2020 | | 2825.5 | 15.5% | 2580.98 | 619.12 | 19.3% | 3200.1 | 37.83 | 3200.13 | 17.9% | | 2021 | | 3148.5 | 11.4% | 2927.99 | 352.41 | 10.7% | 3280.4 | 35.72 | 3282.51 | 2.6% | | 2022 | | 3413.5 | 8.4% | 2965.46 | 335.37 | 10.2% | 3300.83 | 44.62 | 3291.93 | 0.3% | | 2023 | | 3893.5 | 14.1% | 3193.59 | 293.13 | 8.4% | 3486.72 | 44.65 | 3486.69 | 5.9% | | 2024 | | 4418.5 | 13.5% | 3425 | 360 | 9.5% | 3785 | 51.4 | 3778.25 | 8.4% | | 2025E | | 4906 | 11.0% | | | | | | | [9]

聚烯烃早报 2026-3-17 大越期货投资咨询部 朱天一 从业资格证号：F3020542 投资咨询证号： Z0021831 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。 • LLDPE概述： 交易咨询业务资格：证监许可【2012】1091号 • 1. 基本面：宏观方面，2月官方制造业PMI为50.2%，较上月上升1.1个百分点，重回扩张区间。 中东伊朗局势依然无缓解迹象，目前霍尔木兹海峡航运基本中断，多国确认将释放战略储备，外 盘原油持续强势。供需端，农膜方面，春耕需求启动，但高价原料导致大量下游企业观望成交偏 少，包装膜以刚需为主，提升幅度有限，管材方面开工率维持偏低运行。当前LL交割品现货价 8400（+150），基本面整体偏多； • 2. 基差： LLDPE 2605合约基差-277，升贴水比例-3.2%，偏空； • 3. 库存：PE综合库存62.5万吨（+3.1），中性； • 4. 盘面： LLDPE主力合约20日均线向上 ...

交易咨询业务资格：证监许可【2012】1091号 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 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。 玻璃早报 2026-3-17 每日观点 玻璃： 1、基本面：玻璃生产利润小幅修复，冷修不及预期，供给低位；地产拖累下游深加工订单偏弱， 库存同期历史高位；偏空 2、基差：浮法玻璃河北沙河大板现货976元/吨，FG2605收盘价为1102元/吨，基差为-126元，期 货升水现货；偏空 3、库存：全国浮法玻璃企业库存7584.90万重量箱，较前一周下跌4.76%，库存在5年均值上方运 行；偏空 4、盘面：价格在20日线上方运行，20日线向上；偏多 5、主力持仓：主力持仓净空，空增；偏空 6、预期：基本面不改疲弱，短期预计玻璃震荡偏空运行为主。 影响因素总结 利多： 1、玻璃生产利润低位，产量下行。 利空： 1、地产终端需求依然疲弱，玻璃深加工企业订单 ...

| | | 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | | | | | | | | | | | | | | | | | | COMEX | 黄金期货跌 | 1.00%报 | 5011.30 | 美元/盎司，COMEX | 白银期货跌 | 0.42%报 | 81.00 | 美元/盎司。沪金夜盘收跌 | 0.86%至 | 1115.40 | 元/克，沪银收跌 | 0.12%至 | 20528 | 元/千 | | | | 克。 | | | | | | | | | | | | | | | | | | 【重要资讯】 | | | | | | | | | | | | | | | | | | 1、3 | 月 | 16 | 日，全球最大黄金 | ETF--SPDR | Gold | ...

Report Industry Investment Rating - No information provided on the report industry investment rating Core Views For Coking Coal - The overall production of coking coal is steadily recovering, with high - priced resources having difficulty in signing orders and still facing downward pressure. However, market sentiment has improved slightly, and the trading volume of some undervalued resources has increased significantly. The basis shows that the spot price is higher than the futures price. Inventories have decreased compared to last week. The 20 - day line is upward, and the price is above it. The main position is net long with an increase in long positions. Downstream coke enterprises are starting to replenish stocks, and steel mills' demand for coking coal is increasing. It is expected that the coking coal price will remain stable in the short term [2]. - Positive factors include an increase in hot metal production and limited supply growth. Negative factors are the slowdown in raw coal procurement by coking and steel enterprises and weak steel prices [4]. For Coke - The price of raw coal has rebounded, narrowing the profit per ton of coke production. However, the profit from chemical products has increased, improving the overall marginal profit of coking enterprises. Coking enterprises are maintaining normal production and actively shipping. The basis shows that the spot price is lower than the futures price. Inventories have decreased slightly compared to last week. The 20 - day line is downward, and the price is above it. The main position is net long with a decrease in long positions. After the important national meeting, steel mills' demand for coke has increased, and coking enterprise inventories are expected to decline. The supply - demand contradiction is not obvious, and the coke price is expected to remain stable in the short term [5]. - Positive factors are the increase in hot metal production and the synchronous rise in blast furnace operating rates. Negative factors are the squeezed profit margins of steel mills and the partial over - consumption of replenishment demand [7]. Summary by Related Catalogs Price - On March 16 (17:30), the prices of imported Russian and Australian coking coal at different ports are provided, including various coal types such as main coking coal, 1/3 coking coal, and fat coal, along with their price changes [8]. - On March 16 (17:30), the port metallurgical coke price index shows the prices of different grades of metallurgical coke at various ports, with some prices having slight changes [9]. Inventory - Coking coal port inventory is 258 million tons, unchanged from last week; coke port inventory is 199 million tons, a decrease of 6 million tons from last week [19]. - Independent coking enterprises' coking coal inventory is 893 million tons, a decrease of 225 million tons from last week; coke inventory is 56 million tons, an increase of 12 million tons from last week [23]. - Steel mills' coking coal inventory is 820 million tons, a decrease of 18 million tons from last week; coke inventory is 689 million tons, a decrease of 9 million tons from last week [28]. Other Indicators - Other indicators such as coking coal and coke spreads, coking oven capacity utilization, average profit per ton of coke, daily and monthly coke production, blast furnace operating rate, and hot metal production are mentioned, but specific data summaries are not provided in the given text.

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The market for beans and oils is experiencing significant fluctuations. The recent sharp decline in the soybean and two - meal futures is due to the rapid retracement of "risk premium". The market is returning from the previous excited sentiment of trading supply rhythm risks to the reality of long - term supply pressure, with increased short - term volatility [5]. - The upward trend of the oil market is driven by external cost support and supply tightening expectations. The domestic palm oil market shows a pattern of strong external and weak internal, and its future trend will closely follow the fluctuations of crude oil and the policies of major producing countries [7]. 3. Summary by Variety **豆粕 (M)** - **Short - term, Medium - term, and Intraday Views**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [6]. - **Core Logic**: The recent sharp decline in the soybean and two - meal futures is due to the rapid retracement of "risk premium". The concerns about Brazil's logistics blockage and delayed arrivals have been significantly alleviated. The fundamentals have not fundamentally reversed, with a pattern of strong supply and demand. The domestic spot market has a "buy - on - rise" mentality, and downstream procurement has become sluggish after the price decline. The market is returning to the reality of long - term supply pressure, with short - term volatility increasing and an intraday weak - oscillating trend [5]. **棕榈油 (P)** - **Short - term, Medium - term, and Intraday Views**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [6]. - **Core Logic**: The recent strong upward trend in the oil market is driven by the resonance of external cost support and supply tightening expectations. Indonesia may restrict palm oil exports, and the high - level operation of international crude oil prices have pushed up the prices of Malaysian palm oil and domestic palm oil to a new stage high. The domestic market shows a pattern of strong external and weak internal, and the high price has significantly suppressed terminal procurement. The supply - demand fundamentals have not changed, and the future trend will closely follow the fluctuations of crude oil and the policies of major producing countries, with short - term volatility increasing [7]. **豆油 (2605)** - **Short - term, Medium - term, and Intraday Views**: Short - term:震荡; Medium - term:震荡; Intraday:震荡偏弱; Reference view:震荡偏弱 [6]. - **Core Influencing Factors**: Energy attributes, US biofuel policy, US soybean oil inventory, imported soybean cost support, supply rhythm, and oil refinery inventory [6].