1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stock market maintains a moderately optimistic outlook, while the bond market shows weakness. Specifically, for stock index futures, maintain a moderately optimistic stance; for stock index options, continue to hold call options for defense; for treasury bond futures, the bond market is weak [2][3]. 3. Summary by Relevant Catalogs 3.1 Market Outlook 3.1.1 Stock Index Futures - **View**: Maintain a moderately optimistic outlook. Yesterday, the equity market rose and then fell, with the ChiNext Index leading the gain by 1.31% and the CSI 300 rising by 0.64%. The large - cap style was generally strong. The new energy sectors such as photovoltaic and lithium - battery took turns to make up for the gains, while the technology sector declined. Due to the stalemate in the geopolitical conflict and the failure of energy mitigation measures, market risk appetite was suppressed, and funds quickly gathered towards certain themes. The negative public opinion caused by the OpenClaw security issue led to the adjustment of software and semiconductor sectors. The annual report performance of new energy and automobile stocks exceeded market expectations, indicating strong downstream demand, and institutions revealed price - increase expectations for lithium mines and photovoltaics, which catalyzed the industry switch of funds. Although the seesaw effect between short - term energy, the US dollar index, and the stock market is still obvious, both domestic and international markets are relatively restrained, suggesting the expectation of TACO and mitigation measures still exists. In operation, temporarily maintain a moderately optimistic attitude, hold half - position IM long positions, and wait for the risks to materialize before making a right - side attack [3][9]. - **Operation Suggestion**: Hold IM [9]. 3.1.2 Stock Index Options - **View**: Continue to hold call options for defense. Yesterday, the equity index fluctuated strongly. The overall form of option indicators was similar to that of the previous day. The trading volume of the varieties decreased slightly, and the option sentiment indicator, the position PCR, strengthened mainly. Combined with the natural decline of implied volatility, it shows that the market sentiment is relatively warm. However, considering the large recent market fluctuations, the trend - following effect of option - end indicators is stronger than the guiding effect, and the current option market is trading on volatility rather than simply on direction. Therefore, the option strategy will cautiously maintain the weekly report view, still suggesting to continue to hold call options for defense to protect the systematic risks of the overall position [4][9]. - **Operation Suggestion**: Continue to hold call options for defense [9]. 3.1.3 Treasury Bond Futures - **View**: The bond market is weak. Treasury bond futures fell across the board. The inter - bank bond market was generally weak yesterday, with the yields of most major interest - rate bonds rising slightly. The 30 - year main contract led the decline, pushing the yield curve to steepen. The inter - bank market funds were stable but slightly tightened. Although the overall market fund supply remained stable and the difficulty of institutional lending was limited, as the mid - month tax - payment time approached, the market funds might face certain phased pressure, but it was expected not to cause large - scale liquidity tension. The widening of the spread between 30 - year and 10 - year treasury bonds was a significant feature of the bond market yesterday. The market was still worried about the possible inflation increase caused by the rising oil price. Coupled with the strong export data at the beginning of the year, the 30Y treasury bond performed worse than the 10Y treasury bond. In the short term, the situation in the Middle East is still very changeable, and the impact on inflation needs to be continuously observed. Inflation concerns may continue to disturb the bond market, and the bond market may continue the volatile market in the short term [5][9][10]. - **Operation Suggestion**: Trend strategy: volatile. Hedging strategy: pay attention to short - hedging at the low basis. Basis strategy: pay attention to the long - end positive arbitrage opportunity. Curve strategy: pay attention to the flattening of the 30Y - 10Y in the short term [10].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Precious metal prices declined, with silver's decline greater than gold's. Short - term profit - taking by investors, rising oil prices increasing inflation concerns, and a strengthening US dollar index jointly pressured precious metals. The US February CPI and core CPI data had limited impact. The Middle - East conflict complicated the Fed's policy path. Precious metals are expected to remain range - bound in the short term [2]. - Gold is expected to oscillate in the short term. Long - term outlook for gold is optimistic due to the weakening US dollar credit. If the market shifts to a stagflation trading logic, it will catalyze gold price increases [3]. - Silver is expected to maintain a range - bound operation. The long - term support for silver is significant [4][7]. 3. Summary by Related Content Precious Metal Market Overview - On the day, precious metals oscillated weakly, failing to continue the previous day's upward trend. Silver's decline was significantly greater than gold's. The US February CPI and core CPI data were in line with expectations, having limited impact on precious metals. The Middle - East conflict entered its 12th day without obvious signs of easing, increasing concerns about rising oil prices and complicating the Fed's policy path. The IEA announced that its 32 member countries agreed to release 4 billion barrels of strategic oil reserves [2]. Gold Analysis - Logic: Gold prices oscillated weakly on the day. COMEX gold fell nearly 1% and broke below $5200 per ounce, SHFE gold fell nearly 0.4%. It was pressured by rising energy prices, a short - term strengthening US dollar, and some investors taking profits. The latest February CPI and core CPI data were in line with market expectations. The Middle - East geopolitical conflict continued, and the market weighed the threat to oil tanker navigation and the IEA's oil reserve release [3]. - Outlook: Gold may show a range - bound oscillation in the short term. Attention should be paid to the resumption of navigation in the Strait of Hormuz, the progress of the IEA's oil release, the US PCE data on March 13, and the Fed's interest - rate meeting resolution on March 17 - 18. In the long term, the outlook for gold is optimistic as the weakening of the US dollar credit remains the main line [3]. Silver Analysis - Logic: The decline of domestic and overseas silver prices exceeded 3% on the day, and COMEX silver once fell below $86 per ounce. The driving factors were basically the same as those of gold. On one hand, the short - term macro - driving factors were the same as gold, facing the suppression of "rising energy prices - increasing inflation concerns - postponed interest - rate cut expectations". On the other hand, the spot - driving factors of silver weakened, with the continuous decline of the COMEX silver 2603 contract position and low delivery declaration volume in March, and the risk of a short squeeze was further alleviated [4][7]. - Outlook: Silver is expected to maintain a range - bound operation in the short term, and the long - term support is significant [7]. Commodity Index - Comprehensive Index: Not detailed in the given content. - Special Index: The commodity index was 2565.65, down 0.28%; the commodity 20 index was 2921.03, down 0.32%; the industrial products index was 2484.54, down 1.01% [46]. - Plate Index: The precious metal index on March 11, 2026 was 4496.99, with a daily increase of 1.27%, a 5 - day increase of 1.89%, a 1 - month increase of 8.03%, and a year - to - date increase of 17.59% [48].

Report Overview - The report provides investment analysis for the rubber and synthetic rubber futures markets, including short - term, medium - term, and intraday views [1][5][7]. Industry Investment Rating - Not provided in the report. Core Views - The overall view of the report is that both the Shanghai rubber (RU) and synthetic rubber (BR) futures are expected to show a trend of oscillating and strengthening [1][5][7]. Summary by Variety Shanghai Rubber (RU) - **Short - term view**: Oscillating [1] - **Medium - term view**: Oscillating [1] - **Intraday view**: Oscillating and strengthening [1] - **Core logic**: Despite Trump's signal of ending the war with Iran, the Middle - East geopolitical risks remain. International crude oil futures prices are strong, boosting domestic energy - chemical commodity futures prices. The cost - driven logic of synthetic rubber remains, and the discount spread with Shanghai rubber is narrowing, supporting the Shanghai rubber futures price. The 2605 contract of Shanghai rubber futures showed an oscillating and stabilizing trend in the night session on Wednesday, and it is expected to maintain an oscillating and strengthening trend on Thursday [5]. Synthetic Rubber (BR) - **Short - term view**: Oscillating [1] - **Medium - term view**: Oscillating and strengthening [1] - **Intraday view**: Oscillating and strengthening [1] - **Core logic**: The Middle - East geopolitical risks remain, and international energy commodity futures prices are strong, boosting domestic energy - chemical commodity futures prices. As oil prices rise sharply, IEA member countries agree to release 400 million barrels of strategic reserve crude oil, with the US releasing 172 million barrels to suppress the rapid rise of oil prices. The cost - driven logic of synthetic rubber remains. The synthetic rubber futures showed an oscillating and strengthening trend in the night session on Wednesday, and it is expected to maintain an oscillating and strengthening trend on Thursday [7].

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - For Shanghai Nickel (2605), it will oscillate around the 20 - day moving average. The fundamentals are bearish as March production is scheduled to increase, domestic inventory is piling up, and market supply is abundant. The nickel ore bullish sentiment is strong, but there is a contrast between strong demand in Indonesia and cold trading due to cost inversion in China. Nickel - iron prices are rebounding, and stainless - steel demand is weak. The new energy vehicle production and sales data meet expectations, but there is a large month - on - month decline in the off - season. The basis is bullish, inventory is bearish, the disk is neutral, and the main position is bullish [2]. - For stainless steel (2604), it will have a wide - range oscillation around the 20 - day moving average. The fundamentals are neutral with stable spot prices, strong cost support from rising nickel - iron prices, and weak demand despite a slight decline in inventory. The basis is bullish, inventory is neutral, and the disk is bullish [4]. Group 3: Summary by Related Catalogs Nickel and Stainless Steel Price Overview - **Futures Prices**: On March 11, the Shanghai Nickel main contract was 137,160 (up 110 from March 10), the LME Nickel was 17,720 (up 175), the stainless - steel main contract was 14,215 (down 10). The nickel index was 138,100 (up 1300), and the cold - rolled index was 13,791 (up 49) [9]. - **Spot Prices**: SMM1 electrolytic nickel was 139,750 (down 1850), 1 Jinchuan nickel was 143,200 (down 1800), 1 imported nickel was 136,400 (down 1800), and nickel beans were 139,000 (down 1800). Cold - rolled 304*2B in Wuxi, Foshan, and Hangzhou remained at 15,100, and in Shanghai it was 15,150, all unchanged from March 10 [9]. Nickel Warehouse Receipts and Inventory - As of March 6, the SHFE nickel inventory was 61,769 tons, with futures inventory at 53,568 tons, an increase of 978 tons and 437 tons respectively. On March 11, LME nickel inventory was 286,248 (down 840 from March 10), nickel warehouse receipts were 54,341 (down 309), and total inventory was 340,589 (down 1149) [11][12]. Stainless - Steel Warehouse Receipts and Inventory - On March 6, Wuxi inventory was 618,600 tons, Foshan inventory was 398,300 tons, and national inventory was 1,150,000 tons, a decrease of 22,300 tons. The 300 - series inventory was 716,300 tons, a decrease of 12,600 tons. On March 11, stainless - steel warehouse receipts were 51,414 (down 241 from March 10) [16][17]. Nickel Ore and Nickel - Iron Prices - Red soil nickel ore CIF (Ni1.5%) was 80 dollars/wet ton, (Ni0.9%) was 34.5 dollars/wet ton, both unchanged from March 10. High - nickel wet ton (8 - 12) was 1091.32 yuan/nickel point (up 3.8), and low - nickel wet ton (below 2) was 3750 yuan/ton, unchanged [19]. Stainless - Steel Production Costs - The traditional cost was 14,167, the scrap - steel production cost was 14,294, and the low - nickel + pure - nickel cost was 17,911 [21]. Nickel Import Cost Calculation - The imported price was converted to 138,367 yuan/ton [24].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views 2.1. Daily Views on Coking Coal - The supply in the coking coal market is continuously in a loose state, with the production of main - producing area coal mines having returned to normal levels. The trading activity in the market has increased after the recent rapid rise in the futures market, but some quotes have followed the adjustment as the market fluctuates. The downstream demand is unstable, and the downstream coking and steel enterprises maintain a rational attitude towards raw material demand and procurement, mainly purchasing on - demand. The acceptance of high - priced coal by coking and steel enterprises is not high, and some coal types with relatively high prices continue to make up for the decline. It is expected that the coking coal price will be weakly stable in the short term [3][4]. 2.2. Daily Views on Coke - After the first round of coke price reduction, the profit of coking enterprises has further shrunk, and the overall profit - concession space is limited. The coking enterprises' willingness to increase production is not high, and they mostly maintain normal production. The inventory accumulation pressure of coking enterprises still exists, and the coke supply continues to be in a loose situation. Although there are still positive expectations in the macro - aspect due to the important domestic meetings, considering the slowdown of the terminal finished product inventory removal speed, the good performance of steel mills' raw material inventory, and the slow decline of raw coal prices, the cost support of coke is weakened. It is expected that coke will remain stable in the short term [7]. 3. Summaries According to Relevant Catalogs 3.1. Price - **Coking Coal**: On March 11 (17:30), the prices of imported coking coal from Russia and Australia at different ports are provided, with prices ranging from 1020 to 1650. For example, the price of Russian main coking coal K4 at Caofeidian Port is 1330, and the price of Australian main coking coal Gongyela at Caofeidian Port is 1650 [10]. - **Coke**: On March 11 (17:30), the port metallurgical coke price index shows that the prices of different grades of coke from Shanxi and Inner Mongolia at different ports range from 1370 to 1885. For example, the price of quasi - first - grade metallurgical coke from Shanxi at Rizhao Port is 1470, and the price of first - grade metallurgical coke from Shanxi at Rizhao Port (dry - quenched) is 1670 [11]. 3.2. Inventory - **Coking Coal**: The total sample inventory of coking coal is 1971 tons, including 820 tons in steel mills, 258 tons in ports, and 893 tons in independent coking enterprises, a decrease of 243 tons compared with last week [3]. - **Coke**: The total sample inventory of coke is 944 tons, including 689 tons in steel mills, 199 tons in ports, and 56 tons in independent coking enterprises, a decrease of 3 tons compared with last week [7]. 3.3. Specific Inventory Changes - **Port Inventory**: The coking coal port inventory is 258 tons, remaining the same as last week; the coke port inventory is 199 tons, a decrease of 6 tons compared with last week [21]. - **Independent Coking Enterprises Inventory**: The coking coal inventory of independent coking enterprises is 893 tons, a decrease of 225 tons compared with last week; the coke inventory is 56 tons, an increase of 12 tons compared with last week [25]. - **Steel Mill Inventory**: The coking coal inventory of steel mills is 820 tons, a decrease of 18 tons compared with last week; the coke inventory is 689 tons, a decrease of 9 tons compared with last week [30]. 3.4. Factors Affecting Prices - **Coking Coal** - **Positive Factors**: The increase in hot metal production and the difficulty in increasing supply [6]. - **Negative Factors**: The slowdown of raw coal procurement by coking and steel enterprises and the weak steel prices [6]. - **Coke** - **Positive Factors**: The increase in hot metal production and the synchronous increase in blast furnace operating rate [9]. - **Negative Factors**: The squeeze on steel mills' profit space and the partial over - consumption of restocking demand [9].

Report Information - Report Title: Polyolefin Morning Report - Date: March 12, 2026 [2] - Author: Zhu Tianyi from Dayue Futures Investment Consulting Department - Contact: 0575 - 85226759 Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE market is expected to trend stronger today due to factors such as cost support, rising external crude oil prices, neutral inventory, and recovering downstream demand, despite some negative factors like a negative basis and net - short main positions [4]. - The PP market is also expected to trend stronger today, with cost support, rising external crude oil prices, neutral inventory, and recovering downstream demand, although there are negative factors such as net - short and increasing short positions in the main contract [7]. Summary by Category LLDPE Overview - **Fundamentals**: In February, the official manufacturing PMI was 50.2%, up 1.1 percentage points from the previous month, returning to the expansion range. The Iran situation in the Middle East is tense with the Strait of Hormuz shipping mostly disrupted. Many countries will release strategic reserves, and external crude oil rose at night. In the supply - demand side, downstream agricultural film enterprises'开工 has significantly increased with the start of spring plowing demand. Packaging film is mainly based on rigid demand, with strong wait - and - see sentiment due to rising raw material prices. The pipe industry's operating rate has slightly rebounded with construction sites starting work. The current LLDPE delivery spot price is 7750 (+150), and the fundamentals are generally bullish [4]. - **Basis**: The LLDPE 2605 contract basis is - 404, with a premium - discount ratio of - 5.0%, which is bearish [4]. - **Inventory**: PE comprehensive inventory is 62.5 tons (+3.1), neutral [4]. - **Disk**: The 20 - day moving average of the LLDPE main contract is upward, and the closing price is above the 20 - day line, which is bullish [4]. - **Main Positions**: The LLDPE main contract has net - short positions with a reduction in short positions, which is bearish [4]. - **Expectation**: The LLDPE main contract disk fluctuates widely. Affected by the Iran situation and rising external crude oil prices at night, with neutral inventory and recovering downstream demand, it is expected to trend stronger today [4]. - **Leverage Factors**: Bullish factors include cost support and significant crude oil fluctuations; bearish factors are mainly due to geopolitics, and the main risk points are significant crude oil fluctuations and international policies [6]. PP Overview - **Fundamentals**: Similar to LLDPE, the February official manufacturing PMI was 50.2%, up 1.1 percentage points. The Iran situation is tense, and external crude oil rose at night. In the supply - demand side, multiple PDH units are shut down for maintenance due to raw material issues. The plastic - weaving industry's operating rate has slightly increased with improved enterprise orders, while the BOPP operating rate has abnormally decreased, and downstream is resistant to high - price raw materials. The current PP delivery spot price is 8200 (+350), and the fundamentals are generally bullish [7]. - **Basis**: The PP 2605 contract basis is 3, with a premium - discount ratio of 0.0%, which is neutral [7]. - **Inventory**: PP comprehensive inventory is 65.8 tons (+0.3), neutral [7]. - **Disk**: The 20 - day moving average of the PP main contract is upward, and the closing price is above the 20 - day line, which is bullish [7]. - **Main Positions**: The PP main contract has net - short positions with an increase in short positions, which is bearish [7]. - **Expectation**: The PP main contract disk fluctuates widely. Affected by the Iran situation and rising external crude oil prices at night, with neutral inventory and recovering downstream demand, it is expected to trend stronger today [7]. - **Leverage Factors**: Bullish factors include cost support and significant crude oil fluctuations; bearish factors are mainly due to geopolitics, and the main risk points are significant crude oil fluctuations and international policy games [8]. Market Data - **LLDPE**: The spot delivery price is 7750 (+150), the 05 contract price is 8154 (+387), the basis is - 404 (-237). PE comprehensive factory inventory is 62.5 tons (+3.1), and social inventory is 66.3 tons (-11) [9]. - **PP**: The spot delivery price is 8200 (+350), the 05 contract price is 8197 (+377), the basis is 3 (-27). PP comprehensive factory inventory is 65.8 tons (+0.3), and social inventory is 32.4 tons (-21) [9]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 - 2024, capacity, production, net import volume, and apparent consumption generally show an upward trend, with fluctuations in import dependence and consumption growth rates. The expected capacity in 2025E is 4319.5, with a growth rate of 20.5% [14]. - **Polypropylene**: From 2018 - 2024, capacity, production, and apparent consumption show an upward trend, with a decreasing trend in import dependence. The expected capacity in 2025E is 4906, with a growth rate of 11.0% [16].

Report Summary 1. Report Investment Rating No information provided. 2. Core View - The copper market has a complex situation with both positive and negative factors. The supply side is disturbed, the manufacturing PMI has declined, the basis is neutral, the inventory has increased, the price is at a high level and fluctuating, and the short - term is expected to be volatile. [2][3] 3. Summary by Related Catalogs Fundamental Analysis - Supply side is disturbed with smelting enterprises reducing production and the scrap copper policy being loosened. The February manufacturing PMI was 49.0%, down 0.3 percentage points from the previous month, indicating a decline in manufacturing prosperity. [2] Basis - The spot price is 101320, and the basis is 170, showing a premium over futures, which is neutral. [2] Inventory - On March 11, copper inventory increased by 10125 to 312075 tons, and the SHFE copper inventory increased by 33616 tons to 425145 tons compared with last week, which is bearish. [2] Disk Analysis - The closing price is below the 20 - day moving average, and the 20 - day moving average is moving downward, which is bearish. [3] Main Position - The main net position is long, but the long positions are decreasing, which is bullish. [3] Near - term利多利空Analysis - **Likely factors**: Geopolitical disturbances in Russia - Ukraine, Iran - US - Israel, Fed rate cuts, slow mine - end production increase, and production reduction events in Freeport's Indonesian mining area. [5] - **Negative factors**: Repeated US comprehensive tariffs and the global economic downturn combined with high copper prices suppressing downstream consumption. [5] Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, it will be in a tight balance. The Chinese annual supply - demand balance table shows the production, import, export, apparent consumption, actual consumption, and supply - demand balance of copper from 2018 - 2024. [20][22] Other Information - The bonded - area inventory has rebounded from a low level, and the processing fee has declined. [14][16]

2026 年 3 月 12 日 交易咨询资格号： 证监许可[2012]112 晨会纪要 | | [Table_Finance] | | | | | | --- | --- | --- | --- | --- | --- | | 联系人：王竣冬 | 2026/3/12 | | 基于基本面研判 | | | | 期货从业资格：F3024685 | | | | | | | 交易咨询从业证书号：Z0013759 | 趋势空头 | 震荡偏空 | 震 荡 | 震荡偏多 | 趋势多头 | | | | 三十债 | 烧碱 | 原油 | | | 研究咨询电话： | | 碳酸锂 | 五债 | PVC | | | 0531-68808794 | | 甲醇 | 上证50股指期货 | 燃油 | | | | | 红枣 | 沪深300股指期货 | 沥青 | | | 客服电话： | | 锰硅 | 二债 | 液化石油气 | | | 400-618-6767 | | 硅铁 | 十债 | 合成橡胶 | | | | | 生猪 | 中证500股指期货 | 短纤 | | | 公司网址： | | | 中证1000指数期货 | PTA | | | www.zt ...

早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 3 月 12 日星期死四 研究员：吴志桥 从业资格：F3085283 交易咨询资格：Z0019267 Morning session notice 联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 周三夜盘主力合约 2605 期货价格上涨 113 元至 2719 元/吨，华东主流地区甲醇现货 | | --- | --- | --- | --- | | | | | 价格上涨 110 元至 2660 元/吨。持仓方面，多头持仓增加 30151 手至 35.1 万手，空 头持仓减少 2080 手至 37.28 万手。 【重要资讯】 | | | | | 1、供应方面，国内甲醇开工率 91.6%，环比-1.1%。海外甲醇开工率 52.16%，环比 | | | | | -4.1%。 | | | | | 2、库存方面，中国甲醇港口库存总量在 131.28 万吨，较上一期数据减少 13.07 万 | | | | | 吨。其中，华东地区去库，库存下降 9.56 万吨 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report The report presents the daily arbitrage data of various futures varieties on March 12, 2026, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, aiming to provide investors with data for potential investment opportunities [1][6][23][29][42][56]. 3. Summary by Directory 3.1 Power Coal - The report shows the basis and spread data of power coal from March 5 to March 11, 2026. The basis on March 11 was - 67.4 yuan/ton, and the spreads of 5 - month - 1 - month, 9 - month - 1 - month, and 9 - month - 5 - month were all 0.0 [2]. 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis and price ratio data of INE crude oil, fuel oil, and the ratio of crude oil to asphalt from March 5 to March 11, 2026 are presented. For example, on March 11, the basis of INE crude oil was 163.01 yuan/ton, the basis of fuel oil was 458.52 yuan/ton, and the crude oil/asphalt ratio was 0.1719 [7]. 3.2.2 Chemical Commodities - **Basis Data**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from March 5 to March 11, 2026 are provided. For instance, on March 11, the basis of rubber was - 180 yuan/ton [11]. - **Inter - period Spread Data**: The inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For example, the 5 - month - 1 - month spread of rubber was - 575 yuan/ton [13]. - **Inter - variety Spread Data**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from March 5 to March 11, 2026 are shown. On March 11, the LLDPE - PVC spread was 2523 yuan/ton [13]. 3.3 Black Metals - **Inter - period Spread Data**: The inter - period spreads of rebar, iron ore, coke, and coking coal are reported. For example, the 5 - month - 1 - month spread of rebar was - 54.0 yuan/ton [22]. - **Inter - variety Spread Data**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot - rolled coil from March 5 to March 11, 2026 are presented. On March 11, the rebar/iron ore ratio was 3.96 [22]. - **Basis Data**: The basis data of rebar, iron ore, coke, and coking coal from March 5 to March 11, 2026 are provided. On March 11, the basis of rebar was 75.0 yuan/ton [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 5 to March 11, 2026 are given. On March 11, the basis of copper was 220 yuan/ton [32]. 3.4.2 London Market - The LME spread, Shanghai - London ratio, CIF, domestic spot price, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on March 11, 2026 are presented. For example, the LME spread of copper was (101.90), and the Shanghai - London ratio was 7.75 [37]. 3.5 Agricultural Products - **Basis Data**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, and corn from March 5 to March 11, 2026 are provided. On March 11, the basis of soybeans No.1 was - 254 yuan/ton [43]. - **Inter - period Spread Data**: The inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, rapeseed oil, palm oil, corn, sugar, and cotton are given. For example, the 5 - month - 1 - month spread of soybeans No.1 was - 4 yuan/ton [43]. - **Inter - variety Spread Data**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, soybean meal - rapeseed meal, soybean oil - palm oil, rapeseed oil - soybean oil, and corn - corn starch from March 5 to March 11, 2026 are shown. On March 11, the soybeans No.1/corn ratio was 2.01 [43]. 3.6 Stock Index Futures - **Inter - period Spread Data**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000 are reported. For example, the next - month - current - month spread of CSI 300 was - 18.0 [53]. - **Basis Data**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from March 5 to March 11, 2026 are provided. On March 11, the basis of CSI 300 was 37.73 [56].